Insurer American International Group (AIG) is suing Bank of America Corp. to recover more than $10 billion of losses from a “massive fraud” on mortgage debt, deepening the morass of litigation faced by the largest U.S. bank. AIG is still …
Four former executives at Berkshire Hathaway Inc.’s General Re Corp. unit and one at American International Group Inc. won the reversal of their convictions over a reinsurance transaction that prosecutors said fraudulently boosted AIG’s loss reserves. The 2nd U.S. Circuit …
Bank of America Corp. was sued by 15 former Countrywide Financial Corp. institutional investors who said they lost money after being misled about the mortgage lender’s financial condition and lending practices. BlackRock Inc., the California Public Employees’ Retirement System (CalPERS), …
Accounting debacles at U.S.-listed Chinese companies have prompted a surge of securities fraud lawsuits, but investors might have trouble recouping their losses even if they win. More than one-fourth of the 94 U.S. securities fraud lawsuits seeking class-action status and …
DuPont was sued last Friday by a Michigan golf club that alleges its widely used Imprelis herbicide kills trees, reflecting a growing nationwide problem being investigated by a top U.S. regulator. Imprelis, conditionally approved for sale last October by the …
BP Plc won two legal victories Friday, as a federal judge threw out racketeering claims made by the lead plaintiffs suing over last year’s Gulf of Mexico oil spill, and also set aside a lawsuit by partner Anadarko Petroleum Corp. …
MBIA Inc. may pursue a lawsuit accusing Bank of America Corp.’s Countrywide Financial unit of fraudulently misleading it about mortgage securities it insured, costing at least $1.4 billion. A New York state appeals court in Manhattan agreed with a lower …
New York’s highest court Tuesday revived a lawsuit by several large banks challenging bond insurer MBIA Inc.’s 2009 restructuring, which they complained was unfair to policyholders. MBIA shares fell as much as 7.1 percent. The restructuring, approved by New York’s …
Owners of the New York Mets pro baseball team rejected allegations in a $1 billion lawsuit that they once shopped for fraud insurance to insulate themselves from Ponzi schemer Bernard Madoff. Fred Wilpon and Saul Katz, principals at Sterling Equities, …
A federal appeals court handed a major defeat to Wall Street banks in ruling that a financial news service did not misappropriate their analyst research for its website. Reversing a lower court ruling, the 2nd U.S. Circuit Court of Appeals …
