‘Bye, Bye, Bernie,’ Investors Gain Ground With Senator’s Dropout
MANHATTAN (CN) — U.S. markets starting the day on a mildly positive note took heart Wednesday afternoon in the demise
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banks
Judge Orders Jury Trial in Whistleblower Action Against Bank of Internet
Whistleblower claims from a former Bank of Internet internal auditor will go to trial, though the judge postponed the proceedings originally set for this spring due to the coronavirus pandemic.
Read moreTurkey’s State-Run Halkbank Pleads Not Guilty to Massive Sanctions Bust
Not even a pandemic’s relentless spread could stop the prosecution of Turkey’s state-run Halkbank, which pleaded not guilty Tuesday to a record-breaking money-laundering scheme.
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Banks Agree to Mortgage Grace Period as Virus Shreds Economy
California Governor Gavin Newsom delivered a dose of good news for homeowners on Wednesday, announcing the nation’s largest banks will voluntarily freeze mortgage payments for 90 days on families mired in the Covid-19 crisis.
Read moreCapital One Bank
In the 265th lawsuit against Capital One Bank in the first 80 days of this year, it is accused of making annoying, unsolicited phone calls in violation of federal law.
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Europe’s Central Bank Launches New Program to Calm Markets
The European Central Bank is launching a new, expanded program to buy financial assets in a bid to calm markets as monetary authorities struggle to counter the devastation the virus outbreak is wreaking on the global economy.
Read moreWells Fargo
London Town Pic Limited et al. sued Wells Fargo Bank in Miami-Dade County Court, claiming it “spearheaded a fraudulent scheme to raise — and then steal — funds from investors under the guise of an entirely illusory film financing scheme.”
Read moreScammers Use Coronavirus to Defraud People
South Africa’s central bank has warned citizens against scammers visiting homes to “recall” banknotes and coins they said were contaminated with the novel coronavirus.
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G7 Meets Amid Deep Worries About World Economy
Can G7 leaders on Monday do what their central bankers have failed to, in arresting the pandemic panic gripping global financial markets? Further steep falls on the world’s leading stock indices have exposed the limitations of official action, despite a round of emergency steps announced by central banks on Sunday.
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Bank of England Makes Extraordinary Rate Cut Due to Virus
The Bank of England slashed its interest rate to a record low 0.25% on Wednesday as part of coordinated emergency action with the U.K. government to combat the economic fallout from the coronavirus outbreak.
Read moreBad Bankers
The Bureau of Consumer Financial Protection sued the Fifth Third Bank National Association in federal court on eight charges, including “opening unauthorized consumer-financial products and services,” improperly issuing credit cards and improperly opening credit lines on customers’ accounts.
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Wells Fargo Executives Step Down in Wake of Congressional Report
Two members of Wells Fargo’s board have resigned in the wake of a congressional report that showed the bank failed to respond to consumer abuses for more than a decade.
Read moreWells Fargo Bank
Former wealth adviser Jean-Paul Afif sued Wells Fargo Bank in L.A. Superior Court, claiming “corrupt higher-ups” stole accounts from him, costing him at least $5 million.
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When Ron Wyden Talks Turkey, the Senate Listens: Inside the Finance Committee’s Halkbank Probe
The day before President Donald Trump’s impeachment, Senator Ron Wyden had been nearly two months deep into his investigation of the next international scandal to stain the White House.
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Barclays Bankers Acquitted Over Fraud Charges in Qatar Deal
Three former Barclays bankers were cleared Friday of fraud over a $5.2 billion investment deal with Qatar at the height of the global financial crisis in 2008.
Read moreWells Fargo
Wells Fargo will pay $35 million to settle complaints of failing to supervise investment advisers, the SEC said Thursday.
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JPMorgan Will Stop Lending to Coal Companies
JPMorgan Chase & Co. will no longer do business with coal companies and will restrict financing to companies that drill in the Arctic, the company said Tuesday.
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Human Rights Court Rules for Convicted Icelandic Banker
Owning stock in a collapsing Icelandic bank may have affected the impartiality of judges in a trial of one of the bank’s top executives, the European Court of Human Rights found Tuesday.
Read moreTorture
Photojournalist Matthew Schrier sued the State Department in federal court for information it “clearly possesses,” to use in his lawsuit against Qatar Islamic Bank, which he says underwrote his kidnapping, imprisonment and torture in Syria.
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