UK banks should do more to protect customers tricked into transferring money to fraudsters, according to a consumer body that has lodged a “supercomplaint”with financial regulators. The move by Which? means banks could now face a formal investigation into whether they can continue refusing to reimburse victims. The organisation submitted its first supercomplaint this year in...
MasterCard is facing a record damages claim of up to £14billion for allegedly ripping-off millions of shoppers. Lawyers filed a case at the Competition Appeal Tribunal against the payments giant. They believe up to 46 million Brits could be due money back because MasterCardcharged shops too much for purchases between 1992 and 2008. The claim – led...
U.S. Senate lawmakers excoriated Wells Fargo & Co’s chief on Tuesday for his oversight of the bank as it opened 2 million bogus customer accounts, potentially laying the groundwork for new rules and reviving questions of whether banks are “too big to fail.” Chief Executive Officer John Stumpf told the Senate Banking Committee on Tuesday...
Switzerland’s highest court has ruled a request from the Netherlands for information on Dutch account holders at Swiss banks is valid, overturning a lower court’s decision to block the order. Swiss banks have paid billions of dollars in fines in recent years as global prosecutors, led by the United States, chipped away at the secrecy...
New Rules Provide Investors With More Investment Choices FOR IMMEDIATE RELEASE 2015-49 Washington D.C., March 25, 2015 —The Securities and Exchange Commission today adopted final rules to facilitate smaller companies’ access to capital. The new rules provide investors with more investment choices. The new rules update and expand Regulation A, an existing exemption from registration for...
An Italian prosecutor has proposed that Morgan Stanley pay 2.9 billion euros to settle derivative transactions, the bank said on Wednesday in a securities filing. The proposed claim argues that at least some of the derivative transactions were “improper,” as was their termination, Morgan Stanley said in a 10-Q filing with the U.S. Securities and...
The top two executives at ARM Holdings will share a payout of up to £55m when the British microchip designer is bought by Japan’s SoftBank, terms of the sale reveal. SoftBank’s £24bn takeover will allow Simon Segars, ARM’s chief executive, to receive £17 for each of the 668,432 shares he owns, bringing in £11.4m. Mike Muller, the chief...
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