Merrill Lynch Settles Discrimination Suit for $160m - Aberration or New Normal?
GE—still in streamlining mode—agreed yesterday to sell its biopharma business to Danaher (current CEO Larry’s Culp’s former company, btw) for a reported $21.4 billion in the form of $21 billion in cash and $400 million in...more
I wish I had some better news for you heading into Christmas, but Wall Street was not in the holiday spirit, with all major indices diving another 2% or so on Thursday....more
Financial institutions face enormous pressures with respect to anti-money laundering compliance. These burdens are about to grow with implementation of customer due diligence rules. In 2017, federal and state regulators...more
As we’ve been expecting, the DOJ announced yesterday that it was suing to block AT&T’s $84.5 billion bid for Time Warner over antitrust concerns....more
Prepaid card company NetSpend has reached a $53 million settlement with the FTC to resolve claims that the company “deceived customers about when and whether they could access money they deposited on its reloadable debit...more
Enforcement – FCA Fines £13.2 Million for Transaction Reporting Failures - The FCA fined Merrill Lynch International (MLI) £13.2 million on 22 April 2015 for incorrectly reporting 35,034,810 transactions and failing to...more
Council of EU Agrees on General Approach on the Fourth Money Laundering Directive and Revised Wire Transfer Regulation - On June 15, the Council of the EU published a note (dated June 13, 2014) outlining the general...more
On March 15, Judge Eileen Bransten of the Supreme Court of the State of New York granted in part and denied in part motions to dismiss brought by Merrill Lynch, Deutsche Bank and Morgan Stanley entities (together Defendants)...more