Don Saxon leaves amid allegations that his agency let thousands of convicted criminals work in the mortgage business.
Auction rate securities cases have spawned a new arbitration procedure that relies on a single public arbitrator to hear cases brought by investors who allege "consequential damage" claims from ARS.
After losing costly battles with three former brokers last month, Banc of America Investment Services Inc. is now on the hook for $1.63 million.
Banc of America Investment Services allegedly sullied brokers' reputations, damaged potential relationships with clients.
In an arbitration case allegedly involving stolen stock, Wachovia Securities was ordered to pay clients $5.3 million in damages.
Prudential Financial yesterday agreed to settle allegations from the SEC that it used reinsurance contracts to overstate its income by more than $200 million.
In response to the credit crisis, a group of financial industry executives unveiled a plan today to improve risk management.
Samuel Israel III, founder of Bayou Group LLC, pled guilty to charges related to his attempts to jump bail and flee.
Many advisers who have been involved in arbitration cases are welcoming a move to give investors the option of having all-public arbitration panels.
The bank has outstanding liabilities of $100 million to $500 million and fewer than 50 creditors, according to the filing.
Insurance industry representatives and regulators could not agree on moving ahead with comprehensive reform legislation.
A sweeping housing bill is expected to be signed into law by President Bush in the middle of this week.
The Senate voted 80-13 to limit debate on the bill that would aid ailing mortgage giants and help struggling mortgage holders.
The pilot program will allow about 400 arbitration claimants to select a panel without an industry representative.
The bill would provide $300 billion in funding to troubled homeowners and aid the ailing Fannie Mae and Freddie Mac.
Wachovia Securities LLC of St. Louis continues to file lawsuits against groups of legacy A.G. Edwards brokers who have left the firm.
SIFMA wants Finra to raise the threshold for reporting settlements with customers to $25,000, from $10,000.
Billionaire money manager Jeffrey Epstein was sentenced to 18 months in jail for soliciting prostitution.
A bill to increase penalties for people who commit securities violations against seniors was introduced in the Senate today.
A Massachusetts securities regulator today sued two units of UBS AG, charging the employees with fraud and dishonest conduct in sales of auction rate securities.
