Legal / Fraud

Bloomberg: JMorgan-Madoff Case Won’t Be Last Big One

Bloomberg reported Manhattan's U.S. Attorney said an agreement requiring JPMorgan Chase to pay $2.6 billion to resolve allegations that it failed to stop Bernard Madoff’s Ponzi scheme isn’t “the last big” money-laundering case his office will bring. read more

Cerberus Unit to Buy Global Aviation

The WSJ reported Global Aviation Holdings received court approval to sell itself to its lender, a unit of Cerberus Capital Management. The article noted the sale is subject to higher bids at an auction in March. read more

Reuters: Geithner Warned S&P About U.S. Downgrade

Reuters reported that according to a court filing, former U.S. Treasury Secretary Timothy Geithner warned the chairman of S&P's parent that the rating agency would be held accountable for its 2011 decision to strip the U.S. of its "triple-A" rating. read more

Key EF, WFEF Sue to Collect Equipment, Funds from Hospital

The Brownsville Herald reported that Key Equipment Finance and Wells Fargo Equipment Finance filed motions to collect equipment and funds from Brownsville Doctor’s Hospital, which filed for bankruptcy in December. read more

Krones Settlement Bulks Up Western PA U.S. Attorney Collections

The Pittsburgh Post-Gazette reported that western PA federal prosecutors collected $24.4 million in criminal and civil actions in 2013, with the bulk coming from a settlement with Krones in the Le-Nature's fraud scheme. read more

Bloomberg: Analysts to Be Questioned in S&P Lawsuit

Bloomberg reported that as many as nine current and former employees of S&P may be questioned by the Justice Department as part of a fraud lawsuit against the ratings company. read more

Heavy Equipment Dealer Indicted for Fraud

The former owner of a heavy equipment company has pleaded not guilty to charges he defrauded four financial institutions including Wells Fargo Equipment Finance and GE Commercial Finance. read more

Commercial Bankruptcy Filings Down 24% in 2013

Total commercial bankruptcy filings during calendar year 2013 down 24% from same period in 2012, according to the ABI and Epiq Systems. read more

Bloomberg: JPMorgan to Pay $2.6B Over Madoff Lapses

Bloomberg reported JPMorgan Chase will pay $2.6 billion to resolve criminal and civil allegations that it failed to stop Bernard Madoff’s Ponzi scheme. read more

JPMorgan Said to Pay $2B to Avoid Madoff Litigation

JPMorgan Chase was said to have agreed to pay about $2 billion to federal authorities to avoid litigation in the case of Bernard Madoff who masterminded the biggest fraud on record. read more

Bloomberg: Volcker Rule Challenged in Bank Lawsuit

Bloomberg reported that the final version of the Volcker Rule was challenged in a lawsuit over claims that requiring small banks to divest their holding in some CDOs will cause them about $600 million in losses. read more

CIT to Pay Tyco $60MM to Settle Tax Dispute

CIT said it agreed to pay Tyco International $60 million to settle a tax dispute that related to an agreement that the two companies entered into in 2001 in connection with CIT’s separation from Tyco. read more

SEC Charges Merrill with Misleading CDO Investors

The SEC said it charged Merrill Lynch with making faulty disclosures about collateral selection for two CDOs that it structured and marketed to investors in 2006 and 2007. Merrill agreed to pay $131.8 million to settle the charges. read more

American Airlines to Reprice $1.9B Exit Financing

Reuters reported that American Airlines is seeking to reprice its $1.9 billion exit financing with Deutsche Bank, the lead arranger. The article said the goal is to reprice the loan to a LIB+325 spread, with a 1% LIBOR floor. read more

November Commercial Bankruptcy Filings Fall 28% From 2012

Total bankruptcy filings in the U.S. for November decreased 15% compared to the previous year, and commercial filings dropped 28%, according to the American Bankruptcy Institute. read more

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Terry Mulreany
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