The New York Times Deal Book
The Supreme Court has rebuffed an effort by some of the country’s largest banks to halt several financial crisis-era lawsuits that could result in tens of billions of dollars in legal costs.
Citing Wells Fargo’s “venal abuse of its customers,” the California treasurer took the unusual step on Wednesday of suspending many of its ties with the San Francisco bank as it continues to reel from the scandal over the creation of as many as two million unauthorized bank and credit card accounts.
On a day that its shares tumbled to a record low, Deutsche Bank tried to shore up confidence among its investors on Monday, saying that it had not sought assistance from the German government on a dispute with United States authorities.
The payday lending industry is bracing for a regulatory crackdown. One of its rivals is not.
Few executives have faced the punishment of prison and fines for misdeed stemming from the financial crisis.
A federal appeals court dealt a blow to the federal government’s effort to hold Bank of America accountable for the sale of shoddy mortgages before the financial crisis, overturning a $1.27 billion penalty the bank had been ordered to pay in the so-called hustle case.
The Securities and Exchange Commission is supposed to be Wall Street’s top cop, charged with protecting investors while it ensures that brokers and bankers adhere to the rules.