Bloomberg reports that Turner, who was head of private equity for Europe, the Middle East and Africa before leaving the bank in June 2011, claimed its Merrill Lynch International subsidiary breached the terms of his contract, according to documents from his London lawsuit filed in December.
The news organisation also reports that Bank of America is under investigation by the New York Attorney General’s Office over the bundling of mortgage loans into securities.
New York Attorney General Eric Schneiderman, who sued JPMorgan Chase & Co. (JPM) last year over losses on mortgage bonds, is probing the purchase, securitization and underwriting of home loans and mortgage securities, the bank said yesterday in a regulatory filing.
And Reuters reports that Credit Suisse has settled a lawsuit brought by bond insurer Ambac Financial Group Inc over misrepresentations on mortgage-backed securities that Ambac insured in 2007, according to court documents and a source familiar with the matter.
The terms of the settlement were not made public.
Basma Al Sulaiman’s decision not to cover a $10m call from Credit Suisse following the collapse of Lehman Brothers in 2008 was 'irrational as to be incomprehensible', Judge Jeremy Cooke said in his written ruling on the dispute handed down last week.
Germany’s largest bank didn’t imply the London interbank offered rate was honest by linking a $150m loan and interest rate swap to the benchmark, Judge Jeremy Cooke said in rejecting Unitech’s request to change its claim. The New Delhi-based company and a unit 'were relying on their own judgment'.
Bloomberg reports that Royal Bank of Scotland, Deutsche Bank and Wells Fargo must face claims from a pension fund over $1.3bn in mortgage bonds and potentially billions more, a federal appeals court ruled.
The U.S. Court of Appeals in Manhattan last week reversed a lower-court ruling that dismissed the case against the banks and NovaStar Mortgage Inc. over loans bundled into securities before the financial crisis.
The news organisation also reports that Oppenheimer & Co. won dismissal of a lawsuit brought by two Massachusetts pension plans that claimed Oppenheimer misled investors by inflating the value of a fund’s holdings.
U.S. District Judge Rya Zobel in Boston dismissed the complaint Friday, saying federal securities-law claims can’t proceed because the investments were made through private transactions rather than a public offering.
The estimate, disclosed Friday in an annual filing, compares with $4bn at the end of September
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