A former Bank of America Corp. senior vice president, who cooperated with prosecutors probing a conspiracy to rig bids in the $3.7 trillion municipal bond market, won’t go to jail for his role in the scheme.
CDR Financial Products Inc. and its founder, David Rubin, pleaded guilty less than a week before trial on charges tied to a federal investigation of bid- and auction-rigging in the municipal bond market.
Six former HSH Nordbank AG executives were charged with breach of trust and accounting crimes over their role in collateralized-debt obligations that led to writedowns of 500 million euros ($647 million) in 2008.
Daniel Mudd, the former chief executive officer of Fannie Mae, and Richard Syron, ex-CEO of Freddie Mac, were sued by the U.S. Securities and Exchange Commission for understating by hundreds of billions of dollars the subprime loans held by the firms.
Bank of New York Mellon Corp. and federal prosecutors are close to settling some claims in a government lawsuit accusing the bank of overcharging customers for foreign-exchange trading, according to a court filing.
U.S. prosecutors are preparing what would be the first criminal charges against BP Plc staff after the worst U.S. oil spill last year, the Wall Street Journal reported, citing unidentified people familiar with the matter.
Three former General Electric Co. bankers defrauded cities and the Internal Revenue Service in a bid-rigging scheme involving municipal bonds, a prosecutor told jurors at the start of a fraud trial in Manhattan federal court.