Malta’s bank regulator selected auditors to review the books of the country’s three largest lenders as part of the European Central Bank’s Comprehensive Assessment, said two people in the country’s banking industry.
JPMorgan Chase & Co.’s Bear Stearns unit won dismissal of a suit brought by hedge fund SRM Global claiming it had lost more than $200 million tied to its reliance on Bear Stearns’ misleading representations about the value of mortgage-backed and asset-backed securities.
A former executive at Charterhouse Capital Partners LLP told a court he was “shocked” when the firm’s chairman, James Gordon Bonnyman, suggested he take a pay cut of as much as 40 million pounds ($66 million).
MF Global Inc.’s trustee should be forced to account for expenses he has racked up liquidating the commodity brokerage, said a creditor that claims the case has cost more than $263 million in professional fees.
Chinese stocks trading in New York rebounded as an accord between U.S. regulators and Deloitte Touche Tohmatsu CPA Ltd. damped concern that a ban on the Asian nations’ accounting firms would delay earnings reports.
Chinese affiliates of the four largest accounting firms were barred for six months from leading audits of U.S.-listed companies after failing to comply with Securities and Exchange Commission orders for documents at the heart of a series of accounting fraud probes.
Deloitte & Touche LLP won dismissal of a lawsuit filed by an Iowa pension fund over the auditing of WG Trading Co., a company that U.S. prosecutors said was used as a Ponzi scheme by two of its former managers.
Deloitte & Touche LLP settled lawsuits by Taylor, Bean & Whitaker Mortgage Corp.’s bankruptcy trustee and Deutsche Bank AG over $7.6 billion in losses associated with the collapse of the mortgage lender.