Bitcoin, the digital money created as an alternative to currencies controlled by nations and banks, is finding that its wider adoption depends on both as governments in China and the U.S. demand enthusiasts play by existing rules.
Bank of America Corp. agreed to pay $404 million to Freddie Mac in a deal that caps the lender’s efforts to resolve repurchase claims from government-sponsored enterprises on mortgages sold before the financial crisis.
BTC China, the nation’s largest Bitcoin exchange, has had low-level discussions with regulators seeking recognition of the digital currency that would allow it to be used to buy goods and services in the country.
The U.K.’s Investment Management Association, whose members oversee about 4.5 trillion pounds ($7.4 trillion) of assets, is pressing regulators to provide more information about the alleged manipulation of the foreign- exchange market, said two people with knowledge of the matter.
MBIA Inc. agreed to insure a $1.16 billion pool of mortgages without its employees reading a report the bond insurer now claims was altered to hide flaws in the loans, JPMorgan Chase & Co.’s lawyers told a judge.
JPMorgan Chase & Co. should turn over a draft complaint used as the lender negotiated a $13 billion deal to settle probes of its mortgage-bond sales and identify an employee who cooperated with the U.S. investigation, according to lawyers for a Pennsylvania bank.
Wal-Mart Stores Inc. said Doug McMillon, head of its international business, will replace Mike Duke as chief executive officer when he retires as the world’s largest retailer struggles to ignite growth at home and abroad.
Europe’s biggest banks, led by Lloyds Banking Group Plc and Deutsche Bank AG, have racked up more than $77 billion in legal costs since the financial crisis, five times their combined profit last year.