Banking-industry groups urged the Federal Reserve not to write new rules restricting their involvement in physical commodity businesses, arguing that the benefits they provide outweigh risks highlighted by lawmakers.
Leonard M. Rosen, a founder of the Wachtell, Lipton, Rosen & Katz law firm who helped avert a New York City bankruptcy in 1975 and created a restructuring practice that would guide the U.S. through the 2008 mortgage crisis, has died. He was 83.
Royal Bank of Scotland Group Plc didn’t deliberately push small businesses into default in order to buy their assets at a discount, according to a law firm hired by the lender to investigate the allegations.
New Jersey Governor Chris Christie’s former ally David Wildstein told colleagues that he got clearance from the “front office” for the George Washington Bridge lane closings, Christie told investigators.
Detroit reached an agreement on pensions and health benefits with a group representing retired police officers and firefighters, as mediators seek deals with other retirees in the city’s record $18 billion bankruptcy.