Citigroup Inc. and Wells Fargo & Co. were accused of discriminatory mortgage lending by the city of Los Angeles, which seeks damages for reduced property tax revenue and the costs of maintaining foreclosed properties.
Barnes & Noble Inc. tumbled the most in more than three months after disclosing an investigation by the U.S. Securities and Exchange Commission into its restatement of earnings and a former employee’s allegation of improper accounting.
Barnes & Noble Inc. moved closer to breaking up the largest U.S. bookstore chain after its chief executive officer resigned and it named a manager with a history of spinning off units to its most senior position.
Adelphia Communications Corp. was illegally coerced through the use of commercial loans by Citigroup Inc. , Credit Suisse Group AG and other banks trying to get lucrative investment banking work, a lawyer seeking recovery for the defunct cable television company’s creditors said.
Royal Bank of Scotland Group Plc’s interest-rate traders were seated with one of the main rate setters in its London office to share information, and discussed rates on conference calls, a fired trader said.
Zain Fancy, who joined Och-Ziff Capital Management Group LLC from Morgan Stanley in 2008, sued two units of the New York-based hedge fund manager in Singapore, claiming they withheld $7.9 million in pay and stock that he was owed.