New York’s highest court was asked by Bank of America Corp. , UBS AG and other institutions to reinstate their lawsuit claiming that bond insurer MBIA Inc.’s 2009 restructuring was intended to defraud policyholders.
Prosecutors rested their insider- trading case against ex-Galleon Group LLC trader Zvi Goffer , who offered no evidence on his own behalf, while a lawyer for one of Goffer’s accused accomplices, Michael Kimelman , tried to show his client didn’t trade on illegal tips.
Zvi Goffer, a former Galleon Group LLC trader whose 10-year prison term is the third-longest sentence in a recent federal crackdown on illegal insider trading, asked an appeals court to reduce his sentence.
German labor unions plan a “hot” autumn to protest government policies covering pensions, welfare benefits and pay for temporary workers, DGB trade union federation Chairman Michael Sommer was quoted as saying by the Hamburger Abendblatt .
Bank of America Corp. and JPMorgan Chase & Co. , along with three other U.S. mortgage servicers, proposed paying $5 billion to settle a probe of their foreclosure practices by state and federal officials, two people familiar with the matter said.
Former Galleon Group LLC trader Michael Kimelman said he wants jurors at his upcoming insider- trading trial to be told that he could have avoided jail by admitting guilt and rejected a plea deal because he’s innocent.