A federal judge said he needs more information on the basis for Bank of America Corp.’s $33 million settlement of a lawsuit filed by the U.S. Securities and Exchange Commission before he can approve it.
JPMorgan Chase & Co. and Wells Fargo & Co. increased dividends and authorized share buybacks after the Federal Reserve reviewed the ability of the largest U.S. lenders to withstand another economic slump. Bank stocks rallied in New York trading.
Bank of America Corp. Chief Executive Officer Brian T. Moynihan said efforts to prevent foreclosures are failing frequently, with more than half of borrowers in some categories defaulting a second time.
Gary Lynch , the former Securities and Exchange Commission enforcement head who later helped Morgan Stanley and Credit Suisse AG tackle legal disputes, is looking to repeat his success at the biggest U.S. bank.
Los Angeles police evicted protesters camped in hundreds of tents around City Hall, ending almost two months of occupation and detaining about 300 people, while a similar operation in Philadelphia led to 52 arrests.
Federal prosecutors said they were prepared to summon Goldman Sachs Group Inc. President Gary Cohn as a witness to rebut Galleon Group LLC co-founder Raj Rajaratnam’s defense in his insider-trading trial.