Sidney Stein News
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Credit Suisse Group AG and Elbit Systems Ltd. agreed to a settlement of the Israeli defense contractor’s lawsuit seeking to hold the bank liable for the conduct of two former brokers convicted of defrauding investors.
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Steven Fortuna, a hedge-fund manager who pleaded guilty and assisted in the insider-trading probe of Galleon Group LLC and other federal investigations, was sentenced to two years’ probation and six months’ home confinement.
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A Japanese program that will provide tax breaks to spur people to buy stocks may achieve the government’s targeted 25 trillion yen ($268 billion) in investments by 2020, a Fidelity Japan researcher said.
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Citigroup Inc. agreed to pay $590 million in cash to settle a lawsuit by shareholders alleging the third-biggest U.S. bank hid risks tied to toxic assets, the plaintiffs said.
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Hassan Nemazee , a fundraiser for President Barack Obama and Secretary of State Hillary Clinton , was sentenced to 12 years in prison for cheating Citigroup Inc., HSBC Holdings Plc and Bank of America Corp. of $292 million.
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Citigroup Inc., the third-largest U.S. bank by assets, agreed to pay $730 million to settle claims it misled debt investors about its condition during the financial crisis.
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Benjamin Koifman, who pleaded guilty to conspiracy for his role in a scheme to cheat investors with a phony New York-based hedge fund, was sentenced to five years and three months in prison.
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Bank of America Corp.’s proposed $8.5 billion settlement with mortgage-bond investors must be considered in federal court and not in New York state court where it was first filed, a U.S. judge said.
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Steven Fortuna , a hedge-fund manager who pleaded guilty and agreed to assist a U.S. insider-trading probe of Galleon Group LLC, continues to provide information against others who haven’t been charged, a prosecutor said.
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ABB Ltd. won dismissal of a racketeering suit brought by Iraq that alleged a unit of the world’s biggest electricity-networks builder conspired with Saddam Hussein’s regime over an oil-for-food program.
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