A suspension of electronic payments in Vatican City is threatening finances in the world’s smallest state as pilgrims and tourists are forced to use cash in museums and shops with yearly sales of more than $100 million.
The first week of January brought several new law firm combinations. Midwestern firm Dickinson Wright PLLC announced a merger with Phoenix-based Mariscal, Weeks, McIntyre & Friedlander PA, to create a 350-lawyer firm. Houston-based civil litigation law firm Beirne Maynard & Parsons LLP acquired New Orleans’s Lemle & Kelleher LLP, to create an 80-lawyer firm. Wilson Elser Moskowitz Edelman & Dicker LLP absorbed Houston’s Powers & Frost LLP. Boston-based Rissman Hendricks Oliverio LLP joined Novak Druce Connolly Bove + Quigg LLP, which is based in Houston.
The U.S. Treasury Department’s inspector general has threatened to punish JPMorgan Chase & Co. for failing to turn over documents to regulators investigating the bank’s ties to Bernard Madoff’s Ponzi scheme.
For the sixth time, the U.S. government has linked an employee of hedge-fund icon Steven A. Cohen to insider trading while at the firm. For the first time, prosecutors said Cohen had talked with a defendant about the stocks in their complaint, pulling him deeper into one of the biggest investigations of securities fraud in history.
JPMorgan Chase & Co., the biggest U.S. bank, has hired former U.S. Securities and Exchange Commission enforcement chief William McLucas to help respond to regulatory probes of the firm’s $2 billion trading loss.
Jamie Dimon , JPMorgan Chase & Co. ’s chairman and chief executive officer, said he was sorry for foreclosure mistakes as hundreds of protesters at the annual meeting demanded he do more to help homeowners and small businesses recover from the financial crisis.
JPMorgan Chase & Co. and the biggest U.S. banks face billions of dollars in legal costs related to their role in the financial crisis, threatening their profits and the stock price gains they made in 2010, Bloomberg News’s Linda Sandler reports, citing analysts.