Kweku Adoboli, the former UBS AG trader who allegedly caused a $2.3 billion loss from unauthorized trading, will be freed on bail while he awaits trial in London, his lawyer said following a court hearing.
Kweku Adoboli, accused of unauthorized trades that cost UBS AG $2.3 billion, will go on trial Sept. 14, charged with fraud and false accounting in one of the highest-profile banking cases ever heard in London.
Bank of America Corp., Wells Fargo & Co. and JPMorgan Chase & Co. were sued by New York Attorney General Eric Schneiderman over the use of a mortgage database that the state said led to improper foreclosures.
Daniel Mudd, the former chief executive officer of Fannie Mae, and Richard Syron, ex-CEO of Freddie Mac, were sued by the U.S. Securities and Exchange Commission for understating by hundreds of billions of dollars the subprime loans held by the firms.
American Express Co., the biggest credit-card issuer by purchases, will pay $112.5 million to settle claims it violated consumer safeguards from marketing to collection in products sold to about 250,000 customers.