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.
Richard Holwell, the Manhattan federal judge overseeing the trial of Raj Rajaratnam, is a former corporate lawyer who condemned insider trading in two recent cases he has handled during his eight years on the bench.
BP Plc, Transocean Ltd. and Halliburton Co. must convince a federal judge that mistakes that led to the 2010 Gulf of Mexico oil spill don’t amount to gross negligence if they are to avoid billions of dollars in damages for the largest offshore oil spill in U.S. history.
New York Attorney General Andrew M. Cuomo said four insurers, including Zurich Financial Services AG and Ace Ltd. , agreed to pay almost $120 million to settle claims they collected too much in workers’ compensation fees.
The 50 state attorneys general probing U.S. foreclosure practices will first settle with the five largest loan servicers, including Bank of America Corp. and JPMorgan Chase & Co. , Iowa Attorney General Tom Miller said.