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News of the Competition (01/16/2013)
MADISON, Wis. (1/16/13)

  • The board of Bank of America (BofA) has agreed to pay $62.5 million to settle a lawsuit, arising from its purchase in 2009 of Merrill Lynch (American Banker Jan. 14). U.S. District Judge Kevin Castel in Manhattan approved the agreement Friday. It resolves claims made by at least four pension funds, alleging the bank's officers and directors did not disclose information about a drop-off in Merrill's financial health before BofA asked shareholders to approve the deal. As a result of the settlement, an insurance policy that shields the bank from damages from derivative lawsuits will reimburse BofA, the Banker said …
  • Federal regulators publicly announced enforcement orders regarding JPMorgan Chase's multibillion dollar loss connected to trading activity in London (American Banker Jan. 14). Currently, the orders involve no monetary penalties. The Office of the Comptroller of the Currency and the Federal Reserve Board ordered JPMorgan Chase to rectify its internal controls, and exert more oversight on, and  invest more resources in, its trading activities, the Banker said  …

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