15 09, 2011

Rogue Trader Costs UBS $2 Billion in Unauthorized Deals

By |2011-09-15T07:06:17-05:00September 15, 2011|Fiduciary, General Risk Management|0 Comments

Police in London took Kweku Adoboli into custody on charges that he lost approximately $2 Billion in unauthorized deals.  From the article: Adoboli -- a director of exchange traded funds and "Delta 1" working in the bank's London office, according to his profile on networking site LinkedIn -- was arrested on suspicion of fraud, sources told Reuters. "I can confirm that an employee of the bank was arrested in London in connection with the statement," a UBS spokesman said. UBS said it might post a third-quarter loss after the rogue trades, a huge blow as it struggles to rebuild its [...]

2 08, 2011

Bank of America Loses Bid to Dismiss Fraud Claims

By |2011-08-11T20:12:22-05:00August 2, 2011|D&O, Fiduciary, PL Insurance|0 Comments

From the Insurance Journal - Bank of America and two former executives lost a bid on Friday to dismiss securities fraud claims alleging they misled investors about the bank's 2008 acquisition of Merrill Lynch & Co.  From the article: U.S. District Court Judge P. Kevin Castel ruled that plaintiffs could continue to pursue claims against the bank, former chief executive Kenneth Lewis and former chief financial officer Joe Price for failing to disclose Merrill’s deteriorating financial condition in the fourth quarter of 2008. But Judge Castel dismissed claims that the defendants had failed to disclose the federal government’s financial support [...]

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