Wednesday, April 7, 2010 as of 11:14 AM ET
An arbitration panel has told Wells Fargo & Co.
(WFC) it must buy back roughly $2.2 million in auction-rate securities from two investors who claimed the firm misrepresented the investments.Richard Wagner, on behalf of a family trust, and Donna Wagner alleged that Wells Fargo Brokerage Services LLC breached its fiduciary responsibility when it sold them the securities and later wrongly excluded them from a settlement with California's attorney general, according to documents from the Financial Industry Regulatory Authority arbitration panel.A Wells Fargo spokesman declined to immediately comment.Auction-rate securities are debt instruments whose interest rates are meant to be reset at daily, weekly or monthly auctions. Several auctions failed in early 2008, leaving investors locked into a product that some firms had promoted as safe and liquid."Richard and Donna were led to believe that these were investments that would be liquid in 28 days. It was only after the market crashed that th...The European Central Bank last week removed 3,192 debt instruments from a list of assets against which it would lend, The Financial Times reports on its website Sund...
Cathay Pacific Airways Ltd. (0293.HK) said Friday it agreed to buy six Airbus aircraft with a total catalog price of US$1.63 billion as part of its expansion plans, ...
Cathay Pacific Airways Ltd. (0293.HK) said Friday it agreed to buy six Airbus aircraft with a total catalog price of US$1.63 billion as part of its expansion plans.T...
Newly uncovered emails and documents from Citigroup (NYSE:C) that FOX Business has obtained reveal that Citi executives were in open insurrection against top managem...
If you’re looking for income-producing investments, don’t overlook municipal bonds. Thanks to a rarely-seen anomaly in the fixed-income markets, as of late last week...
The euro zone faces a systemic crisis and will not survive unless it becomes more integrated and disciplined, possibly through a change of the European Union's treat...
By Liana B. BakerEastman Kodak's survival over the next 12 months now depends on a multibillion patent sale or raising new debt, the one-time photography icon said o...
The Heritage Foundation’s Terry Miller argues that the European Union cannot survive in its current configuration.
The European Commission has raided banks, including Deutsche Bank <DBKGn.DE>, in a probe into suspected fixing of interbank lending benchmark Euribor, the third majo...
(Combines stories, adds details)* Euribor compiler says too many banks involved to manipulateFRANKFURT/BRUSSELS, Oct 19 (Reuters) - Deutsche Bank's <DBKGn.DE> London...
Slammed by the turbulence financial markets, Goldman Sachs (NYSE:GS) said on Tuesday that it sunk even deeper into the red last quarter than Wall Street had feared a...
Financial myths are everywhere, muddying the investment waters. Unfortunately for the investing public, the veracity of many financial facts comes down to personal p...
Banca IMI, the investment banking arm of Italy's Intesa Sanpaolo SpA (ISP.MI), Wednesday reported a 43% rise in its first-quarter consolidated net profit to EUR235 m...
A freelance designer friend of mine recently asked me how to find the best high-yield savings accounts for her rainy-day reserves. As often happens with issues of pe...
Swedish investment company Investor AB (INVE-B.SK) Tuesday booked a 7.3% rise in net asset value per share in the first quarter from year-end, and said it had bought...
FOX News contributor Sally Kohn argues the Supreme Court’s ruling on the president’s health-care law will be based on politics and not the Constitution.
The European Central Bank on Thursday said it would again accept Greek government bonds as collateral in its funding operations. The bonds had been ruled temporarily...
Piraeus Bank SA (TPEIR.AT), Greece's fourth-largest lender by assets, said Friday it plans to buy back nearly half a billion euros worth of its bonds as it scrambles...
Jet Airways (India) Ltd. (532617.BY.BY) is seeking additional working capital of INR10 billion from banks such as State Bank of India (500112.BY) and has also asked ...
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