Miami judge refuses to toss bank overdraft fee lawsuit
2010-03-12 02:44:22
Quote: Sobol, of Lieff Cabraser Heimann & Bernstein LLP, who also represents the plaintiffs, said the collection of the fees – usually around $35 per transaction – impacts millions of Americans every year.“While all bank customers have been affected, these overdraft fee policies hurt the financially vulnerable the hardest, often creating a domino effect, resulting in even more fees,” he said in a news release.On Wednesday, Bank of America, one of the defendants in the case, ...
Read articleWhat Assets Might Bank of America Sell?
2010-03-12 02:44:22
Keywords: Financial, News, Stock, Market, Headlines, Investments, Quotes, Trading, TheStreet.com, Lauren Tara LaCapra ,Financial Services
Quote: (TheStreet) -- Bank of America(BAC) is likely to announce some more divestitures in the first half of 2010, but investors shouldn't expect any blockbuster deals.The Charlotte, N.C.-based firm fetched more than $10 billion through asset sales last year, but seems to have gotten rid of the larger, non-core franchises that were isolated from other operations. It sold two banking franchises -- Columbia Management and First Republic -- as well as its stake in China Construction Bank.As part of its ag...
Read articleUS judge approves Parmalat ex-auditors settlement
2010-03-12 02:44:21
Keywords: Financials,Judicial processes/court cases/court decisions,Legislation,United States of America,Food processing,Italy,Western Europe,Europe,Banks,Banks (industry group),Fund management and asset allocation,Financial services - diversified,Crime law and jus
Quote: Parmalat's collapse sparked litigation worldwide against
dozens of banks, including Bank of America Corp (BAC.N) and
Citigroup Inc (C.N) by current Parmalat management and by
investors.Grant McCool; Editing by Steve Orlofsky)......
Read articleNew Securities Issues
2010-03-12 02:44:19
Quote: and Société Générale SA, with the following terms, one of the banks said Thursday: Maturity: March 18, 2013; coupon: 2.5%; reoffer: 99.749; date: March 18, 2010; spread: 68 basis points more than midswaps, or 122.1 basis points more than bunds; guarantor: Santander PLC and Abbey Covered Bonds LLP; debt ratings: Aaa (Moody's Investors Service), triple-A (Standard & Poor's Ratings Services) and AAA (Fitch Ratings); denominations: €50,000 and increments of €1,000...
Read article'Fast Money' Recap: Citigroup Play
2010-03-11 06:43:13
Keywords: Financial, News, Stock, Market, Headlines, Investments, Quotes, Trading, TheStreet.com, David Tong ,Fast Money Recap
Quote: Read articleTime for BofA's Moynihan to Walk the Walk?
2010-03-11 06:43:12
Keywords: Mergers & Acquisitions, Investment Banking, I PO, I.P.O.s, IPOs, Offerings, Private Equity, Hedge Funds, Venture Capital, Legal, The New York Times, Andrew Ross Sorkin, Andrew Sorkin, DealBook, deal maker, Wall street, wall st., Goldman Sachs, Goldman Sa
Quote: He made a good impression on Wednesday in his first solo presentation since becoming chief executive of Bank of America at the start of the year, the publication says.
He hit the right notes, promising to put relationships, risk management and cost controls ahead of rapid growth and serial acquisitions. That was reassuring, but hardly a difficult call, Breakingviews says. Walking the walk is his next challenge, it suggests.
It was the penchant of Mr. Moynihan’s predecessor, Kenneth Lewis...
Read articleForeclosure rates up by smallest amount in 4 years
2010-03-11 06:43:12
Quote: Read articleBank Sorry for Taking Parrot
2010-03-11 06:43:12
Quote: HAGERTYBank of America Corp. apologized after its local contractor entered the home of a mortgage borrower when she was away, cut off utilities, padlocked the door and confiscated her pet parrot, Luke.
Angela Iannelli, 46 years old, alleged in a lawsuit Monday that the October incident—which separated her from her 11-year-old parrot for more than a week—caused so much "emotional distress" that she needed a prescription medication for anxiety.
A Bank of America spokesman said Wednesda...
Read articleEURO BONDS-Abbey, Stena, Vale, Banque PSA, Barclays, Bk America
2010-03-11 06:43:11
Keywords: High-yield debt,Debt,Eurobonds,Western Europe,Europe,
Quote: Read articleBofA M-L taps JPMorgan banker as India head- sources
2010-03-11 06:43:10
Keywords: India,Asia,Labour; Employment; Unemployment,United States of America,Banks (industry group),Financials,Financial services - diversified,Fund management and asset allocation,Banks,Emerging countries,Business activities,Financial service providers,Banking s
Quote: BofA M-L taps JPMorgan banker as India head- sources
MUMBAI, March 11 (Reuters) - Bank of America Merrill Lynch
(BAC.N) is hiring JP Morgan's (JPM.N) India equities head to
run the bank's operations in the country, a person familiar
with the situation said. Kaku Nakhate, who has been in charge of equities at JP
Morgan in India and previously worked at Merrill Lynch, is
returning to the U.S. bank, the person said. She will be replaced as head of equities in India at JP
Morgan by Manish Prasad, a...
Read articleBank of America Eliminates Overdraft Fees on Debit Buys
2010-03-10 05:56:28
Quote: By DAN FITZPATRICKAnd ROBIN SIDELBank of America Corp. plans to announce Wednesday that it is eliminating $35 overdraft fees on debit-card purchases as the bank tries to stay ahead of a sweeping round of regulations.
The move means that any customer who attempts a purchase with insufficient funds will be denied at the point of sale. That will affect people who currently get nicked on small, everyday transactions such as coffee, groceries or subway passes without knowing their account is temporar...
Read articleBank of America ends overdraft fees on debit cards
2010-03-10 05:56:28
Quote: NEW YORK (AP) -- Bank of America customers will soon be unable to spend more than they have in the accounts linked to their debit cards. It's a step that may become a common move ahead of new regulations limiting overdraft fees.Federal Reserve that will ban banks from charging such fees, without first getting permission from the customer, are set to take effect July 1.But Bank of America is going a step further than the regulations require. It will simply no longer allow debit card purchases to ...
Read articleBank of America ends overdraft fees on debit cards
2010-03-10 05:56:27
Quote: NEW YORK (AP) -- Bank of America customers will soon be unable to spend more than they have in the accounts linked to their debit cards. It's a step that may become a common move ahead of new regulations limiting overdraft fees.Federal Reserve that will ban banks from charging such fees, without first getting permission from the customer, are set to take effect July 1.But Bank of America is going a step further than the regulations require. It will simply no longer allow debit card purchases to ...
Read article[$$] BofA Lawyers Rebuked in Cabi Case
2010-03-10 05:56:27
Quote: LEWIS Attorneys for Bank of America Corp. have agreed to reimburse lawyers for a Miami developer after a U.S. bankruptcy judge in Florida criticized the bank's lawyers for trying "to score a litigation point" in an ongoing foreclosure dispute. In her decision, Judge Laurel Myerson Isicoff criticized Bank of America's attorneys at Kaye Scholer LLP of New York for claiming that Cabi Downtown LLC had rented at least nine units in the Everglades on the Bay condominium to convicted felons, including ...
Read articleS.E.C. Accuses Ex-Trader of Taking Kickbacks
2010-03-10 05:56:26
Keywords: Mergers & Acquisitions, Investment Banking, I PO, I.P.O.s, IPOs, Offerings, Private Equity, Hedge Funds, Venture Capital, Legal, The New York Times, Andrew Ross Sorkin, Andrew Sorkin, DealBook, deal maker, Wall street, wall st., Goldman Sachs, Goldman Sa
Quote: A former stock loan trader at Morgan Stanley and Bank of AmericaSecurities and Exchange CommissionReuters reports.
In a civil complaint filed in Federal District Court in Brooklyn, the S.E.C. asserted that the trader, Salvatore Zangari, received the money from a Brooklyn-based finder, Clinton Management,from March 2004 to December 2005.
More from Reuters:
It said the 33-year-old Manhattan resident accepted the payments in exchange for sending orders to other brokerages that paid fees to the fin...
Read articleBofA to End Overdraft Fees on Debit Cards
2010-03-10 05:56:26
Keywords: Financial, News, Stock, Market, Headlines, Investments, Quotes, Trading, TheStreet.com, Joseph Woelfel ,Financial Services
Quote: (TheStreet) -- Bank of America(BAC) is expected Wednesday to eliminate overdraft fees on purchases made with debit cards.Customers, however, will be denied from making purchases if they have insufficient funds in their accounts.ATM customers can get their money but only after they agree to pay the $35 overdraft fee.The policy begins for new customers on June 19. For existing debit-card holders the plans take effect in August.Bank of America's move is an effort to get in ahead of new banking regu...
Read articleMarch 9, 2009: The Day Stocks Bottomed Out
2010-03-09 05:17:04
Keywords: Bear Market, Investing, Recession, Stocks, March 9 2009
Quote: Bank of AmericaBACnewspeople) traded for just $3.68 a share (it is now around $17) and credit card issuer Capital One FinancialCOFnewspeople) traded for $9.20 a share (now around $38.) ......
Read articleDavid Weidner's Writing on the Wall: No tea for you, Wall Street
2010-03-09 05:17:02
Keywords: Commentary, C, Citigroup Inc, BAC, Bank Of America Corporation, JPM, JPMorgan Chase & Co, MS, Morgan Stanley, CS, Credit Suisse Group, FNM, Fannie Mae, FRE, Freddie Mac
Quote: Read articleAnother View: The Best Way to Protect Borrowers
2010-03-09 05:17:01
Keywords: Mergers & Acquisitions, Investment Banking, I PO, I.P.O.s, IPOs, Offerings, Private Equity, Hedge Funds, Venture Capital, Legal, The New York Times, Andrew Ross Sorkin, Andrew Sorkin, DealBook, deal maker, Wall street, wall st., Goldman Sachs, Goldman Sa
Quote: Read articleTime To Rethink That Cash-Back Credit Card
2010-03-05 01:43:04
Keywords: Credit Card Rebates, Cash Back, Best Credit Card Offers, American Express Costco Card, 3% Cash Back Bonus
Quote: Setting aside any vacation spending, with the expenses above you'll be charging roughly $9,600 annually to your card.If you've got good credit and apply for, say, the Bank of AmericaBACnewspeopleVisa Signature Card, you'll be eligible for a 0% interest rate for your first 10 months and 13% after that. (Those with bad credit would have a seven-month interest holiday and a 21% rate afterward.) Regardless of credit history, you'll get 3% cash back on gas, grocery and drugstore charges for the first...
Read article