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An Illinois federal judge has dismissed Fair Housing Act claims from a coalition's lawsuit against Deutsche Bank, which accused the bank of neglecting foreclosed properties in minority neighborhoods. The judge expressed skepticism regarding the alleged violations of the FHA.
Taiwan's Financial Supervisory Commission (FSC) and legislator Huang Shan-shan have proposed new regulations for the crypto industry, requiring local platforms to obtain licenses and overseas providers to establish local entities. The draft, aimed for enactment by the end of 2025, follows a previous failed attempt and includes anti-money laundering compliance measures, with potential penalties for non-compliance. Public feedback will be gathered until May 24, with the FSC submitting the draft to the Executive Yuan by June.
Oaktree Capital Management affiliates won a court case against minority investor Gary Marino, who, alongside JPMorgan Chase, sought to acquire a short-line railroad ultimately sold to Macquarie Group. A Delaware judge dismissed Marino's claims of unfair dealings, noting he could not prove damages or that he could have matched Macquarie's bid.
UBS Wealth Management USA is seeking to overturn a $95 million arbitration award related to a broker's unsuitable recommendation to short Tesla stock. The firm argues that the punitive damages of nearly $70 million are excessive and violate Iowa law, suggesting they should be reduced to match the $23 million in compensatory damages awarded. The case highlights the challenges UBS faces, as courts typically defer to arbitrators' decisions.
Tennessee's attorney general has concluded an investigation into Wells Fargo after the bank abandoned its net-zero emissions targets. The probe, involving multiple states, questioned whether Wells Fargo and other major banks violated antitrust laws by adopting such policies. Attorney General Jonathan Skrmetti praised Wells Fargo's decision to prioritize consumer interests over climate initiatives, while indicating that the investigation into other banks will continue.
The Swiss Financial Market Supervisory Authority (FINMA) is reorganizing to enhance its oversight capabilities following the Credit Suisse crisis. A new division for "Integrated Risk Expertise" will focus on in-depth supervision and on-site inspections, while the "Markets" and "Asset Management" divisions will merge to improve risk management. This restructuring aims to ensure more effective protection for financial market clients and the overall functioning of financial markets.
Swiss financial market regulator FINMA has restructured its organization to enhance supervision, particularly following UBS's acquisition of Credit Suisse. The changes include a new Chief Risk Officer role and a focus on integrated risk management to address challenges like liquidity, capital, and non-financial risks. Deputy CEO Birgit Rutishauser will leave by April 30 for a new career opportunity, a decision unrelated to the restructuring.
Charlie Javice, founder of the student-finance startup Frank, was convicted of defrauding JPMorgan Chase out of $175 million by falsely inflating her company's user base from 4.25 million to fewer than 300,000. The deception involved creating fake user profiles, leading to charges of conspiracy, wire fraud, securities fraud, and bank fraud. Javice and her co-defendant face severe legal consequences, with the bank fraud charge carrying a maximum sentence of 30 years in prison.
Birgit Rutishauser, deputy to Finma Director Stefan Walter and head of the insurance division, is leaving the financial markets supervisory authority after nine years for new professional challenges, with her last day on April 30. She served as acting director for six months following Urban Angehrn's resignation and received praise for her leadership during a challenging period. Finma also announced an organizational reorganization, creating a new cross-division for "integrated risk expertise" and merging the Markets and Asset Management divisions.
The Swiss Financial Market Supervisory Authority (FINMA) will restructure its organization on April 1, 2025, to enhance risk-based supervision and financial system integrity. A new division, "Integrated Risk Expertise," will centralize risk management functions, while the Asset Management and Markets divisions will merge to improve efficiency. Key appointments include Marianne Bourgoz Gorgé as head of the new division and Léonard Bôle overseeing the merged divisions, with a focus on addressing emerging challenges like non-financial risks and cybercrime.
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Illinois court narrows Deutsche Bank's Fair Housing Act lawsuit claims
04:02 02.04.2025
Taiwan introduces new regulations for cryptocurrency platforms and providers
03:40 02.04.2025
oaktree capital wins lawsuit against jilted buyer in railroad acquisition case
21:17 01.04.2025
ubs seeks court reversal of 95 million arbitration award over tesla short
18:40 01.04.2025
Tennessee ends Wells Fargo investigation after bank drops net-zero emissions target
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Swiss financial watchdog restructures for enhanced risk supervision and accountability
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FINMA restructures leadership and operations amid banking sector challenges
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finma deputy birgit rutishauser departs after nine years of service
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FINMA announces restructuring to enhance risk-based supervision in Swiss finance
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