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Charlie Javice, founder of the student-finance startup Frank, is accused of committing "brazen fraud" by inflating user numbers to sell her company to JPMorgan Chase for $175 million. Prosecutors allege she misled the bank about having over 4 million users, while the actual figure was closer to 300,000. Javice allegedly hired a data scientist to create fake customer data after her engineering team refused to participate in illegal activities.
A jury awarded the Seminole Tribe of Florida over $818 million after finding Wells Fargo Bank and its predecessor, Wachovia Bank, liable for charging unauthorized fees and mishandling a trust fund for the tribe's children. The verdict, delivered on March 25, 2025, highlighted the bank's failure to uphold its fiduciary duties. Attorney William R. Scherer Jr. emphasized that this ruling serves as a warning to financial institutions regarding their responsibilities to clients.
The former North American CEO of UBS has reached a $4.9 million settlement approved by a Connecticut federal court, resolving a lawsuit from the U.S. government. This deal addresses issues related to the Foreign Bank and Financial Accounts (FBAR) compliance.
UBS, UniCredit, and Nomura have lost their appeal against a €371 million EU cartel fine, with the court upholding UBS's €172.4 million penalty while reducing fines for UniCredit and Nomura. The banks' traders were found to have engaged in anti-competitive practices from 2007 to 2011. Both UniCredit and Nomura plan to appeal the ruling, disputing their involvement in the infringement.
The EU's General Court upheld significant fines against UBS, Nomura, and UniCredit for colluding in the government bond markets during the 2008 financial crisis. The banks, along with others, were found to have shared sensitive information to gain an unfair advantage. UBS faces fines exceeding €172 million, while Nomura and UniCredit are fined €125.6 million and €65 million, respectively.
The Swiss People's Party is advocating for a cap on UBS's investment banking operations, limiting it to 30% to mitigate financial risks following its acquisition of Credit Suisse. Supported by Swiss regulators, this move aims to ensure taxpayer protection, though UBS CEO Sergio Ermotti warns that excessive regulation could jeopardize the bank's stability and growth. The outcome may set a precedent for global banking regulations amid increasing scrutiny of financial institutions.
The European General Court has upheld a multi-million euro fine against UBS, UniCredit, and Nomura for their involvement in a cartel manipulating European government bond trading from 2007 to 2011. UBS's fine remains at €172 million, while fines for UniCredit and Nomura have been slightly reduced, totaling €363 million for all three banks. UBS is considering an appeal against the ruling.
Protests erupted during Raiffeisen Bank International's Annual General Meeting, focusing on the bank's operations in Russia. An activist shareholder interrupted the meeting, accusing the bank of "warmongering," while CEO Johann Strobl reiterated plans to further reduce Russian business amid ongoing legal disputes with Rasperia. Additionally, the bank faces a €50 million increase in levy costs this year, which has been criticized as a hindrance to economic growth.
Unicredit, UBS, and Nomura have failed to overturn a multi-million euro fine imposed by the European Commission for colluding on prices in the trading of government bonds between 2007 and 2011. UBS faces the largest penalty at 172 million euros, while Nomura and Unicredit are fined nearly 126 million and 65 million euros, respectively. Seven banks were involved in the cartel, but some escaped penalties due to their cooperation as key witnesses.
The General Court of the European Union has upheld fines against UBS, Nomura, and UniCredit for participating in a cartel related to European government bonds, originally totaling 371 million euros. While the court confirmed the breaches of EU competition law, it reduced Nomura's fine to 125.65 million euros and UniCredit's to 65 million euros due to calculation errors. The banks are considering appeals to the European Court of Justice.
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jpmorgan accuses charlie javice of fraud in startup sale for 175 million
04:17 27.03.2025
Seminole Tribe awarded 832 million in lawsuit against Wells Fargo Bank
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03:59 27.03.2025
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