Banks, Lawsuit Settlement | featured news

A judge on Tuesday approved a set of settlements among Lehman Brothers entities that will allow the company's defunct brokerage to pay back about $15 billion in customer claims.

A Manhattan federal judge on Monday signaled he will not rubber-stamp Citigroup Inc's proposed $590 million settlement of a shareholder lawsuit accusing it of hiding tens of billions of dollars of toxic mortgage assets.

Ten major banks and mortgage companies agreed Monday to pay $8.5 billion to settle federal complaints that they wrongfully foreclosed on homeowners who should have been allowed to stay in their homes.

Bank of America agreed on Monday to pay more than $10 billion to Fannie Mae to settle claims over troubled mortgages that soured during the housing crash, mostly loans issued by the bank's Countrywide Financial subsidiary.

A $10 billion settlement to resolve claims of foreclosure abuses by major lenders is expected to be announced on Monday, several people with knowledge of the discussions said.

The Swiss financial giant UBS is close to finalizing a settlement with authorities over the manipulation of interest rates, a deal that is expected to include at least $1 billion in fines.

HSBC, the British banking giant, will pay $1.9 billion to settle a money-laundering probe by federal and state authorities in the United States, a law enforcement official said Monday.

Standard Chartered expects to pay $330 million to settle a case with U.S. regulators who accused the Asia-focused bank of failing to comply with sanctions against Iran,further denting profit growth this year.

The U.S. brokerage unit and a European unit of the former Lehman Brothers Holdings Inc said they settled a dispute over $38 billion in asset claims, a major step toward customers and creditors recovering money.

Bank of America announced on Friday that it would pay $2.43 billion to settle a class action lawsuit related to its acquisition of Merrill Lynch.