Federal judge authorizes IRS tax evasion inquiry involving offshore legal services
A judge for the US District Court for the Southern District of New York on Thursday granted an order authorizing the Internal Revenue Service (IRS) to issue summonses demanding couriers and financial institutions produce information about US taxpayers who may have used the services of Panama Offshore Legal Services (POLS) and its affiliates (POLS group) [...]
Supreme Court rules third-party counterclaim defendants cannot remove cases to federal court
The US Supreme Court ruled 5-4 Tuesday that third-party counterclaim defendants may not remove their case to federal court. The case began with George Jackson, a citizen of North Carolina who was sued by Citibank in a debt collection claim. Jackson responded to Citibank with claims against the bank as well as additional claims against [...]
Britain charges Barclays and top executives with fraud and conspiracy
Britain's Serious Fraud Office (SFO) charged Barclays and four of its former executives on Tuesday with conspiracy to commit fraud and violation of the Companies Act of 1985 by providing unlawful financial assistance. The...
US and UK regulators fined Deutsche Bank a combined $630 million in connection with a Russian money laundering scheme. Clients illegally moved over $10 billion from Russia via shares that were bought and...
Western Union pays $586 million and admits to knowing about fraudulent actions
Western Union Co. on Thursday agreed to pay $586 million after admitting to turning a blind eye to criminals who used their service for fraud and money laundering. The US Department of Justice (DOJ) [official...
JPMorgan agrees to settlement on mortgage discrimination complaint
JPMorgan Chase & Co agreed Wednesday to pay $55 million to settle a lawsuit by the US Department of Justice (DOJ) . The lawsuit accuses JPMorgan of discriminating against minority borrowers by allowing...
US appeals court revives FDIC suit against banks over mortgage-backed securities sales
The 2nd U.S. Circuit Court of Appeals in New York on Wednesday revived a lawsuit that stems from the 2008 financial crisis. The Federal Deposit Insurance Corp (FDIC) brought suit in 2012 against five...
US Department of Justice files civil suit against Barclays Bank
On Thursday, the US Department of Justice (DOJ) filed a civil suit against Barclays Bank and two former executives for the fraudulent sales of residential mortgage-backed securities (RMBS) from 2005 to 2007....
Deutsche Bank reaches $7.2 billion settlement with US DOJ regarding toxic mortgages
Deutsche Bank on Friday announced a $7.2 billion settlement with the US Department of Justice (DOJ) regarding the sale of toxic mortgage securities that contributed to the 2008 financial crisis . The terms...
Hedge fund firm Och-Ziff to pay $412 million in criminal penalty and damages
Hedge fund manager Och-Ziff Capital Management Group LLC (Och-Ziff) has agreed to pay a $412 million settlement, of which up to $213 million are criminal penalties imposed in connection with a widespread scheme involving the...
