Wilmington Trust Corp., the only financial institution to be criminally charged in connection with the federal bank bailout program, reached a $60 million settlement with prosecutors Tuesday just as the corporation and four former top executives were set to go to trial on bank fraud charges. “The bank being removed from the case has really upset the strategy and planning and preparation for the …
Northern Trust Corp. will pay more than $4.2 million to settle a lawsuit filed by a group that includes two Pontiac, Mich., pension systems over investment losses that occurred during the financial crisis. The Chicago-based financial services firm violated its fiduciary and contractual duties when it “invested its clients’ assets in risky, long-term investments … that plummeted in value,” the …
The federal court in Eugene, Oregon decided in favor of 21 youth plaintiffs on Thursday, in their “groundbreaking” constitutional climate lawsuit against President Obama, numerous federal agencies and the fossil fuel industry. U.S. District Court Judge Ann Aiken rejected all arguments to dismiss raised by the federal government and fossil fuel industry, determining that the young plaintiffs’ …
A new proposed class action lawsuit filed in the U.S. District Court for the Northern District of California, San Jose Division, accuses Fidelity of improperly handling “float income” that plaintiffs feel should be considered a plan asset and thus returned to plan accounts. It was just last month that the 1st U.S. Circuit Court of Appeals ruled that float income Fidelity retained in the process …
Winnie Pooh’s honey pot has gone dry. A lovable 7-year-old dachshund named Winnie Pooh was left a $100,000 trust fund from her late owner — but isn’t receiving money, according to a new lawsuit. The Manhattan Surrogate’s Court suit was filed by Winnie Pooh’s caretaker, Gramercy Park resident Virginia Hanlon.