Lawyers

• Seven Banks Settle ISDAfix Scam-Related Private Lawsuit For $324 Million

  Seven world’s largest banks have announced on Tuesday settling a private lawsuit for $324 million filed in connection with ISDAfix scam. The settlement still requires court approval to get effective. Several other banking giants are yet to settle related lawsuits for the crimes committed during 2009 to 2012.

• UBS Settles Toxic RMBS Lawsuit With NCUA For $69.8 Million

  UBS AG has agreed to pay $69.8 million to NCUA in settling a lawsuit centering selling of faulty residential mortgage based securities. Prior to that, Royal Bank of Scotland, Barclays, Wachovia, Morgan Stanley and other accused financial institutions have also settled respective lawsuits with NCUA. However, all the settlements have taken place through realization of incurred losses from the faulty RMBS products.

• U.S. on track to reach deals on forex rigging as soon as May

  U.S. authorities are on course to reach multi-billion-dollar agreements with five major banks over allegations of foreign exchange market rigging as soon as the second half of May, people familiar with the matter told Reuters on Friday.

• European banks face $52 billion in litigation costs: Morgan Stanley

  Royal Bank of Scotland and Barclays may have to pay some of the biggest bills from an estimated $52 billion in fines and other litigation costs facing Europe's banks in the next two years, Morgan Stanley analysts said.

• RBS shares hit by report of higher U.S. mortgage bond claims

  Royal Bank of Scotland could have to pay higher than expected settlements to cover the cost of involvement in the mis-selling of U.S. mortgage-backed securities, The Times reported on Friday, pushing RBS shares lower.

• U.S. judge says to likely vacate insider trading guilty pleas over IBM deal

  A U.S. judge said Thursday he would likely vacate the guilty pleas of four men accused of engaging in an insider trading scheme ahead of an IBM Corp deal, as fallout continued from an appellate ruling curtailing authorities' abilities to pursue such cases.

• Britain's state-backed banks scrape through stress tests

  The Bank of England gave Britain's state-backed lenders a narrow pass in its debut annual stress tests on Tuesday, but warned that next year banks would face tougher checks of their capital strength and international exposure.

• Britain's RBS fined $88 million for 2012 systems crash

  Royal Bank of Scotland has been fined 56 million pounds ($88 million) by Britain's financial regulators for a system crash in 2012 that left millions of customers unable to make or receive payments.

• ANZ suspends seven traders as regulator probes rate fixing

  Australia and New Zealand Banking Group (ANZ) said on Wednesday that it has suspended seven staff involved in a regulatory investigation into the fixing of benchmark interbank interest rates.

• Investors join forces to sue Lloyds over HBOS deal

  Investors are joining forces to sue Britain's biggest retail bank Lloyds and five former executives, alleging they were misled over an ill-fated deal in 2008 they say wiped about 6 billion pounds ($10 billion) off the total value of shares.