Visa Inc. (V), MasterCard Inc. and some of the biggest U.S. banks agreed to a settlement of at least $6.05 billion in a price-fixing case brought by retailers over credit-card swipe fees. The total value of the settlement is $7.25 billion to a class of about 7 million merchants in the U.S. that accept Visa and MasterCard credit cards and debit cards, a law firm for the […]
CHICAGO (Reuters) – Russell Wasendorf Sr was arrested on Friday after allegedly stealing more than $100 million from clients of his now-bankrupt brokerage PFGBest, using little more than a rented P.O. Box, Photoshop and inkjet printers to dupe regulators for decades. In the dramatic conclusion to a week-long drama that has shaken trader confidence in the trillion-dollar U.S. futures markets, FBI agents arrested Wasendorf, 64, at the […]
Despite the recent run of disappointing economic data, a broad range of experts and forecasters expect the economy to improve slightly in coming months, thanks to lower oil prices and new signs of life from sectors like automobile sand housing. Call it a firming up, if not quite a comeback. Economists at many of the most-watched forecasting organizations, both public and private, expect growth to pick up […]
A Barclays employee notified the Federal Reserve Bank of New York in April of 2008 that the firm was underestimating its borrowing costs, following potential warning signs as early as 2007 that other banks were undermining the integrity of a key interest rate. In 2008, the employee said that the move was prompted by a desire to “fit in with the rest of the crowd” and added, […]
