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Stock Market & Financial Investment News

News Breaks
August 5, 2014
15:02 EDTGS, MSGoldman Sachs, Morgan Stanley added to NY AG dark pool probe, FBN says
New York Attorney General Eric Schneiderman has extended his probe of so-called dark-pool trading to those run by Goldman Sachs (GS) and Morgan Stanley (MS), according to Fox Business News, citing people with direct knowledge of the matter. Reference Link
News For GS;MS From The Last 14 Days
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March 4, 2015
11:25 EDTGSJPMorgan, Goldman Sachs win dismissal of price fixing claims, Reuters says
U.S. District Judge Katherine Forrest has dismissed the aluminum price fixing lawsuit against JPMorgan (JPM), Goldman Sachs (GS), and Pacorini Metals, reports Reuters. Forrest stated the evidence failed to suggest the companies participated in unlawful conduct. Reference Link
11:16 EDTGSJPMorgan, Goldman Sachs win dismissal of aluminum price-fixing suit, CNBC says
CNBC said in a tweet that JP Morgan and Goldman Sachs have won the dismissal of a U.S. aluminum price-fixing lawsuit. Reference Link
March 2, 2015
17:08 EDTGSOverstock.com market-riggin case to proceed
Overstock.com (OSTK) announces that due to the California Supreme Court's decision last week not to review a lower appellate court ruling, relevant discovery materials gained in its long-fought battle with Goldman Sachs (GS) and Merrill Lynch (BAC) will be released to the public, and it will be proceeding to trial against Merrill Lynch. In a suit filed in 2007, Overstock.com alleged certain brokerages engaged in illegal market manipulation in a deliberate effort to manipulate Overstock.com's share prices. Over many years and millions of dollars of discovery generating millions of documents, it fashioned its case against some of the premier brokerages on Wall Street. As was previously disclosed in a filing with the SEC in December 2010, Overstock.com entered into a settlement with certain other defendants in the aggregate amount of $4.44M, the terms of which are confidential. In January 2012, a California trial court decided that relevant portions of the voluminous discovery records regarding Goldman and Merrill should be made public, but dismissed the case on narrow, technical grounds. Last week's decision by the California Supreme Court not to review the appellate court ruling means that the process for public release of information gathered through the discovery process may now proceed, and also the trial against Merrill Lynch. Overstock SVP and General Counsel Mark Griffin added, "It is unfortunate the Court has decided that, despite the substantial evidence against Goldman Sachs, due to jurisdictional grounds they cannot be made to account for it in a California courtroom. Overstock looks forward to making that evidence available to the public for review, and we can't wait to get Merrill Lynch in front of a jury, and let them decide what to do about these manipulative stock market abuses."
12:20 EDTMSNew York Attorney General to sue Morgan Stanley over subprime deals
In a regulatory filing submitted Monday, Morgan Stanley stated that on January 13, the New York Attorney General’s Office indicated that it intends to file a lawsuit related to approximately 30 subprime securitizations sponsored by the company. NYAG indicated that the lawsuit would allege that the company misrepresented or omitted material information related to the due diligence, underwriting and valuation of the loans in the securitizations and the properties securing them and indicated that its lawsuit would be brought under the Martin Act. The company does not agree with NYAG’s allegations and has presented defenses to them.
08:38 EDTGSGoldman cuts Singapore investment-banking team nearly a third, Bloomberg says
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07:43 EDTMSBrookings Institution holds a discussion
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06:24 EDTGSGoldman Sachs to launch messaging service for banks by July, NY Post says
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February 27, 2015
07:17 EDTGSUniversity of Chicago Booth School of Business to hold a forum
U.S. Monetary Policy Forum is being held in New York on February 27.
February 26, 2015
15:02 EDTGS, MSFed extends capital surcharge for SiFi banks comment period to April 3
The Federal Reserve extended until April 3 the comment period for its proposed rule to implement capital surcharges for the largest, most systemically important U.S. bank holding companies. The Fed extended the comment period to allow interested persons more time to analyze the issues and prepare their comments. Originally, comments were due by March 2. The proposed rule would establish a methodology to identify whether a firm is a global systemically important banking organization and would also establish the size of a firm's risk-based capital surcharge. The proposal is designed to further strengthen the capital positions of these institutions. Large U.S. banks include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC).
10:50 EDTGS, MSNew York regulator considering cybersecurity, cash laundering controls, WSJ says
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10:35 EDTGSGoldman Sachs shakes up mergers and acquisitions group, Financial Times says
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February 25, 2015
17:40 EDTMSMorgan Stanley agrees to $2.6B mortgage settlement with U.S.
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17:37 EDTMSMorgan Stanley agrees to $2.6B mortgage settlement with U.S.
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09:01 EDTMSMorgan Stanley says Apple Pay available for Wealth Management clients
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08:28 EDTMSMorgan Stanley reportedly near deal for Montreal cargo facility, Bloomberg says
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06:36 EDTGSGoldman Sachs looking to launch energy debt investment fund, NY Times reports
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February 24, 2015
07:21 EDTMS, GSSecurities Industry & Financial Markets Association to hold a conference
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06:15 EDTGSBanks probed for possible rigging of precious metals markets, WSJ reports
Officials in the U.S. are investigating at least 10 major banks for potential rigging of precious-metals markets, sources tell The Wall Street Journal. The DOJ's antitrust unit are investigating the price-setting process for gold, silver, palladium and platinum in London, while the CFTC has begun a civil investigation, with both agencies making requests for information, including a subpoena to HSBC (HSBC) from the CFTC. According to a source, Credit Suisse (CS), JP Morgan (JPM), UBS (UBS), Societe Generale (SCGLY), Bank of Nova Scotia (BNS), Barclays (BCS), Goldman Sachs (GS) and Deutsche Bank (DB) are also under investigation. Reference Link
February 23, 2015
13:33 EDTMSRBS could name Howard Davies as chairman this week, FT reports
Royal Bank of Scotland (RBS) could name Howard Davies as its chairman as early as Thursday, when the bank reports its full-year results, the Financial Times reports. Davies is currently chairman of insurance business Phoenix Group and chairs Morgan Stanley's (MS) risk committee. Current RBS Chairman Philip Hampton is set to become GlaxoSmithKline's (GSK) chairman as early as this summer. Reference Link
06:52 EDTGSGoldman Sachs sees $3B in possible legal costs above reserves
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