Or at the Justice Department or CFTC or FCA or SFO.
Two big banks, Morgan Stanley and Bank of America Corp., on Tuesday disclosed details of the continuing regulatory and legal challenges they face for their actions during the crisis….
Morgan Stanley announced that it reached a preliminary agreement to pay $275 million to settle the Securities and Exchange Commission’s allegations that the firm misled investors in mortgage bonds that collapsed….
Bank of America, meanwhile, said new international and federal investigations have been launched into its foreign-exchange and mortgage practices, respectively, in its own regulatory filing….
Legal costs remain a growing burden for the nation’s biggest banks, even though investors have largely looked through the recent settlements in hopes that they are a sign that the worst is over for the banks’ shareholders. “The spate of lawsuits [against the banks] will last for some time,” said Amit Seru, a professor at the University of Chicago’s Booth School of Business. “We are talking about [issues from] 2007 and we’re seven years down.”