Bank of America to Pay $500M to Settle Investor Lawsuit
Bank of America says it will pay $500 million to settle a class-action lawsuit involving investors who say they were misled in their purchase of mortgage-backed investments.
financial services
Daughter Gives Bank Real Proof of Dad's Death: His Ashes
A grieving daughter pestered by Royal Bank of Scotland over a charge on her late father's account went to extremes to demonstrate to the bank that he really was dead.
Costco Moves into Mortgage Loans
There doesn't seem to be anything under the sun that Costco doesn't sell, including mortgage loans. The retailer's new online financial offering had been in testing mode for the past year, and it has worked so well that it has now been launched publicly.
A Digital Wallet for the Unbanked Puts Mobile Finance in Reach
Mobile wallets are growing rapidly in popularity, but to use one, you've had to have a bank account or credit card. Soon, though, even the unbanked will have access to mobile payment technology, thanks to the new FlipMoney app from PreCash.
Financial Industry Gets Social to Lure Young Money
At least $1 trillion will move from one generation to the next by 2025, and when assets change owners, advisers usually fall by the wayside. But certain parts of the financial services industry are finally adapting they way they communicate with these wealthy, younger potential clients.
The 25 Companies That Cut 700,000 Jobs
Since the recession began, more than 8 million Americans have lost their jobs. But perhaps even more surprising is the small number of companies that are responsible for laying off such a large percentage of today's unemployed workers.
Derivatives Played "No Role" in Financial Crisis?
At the Financial Services Inquiry Commission hearing, former Wall Street derivatives executive Steven Kohlhagen claimed derivatives generally played "no role" in causing the financial crisis. This puzzling argument doesn't pass the straight-face test.
Lessons From Mint.com's Tax-Time Meltdown for Schwab Users
Popular online personal finance portal Mint.com has had problems for months getting account info for Schwab customers. As tax day approached, that annoyance became maddening, even though it wasn't all Mint's fault. Such is business on the Web today.
States Hate This Version of Financial Reform
At the state securities regulators' annual conference, they made no secret of their unhappiness with the financial service reform legislation that Congress is considering. In fact, they're in open revolt.
Is Nationwide on Your Side? Maybe Not
Nationwide is "on your side" as the financial services giant's corporate slogan goes, but not everyone thinks so. A class action law suit charges Nationwide with accepting "revenue sharing payments" from mutual funds as the cost of being included as investment options in its retirement plans.
Banking Liability Litigation Drops, Making Insurance Cheaper
The spike in banking litigation didn't come, protecting insurers and reinsurers from hefty claims. Look for pricing to stabilize, only a year after the crisis.
