UniCredit, HSBC Seek to Dismiss Madoff Investor Suit

UniCredit Bank Austria AG and other defendants asked a judge to dismiss a lawsuit by foreign investors in funds that put money with con man Bernard Madoff, saying they were being cast as “scapegoats for Madoff’s intentional criminal acts.” The investors in January and February sued Herald, Primeo and Thema funds, directors, service providers and …

JPMorgan Chase ordered to apologize

JPMorgan Chase had to publicly apologize before Congress to military families for the bank’s financial abuse of Americans fighting in Iraq and Afghanistan over the same period. In violation of the Servicemembers Civil Relief Act, designed to protect those serving overseas during their absences from home, JPMorgan overcharged at least 4,500 soldiers on their mortgages …

Citigroup hires 1400 people while Saxon adds 30

A few months ago Morgan Stanley said Saxon Mortgage would hire “up to thirty people” to help with Saxon’s backlog. Somehow Saxon claims to lead the field with 25 percent of mortgages modified. Something is wrong with those numbers. Citigroup today unveiled data on its efforts to help people avoid foreclosure. Bloomberg reports the company’s …