UBS and U.S. continue settlement talks, judge delays hearings
The U.S. government and the largest Swiss Bank, UBS, are in talks to settle a lawsuit whereby the U.S. government is seeking the names of American account holders suspected of offshore tax evasion. The court hearing for this case is scheduled For August 3.
CIT scrambles for plan to assure clients it can overcome current liquidity crisis
CIT Group Incorporated officials spent the weekend trying to work out a plan assure clients and investors it can work its way out of a deepening liquidity crunch. On Saturday the Wall Street Journal reported that CIT was preparing for a possible bankruptcy filing.
BofA avoids paying billions to taxpayers for guarantees against Merrill losses
Regulators are arguing that Bank of America owes at least part of a $4 billion fee to U.S. taxpayers for guarantees against losses at Merrill Lynch & Co. which the bank agreed to pay in January. BofA is saying that a rescue agreement was never signed and the funding was never used, Bloomberg reported.