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News Update

Madoff trustee begins $1.19 billion payout to victims

Bernard Madoff exits the Manhattan federal court house in New York in this January 14, 2009 file photo. Reuters/Brendan McDermid/Files The trustee liquidating Bernard Madoff’s firm on Friday began distributing another $ 1.19 billion to victims of the swindler’s Ponzi scheme. Irving Picard, the trustee, said the payout will boost distributions to more than $ […]

Brazil's BTG Pactual looks to new leadership; Esteves quits amid graft probe

Andre Esteves, CEO Brazilian BTG Pactual bank is pictured during an interview in Sao Paulo July 22, 2014. Reuters/Nacho Doce Brazil’s Grupo BTG Pactual SA looked to new leadership to steer it out of crisis on Monday after controlling shareholder AndrĂ© Esteves resigned as CEO and chairman following his jailing as part of the country’s […]

Pssst, want to play the market? Count the Fed leak weeks: study

A ‘Wall St’ sign is seen above two ‘One Way’ signs in New York August 24, 2015. Reuters/Lucas Jackson U.S. central bankers not only regularly leak secret information about monetary policy, but the leaks are so predictably timed that a savvy investor without access to the leaked information could make money just by buying stocks […]

Vanguard agrees to pay back taxes in Texas

Vanguard Group agreed to make a payment to Texas tax authorities, a spokesman said on Friday, after a former company tax attorney complained about the fund company’s tax structure. The payment will be several million dollars, Bloomberg News reported, citing documents. Vanguard spokesman John Woerth declined to confirm the amount the closely held Pennsylvania company […]

Madoff victims to recoup $1.42 billion in two payouts

Securities Investor Protection Act (SIPA) Trustee Irving Picard speaks as Manhattan U.S. Attorney Preet Bharara (L) looks on during a news conference in New York, December 17, 2010. Reuters/Shannon Stapleton Victims of Bernard Madoff’s Ponzi scheme can expect to soon receive about $ 1.42 billion to help cover their losses, after two U.S. judges on […]

Banque Heritage to take on client assets from Bank Hottinger

Switzerland’s Banque Heritage said on Wednesday it would take on client assets from wealth manager Bank Hottinger, which regulators put into bankruptcy last month. The agreement is expected to be among a host of deals and closures in the Swiss banking industry, as an international crackdown on tax avoidance and costly regulation put pressure on […]

NY attorney general seeks halt to daily fantasy sports in state

A DraftKings logo is displayed on a board inside of the DFS Players Conference in New York November 13, 2015. Reuters/Lucas Jackson New York state’s top prosecutor on Tuesday filed for a temporary injunction that would shut down daily fantasy sports leaders DraftKings and FanDuel in the state in the latest blow to the fast-growing, […]

NY attorney general seeks halt to daily fantasy sports in state

A DraftKings logo is displayed on a board inside of the DFS Players Conference in New York November 13, 2015. Reuters/Lucas Jackson New York state’s top prosecutor on Tuesday filed for a temporary injunction that would shut down daily fantasy sports leaders DraftKings and FanDuel in the state in the latest blow to the fast-growing, […]

NY attorney general seeks halt to daily fantasy sports in state

A DraftKings logo is displayed on a board inside of the DFS Players Conference in New York November 13, 2015. Reuters/Lucas Jackson New York state’s top prosecutor on Tuesday filed for a temporary injunction that would shut down daily fantasy sports leaders DraftKings and FanDuel in the state in the latest blow to the fast-growing, […]

Hedge fund Achievement Asset to shut down after energy losses

Hedge fund Achievement Asset Management is shutting its doors after suffering losses on energy market bets this year, becoming the latest investment firm to return capital to clients in a year many managers have struggled to make money. The Chicago-based firm, run by Joseph Scoby, plans to return $ 875 million to clients by the […]