State suspends investment in Fidelity
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The state pension board yesterday withheld a $75 million investment from Fidelity Investments, rebuking the giant Boston company for the way it has responded to the board's questions about a government investigation of its traders' practices.
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Fannie Mae, the biggest source of money for U.S. home mortgages, broke accounting rules for financial contracts designed to protect against swings in interests rates.
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A federal judge ruled Friday against Long-Term Capital Management, finding that the fund acted in bad faith when it took $106 million in tax deductions.
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TALLAHASSEE, Florida  - Florida's insurance commissioner said on Wednesday he suspended Allstate Cos from writing new policies in the state because it had not fully complied with a subpoena to testify about its property insurance business.
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ZURICH, Switzerland -- Credit Suisse suspended a number of traders in connection with a $2.85 billion overvaluation of assets.
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Federal regulators said in court papers filed yesterday that Fidelity Investments' money management arm "may have, directly or indirectly" defrauded some clients or prospective clients during a two-year period from 2002, actions which may have prevented Fidelity customers from getting the best possible deals on stock trades.
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TORONTO (CP) - Non-energy income trusts are disappointing investors, with two more cutting or suspending their cash distributions to unitholders this week and causing the value of their units to plummet.
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The mutual fund giant Fidelity Investments disciplined 16 traders yesterday, two of whom have left the firm, as part of an extensive investigation into whether employees improperly accepted gifts and entertainment from brokers.
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Fidelity Investments, the world's biggest mutual fund firm, said on Friday its profit fell 11.3 percent last year as performance of its funds slipped and costs rose.
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Friends Provident tells investors in its property fund that they cannot have their money for six months.
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State securities regulators have moved to suspend or revoke the licenses of nine former brokers for Metropolitan Mortgage &amp; Securities, the bankrupt financial conglomerate that has left thousands of people across the Northwest holding hundreds of millions
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NEW YORK Marsh and McLennan Companies said today it was suspending its practice of using &quot;market services agreements&quot; with insurance carriers, which the New York attorney general claims were used to rig bids, thereby cheating customers.
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United Capital Markets Holdings Inc. has stopped honoring refunds to investors in some of the firm's Horizon Strategy group hedge funds that invested in subprime-mortgage bonds, Bloomberg reported on its Web site on Tuesday.
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Fidelity Investments, the biggest US mutual fund company, has reduced expenses on five equity index funds, making them, according to the company, among the lowest-cost index funds in the industry.
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The National Architectural Trust, the country's fastest-growing historic preservation organization, has stopped soliciting facade easement donations after complaints that homeowners have used the donations to claim millions of dollars in excessive income tax deductions.
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A state regulatory board yesterday handed a five-year suspension to a Lawrence funeral director accused of unprofessional conduct and deceptive practices, including one case where he refused to complete funeral arrangements for a client because she had purchased a lower-priced casket elsewhere.
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A 67-year-old public housing tenant forced the Hong Kong government and three of the world&#39;s largest financial institutions on Sunday to postpone indefinitely a $2.73 billion real estate offering.