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The article discusses the legal ramifications related to the cancellation of the 2012 New York City Marathon. The New York Road Runners Club (NYRR) have been in negotiations with its insurance broker Lloyd's over money that race organizers can reclaim since the race was canceled due to Hurricane Sandy. In addition, the negotiations have covered the nonrefundable entry fees paid by runners, as well as money used for advertising and ticket sales.

The article discusses annoyance among some U.S. and British financial regulators over the manner in which Benjamin M. Lawsky of the New York Department of Financial Services pursued allegations related to improper transactions with Iran against banking company Standard Chartered PLC. Britain's Financial Services Authority complained that Lawsky's actions violated protocol observed by bank regulators.

The article reports that British banking company Standard Chartered PLC has reached a $340 million settlement of allegations by the New York Department of Financial Services that it violated U.S. money-laundering laws by concealing some 60,000 transactions with Iranian clients over a ten-year period. Standard chief executive Peter A. Sands has agreed to key points of the accord, although final language has yet to be drafted.

The article discusses reactions of British banking officials to claims by the New York Department of Financial Services that banking company Standard Chartered PLC broke New York state banking laws by concealing financial dealings it had with Iran. Bank of England Governor Mervyn King urged that investigators refrain from public comment until probes into Standard Chartered's actions were complete. Standard Chartered chief executive Peter Sands said his bank had been harmed by the charges.

The article looks at allegations by the New York State Department of Financial Services regulatory agency, headed by Benjamin M. Lawsky, that a British bank, Standard Chartered PLC, laundered money for Iranian businesses over several years in the 2000s. It says the bank denies the allegations. It reports that the U.S. Federal Bureau of Investigation and the U.S. Treasury Department are investigating possible criminal conduct in the case.

The article states that New York State Department of Financial Services superintendent Benjamin M. Lawsky issued subpoenas and formal document requests to several U.S. insurers as of April 5, 2012. According to the article, Lawsky was investigating insurers that allegedly forced certain homeowners policies on borrowers in New York State who missed payments.

The article discusses Benjamin Lawsky, head of New York State's Department of Financial Services. While responsible for overseeing insurance companies and banks in New York, he will also have the power to pursue criminal fraud. Lawsky previously served as an adviser to Andrew Cuomo when the later was New York's attorney general.

The article reports that New York state financial-services regulator Benjamin M. Lawsky has reached an agreement with three financial companies regarding mortgage practices. Goldman Sachs Group Inc., Ocwen Financial Corp., and Litton Loan Servicing all agreed to end a foreclosure practice called robo-signing, examine their records for signs of improperly-handled mortgage paperwork, and reduce mortgage payments for some borrowers in New York.

The article reports that New York State Attorney General Andrew Cuomo has filed a suit that alleges accounting firm Ernst & Young helped investment bank Lehman Brothers Holdings Inc. conceal its true financial condition prior to Lehman's bankruptcy. Cuomo claims Ernst facilitated the use by Lehman of accounting trickery that temporarily made the firm's debt seem less than it actually was.

The article reports that New York State Attorney General Andrew Cuomo is getting ready to file civil fraud charges against accounting firm Ernst & Young, alleging it failed to prevent investment bank Lehman Brothers Holdings Inc. from misleading investors about its financial status. Lehman was one of Ernst & Young's largest clients before its collapse in 2008.

The article reports that former New York state comptroller Alan Hevesi is nearing an agreement to plead guilty to corruption charges. While serving as comptroller, Hevesi is accused of demanding that fund-management firms seeking to do business with the state's public pension fund first pay cash to Hank Morris, a Hevesi adviser.

The article reports that New York state attorney general Andrew Cuomo has filed an antitrust complaint alleging that Intel Corp. abused its market position to discourage firms such as International Business Machines Corp., and Dell Inc. from using microprocessor chips sold by competitors. Intel allegedly retaliated against Dell after it decided to use chips made by Advanced Micro Devices Inc.

The article discusses opposition from Charles Schwab, the founder of Charles Schwab & Co., to efforts by New York state attorney general Andrew Cuomo to force his firm to cover losses to investors stemming from the sale of auction-rate securities. Mr. Schwab argues that holding his company responsible would diminish its ability to offer investment options to clients at attractive prices.

The article reports that financier J. Ezra Merkin will sell paintings and sculptures valued at over $300 million to an unidentified buyer. Merkin placed over $2 billion of clients' money with disgraced investment manager Bernard Madoff, and is being sued by New York attorney general Andrew Cuomo for allegedly defrauding investors.

The article reports that New York attorney general Andrew Cuomo wants the U.S. goverment to investigate claims made by Bank of America (BOA) chief executive Ken Lewis that Federal Reserve chairman Ben Bernanke and former Treasury Secretary Henry Paulson urged BOA to both purchase Merrill Lynch & Co. and refrain from publicly disclosing details about that firm's deteriorating financial condition.

The article reports that money manager J. Ezra Merkin has been charged in connection with a Ponzi scheme run by Bernard Madoff. Merkin, who invested billions of dollars with Madoff on behalf of various nonprofit organizations, has been accused by New York state attorney general Andrew Cuomo of lying to those parties about how he invested their money.

The article reports that the office of New York State Attorney General Andrew Cuomo is investigating parties who serve as middlemen in the credit-default-swaps market. Subpoenas have been issued to eight interdealer brokers in an effort to determine whether unlawful market manipulation took place. The market for credit-default swaps lacks a central regulator.

The article identifies UBS AG executive David Aufhauser as an unnamed person cited in a complaint filed by New York Attorney General Andrew Cuomo in connection with alleged wrongdoing by UBS concerning auction rate securities. Aufhauser has not been charged, but is said to have sold securities he owned based on inside knowledge of difficult market conditions.

The article reports that New York State Attorney General Andrew Cuomo has filed civil fraud charges against the financial services firm UBS AG. The charges relate to the February, 2008 collapse of the so called "auction rate" securities market, and allege UBS sold the securities through deceptive marketing. Other U.S. states have filed similar charges.

The article reports that New York state Attorney General Andrew Cuomo issued subpoenas to 18 financial services companies as part of an investigation into the February, 2008 collapse of the market for auction-rate securities, financial products used by many schools and municipal governments. The companies stopped giving support to the market, leading to higher interest rates for the entities that issued the securities, and leaving investors with no means of selling them.

The article reports on the plan of New York lawmakers to merge the two agencies overseeing the banking and insurance industries in the state which will be called the Department of Financial Services.

This article reports on the move by New York Governor Andrew Cuomo to scale back the financial authority he proposed for a banking and insurance regulator in order as a compromise with the financial industry.

The article reports on the 20 million dollars in donations made by Goldman Sachs Group Inc. partners led by president and chief operating officer Gary Cohn to Harlem Children's Zone Inc. for the construction of a school at Saint Nicholas Houses in Harlem, New York.

The article reports on a lawsuit to be filed by New York State Attorney General Andrew Cuomo against Charles Schwab Corp. The lawsuit alleges the brokerage firm of civil fraud related to its marketing and sales of auction-rate securities. According to Cuomo, the lawsuit will be pursued unless the company agreed to a settlement that included buying back the securities from investors.

The article reports that New York attorney general Andrew Cuomo has notified Charles Schwab & Co. that it will be sued for fraud in connection with how the firm marketed and sold auction-rate securities. Investors who purchases such securities lost billions of dollars when the market for them plummeted in 2008.

The article reports on the decision of New York Attorney General Andrew Cuomo to expand his investigation into American International Group Inc. (AIG). Cuomo intends to delve into the swap deals and bonus payments at the financial-products unit of AIG. The subpoena issued for AIG concerns information vital in assessing the statements of the company that it needs the expertise of the employees at the unit to unwind or ready for sale its $1.6 billion in trades. Cuomo also questions the complexity of the task of the staffers.

The article reports that New York state Attorney General Andrew Cuomo said that executives of the financial products division of insurance company American International Group had agreed to return approximately $50 million in retention bonuses paid them after the firm's bailout by the U.S. Executives of the division were paid about $165 million in bonuses, which has aroused considerable anger in the public and in the U.S. Congress.

The article reports that former UBS AG attorney David Aufhauser has reached a settlement with New York Attorney General Andrew Cuomo concerning allegations of insider trading in connection with auction rate securities. Aufhauser agreed to turn over $6 million in compensation to New York State, pay a $500,000 fine, and observe a two-year ban on practicing law and working in the securities industry.

The article reports on the initiatives of New York Attorney General Andrew Cuomo in investigating trading activities in the credit-default swap (CDS) industry aside from short selling of securities. The office of the New York government lawyer has summoned information from Markit Group Ltd., Depository Trust & Clearing Corp., and Bloomberg LP regarding pricing and trading details. Other hedge funds involved in short selling and CDS contracts were also subpoenaed. The investigation intends to examine whether the contracts may have been misused.

The article reports on the attempt by New York regulators to tame portions of the unregulated credit-default-swaps (CDS) market by requiring some sellers of CDS contracts to become insurance companies. The New York Insurance Department declared in a rule that some CDS contracts are insurance that has to be regulated by the state. The rule covers swaps bought by investors that also own actual bonds or loans referenced by the swaps. The regulation means that banks or institutions that sell CDS will have to apply for a license to be an insurance company.

The article reports on the probe by New York Attorney Andrew Cuomo against Bank of America Corp., Goldman Sachs Group Inc. and Deutsche Bank AG, which underwrote and sold auction-rate securities. Cuomo's office also cast doubt on protests from brokers which asserted that they were unaware of the market's problems and should not be forced to buy back securities from their clients. The investigation comes after large banks settled with his office and other state regulators.

The article reports on the agreement between J.P. Morgan Chase & Co. and Morgan Stanley to buy back over $7 billion in auction-rate securities which are being probed by regulators. The agreement also required that the firms pay damages to investors who sold their holdings for a loss. According to New York Attorney General Andrew Cuomo, the buy-back translates to J.P. Morgan paying $25 million and Morgan Stanley paying $35 million to be divided between New York and North American Securities Administrators Association members.

The article reports that Citigroup Inc. is negotiating with both the New York Attorney General's office and the U.S. Securities and Exchange Commission to settle accusations of misleading representations to investors that auction rate securities were safe and liquid near-equivalents to cash. A settlement could involve Citigroup's buying back some of the securities that it sold.

The article states that New York state Attorney General Andrew Cuomo will file civil securities-fraud charges against UBS AG. As UBS's trading operations for auction-rate securities are based in New York, the lawsuit may ask for a broad resolution of UBS auction-rate clients nationwide which could mean a settlement where customers cash in on securities that have been illiquid at face value. The investigation will determine whether Wall Street firms adequately disclosed to investors the risk that these investments could become illiquid.

The article reports on the criticism received by securities firms for pulling back from the auction-rate securities markets from New York State Dormitory Authority executive director David Brown. He noted the plan of his agency to reorganize its underwriters for over $4 billion in annual municipal bond issues in an attempt to improve auction results. It cites that such securities are long-term bonds that act like short-term debt. The agency has released a list of auction-rate issues that failed.

The article discusses the competitive atmosphere among financial regulators and prosecutors in New York City. New York Attorney General Eric Schneiderman, New York Superintendent of Financial Services Benjamin Lawsky, Manhattan U.S. Attorney Preet Bharara, and Manhattan District Attorney Cyrus Vance all have authority to investigate financial wrongdoing.

The article reports that New York Attorney General Andrew Cuomo filed two lawsuits against financier Steven Rattner that seek to ban Rattner from the securities industry and collect $26 million from him. Cuomo accuses Rattner of improperly arranging for his former investment firm, Quadrangle Group LLC, to secure a $150 million investment from the New York state pension fund.

The article reports that spending on various luxuries by persons employed in New York City's financial-services firms has begun to increase. With 2009 emerging as a profitable year for securities trading and investment banking, demand for Caribbean vacations, expensive wristwatches, and luxury automobiles have all shown signs of revival.

Reports that the Federal Home Loan Bank of New York has run into financial difficulties because of $183 million in losses on soured investments in bonds backed by mobile-home loans and has suspended dividend payments. Number of banks, of which this is one, founded during the Depression to fulfill a government mandate to make funding available to the providers of home loans in local communities; View that this will increase concerns over secrecy and the quality of governance at government-sponsored institutions; Potential for governmental oversight of home-loan banks.