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Judge says U.S. fraud case vs. Bank of America should be tossed

By Karen Freifeld and Jonathan Stempel (Reuters) - A federal judge has recommended dismissal of a U.S. government lawsuit accusing Bank of America Corp of defrauding investors into buying about $855 million of mortgage securities that soured during the financial crisis. If it stands, Thursday's ruling by U.S. Magistrate Judge David Cayer in Charlotte, North Carolina could mark a serious setback for the U.S. Department of Justice in its effort to fight fraud in the sale of mortgage securities.

Former BofA CEO Ken Lewis banned as public co. officer

Former Bank of America chief executive Kenneth Lewis was banned by New York Wednesday from serving as a public company official over the financial institution's costly takeover of Merrill Lynch. Lewis was forbidden by the New York attorney general from acting as an officer or director of a public company for three years for pushing the takeover even as he knew Merrill faced losses of $9 billion, a fact not disclosed to Bank of America shareholders. Lewis was ordered to pay New York $10 million, and Bank of America agreed to pay another $15 million in the case.

Former BofA CEO Ken Lewis banned as public co. officer

Former Bank of America chief executive Kenneth Lewis was banned by New York Wednesday from serving as a public company officer over the bank's costly takeover with Merrill Lynch. Lewis was forbidden by the New York attorney general from servicing as an officer or director of a public company for three years for pushing the takeover even as he knew Merrill faced losses of $9 billion, a fact not told to Bank of America shareholders. Lewis was ordered to pay New York $10 million, and Bank of America agreed to pay $25 million in the case.

Bank of America, Ex-CEO Ken Lewis fined $25 million by New York State for role in Merrill deal

NEW YORK, N.Y. - Bank of America and its former CEO Ken Lewis have reached a $25 million deal to settle allegations that Lewis and his executive team misled investors about the impact of BofA's 2008 merger with Merrill Lynch. The settlement, announced by New York Attorney General Eric Schneiderman, also bars Lewis from serving as an officer or director of any public company for three years.

Canada exacts C$6.7 billion from public retirees for health costs

By Randall Palmer OTTAWA (Reuters) - Retired federal workers will pay more of their supplemental health costs under an agreement with the Canadian government intended to align the public sector with the private sector, Treasury Board President Tony Clement said on Wednesday.

New Brunswick politicians would get reduced pension benefits under changes

FREDERICTON - Politicians in New Brunswick would see their pension benefits reduce and they would have to wait five years longer before they can collect full pensions under changes introduced today. The provincial Tory government has brought in legislation that would move the pensions of legislature members to a shared-risk plan from their defined benefit plan. The government says a member can currently receive an annual pension of $20,400 if he or she has served eight years, but under the changes that would drop to $11,080.

Possible successor at JP Morgan, Michael Cavanagh, takes newly created post at Carlyle Group

Another high-ranking executive at JPMorgan Chase is departing, one who had been considered a possible successor to CEO Jamie Dimon. Michael Cavanagh, who was co-CEO of the company's corporate and investment bank, is joining The Carlyle Group to become co-president and co-chief operating officer. "While we would prefer he stay at the firm, we are glad he's going to a valued client in Carlyle," Dimon said Tuesday in a news release.

German firms fret about lowering of pension age

By Michelle Martin

Your money: A new 'university' aims to boost financial literacy, and investing

By Chris Taylor NEW YORK (Reuters) - If there is one thing that gives brokerage executives the cold sweats at night, it is the attitude of younger Americans toward the stock market. A startling 44 percent, for instance, think plain old savings accounts are the best way to save for one's golden years, according to the Generation Z and Money Survey, put out last year by online brokerage TD Ameritrade. Only 11 percent think the stock market is the way to go.

As the planet heats up, Calvert fund bets on water

By David Randall NEW YORK (Reuters) - Water is the world's most abundant commodity. But for investors it tends to be a wash out. That disconnect struck the team behind the Calvert Global Water Fund as a potential source of profits.
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