Aon Reprimanded in Singapore, BofA-DOJ Case Hits Delays: Financial Business Review
A division of the worldwide insurer Aon Corporation (NYSE:AON) has been reprimanded by Singapore’s financial regulator for permitting two of its employees to give investment advice for products for which they were not authorized to advise. The action was reported Friday by the Monetary Authority of Singapore on its website, which said that the Aon employees advised clients on “collective investment schemes” between July 1, 2011 and April 24, 2012 without authorizion by MAS to do so. No fines were levied as a result of the reprimand, according to spokeswoman.
Following a huge amount of work by the Justice Department, a legal resolution typically ends the process. With the $335 million case involving Bank of America Corporation (NYSE:BAC) which is charged with alleged discrimination against minority borrowers, a lot is left to be done after a year. After hitting delays, the department’s settlement administrator just began notifying affected borrowers in November — five months later than originally planned. To make matters worse, weeks after letters went out to more than 233,000 presumed victims, around 10 percent were returned as undeliverable.
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Banking regulators near a $10 billion resolution with 14 banks, including JPMorgan Chase & Co. (NYSE:JPM), that would conclude the government’s endeavors to hold lenders responsible for foreclosure abuses such as faulty paperwork and excessive fees that might have led to evictions, according to inside sources. Through the terms, a sizable amount of cash, some $3.75 billion, would be received by persons who have already lost their homes, potentially a larger offer that a broad accord back in February between state attorneys general and five large banks which set aside $1.5 billion in cash relief.
The independent financial advisory and investment banking firm Duff & Phelps Corporation (NYSE:DUF) has reached a definitive merger agreement under which a consortium comprising controlled affiliates of or funds managed by The Carlyle Group (NYSE:CG), Stone Point Capital, Pictet & Cie and Edmond de Rothschild Group will purchase the firm at $15.55 per share in cash in a transaction valued at around $665.5 million. The price represents a 19.2 percent premium to the close of shares on December 28th. The transaction should close in the first half of 2013.