Deutsche Bank agree to $7.2 bn settlement with US over risky mortgages
The Dollar Business Bureau Deutsche Bank agreed to a $7.2 billion settlement with the US Department of Justice over its sale of toxic mortgage-backed securities prior to the 2008 financial crisis. The department said, Deutsche's nod represents the largest such resolution for its conduct in misleading investors in residential mortgage-backed securities. This settlement is also higher than the Citigroup’s $7 billion paid to federal and state authorities in 2014. "Deutsche Bank did not merely mislead investors: it contributed directly to an international financial crisis," Attorney General Loretta Lynch said. Deutsche's chief executive John Cryan termed the bank's conduct between 2005 and 2007 as "unacceptable." “The bank had exited many of the underlying activities and improved standards,” he said. The Frankfurt-based bank had reached the settlement ...
Cairn asks India to pay $5.6 billion in Tax Case
The Dollar Business Bureau Oil energy explorer Cairn has asked India to pay about $6 billion by as compensation for affecting its business through a tax dispute. Scotland-based Cairn said the company is seeking taxes related to transactions carried out to identify the company's structure for Cairn India’s stock market flotation in 2007. Last year, India had asked Cairn to pay $1.6 billion for the 2007 listing of the company’s India operation. Cairn had taken the case to the international arbitration court in The Hague. Cairn had sold its Cairn India’s majority stake to Vedanta Resources in 2011. It said the tax department's investigation had postponed the sale of its outstanding holding in its Indian venture. The investigation, which began in 2011, was worth ...
India wins re-election to UN Commission on Intl Trade Law
Source: PTI India has been re-elected to the UN Commission on International Trade Law for another six years term, maintaining its unbeaten track record of winning elections at the world body. At an election held on Monday in the General Assembly, India was re-elected to UN Commission on International Trade Law (UNCITRAL) for the 2016-2022 term. India would continue to play a constructive role in the UNCITRAL which is recognised as the core legal body of the United Nations system in the field of international trade law, the Indian Mission to the UN said in a statement. A legal body with universal membership specialising in commercial law reform worldwide for over 40 years, UNCITRAL's business is the modernisation and harmonisation of ...
