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"Why can't the Americans settle security here?" Mr. Jumah asked.
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Earlier this year, Goldman Sachs paid a $550 million fine to settle securities fraud charges.
In mid-March, the Securities and Exchange Commission and the New York attorney general's office announced that the Bank of America would pay $375 million to settle securities fraud charges against its Nations Fund group.
The year-earlier period, however, included a number of charges including $3 billion to settle securities litigation and government investigations related to AOL.
It struggled to make payments, signal fund transfers, and clear and settle securities, because its main processing centre and its main back-up were both near the collapsed towers.
Days after Goldman Sachs agreed to pay $550 million to settle securities fraud claims, a midlevel employee of the bank filed a 13-page reply denying the charges and sought dismissal of the case.
[A1.] HealthSouth to Settle Fraud Case for $100 Million HealthSouth said it had reached an agreement with the Securities and Exchange Commission to pay $100 million to settle securities law charges related to a $2.7 billion accounting fraud under its former management.
In May, the bank agreed to pay $2.65 billion to settle securities claims in the United States by investors who bought stock and bonds in WorldCom Inc. before it filed for bankruptcy protection two years ago; Citigroup was WorldCom's lead banker.
Lawyers involved in negotiations on another front, to settle securities class-action lawsuits brought by Enron shareholders and creditors against Andersen, were en route to New York yesterday to continue the negotiations.
Citigroup agreed in May to pay $2.65 billion to settle securities class actions claims filed against the bank by investors who bought stock and bonds in WorldCom Inc. before it filed for bankruptcy two years ago.
But yesterday Citigroup said it had designated or paid a whopping $6.7 billion since 2002 to settle securities litigation resulting from errant calculations of risk and a lack of internal financial controls.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com