Public hearings into Wal-Mart’s proposed application for a US banking licence have begun in Virginia.
Its plan for an in-house bank known as an industrial loan corporation (ILC) is opposed by unions, consumer groups and many state-level banks.
They believe the move will threaten local businesses although Wal-Mart says it has no plans to open branches or offer banking services to consumers
Insurer Royal Liver has been fined £550,000 (US$1m) for mis-selling with-profits policies by the Financial Services Authority (FSA).
The firm was found to have sold policies to customers who had no “demonstrable” need for them.
As a result of the mis-selling policyholders were exposed to too much investment risk, the FSA added
Former Enron chief Jeffrey Skilling has said he is “absolutely innocent” of any charges linked to the firm’s collapse.
He made the comments as he began what is viewed by experts as his “make or break” testimony against charges of fraud and conspiracy.
“I’m absolutely innocent,” Mr Skilling said as he began his testimony at the federal court in Houston
Water firm Severn Trent has confessed it has given industry regulator Ofwat more false information.
The company says it had misreported statistics about the way it handles complaints from customers and enquiries about bills.
The admission echoes a similar problem revealed last month at Southern Water, which will lead to a fine for Southern
A US court has reached a split verdict in the latest case brought against the manufacturer of the painkiller Vioxx.
A New Jersey jury found that Merck & Co was liable for one user’s subsequent heart attack and ordered the firm to pay $4.5m (£2
The Swedish prime minister and former foreign minister are suing budget airline Ryanair over an advertisement that appears to mock them.
The advert for low-cost flights shows an unflattering picture of the two with the slogan “Time to flee the country?”
Goran Persson and Leila Freivalds are seeking 75,000 kronor (£5,600) in damages from the Ireland-based airline.
A spokeswoman for Ryanair in Sweden said the lawsuit was a waste of taxpayers’ money
A second currency trader has been jailed for his role in a multi-million dollar foreign exchange scandal at National Australia Bank.
Gianni Gray was given a 16-month sentence by the Victorian County Court for what was described as a “calculated and sophisticated fraud”.
The bank lost 252m Australian dollars (£105m; $181m) three years ago after rogue trades by four members of staff
Healthcare giant Norton has become the third company to agree a multi-million pound settlement with the British National Health Service (NHS) to end a claim for alleged price fixing.
Under the terms of its agreement, US-based Norton does not accept any liability but will pay the British NHS a total of USD$24m (GBP£13.5m) compensation
A key prosecution witness lied about taking part in Enron-related crimes, an assistant of former Enron chiefs Ken Lay and Jeffrey Skilling has said.
Joannie Williamson told defence lawyers Mark Koenig admitted he had pleaded guilty to crimes he did not commit.
The defence team has repeatedly claimed fear of prosecution had pushed many Enron executives to plead guilty
A court postponed the trial of executives accused of collapsing the Dominican Republic’s second-largest bank Monday after prosecutors had begun opening statements.
The remainder of the trial is delayed until May 19, said Fidel Pichardo Baba, legal adviser to the Dominican Central Bank. The case is expected to feature hundreds of witnesses, including former President Hipolito Mejia