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Trustmark Fights Bid to Enforce Stanford’s $100 Million Payment

Trustmark opposed on Monday a request by the court-appointed receiver for Stanford International Bank Ltd to enforce a $100 million settlement Trustmark reached to compensate fraud claims, arguing it shouldn’t be compelled to pay while judicial approval remains unresolved.

By Holly Barker

Schwab to Cut Staff, Real Estate to Save $500 Million a Year

Charles Schwab Corp. is planning to cut jobs and close or downsize offices to achieve at least $500 million in annual cost savings as the brokerage responds to investor pressure.

Broker Challenges FINRA as Monopoly in New Attack on Regulator

The Financial Industry Regulatory Authority Inc. is monopolistic and unconstitutional, a broker says in a suit that adds to allegations in a separate case brought by two of the private regulator’s other enforcement targets.

Matt Levine’s Money Stuff: Everyone Wants a Piece of Sculptor

If you are the CEO of a hedge fund firm that is publicly traded, then any other hedge-fund manager — or a bunch of them together — can try to buy your firm, get rid of you, and run your hedge fund themselves. And, really, why not?

Morgan Stanley One of the Only Big Banks Left Off Arm’s IPO

There’s no sign of Morgan Stanley in Arm Ltd.’s draft filing for its initial public offering, a rare event for a bank that’s often a lead adviser on landmark technology IPOs.

Wells Fargo Wins Dismissal of Investor Suit Over Fake Interviews

A federal judge dismissed a shareholder lawsuit against Wells Fargo & Co. over allegations the bank set up fake job interviews to meet in-house diversity guidelines.

JPMorgan Isn’t Taking Any Chances With New EU ESG Rule

The asset management unit of JPMorgan Chase & Co.is breaking away from a number of its peers and voluntarily complying with a new European Union rule that requires fund managers to report their social and environmental impact.

Bank of America Whistleblower Has Setback in False Records Suit

A whistleblower suit alleging Bank of America Corp. submitted false records to receive funding under a mortgage assistance program from the US government should be dismissed, a federal magistrate judge recommended.

Supreme Court Blocks West Virginia Bid to Challenge CFPB Funding

The US Supreme Court denied a request from West Virginia and 26 other Republican attorneys general to make their own challenge to the CFPB’s funding mechanism at oral arguments this fall.