4 Financial Stock Stories For Midweek Investment Tidings

JPMorgan Chase & Co. (NYSE:JPM): Current price $49.77

The Wall Street bank confirmed that its top banker for Saudi Arabia, Abdulaziz Al-Helaissi, is exiting to assume a position with that country’s central bank. According to two inside sources, Al-Helaissi will become the deputy central bank governor. This appointment represents the most recent move by Saudi Arabia to recruit senior executives from large worldwide financial institutions to run its key state entities. In February, the kingdom, which is the number-one OPEC producer, named the former World Bank executive Mohammed bin Abdulmalik Al al-Sheikh to lead its stock market regulator.

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JPM

American International Group (NYSE:AIG): Current price $44.46

AIG might pursue a lawsuit claiming that Bank of America Corp’s Countrywide division caused billions of dollars of losses by fraudulently pressing it to buy risky residential mortgage-backed securities. District Judge Mariana Pfaelzer in Los Angeles  decided that AIG could pursue claims that Countrywide falsely implied in offering documents that it had followed underwriting guidelines, as part of a “company-wide culture of abandonment of underwriting standards and wholesale use of ‘exceptions.’” Pfaelzer tossed aside AIG claims connected with alleged oral misstatements and negligent misrepresentations, and also permitted AIG to submit an amended complaint.

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AIG

Wells Fargo & Co. (NYSE:WFC): Current price $38.50

The firm has announced that Chairman & Chief Executive John Stumpf will present at the 2013 Barclays Americas Select Franchise Conference, to be held in London on May 21st at 8:30 a.m. Greenwich Mean Time

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WFC

Goldman Sachs Group (NYSE:GS): Current price $150.23

A New York state appeals court has decided that Goldman Sachs must face fraud claims brought by CIFG Assurance North America in regards to  insurance it provided for $275 million in mortgage-backed securities. For its part, CIFG said in a 2011 lawsuit that the investment bank fraudulently insisted that it provide insurance for a portfolio of over 6,000 subprime residential mortgages, by hiding the dodgy quality of the loans. A trial judge in Manhattan tossed that claim in 2012, ruling that CIFG would have identified the alleged misrepresentations had it performed correct due diligence. The New York State Supreme Court’s Appellate Division, First Department, reversed on Tuesday, deciding that CIFG had done a sufficient amount by having an outside consultant examine the loans.

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GS

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