4 Financial Stock Stories to Kick Off the Trading Week

American International Group (NYSE:AIG): Current price $45.10

On Monday, AIG said that it had allowed a group of Chinese investors additional time to conclude a deal to acquire its big airplane-leasing unit, close to three weeks after the consortium missed a down payment. In a regulatory filing, the insurer said that it had agreed to extend the time in which either party could terminate the deal out to July 31. During this time, AIG and its division, the International Lease Finance Corporation, may continue explore taking the business public as an alternative option. The firm also has the option to cancel the deal if it believes that certain conditions linked with regulatory matters are not likely to be settled by July 31.

Are these stocks a buy or sell? Let us help you decide. Check out our Stock Picker Newsletter now.

aig

Wells Fargo & Co. (NYSE:WFC): Current price $40.60

Wells now must contend with a second Minnesota trial regarding claims by institutional investors that it marketed a risky securities-lending program as safe, and then cost them millions of dollars through losses. This case is one of a minimum of five in Minnesota against Wells Fargo concerning its securities lending. The firm lost the first case to go to court in 2010, at which times a state court jury awarded Minnesota Workers’ Compensation Reinsurance Association and three charitable foundations around $30 million, a decision which was upheld on appeal. Also, Wells Fargo is scheduled for a third trial on the same allegations from different plaintiffs in September, filed as a class action, or group lawsuit on behalf of roughly 100 institutional investors. And if that were not enough, two other cases are also pending in federal court, including one brought by Minnesota Life Insurance Co. seeking $40 million in damages.

Are these stocks a buy or sell? Let us help you decide. Check out our Stock Picker Newsletter now.

wfc

Bank of America Corporation (NYSE:BAC): Current price $13.21

Affidavits filed last week in a Massachusetts lawsuit allege that BofA routinely refused qualified borrowers an opportunity to alter their loans to more affordable terms, and also paid cash bonuses to bank staffers who manipulated homeowners into foreclosure. Simone Gordon, who worked in the firm’s loss mitigation department until February of last year said that “We were told to lie to customers. Site leaders regularly told us that the more we delayed the HAMP [loan] modification process, the more fees Bank of America would collect.” In sworn testimony, six former employees describe events they viewed behind the scenes of an often opaque process that has confounded homeowners, their lawyers and housing counselors.

Are these stocks a buy or sell? Let us help you decide. Check out our Stock Picker Newsletter now.

bac

The Charles Schwab Corporation (NYSE:SCHW): Current price $20.39

The corporation has been recognized once again for its worker-friendly workplace through three new awards received in June. In the San Francisco Bay Area, Cleveland, and state of Arizona, Schwab has been chosen to lists of ‘great places to work.’ For the San Francisco Bay Area and Cleveland, the Top Workplaces program is run by WorkplaceDynamics, which is an independent research company on organizational health and employee engagement, working jointly with local publications among which include The San Jose Mercury News and Cleveland Plain Dealer, respectively.

Are these stocks a buy or sell? Let us help you decide. Check out our Stock Picker Newsletter now.

schw

Don’t Miss: Does the Bond Market Resemble a Ponzi Scheme?

More from The Cheat Sheet