4 Financial Stock Stories To Take To The Bank

Bank of America Corporation (NYSE:BAC): Current price $12.05

On Friday, the company obtained the approval of  United States District Judge Kevin Castel in Manhattan for a $2.43 billion resolution with investors who claimed that BofA concealed crucial information when it acquired Merrill Lynch & Co. The okay marks the conclusion of one of the the biggest investor settlements originating in the recent world financial crisis; the judge described the accord as  ”fair, reasonable and adequate,” and said it ended an “extraordinarily hard-fought litigation.”

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BAC

JPMorgan Chase & Co. (NYSE:JPM): Current price $48.21

Five of the biggest Wall Street banks, including JPMorgan and Bank of America Corporation, would be required to hold capital in excess of Basel III standards under a proposal being written by United States Senate Democrats and Republicans to restrict the size of too-big-to-fail banks. A current draft of the legislation would mandate  regulators to supplant Basel III requirements with a higher capital standard of 10 percent for all banks and an additional surcharge of 5 percent for institutions with over $400 billion in assets. Senators Sherrod Brown (D-OH), and David Vitter (R-LA), have said they intend to introduce the bill in April.

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JPM

Royal Bank of Canada (NYSE:RY): Current price $58.32

The Canadian government is looking into whether the bank violated the rules by subcontracting work to an offshoring company using foreign workers to supplant some of its Canadian staff. Approximately 45 of Royal Bank’s employees in Toronto are losing their jobs since the bank has given its long-time partner iGate Corp. some of the back-office support to its investor services.

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RY

Ellington Financial (NYSE:EFC): Current price $25.03

On Monday, Ellington announced that its estimated book value per common share as of March 31 was $25.25, or $24.74 on a diluted basis. Estimated book value per share on a diluted basis takes into account securities convertible into the firms common shares. These estimates are subject to change upon completion of the firm’s month-end valuation procedures connected with its investment positions, and any such change could be material.

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EFC

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