The Dow Financial Stock Rollercoaster Ride This Week

JPMorgan Chase & Co. (NYSE:JPM): Current price $47.91

Big banks involved in setting Libor won a partial victory as a New York judge dismissed a large portion of claims from investors, among which included local governments and community banks, who said they were impacted by the manipulation of the rate, according to Financial Times. It also noted that the victory was not total, as the judge decided that some claims against the banks can go forward.

Because a measure finalized by the United States Commodity Futures Trading Commission, JPMorgan Chase, Barclays (NYSE:BC), and other banks will now be exempt from Dodd-Frank Act swap market rules when trading between or among their own affiliates, says Bloomberg. The new rule forms a part of the commission’s mandate to reduce risk and expand transparency in the $639 trillion-global swaps market.

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JPM

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Bank of America Corporation (NYSE:BAC): Current price $11.96

Banks involved in setting Libor won a partial victory as a New York judge dismissed a large portion of claims from investors, among which included local governments and community banks that said they were impacted by the manipulation of the rate, according to Financial Times. However, the paper also noted that the victory was not full, as the judge decided that some claims against the banks could go forward.

The National Credit Union Administration has reached a resolution with Bank of America and certain of its subsidiaries for $165 million for losses connected with purchases of residential mortgage-backed securities by failed corporate credit unions. This settlement with Bank of America is subsequent to three similar agreements with Citigroup (NYSE:C), Deutsche Bank (NYSE:DB), and HSBC Holdings (NYSE:HBC),  totaling $170.7 million, according to the Administration, which added that BofA did not admit fault as part of the settlement.

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BAC

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