A Northbrook, Ill.-based insurer sued Goldman Sachs and its affiliates for allegedly selling the insurer more than $123 million in securities backed by poor-quality mortgages between 2006 and 2007.

Investors, including two life insurance companies, have accused Bank of America’s Countrywide mortgage unit committed “massive fraud,” misleading the companies about the quality of mortgage-backed securities.

Having survived a scandal of its own, American International Group may be dropping one of its long-term partners under intense scrutiny by federal authorities.

Goldman Sachs, the venerable Wall Street investment banking firm, is getting heat from at least one of its clients over its current compensation practices.

In response to reported compensation and bonuses …  Read →

A former Ameriprise and GunnAllen broker-dealer will spend eight years and one month in federal prison for operating a $1.8 million investment fraud scheme.

The Hartford Financial Services Group has named a former Bank of America executive as its next chairman and chief executive officer.

Bank holding companies generated 29% more revenue from the sale of annuities last year than in 2007 and set a record with annuity sales of $2.61 billion.

Sales rose from the …  Read →