Thursday, November 3, 2011

Morning roundup: lawsuits, fees and taxes

Here's a look at this morning's banking and finance news:

  • A judge ruled that Illinois can move forward with a lawsuit alleging Wells Fargo & Co. steered minority borrowers into risky mortgages at the height of the housing bubble, the Wall Street Journal reports.
  • A study released today found 280 of the biggest publicly traded American companies faced federal income tax bills equal to 18.5 percent of their profits during the last three years, lower than the official corporate tax rate and lower than competitors in many other countries, the New York Times reports.
  • Global stocks rose on a European Central Bank rate cut, signs Greece might avoid a referendum on a euro-zone bailout package and a government report showing jobless claims in the U.S. fell slightly, the Wall Street Journal reports.