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  • Detroit to file $85 million deal with banks

    The city of Detroit has reached yet another tentative agreement to settle a pension debt with UBS and Bank of America Merrill Lynch and will file the $85 million plan within a few days in federal bankruptcy court, state-appointed emergency manager Kevyn Orr announced Monday.

  • ** FILE ** Ty Inc. Beanie Baby stuffed animals. (Associated Press)

    Beanie Babies billionaire to pay $53 million penalty for tax evasion

    The creator of Beanie Babies stuffed animals has agreed to pay a $53 million penalty after being accused of federal tax evasion for failing to report income he earned in a secret offshore bank account, his attorney and prosecutors said Wednesday.

  • Swiss banks have come under pressure from governments around the world for their reputation for banking secrecy. Swiss banking giant UBS AG announced massive layoffs last week, along with huge losses in its third-quarter results, saying it aims to trim as many as 10,000 employees, or some 15 percent of its staff. (Associated Press)

    Global crisis squeezes Swiss banks

    One of Switzerland's signature industries, Swiss banking no longer has the same allure it once did and could be in for tough times in the years ahead, analysts say, as it struggles to cope with a changing regulatory environment in the wake of the global financial crisis.

  • ** FILE ** The Swiss bank UBS in Zurich (AP Photo)

    Rogue trader causes $2B loss at Swiss bank UBS

    Swiss banking giant UBS said Thursday that a rogue trader has caused it an estimated loss of $2 billion, stunning a beleaguered banking industry that has proved vulnerable to unauthorized trades.

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