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UPDATE 1-Miami mortgage lawsuits vs BofA, Citigroup, Wells Fargo are revived

(New throughout, adds details from decisions, bank comments, case citations, byline) Sept 1 (Reuters) - A federal appeals court on Tuesday revived three lawsuits in which the City of Miami accused Wells Fargo & Co, Bank of America Corp and Citigroup Inc of predatory mortgage lending to black and Hispanic borrowers. The 11th U.S. Circuit Court of Appeals said a lower court erred in dismissing ...
Source: Reuters | By: Jonathan Stempel
Miami lawsuits vs BofA, Citigroup, Wells Fargo are revived

Sept 1 (Reuters) - A federal appeals court on Tuesday revived three lawsuits in which the City of Miami accused Bank of America Corp, Citigroup Inc and Wells Fargo & Co of violating the federal Fair Housing Act by engaging in predatory lending. The 11th U.S. Circuit Court of Appeals said a lower court judge applied too stringent a standard in dismissing the city's claims. Miami accused the ...
Source: Reuters
BofA statement on duel leadership role  

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Source: CNBC.com
BofA proposal makes mockery of oversight: Mayo

Bank of America (NYSE: BAC) is making a mockery of bank oversight by seeking to combine the role of board chair and chief executive, CLSA analyst Mike Mayo said Tuesday. "This is not a philosophical view that the position should always be separated, but if a board like Bank of America has bad oversight, which we think they do, you should not take actions that reduce that oversight," Mayo told ...
Source: CNBC.com | By: Tom DiChristopher
Early movers: AAL, DAL, FDX, FCX, AAPL & more

Check out which companies are making headlines before the bell: Dollar Tree (NASDAQ: DLTR) - The discount retailer earned an adjusted 67 cents per share for its latest quarter, beating estimates by 5 cents. However, revenue and a same store sales increase of 2.7 percent were both below analyst estimates. American Airlines Group (NASDAQ: AAL), Delta Air Lines (NYSE: DAL) - Deutsche Bank ...
Source: CNBC.com | By: Peter Schacknow
Vote 'no' on BofA duel leadership role: Mike Mayo  

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Source: CNBC.com
Calpers, Calstrs oppose CEO-chairman role at BofA

Two of America's biggest public pension funds have come together to oppose an amendment of bylaws at Bank of America (NYSE: BAC) that would allow Brian Moynihan to continue as both chief executive and chairman of the No. 2 U.S. bank by assets. The California Public Employees' Retirement System (Calpers) and the California State Teachers' Retirement System (Calstrs) sent a letter on Monday to ...
Source: Reuters
BofA's vote battle  

Media Link Transcript The recent pullback has been fodder for the cell site to call certain financials undervalued today it just happens to be. Glenn Schorr of evercore ISI capping Morgan Stanley and Goldman Sachs to buy from hold though Keating a price target the same. He notes the pullback of about 15%. Last week during a recent selloff so they're both trading pretty close to book value. ...
Source: CNBC.com
Analyst: Bank of America needs to do this

Bank of America (NYSE: BAC) shareholders should split the company's chair and CEO positions because keeping them consolidated could make the bank a bigger target for regulators, CLSA analyst Mike Mayo said Monday. "We think a 'no' vote is in the best interests of shareholders, at least until BofA's board improves oversight more consistent with a new G30 report on bank culture," Mayo said in a ...
Source: CNBC.com | By: Fred Imbert
Early movers: BAC, JCP, TWTR, UTX, GS, PSX & more

Check out which companies are making headlines before the bell: Bank of America (NYSE: BAC)-A new report by CLSA banking analyst Mike Mayo warns against the possible consequences of a "yes" vote at a September 22 meeting that would combine the chairman and CEO roles. Mayo argues that such a vote would represent a reputational risk for the industry, at a time when BofA already has poor existing ...
Source: CNBC.com | By: Peter Schacknow