Business

Judge: Wells Fargo must face litigation on defective mortgages

A federal judge has ruled that Wells Fargo & Co. must face litigation seeking to hold it responsible for billions of dollars of claimed investor losses stemming from its alleged failures as a trustee overseeing risky residential mortgage-backed securities. The ruling means that the plaintiffs in the case, including a few dozen funds from BlackRock Inc., Pacific […]

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BofA fined $46M for ‘cruel’ treatment of mortgage borrowers

A California judge has fined Bank of America Corp. $46 million for its “heartless” and “cruel” treatment of a couple as they struggled to prevent losing their home to foreclosure. In his ruling, U.S. Bankruptcy Court Judge Christopher Klein said the Charlotte-based bank pushed the couple to “battle-fatigued demoralization” during their fight to hang onto […]

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PRA logs 11% gain; Sealed Air sags 5%

  These were the best performing Carolinas-based stocks included in the Capital Investment Cos./Nottingham Index of public companies for the week ended March 31. Shares trading for less than $10 aren’t included. PRA Health Sciences (PRAH) 10.5% – Raleigh-based clinical-trials company reaches record high and has gained 53% in the last year. Enpro Industries (NPO) 8.8% – […]

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SmartSky raises $170M to prompt in-flight internet service

Doing business on airplane flights may get a lot easier because of a Charlotte-based company’s adept use of technology. SmartSky Networks has raised more than $170 million for its plan to sell internet service that relies on cellphone towers, not satellites. It is one of the largest fundraisings for a Charlotte technology company.

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