SIFMA: News on the capital markets, securities and financial industry

MF Global terminations prompt employee lawsuit
Two former MF Global employees sued the collapsed company over claims that it fired 1,066 workers without providing the required 60-day notice. The lawsuit, for which the plaintiffs are seeking class action status, demands wages and benefits for the 60 days. Reuters(11/14), The New York Times (tiered subscription model)/DealBook blog(11/14), CNNMoney.com(11/14)

Barclays Capital aims to reach top ranks of M&A advisers
Barclays Capital provided on initial financing for two multibillion-dollar deals this year in its bid to become one of the leading advisers on mergers and acquisitions. The bank began its campaign when it bought much of Lehman Brothers' North American investment bank in 2008. The New York Times (tiered subscription model)/DealBook blog(11/14)

BNY Mellon willing to discuss FX settlements, CEO says
Bank of New York Mellon CEO Gerald Hassell said lawsuits claiming that the company improperly charged customers in foreign-exchange transactions "may take some time to resolve." BNY Mellon is willing to discuss "reasonable" settlements, Hassell said. However, the bank won't be "coerced into paying huge sums for no apparent wrongdoing." The Wall Street Journal (tiered subscription model)(11/15)

Retirements by Goldman Sachs partners are up, sources say
More than a dozen partners at Goldman Sachs have plan to retire, sources said. The number of retirements is more than usual, and insiders say cost-cutting is hitting the bank unusually hard. The New York Times (tiered subscription model)/DealBook blog(11/14)

Washington Roundup

Lawmakers propose to give CFTC less money than requested
Lawmakers agreed to give the Commodity Futures Trading Commission $205 million for fiscal 2012, congressional aides said, about $100 million less than the Obama administration sought. The budget could limit the regulator's ability to wield expanded authority received through the Dodd-Frank Act. The Wall Street Journal (tiered subscription model)(11/14), Politico (Washington, D.C.)(11/14)

Lawmakers are close to raising maximum size of FHA-backed mortgages
House and Senate members are working on a deal to increase the maximum mortgage amounts the Federal Housing Administration can insure, congressional aides sad. The agreement would be be part of a spending bill that Congress is expected to approve this week, the aides said. The Wall Street Journal (tiered subscription model)(11/14)

Accounting boards propose rule for revenue recognition
The International Accounting Standards Board and its U.S. counterpart, the Financial Accounting Standards Board, proposed a revenue-recognition rule that would simplify how companies book revenue. "Revenue is the top line, and it is important to every business," said IASB Chairman Hans Hoogervorst. "Our proposals will give analysts and investors the confidence that revenue is being presented on a consistent basis, across industries and continents." The Wall Street Journal (tiered subscription model)(11/14)