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The former chief operating officer of a major Chinese-American bank in San Francisco was convicted on Wednesday of several criminal counts, including securities fraud, over allegations he concealed deteriorating loans at the height of the 2008 financial crisis.

Australian class action law firm Slater & Gordon Ltd filed a suit against surf-wear retailer Billabong International Ltd, accusing it of "conduct that was misleading or deceptive" in a series of earnings updates four years ago.

The U.S. consumer financial watchdog on Thursday outlined its plans for cracking down on the payday lending industry and ensuring that borrowers can repay their loans.