US investigators are trying to determine whether Goldman Sachs broke the law by not sounding an alarm about a suspicious transaction in Malaysia, "people familiar with the investigation" told The Wall Street Journal. At issue is US$3 billion Goldman raised via a bond issue for Malaysian state investment fund 1Malaysia Development Bhd. Days after Goldman sent the proceeds into a Swiss bank account controlled by the fund, half of the money disappeared offshore, with some later ending up in the prime minister's bank account, according to "people familiar with the matter" and bank-transfer information viewed by the WSJ. A US$335 million class-action settlement between Bank of America Corporation and shareholders who say the bank misled them about its vulnerability to losses tied to a faulty mortgage-tracking system is headed toward preliminary approval, according to US online legal news service Law360. The parties reassured Manhattan US District Judge William Pauley that changes he had requested in an April hearing were "in the pipeline", including a streamlined notice form - down to under three pages from an initial 44 - and a proof of claim form. Judge Pauley has tentatively set a November 29 date for the next phase of this action. With interest rates static, and stuck at all-time low levels, San Francisco-based Wells Fargo bank is tweaking its retail operation and adding fees in a bid to lift revenues, the Financial Times reports. The world's best performing bank is seeing its "lauded cross-selling ratio has fallen from an average 6.36 products per household in December 2013 to 6.29 products at the end of last year".