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The Monday Express: North American financials

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The Monday Express: North American financials

* Hong Kong's Securities and Futures Commission is investigating Morgan Stanley, UBS and Bank of America for their due diligence on the $748 million initial public offering of Chinese chemicals company Tianhe Chemicals Group in 2014, sources told The Wall Street Journal.

* Total economic and insured losses from severe convective thunderstorms that hit parts of central and southern U.S. between March 26 and March 30 are likely to exceed $1 billion, according to the latest weekly catastrophe report from Aon Benfield's Impact Forecasting, Artemis reports.

* Ryan Specialty Group agreed to acquire LoVullo Associates for an undisclosed price.

* Congress Asset Management is buying the investment management business of Century Capital Management.

* Portugal's central bank agreed to sell a controlling stake in Novo Banco to U.S. private equity firm Lone Star Funds for a €1 billion capital injection.

* Meanwhile, sources for Bloomberg News say that German lender HSH Nordbank attracted at least five bids, including China-based HNA Group and Apollo Global Management.

* Third Avenue Management and its founder, Martin Whitman, agreed to a $14.3 million settlement in an investor lawsuit over alleged mismanagement of its Focused Credit Fund, Reuters reports.

* Separately, Reuters writes that prepaid card firm NetSpend settled the charges that it deceived consumers about access to funds deposited on its debit cards for $53 million. The charges were filed by the Federal Trade Commission.

* And the State of Michigan Department of Insurance and Financial Services liquidated Saginaw, Mich.-based Valley State Credit Union on March 31.

The Daily Dose: Express Edition is updated as of 6:30 a.m. ET. Some external links may require a subscription.