Banking & Finance

‘Lottery Lawyer,’ Others Accused of Swindling Winners Out of Millions

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The self-proclaimed ‘Lottery Lawyer’ has been charged in a scheme in which tens of millions of dollars was swindled from lottery winners.

World Acceptance Corporation Settles FCPA Charges with the SEC for $21.7 Million

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World Acceptance Corporation (WAC), a US-based consumer loan company, agreed to pay the SEC $21.7 million for FCPA violations in Mexico. WAC’s cited violations covered the full gamut of FCPA violations, including bribery payments to government officials in Mexico, failure to keep accurate books and records and inadequate internal accounting controls.

UBS Agrees To Pay $10M To Settle Bonds Sale Violation Charges With SEC

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A unit of UBS Group AG is paying $10 million to settle charges with the United States Securities and Exchange Commission that it broke rules concerning giving priority to small investors in the purchase of municipal bonds.

No End in Sight for Business of ERISA Litigation

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ERISA litigation continues to flourish thanks to veteran plaintiffs’ attorneys refining their strategies, newcomers entering the ERISA arena using traditional arguments and lawsuits being filed against smaller plans.

Deutsche Bank Agrees to $150 Million Settlement for Jeffrey Epstein Lapses

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Deutsche Bank AG agreed Tuesday to pay a $150 million penalty to settle “significant compliance failures” in its dealings with convicted sex offender and financier Jeffrey Epstein.

Tezos Likely Avoiding SEC Action With $25M Class-Action Lawsuit Settlement

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The Tezos class-action lawsuit from law firm Block & Leviton will likely conclude in a $25-million settlement on August 27.

Wirecard’s Former CEO Arrested in the Case of the Missing Billions

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Wirecard AG’s former chief executive officer was detained by Munich prosecutors after 1.9 billion euros ($2.1 billion) went missing from the digital-payment company, in a scandal that has rattled Germany’s financial industry.

Coalition of State Attorneys General Secures $550M Settlement with Subprime Auto Lender

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“A coalition of 34 state attorneys general announced on May 19, 2020, that it had secured a settlement with one of the nation’s largest subprime auto financing companies for alleged violations of state consumer protection laws.

Lloyds Bank Fined $81 Million for Overcharging Mortgage Customers

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Britain’s biggest domestic bank Lloyds has been fined 64 million pounds ($81.2 million) by the Financial Conduct Authority for mistreating hundreds of thousands of mortgage customers in financial difficulties.

Goldman Sachs Is Said to Try to Avoid Pleading Guilty in 1MDB Scandal

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Lawyers for the bank have asked Deputy Attorney General Jeffrey Rosen to review demands by some federal prosecutors that Goldman pay more than $2 billion in fines and plead guilty to a felony charge.

J.P. Morgan Chase Agrees to $9 Million Settlement in 401(K) Suit

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J.P. Morgan Chase agreed to pay $9 million to settle allegations by current and former participants in the company’s 401(k) plan that fiduciaries violated their ERISA duties by retaining expensive investment options and failing to look for cheaper and better-performing replacements.

Santander Consumer Reaches $550M Settlement With State AGs

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Santander Consumer USA will pay $65 million to states and forgive hundreds of millions more in consumer debt as part of a settlement with a group of attorneys general over practices in its subprime auto lending business.

Big Banks Accused of Favoring More Lucrative Small Business Loans in Coronavirus Program

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Four of America’s biggest banks have been accused of harming thousands of coronavirus-hit small businesses by unfairly prioritizing emergency loan requests from large customers to earn fatter fees.

Equifax To Pay Mass. $18.2 Million In Settlement, AG Healey Announces

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Equifax will pay Massachusetts $18.2 million and change its security practices as part of a settlement between the credit reporting agency and the state stemming from a major 2017 data breach, Attorney General Maura Healey announced Friday.