News and Events for Attorneys and Executives

Tag: BankingLaw

HSBC to Pay $765 Million in Settlement Over Pre-Crisis Mortgage Bonds

HSBC to Pay $765 Million in Settlement Over Pre-Crisis Mortgage Bonds

News
Housing Wire is reporting that HSBC will pay $765 million to the federal government as part of a settlement that covers the bank’s mortgage bond activities in the run-up to the housing crisis.

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SEC Says Biotech Billionaire CEO Took Part in Pump-and-Dump Schemes

SEC Says Biotech Billionaire CEO Took Part in Pump-and-Dump Schemes

News
In a lawsuit filed in federal court in New York, the SEC alleged OPKO Health chairman and CEO Phillip Frost took part in three pump-and-dump schemes between 2013 and 2018, according to MedCity News.

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JPMorgan Chase Will Pay $24 Million to End Lawsuit From Black Advisers

JPMorgan Chase Will Pay $24 Million to End Lawsuit From Black Advisers

News
The company will also put $4.5 million into a fund that will back recruitment, bias training, a review of branch assignments and a coaching program for black advisers.

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Judge Rejects Ex-Bank Executives’ Bids for Acquittals, New Trials

News
Judge Richard Andrews refused to enter judgments of acquittal or set new trials for the former Wilmington Trust executives.

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Requiring Buyers to Buy Service Contracts? Read This.

Insight
When a dealer requires a service contract in financing transactions, but not in similar cash transactions, the charge for the service contract must be treated as a finance charge, according to a Hudson Cook post.

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Seventh Circuit Hands Win to Merchants in Data Breach Case

Seventh Circuit Hands Win to Merchants in Data Breach Case

Insight
Data breaches inflict additional costs on financial institutions, leading those institutions to turn to litigation to recoup their losses from merchants, writes Ehren M. Fournier in a post on the website of Schoenberg Finkel Newman & Rosenberg LLC.

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BofA’s Merrill Admits Misleading Customers, to Pay $42 Million SEC Fine

News
The SEC said Merrill falsely told customers that more than 15.8 million orders worth over $141 billion had occurred in-house, reports Reuters.

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Citigroup Agrees to Pay Fine Over State Libor Probes

Citigroup Agrees to Pay Fine Over State Libor Probes

News
The accord is the latest development in probes by governments around the globe into manipulation of benchmark interest rates, reports Bloomberg.

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Wells Fargo Not the Only Bank to Have Created Unauthorized Accounts – But Regulator Won’t Identify Others

News
The Office of the Comptroller of the Currency found “bank-specific instances of accounts being opened without proof of customer consent” as part of a review of more than 40 banks, reports the Los Angeles Times.

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Banks Cannot Skirt Contract Remedies in Data Breach Suit Against Retail Merchant

Banks Cannot Skirt Contract Remedies in Data Breach Suit Against Retail Merchant

Insight
The financial institutions sought to recover some of their costs from the grocery store chain that was allegedly responsible for the loss of the data.

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With Its 2018 Tax Cut, Wells Fargo Could Pay Its $1 Billion Fine 3 Times and Still Have Cash to Spare

News
The Washington Post reports that the tax cut is expected to boost Wells Fargo’s profits by $3.7 billion, according to a Goldman Sachs report.

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Wells Fargo Faces $1 Billion Fine to Settle Loan Abuses

Wells Fargo Faces $1 Billion Fine to Settle Loan Abuses

News
Reuters reports that Wells Fargo & Co. has been offered a penalty of $1 billion by regulators to resolve outstanding investigations related to auto insurance and mortgage lending abuses, the third-largest U.S. bank by assets said on Friday.

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Enforcement Actions at Consumer Watchdog Agency Halt Under Trump

Enforcement Actions at Consumer Watchdog Agency Halt Under Trump

News
The Consumer Financial Protection Bureau has not recorded a single enforcement action against banks, credit card companies, debt collectors or any finance companies whatsoever since a Trump appointee took over.

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PwC Faces Largest-Ever Auditor Malpractice Damages Verdict

PwC Faces Largest-Ever Auditor Malpractice Damages Verdict

News
The judge in the case has already ruled that PwC had been professionally negligent in not detecting the criminal fraud that led to the failure of Colonial Bank Group in 2009.

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JPMorgan Juror Says Doomed $8 Billion Award Was Message to Bank

JPMorgan Juror Says Doomed $8 Billion Award Was Message to Bank

News
Bloomber reports that the jury award was the largest of 2017 and the ninth-largest in U.S. history.

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Five Ways the Senate Plans to Roll Back Regulations on Wall Street

Five Ways the Senate Plans to Roll Back Regulations on Wall Street

News
If made into law, the legislation would weaken the Dodd-Frank Act and would free dozens of financial institutions from the strictest rules put in place by regulators after the crisis, according to The Washington Post.

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Cryptocurrency Tax Webinar Covers New IRS Scrutiny on Reporting

Cryptocurrency Tax Webinar Covers New IRS Scrutiny on Reporting

Insight
As cryptocurrency has received attention from mainstream media, some investors and traders have made huge profits and some are now experiencing large losses.

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U.S. Bank Cited by Federal Authorities for Lapses on Money Laundering

News
The bank settled the Justice Department charges and cases brought by other regulators by agreeing to pay various fines and penalties totaling $613 million.

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GC Roles at Large Banks Went Mostly to Women in 2017

GC Roles at Large Banks Went Mostly to Women in 2017

News
The ranks of women general counsel in the Fortune 500 continued to grow in 2017, particularly in the financial services industry, though it remains more male-dominated than other sectors, according to a Bloomberg Law report.

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Commentary: Wells Fargo’s Board Members Are Getting Off Too Easy

Commentary: Wells Fargo’s Board Members Are Getting Off Too Easy

Commentary
Lawrence Summers asks: Why aren’t the Wells Fargo directors who are leaving being named and asked to resign effective immediately with an element of humiliation?

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