Author Archives: admin

Bank of America to Pay $6 Million to Bankrupt Couple Evicted From Home

Fox Business- Bank of America Corp. has agreed to pay more than $6 million to a California couple whom a federal judge said had been harassed and illegally foreclosed upon by the bank’s mortgage unit, ending an eight-year-long dispute. The proposed settlement between the bank and Erik and Renee Sundquist would enable them “to end […]

Citi Is 2nd Bank To Settle In OTC Libor Row, Will Pay $130M

LAW360- Citigroup Inc. struck a $130 million deal Monday in New York federal court with investors who bought the bank’s financial products tied to the London Interbank Offered Rate, making it the second bank to settle with the investors over allegations the benchmark rate was manipulated. Citi and its Citibank NA subsidiary promised to shell […]

The Fed Wants to Make Life Easier for Big-Bank Directors

NYT- Amid reports Thursday that Stephen Sanger, chairman of the Wells Fargo board, may step down in the coming months, all eyes are on the bank’s directors and their oversight of the troubled institution. While some Wells Fargo shareholders are urging the bank’s directors to sharpen their scrutiny in the wake of continuing misconduct, it’s noteworthy that […]

Wells Fargo chairman, two directors to step down amid continuing fallout from sham accounts scandal

LA TIMES- Stephen Sanger, the chairman of Wells Fargo & Co., will step down from the board of the embattled bank effective Jan. 1 and will be replaced by former Federal Reserve official Elizabeth A. “Betsy” Duke, the bank announced Tuesday. Two other long-serving directors, Cynthia H. Milligan and Susan G. Swenson, also will retire at the […]

JPMorgan Didn’t Tell Investors About Billing Problems, Lawsuit Says

Fortune- JPMorgan Chase & Co. is among four banks sued by a trustee for investors in the debt of Millennium Health LLC, alleging the lenders failed to inform them of a probe into the billing practices of what was once the largest drug-testing laboratory in the U.S. In December 2014, just eight months after Millennium sold […]

Grant & Eisenhofer Claims $7M In Fees Owed From FCA Deal

Law 360- Grant & Eisenhofer PA sued Bienert Miller & Katzman PLC, Richard Harpootlian PA and an ex-client in California federal court Thursday, claiming that it is owed $7 million in fees plus a cut of a $280 million settlement reached in a qui tam False Claims Suit against Celgene Corp. G&E says the firms […]

PHH to pay $74.5 million to resolve U.S. mortgage probes

REUTERS- Mortgage company PHH Corp will pay nearly $74.5 million to resolve claims it generated defective loans that the federal government then insured and Fannie Mae and Freddie Mac bought, The U.S. Justice Department said on Tuesday. The deal with Mount Laurel, New Jersey-based PHH follows settlements between the Justice Department and financial companies over […]

Attorney Linda Tirelli Defines Robo-Signing For Clueless Steven Mnuchin

HuffingtonPost- It seemed like the Treasury Secretary doth protest a bit too much as a Shakespearean drama unfolded at a July 27th meeting of the House Financial Services Subcommittee. Steven Mnuchin, like some wayward damsel in distress, took deep umbrage at Representative Keith Ellison’s (D-MN) suggestion that he was anything but an honest, ethical banker; albeit one […]

Wells Fargo’s latest legal issue involves credit card fees

NY POST- Another day, another class-action lawsuit against Wells Fargo. The latest legal salvo claims the bank headed by Chief Executive Tim Sloan has been ripping off small businesses for years by burying fees and misleading merchants about how much they have to pay for credit card processing services. Wells Fargo’s merchant services unit, a […]