Articles Tagged with ''Settlement''

Wells Fargo reaches $575 million settlement with all 50 states for recent scandals

Settles for fake accounts, auto insurance, mortgage interest locks
It’s been a rough couple years for Wells Fargo as scandal after scandal is revealed. Now, the bank announced a $575 million settlement with all 50 state attorneys general and the attorney general for the District of Columbia regarding some of its previously disclosed scandals.
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Senate Judiciary Committee chair wants answers on where all the mortgage settlement money went

Sen. Grassley asks DOJ to consider clawing back funds
Earlier this month, the Trump administration’s Department of Justice put a stop to an Obama administration tactic of dictating that some companies send settlement funds to unaffiliated third parties, a practice that Republicans criticized as a “slush fund” operation. Now, a top Republican wants answers on which organizations got the settlement funds, what the organizations did with the money, and it wants the DOJ to potentially claw some of that money back.
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DOJ ordered to stop mortgage settlement money flowing into "left-wing activist organizations"

Republicans accused Obama administration of using money as "slush fund"
Over the last few years, some of the largest settlements between financial institutions and the Obama administration’s Department of Justice contained stipulations that some of the settlement money be sent to unaffiliated third parties, a practice that Republicans criticized as a “slush fund” operation. But now that Republicans are in charge of the DOJ, that practice is ending, immediately.
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Warren, Lankford lead bipartisan effort to shine light on government settlements

Senate bill would increase transparency into negotiations, settlement terms
For the third time in the last four years, Sen. Elizabeth Warren, D-Mass., is leading a bipartisan push to shed some light on how the government reaches the occasionally massive settlements with businesses for various forms of misconduct. Here are the details on the "Truth in Settlements Act."
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JPMorgan Chase to pay nearly $800 million in final Lehman Brothers settlement

Pushes total settlement costs well above $2 billion
JPMorgan Chase disclosed Wednesday that it reached a final settlement agreement with Lehman Brothers, ending the failed investment bank’s lawsuit over claims that JPMorgan illegally siphoned billions of dollars from Lehman before its collapse. JPMorgan Chase’s final settlement payout checks in at well above $2 billion.
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Credit Suisse reaches $5.28 billion mortgage bond settlement

Required to provide $2.8 billion in consumer relief
For the second time in as many days, the Department of Justice announced that it reached a multi-billion dollar settlement with a foreign-based bank over its mortgage securitization practices leading up to the housing crisis. On Tuesday, the DOJ announced that it reached a $7.2 billion settlement with Deutsche Bank. Now, it’s Credit Suisse’s turn.
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