Search Results for: wells fargo

The Consumer Financial Protection Bureau (CFPB) Tuesday ordered Wells Fargo to pay $3.7 billion regarding its “widespread mismanagement” affecting over 16 million consumer accounts. Specifically, Wells Fargo must pay $2 billion to consumers in addition to a $1.7 billion civil penalty which will be put into the CFPB’s Civil Penalty Fund to compensate victims of federal consumer financial [...]

The US Securities and Exchange Commission (SEC) Friday announced its order in which Wells Fargo Advisors, the St. Louis-based broker-dealer, agreed to pay USD 7 million in order to settle anti-money laundering charges against it, along with a censure and a cease and desist order. The charges against Wells Fargo Advisors resulted from “failing to [...]

The US Court of Appeals for the Ninth Circuit, sitting en banc, ruled Tuesday that the city of Oakland, California, cannot sue Wells Fargo for violating the Fair Housing Act (FHA) because the city did not adequately show proximate causation. The court’s decision reverses the prior decision of its three-judge panel. Oakland had claimed that [...]

A judge for the US District Court for the Southern District of New York on Thursday granted an order authorizing the Internal Revenue Service (IRS) to issue summonses demanding couriers and financial institutions produce information about US taxpayers who may have used the services of Panama Offshore Legal Services (POLS) and its affiliates (POLS group) [...]

Unofficial totals following Tuesday’s election indicate that California voters have rejected a statewide ballot measure that would have amended the California Constitution to allow the state to reinstate affirmative action programs. Proposition 16, titled “Allow Diversity as a Factor in Public Employment, Education, and Contracting Decisions,” would have permitted government decision-making policies to consider race, [...]

A federal judge entered an order on Monday allowing various banks to release confidential information to the Warmbier family about several frozen North Korean accounts to aid the family with collecting on a $500 million judgment for the 2017 death of Otto Warmbier. North Korea was found liable in December 2018 for the torture, hostage-taking, [...]

In a Congressional report released on Wednesday, the Majority Staff of the House Committee on Financial Services detailed findings from its yearlong investigation into Wells Fargo’s adherence to financial regulations, finding that the company has failed to comply. The report also looked to identify policy solutions to help protect consumers from recidivist banks. The committee [...]

Wells Fargo has entered into a $3 billion agreement with the United States Department of Justice (DOJ) and the United States Securities and Exchange Comission (SEC) in an investigation over fraudulent sales practices. In return, the DOJ and SEC have agreed to drop criminal charges and resolve a pending civil investigation. The investigations uncovered millions [...]

The city of Philadelphia filed a lawsuit Wednesday accusing Bank of America Corp, Barclays Plc, Citigroup Inc, Goldman Sachs Group Inc, JPMorgan Chase & Co, Royal Bank of Canada and Wells Fargo & Co of defrauding the city and public entities out of millions of dollars. The antitrust action claims the banks conspired to inflate [...]

Here's the domestic legal news we covered this week: The Democratic National Committee (DNC) filed a lawsuit Friday against Donald Trump, Russia, Julian Assange, Wikileaks, and several Trump aids including Donald Trump Jr., Jared Kushner, and...