Daily Archives: August 22, 2013

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No Bias in Denying Visa Renewals at Wells Fargo: Federal magistrate ruled

No Bias in Denying Visa Renewals at Wells Fargo: Federal magistrate ruled

 (CN) – Wells Fargo & Co. did not interfere with an Indian man’s rights to severance benefits by refusing to renew his immigrant visa, a federal magistrate ruled.
     The bank hired Vinay Karamsetty in 2007 as a web developer, but the Indian citizen said he resigned in 2010 after the company announced it was laying off H-1B visa workers like himself.
     Because of the economic climate at the time and a merger with Wachovia Mortgage, Wells Fargo had implemented a new policy ending its employer-sponsorship of immigrant visa applications and extensions.
     Karamsetty claimed in his federal class action that the bank’s forced resignations denied workers tens of thousands of dollars in severance benefits. Claiming that the bank violated the Employee Retirement Income Security Act and its own Salary Continuation Pay Plan, he sought more than $42,000 in damages.
     Karamsetty also charged Wells Fargo with discrimination.

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Serious Fraud Office joins investigation into JP Morgan’s £3.9bn ‘London Whale’ losses

Serious Fraud Office joins investigation into JP Morgan’s £3.9bn ‘London Whale’ losses

“We are liaising with our US counterparts as well as the [Financial Conduct Authority] over this case,” a spokesman for the SFO said.

The disclosure comes after the US Department of Justice (DoJ) brought criminal fraud charges against two London-based traders – Javier Martin-Artajo and Julien Grout – who allegedly masked the size of losses. American prosecutors are seeking the arrest and extradition of Mr Martin-Artajo and Mr Grout

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Sen. Warren Presses DOJ About Payments to FHA Under Servicer Settlement

Sen. Warren Presses DOJ About Payments to FHA Under Servicer Settlement

Sen. Elizabeth Warren, D-Mass., is pressuring the Department of Justice for more details related to payments made to the Federal Housing Administration as part of the $25 billion mortgage servicing settlement announced last year.

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Mortgage System Still Victimizing Homeowners, Watchdog Finds

Mortgage System Still Victimizing Homeowners, Watchdog Finds

The Consumer Financial Protection Bureau on Wednesday issued a reportdetailing a host of failures in basic mortgage payment processing at U.S. financial institutions.

While the report does not specifically name any companies, the agency’s oversight authority includes all of the largest mortgage companies in the country, as well as smaller specialty operators.

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FBI Is Looking Into Possible Criminal Charges Against Individuals At JPMorgan: Report

FBI Is Looking Into Possible Criminal Charges Against Individuals At JPMorgan: Report

The Federal Bureau of Investigation is looking into the possibility of leveling criminal charges against individuals at JPMorgan Chase, an unnamed source told Bloomberg News. The FBI is working alongside the Department of Justice in its probe of the bank’s energy trades, which was announced on Monday.

JPMorgan, the nation’s biggest bank by assets, is also facing a criminal investigationover its actions leading up to the financial crisis. The bank is now facing at least seven ongoing investigations, according to the Wall Street Journal.

You can find Bloomberg’s full report here.

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Justice Department Planning To Announce Financial Crisis Charge

Justice Department Planning To Announce Financial Crisis Charge

Aug 21 (Reuters) – U.S. Attorney General Eric Holder is preparing to announce new cases related to the economic meltdown in the coming months as the Justice Department nears decisions on a number of probes involving large financial firms, the Wall Street Journal reported.

“Anybody who’s inflicted damage on our financial markets should not be of the belief that they are out of the woods because of the passage of time,” Holder said in an interview with the Journal on Tuesday. ()

He declined to discuss specific cases or say when the cases would be announced, the report said, but added that he wouldn’t leave the job before making major charging decisions on cases stemming from the 2008 financial collapse.

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Wells Fargo mortgage job cuts top 2K

Wells Fargo mortgage job cuts top 2K

Wells Fargo (WFC) job cuts in its mortgage division is reaching 2,300.

Reports say current customers just aren’t refinancing their loans.

Jobs cuts at Wells have been in the works for some time now, however, the 2,300 number is new.

Wells will keep around 10,000 workers in the mortgage division, by some estimations.