The winners of a settlement are always the attorneys since they they get a large slice of the settlement pie…
Law360, New York (August 17, 2015, 8:26 PM ET) — After the U.S. Securities and Exchange Commission announced a $180 million enforcement action Monday against two Citigroup units accused of misleading investors ahead of the financial crisis, legal experts said the settlement has some clear winners: Citigroup and its attorneys at Paul Weiss Rifkind Wharton & Garrison LLP.
Two Citigroup affiliates agreed Monday to pay nearly $180 million to settle SEC claims that they defrauded investors in two hedge funds that collapsed during the financial crisis by claiming they were safe and appropriate for traditional bond…
(Reuters) – Wells Fargo (>> Wells Fargo & Co) is building more branches devoted to car loans and financing for auto dealers in an effort to increase its auto lending business without taking bad credit risk, the bank’s head of car lending told Reuters.
Making smart credit decisions is critical now as the auto lending business heats up. U.S. consumers have $1 trillion of automobile loans outstanding, up from about $700 billion in the first quarter of 2010, according to data from the New York Federal Reserve. That represents much steeper growth than credit card loans, which have remained essentially flat.
(Reuters) – JPMorgan Chase & Co is in advanced talks with U.S. regulators to pay more than $150 million to resolve allegations that it steered private-banking clients to its own products without proper disclosures, the Wall Street Journal reported, citing people familiar with the matter.
JPMorgan declined to comment.
Promontory Financial Group, a major advisor to U.S. banks, was ordered by the New York Department of Financial Services to pay fine of $15 million over allegations it had put its own business interests before its obligations to regulators during its consulting work at Standard Chartered Bank. Promontory also agreed to a six-month abstention from new consulting engagements that require disclosure of confidential information by the regulator. The NYDFS had alleged that Promontory’s work lacked objectivity and was not reflective of its best independent judgment. Promontory admitted that, in certain instances, its actions during the Standard Chartered engagement did not meet regulatory requirements for consulting work performed on behalf of NYDFS.