Daily Archives: December 3, 2016

Wells Fargo reduces funding it contributes medical accounts from retirees

Wells Fargo is scaling back a key medical benefit for retirees in a move upsetting some former employees who will soon see their health care subsidies slashed.

The San Francisco-based bank is planning to reduce the funding it contributes to medical accounts from which retirees receive reimbursements for health care expenses. Some affected employees and their dependents say it will cut their subsidies by hundreds of dollars a year, making it tougher to cover medical costs.

“That was supposed to pay for medical for me and my spouse for the rest of our lives,” said Donna Hargett, who worked for Charlotte-based First Union, a predecessor bank of Wells Fargo. Hargett, 64, said her family’s annual allowance will drop from $1,320 to $900 after the change takes effect Jan. 1.

“Twenty-something years of service, and I end up with $900 bucks,” she said. “I just think it’s wrong.”

Bowing down: Wells Fargo separates CEO and chair jobs

It’s about time!

Wells Fargo has changed its bylaws to split the roles of CEO and chairman as the bank continues to cope with the fallout from a scandal over its sales policies.

In an apparent bow to pressure by institutional shareholders, Wells Fargo on Thursday announced the separation and said the change also requires its board chair and vice chair to be independent directors.

Read on.

You Can’t Sue Wells Fargo for Fraud—Unless This New Bill Goes Through

New legislation aims to help consumers sue Wells Fargo for secretly opening up to 2 million accounts without customers’ authorization.

The Consumer Financial Protection Bureau fined the bank $185 million in September for the deceptive behavior, but the potentially thousands of affected Wells Fargo customers could not sue the bank over the damage caused. Instead, they are bound by mandatory arbitration clauses hidden in the fine print of their customer agreements.

Read on.

First Look: New Linda Tirelli Suit Against Bank of America

LIBERTY ROAD MEDIA

Attorney Linda Tirelli, a rockstar in the arena of foreclosure defense, has just filed an adversarial bankruptcy suit in the Southern District of New York naming the following as defendants: Bank of America, Nationstar, U.S. Bank, and Recontrust. As many former and soon-to-be-former homeowners know, this group is a veritable rogue’s gallery of home/wealth/livelihood/sanity thieves and scam artists.  The fact that Tirelli is going after this financial mafia family is heartening, because Tirelli gets results.

So I read through her complaint, filed on November 29, 2016.  You can read it here.  What follows are my first impressions and sections of the complaint that stood out to me.

The Remedies

I am thrilled to see that Tirelli is going for the jugular with this complaint, and not shying away from what her client (and millions of people who are or have been in the same situation) truly deserves.  Namely…

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Deutsche Bank to pay $60 million to settle U.S. gold price-fixing case

Deutsche Bank AG has agreed to pay $60 million to settle private U.S. antitrust litigation by traders and other investors who accused the German bank of conspiring to manipulate gold prices at their expense.

The preliminary settlement was filed on Friday with the U.S. District Court in Manhattan, and requires a judge’s approval.

Deutsche Bank denied wrongdoing. The bank in October agreed to pay $38 million to settle similar litigation over alleged silver price manipulation.

Amanda Williams, a spokeswoman for the bank, declined to comment. Lawyers for the plaintiffs did not immediately respond to requests for comment.

The case is one of many in the Manhattan court in which investors accused banks of conspiring to rig rates and prices in financial and commodities markets.

Read on.

United Technologies : Donald Trump Had Investments in Carrier Corp.’s Parent

WASHINGTON — President-elect Donald Trump in recent years has had an investment of as much as $250,000 in the parent of the company he pushed to shelve plans to move its Indianapolis factory to Mexico.

Mr. Trump in 2014 owned an investment between $100,001 and $250,000 in United Technologies Corp., according to financial disclosure forms filed during the presidential campaign. It couldn’t be learned whether he still had a financial investment in the company because disclosure forms are filed only annually. Mr. Trump’s 2015 disclosure is the most recent one available and was filed in May 2016.

The Trump transition team didn’t respond to requests for comment.

His 2015 form showed he owned one or more corporate bonds issued by United Technologies. The bond investment, held in a brokerage account through a Deutsche Bank AG unit, paid between $2,501 and $5,000 in interest for the year, the form said, but it valued the investment at between nothing and $1,000. His 2014 financial form for 2014 indicated he held an investment in United Technologies in the same account that paid interest in the same range, with a value between $100,001 and $250,000.

Read on.

Donald Trump names JPMorgan, Blackstone CEOs to advisory board

Forum comprised of 16 CEOs

President-elect Donald Trump’s latest selection of leaders involves a new idea: the President’s Strategic and Policy Forum.

The group is comprised of 16 CEOs, which includes Stephen Schwarzman, chairman, CEO, and Co-Founder of Blackstone, and Jamie Dimon, chairman and CEO ofJPMorgan Chase. Schwarzman will also be the Forum chairman.

Read on.