Wells Fargo Chairman and CEO John Stumpf continues to blame everyone else for the opening of unauthorized accounts and he absolutely has to go, shareholder rights activist Gerald Armstrong said Monday.
Armstrong also wants to see a shake-up of the board of directors.
“I think it should be rejuvenated, reactivated and made into a very intense entity that is monitoring the managing of the corporation. That is a board’s duty,” he said in an interview with CNBC’s “Closing Bell.”
Armstrong has a “significant” personal investment in the company.
A unit of British bank HSBC Holdings PLC has reached a preliminary agreement to pay $1.58 billion to settle a shareholder class-action complaint over securities fraud tied to the bank’s U.S. subprime lending.
The proposed settlement — which would cover those who owned Household International stock anytime between March 23, 2001, and Oct. 11, 2002 — is subject to court approval. HSBC estimated it would book a $585 million charge, before taxes, in the second quarter.
The London-based bank, Europe’s largest by assets, had previously estimated the financial exposure from the shareholder claims at around $3.6 billion.
A tentative agreement was reached on June 6, just hours before jury selection was to start, said Mike Dowd and Dan Drosman, partners with Robbins Geller Rudman & Dowd LLP and lead trial lawyers for the plaintiffs, including one-time investment firm Glickenhaus & Co., PACE Industry Union Management Pension Fund, and the International Union of Operating Engineers Local No. 132 Pension Plan.
WASHINGTON (CN) – AIG’s major Swiss shareholder received a boost from a federal judge in its fight to recover $38 million in taxes it paid the U.S. government.
The dispute stems from a statute that taxes a foreign corporation’s dividend income at a rate of 30 percent, by statute, if the income is deemed sufficiently connected to business activity in the United States.
Treaties that the United States maintains with various countries, including Switzerland, could lower this rate, but the secretary of the U.S. Treasury refused to grant such benefits to Swiss-domiciled Starr International Co., which was once AIG’s largest shareholder.
Starr filed its $38 million tax-refund suit – amounting to half of its withholdings on AIG dividends in 2007 – after the Internal Revenue Service denied its petition for discretionary benefits under the U.S.-Swiss tax treaty.
The Securities and Exchange Commission is giving the go-ahead to a shareholder proposal that seeks to break up the mighty Bank of America. Bartlett Naylor, the financial policy adviser for the consumer-rights advocacy group Public Citizen who filed the proposal, said it could be a matter “of galactic proportions for the bank.”
The nonbinding referendum is unlikely to lead to major shakeups when shareholders consider it at the next Bank of America shareholder meeting later this year. But the SEC’s ruling signals an important shift at the agency, and a strong showing from shareholders in support of the proposal could invite pressure from other activist investors and a larger public broadly in favor of downsizing financial titans.
The proposal marks the first time the SEC has supported a shareholder vote on splitting up a major bank. A round of shareholder breakup bids from labor groups in 2013 failed to win SEC support, as did proposals Naylor submitted to a trio of banks last year. At least seven such proposals have been filed since 2009.
NEW YORK, NY — (Marketwired) — 10/10/14 — Pomerantz LLP has filed a class action lawsuit against Ocwen Financial Corporation (“Ocwen” or the “Company”)(NYSE: OCN) and certain of its officers. The class action, filed in United States District Court, Southern District of Florida, West Palm Division, and docketed under 14-cv-81064, is on behalf of a class consisting of all persons or entities who purchased Ocwen securities between May 2, 2013 and August 11, 2014, inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Ocwen securities during the Class Period, you have until October 14, 2014 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
MANHATTAN (CN) – A JPMorgan Chase shareholder jumped the gun in filing a derivative lawsuit against CEO Jamie Dimon in connection with “six recent, high-profile settlements with government agencies and private litigants arising out of allegations of egregious misconduct,” a federal judge ruled Wednesday.
Shareholder Chaile Steinberg accused Dimon and 14 other current and former board members and corporate officers of an “unprecedented course of reckless and unlawful conduct in order to increase their own personal fortunes.”
U.S. District Judge Paul Crotty summarized the six settlements that Steinberg’s lawsuit cited in a 10-page opinion dismissing that case