Wells Fargo & Co and one of its units will pay $3 billion to resolve criminal and civil probes into years of fraudulent sales practices, U.S. authorities said on Friday, wrapping up one of the last one major investigations looming over the bank.
Wells Fargo & Co has racked up well over $7 billion in penalties since a sales practices scandal erupted in 2016, and continues to face headwinds.
(Bloomberg) — Wells Fargo & Co. will pay $3 billion to settle U.S. investigations into more than a decade of widespread consumer abuses under a deal that lets the scandal-ridden bank avoid criminal charges.The deferred-prosecution agreement with the Department of Justice spares the company a potential conviction that can create serious complications for banks, if it cooperates with continuing probes and abides by other conditions for three years. The accord also resolves a complaint by the Securities and Exchange Commission.Investigators found Wells Fargo’s overly aggressive sales targets led thousands of employees to open millions of bogus accounts for customers or …read more […]
The Diamond Princess quarantine was a two-week nightmare for many, after passengers tested positive for coronavirus. But at least two passengers would cruise again. …read more […]
Billionaire Richard Branson unveiled his cruise ship, called ‘The Scarlet Lady,’ on Friday –but not everyone is invited. The Final Round panel discusses the details. …read more […]
Global equity markets slumped on Friday as the fast-spreading coronavirus drove investors into safe havens, with gold hitting a fresh seven-year high and the yield on the 30-year U.S. Treasury bond sliding to an all-time low.
Former Soros partner’s top buys include two ETFs and Berkshire bank holding Continue reading… …read more […]
Verizon Communications Inc has pulled out of the RSA cyber security conference due to coronavirus-related concerns, the organizer said https://www.rsaconference.com/novel-coronavirus-update on Friday.
U.S. regulators have opened a probe regarding Marlboro maker Altria Group Inc’s investment in e-cigarette maker Juul Labs Inc, the Wall Street Journal reported on Friday, citing people familiar with the matter.
U.S. stocks fell and the Nasdaq had its worst daily percentage decline in about three weeks on Friday as a spike in new coronavirus cases and data showing a stall in U.S. business activity in February fueled investors’ fears about economic growth.
Federal prosecutors investigating Boeing Co are examining whether the U.S. planemaker knowingly misled the Federal Aviation Administration while it was seeking approval for its 737 MAX jet, the New York Times reported https://www.nytimes.com/2020/02/21/business/boeing-737-max-investigation.html, citing two people familiar with the matter.
Boeing said it was cooperating with the U.S Department of Justice investigation. The prosecutors in recent months questioned several Boeing employees focusing on whether Mark Forkner, a top pilot at the company, intentionally lied to the regulator about the nature of new flight control software on the jet, according to the report. A lawyer for Forkner did not immediately respond to Reuters request for comment. …read more […]
The market’s negative tone as we end this week would have you thinking all is wrong with the world.
With the coronavirus, recessionary signals out of Japan, a slowdown in exports from China, political land mines back in the U.S. and a fear of a melt-up in U.S. stocks coming to an end… you would think we’d all find comfort hiding in a cave somewhere!
Not so in The War Room. This week we locked in a slew of winners, and just yesterday Bryan showcased his amazing trading skills by opening and closing four winners in one day alone with strong double-digit …read more […]
The Longleaf Partners Fund invests in energy and communications Continue reading… …read more […]
The U.S. consumer watchdog on Friday proposed establishing a national standard for how debt collectors must inform borrowers when they cannot be sued for expired debt.
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