Legal / Fraud

GE Capital to Pay $225MM to Credit Card Customers

The Consumer Financial Protection Bureau is ordering GE Capital Retail Bank, now known as Synchrony Bank, to provide $225 million in relief to consumers harmed by illegal and discriminatory credit card practices. read more

SunTrust Agrees to Pay for Mortgage Abuses

According to a Justice Department news release, SunTrust Banks has agreed to pay $968 million to resolve federal and state claims that it misrepresented the quality of mortgages the bank originated. read more

Bloomberg: FDIC Scrutinizes Risk of Banks Dodging Rules

Bloomberg reported the FDIC is examining whether the largest banks are shifting trades overseas in a way that may undermine rules designed to prevent a repeat of the 2008 crisis. read more

GE Capital Employee Found Not Liable in SunSource Case

Reuters reported that former GE Capital employee Thomas Strickland was found not liable, along with two others, in an insider trading scheme involving a takeover of industrial product supplier SunSource. read more

WSJ: ‘Advance-Fee Loan Scheme’ Complaints on the Rise

According to a Wall Street Journal report, “advance-fee loan schemes,” as the swindle is known have been around for years, but government officials are saying they have been receiving more complaints about such crimes in recent years. read more

Class Action Suit Filed Against GE Capital

A law firm has filed a class action suit against GE Capital Retail Bank for allegedly violating the Telephone Consumer Protection Act by robo-calling consumers' cell phones. read more

Platzer Appoints Levine, Hahn Partners; Changes Firm Name

Platzer, Swergold, Karlin, Levine, Goldberg & Jaslow made a series of announcements, including its name and location change and personnel updates. read more

BofA to Pay $6.3B to Settle FHFA Lawsuit

Bank of America will pay $6.3 billion to settle a lawsuit with FHFA to resolve all RMBS litigation involving $57.5 billion of securities. The bank will also repurchase certain RMBS that were sold to Fannie Mae and Freddie Mac for $3.2 billion. read more

Credit Suisse Reaches $885MM Mortgage Settlement

Credit Suisse announced it has settled pending claims related to the sale of $16.6 billion of RMBS to Fannie Mae and Freddie Mac in 2005 and 2007 and will pay $885 million to resolve two pending law suits filed by the FHFA against the bank. read more

Reuters: JPMorgan Whistleblower Gets $63.9MM in Mortgage Fraud

Reuters reported a whistleblower will be paid $63.9 million for providing tips that led to JPMorgan Chase's agreement to pay $614 million and tighten oversight to resolve charges it defrauded the government into insuring flawed home loans. read more

Dewey & LeBoeuf Chairman, Managers Indicted for Fraud

Manhattan District Attorney Cyrus R. Vance, Jr., announced the indictments of the former chairman, CFO, executive director and a client relations manager at bankrupt law firm Dewey & LeBoeuf, alleging the defendants defrauded and stole from the firm’s lenders, investors and others. read more

Creditors Get $23.8 million in Le-Nature's Settlement

The Pittsburgh Post-Gazette reported that U.S. bankruptcy judge approved a $23.8 million settlement between the trustee representing creditors of bankrupt Le-Nature’s and K&L Gates. read more

Two Executives Indicted in $190MM Equipment Finance Fraud

The U.S. Attorney’s Office for the Northern District of IL announced the owners of semiconductor wafer maker and a machine tool vendor were indicted for fraud for allegedly engaging in a scheme to obtain $190 million from banks and finance companies. read more

Frontier Leasing Comptroller Pleads Guilty to Fraud

The U.S. Attorney for the Western District of MO announced that David Van Winkle, former comptroller at Frontier Leasing, has pleaded guilty to stealing more than $4.9 million from his employer. read more

Reuters: Madoff Said JPMorgan Execs Knew of His Fraud

Reuters reported that according to a lawsuit filed in federal court, two senior officials at JPMorgan Chase repeatedly confronted Bernard Madoff over irregularities in his business, suggesting that the executives had “direct knowledge” of his Ponzi scheme. read more

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
Susie Angelucci
Advertising: 484.459.3016

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.