Legal issues and news

The lender has been struggling with a series of scandals that have sent its shares to near-record lows, and may face a second criminal indictment in an unrelated case later this year.

The fintech Wise said the Financial Conduct Authority has commenced an investigation into Chief Executive Officer Kristo Kaarmann almost a year after he was fined by HMRC for deliberately defaulting on his taxes.

A panel of FINRA arbitrators unanimously ordered the award against the megabank based on Erin Ann Daly’s claims of gender-based discrimination.

Karl K. Klessig provided a fraudulent loan document and forged a signature in an application last year to acquire control of Golden Pacific Bancorp, according to the Federal Reserve.

With global tensions rising over Ukraine, the cutthroat competitiveness of the U.S. financial sector is yielding to partnership over the conviction that a cyberattack against even a group of minor banks — or a third-party service provider — could imperil everyone in a highly connected system.

The U.S. Department of Education agreed to erase nearly $6 billion in student loans for borrowers who filed a class action lawsuit against the government after attending for-profit colleges that were found to have misled students.

Court-appointed custodian Alfred Putnam is seeking an extension of nearly three weeks to give more groups time to nominate candidates for a vacant board seat at the Philadelphia bank and solicit proxies from investors before a special meeting.

The data breach, which occurred over a two-day period last December, is the largest disclosure by a mortgage lender this year.

It took less than a day for Citigroup’s now-infamous payment error to Revlon lenders to come up in the cosmetics giant’s bankruptcy.

Federal prosecutors in Manhattan are investigating the bank over allegations that it conducted so-called fake interviews with nonwhite and female job applicants, The New York Times reported Thursday.