Lawyers

• Wells Fargo Cuts Bonus for Executives Following Scandal; More Customers Are Affected

  The third largest U.S. bank Wells Fargo announced Wednesday to cut bonus for its executives following scandal that affected more customers than previously estimated.

• U.S. Justice Department Had Freedom Mortgage Pay $113 Million to Settle False Claims Act Case

  A whopping $113 million will be paid by the New Jersey-based Freedom Mortgage Corp., the private lender company which settled with the U.S. Justice Department last Friday. According to an announcement from the U.S. agency, Freedom Mortgage admitted to the alleged violations made against the standards of the False Claims Act.

• Regulators Want Revisions on 'Living Wills’ of Five Big U.S. Banks

  The Federal Reserve and the Federal Deposit Insurance Corp. wants significant revisions on the living wills of United State's five biggest banks. These revisions will prevent taxpayers from carrying the burden in case of bankruptcy.

• Wells Fargo Still Facing Ongoing Mortgage Probes Despite Recent FHA Settlement

  Despite the agreement of settlement with FHA, Wells Fargo would still be batting federal and state mortgage inspections.

• Wells Fargo, Genuine Title Reach $16.2 Million Class-Action Settlement

  Wells cargo and Genuine Title have reached a class-action lawsuit settlement amounting to $16.2 million. The lawsuit involves an allegation about the kickback scheme.

• Pimco, others sue Citigroup over billions in mortgage debt losses

  Pacific Investment Management Co and other investors have sued Citigroup Inc over the bank's alleged failure to properly monitor toxic securities backed by more than $13.8 billion of mortgage loans, resulting in $2.3 billion of losses.

• Homeowners, Wells Fargo head to trial over mortgage fees

  Wells Fargo & Co, (WFC.N) the largest U.S. mortgage lender, is set to go to trial on Monday as homeowners seek to recoup about $629 million for alleged overcharges by a company once owned by Wachovia Corp.

• Capital One's subprime auto business comes under government scrutiny

  Capital One Financial Corp said it had received a subpoena from the New York district attorney's office about its subprime auto finance practices.

• Banks express worry over US rule on account service fees for college students

  The US Department of Education has recently distributed a proposed rule that would guarantee college students who have debit cards and checking accounts with banks under special marketing deals with their schools to not pay almost all service fees, Bloomberg said.

• New York regulator orders postponement of Wells Fargo-Ocwen $39 B deal

  The New York Department of Financial Services led by Superintendent Benjamin Lawsky has ordered the halt of the $39 billion acquisition of Wells Fargo & Co's rights to collect payments on mortgages by Ocwen Financial Corp on fears that the latter will not be able to fully provide services to the borrowers of the said loans.

• US prosecutors charge former Wells Fargo & Co. broker, Brazilian banker with insider trading in Burger King buyout

  US prosecutors have indicted Waldyr Da Silva Prado Neto and Igor Carnelson with insider trading in Burger King's $3.2 billion buyout in 2010. Prado was a former broker at Wells Fargo & Co. subsidiary Wells Fargo Advisors, while Carnelson was a Brazilian banker.