Settlement Financial News

Elon Musk’s Twitter asked a federal court to terminate a 2022 settlement it agreed to with the Federal Trade Commission over alleged privacy violations, saying it had been subject to a “burdensome and vexatious enforcement investigation." The move came hours before House Republicans and FTC Chair Lina Khan clashed at a hearing Thursday over her agency’s investigation of Twitter and what her critics say is an antibusiness agenda. The FTC is examining whether Twitter under Musk is protecting users’ privacy.

The Consumer Financial Protection Bureau has slugged Charlotte-headquartered Bank of America with a huge $250 million dollar settlement over the bank’s “consumer abuses.”

Investing.com -- Bank of America (NYSE:BAC) has agreed to pay out $250 million in fines and compensation to settle several consumer abuse charges, including the opening of accounts without authorization, the Consumer Financial Protection Bureau (CFPB) said Tuesday.

New Delhi: s the legal battle between low-cost carrier SpiceJet and its former promoter drags on, the Maran Group have stated that there is no question of an amicable settlement with the airline.  "....There is no question of an amicable settlement with SpiceJet Ltd in view of the matter having reached finality by virtue of the order dated July 7, 2023, of the Honorable Supreme Court of India," a statement from Marans Group firm KAL Airways said.  The Maran Group issued the clarification on reports of amicable settlement between the Marans and SpiceJet, following the Supreme Court order dated 7 July. The apex court directed budget airline SpiceJet to pay the entire arbitral amount of ₹380 crore to former promoter Kalanithi Maran in their legal dispute, a development which may impact the debt-laden carrier further.  A bench presided over by Chief Justice D Y Chandrachud and comprising Justice P S Narasimha dismissed SpiceJet’s plea seeking additional time to pay the ₹75 crore to Maran and KAL Airways, as directed by the apex court on 13 February.

₹25 crore compensation from the company in the United Kingdom, after her bullying claim was upheld. The compensation settlements is being dubbed as one of the largest made till date.  The employee Kam Jhuti, had claimed that she had been intimidated and harassed by her boss after she raised concerns that a colleague had secured their bonus illegitimately. The claim made dates back to an incident eight years ago.

Sun Group has rejected any possibility of an amicable settlement with the other party. The case relates to a seven-year-old share transfer dispute between SpiceJet's chairman and managing director Ajay Singh and Maran and his KAL Airways. «We hope SpiceJet complies with the Supreme Court's order and pay us interest amount of Rs 386 crore, media reported citing a statement by the group issued on July 10.

An engineering company accused of partial responsibility for Flint’s lead-contaminated water in 2014 and 2015 has agreed to settle lawsuits brought by residents of the Michigan city

Shortening the time it takes to settle a trade might have helped smooth out the volatile ride investors took on GameStop trading last month, Robinhood CEO Vlad Tenev told the House Financial Services Committee last week.And now, it appears one of Wall Street’s major clearing firms agrees.

Publishers Clearing House will refund $18.5 million to customers and make changes to its online business practices as part of a settlement reached with the Federal Trade Commission, the agency said Monday.

Cryptocurrency firm CoinEx will have to refund thousands of New York investors more than $1.7 million and pay penalties to the state as a result of settlement with New York Attorney General Letitia James. 

A nonfungible token (NFT) influencer got served with a settlement demand via NFT, which casually dropped the "F bomb" several times and alleged the influencer engaged in wire fraud "at a minimum" on a recent $7 million token presale.

Financial services firm Wells Fargo has reached a settlement in a class-action lawsuit, agreeing to pay shareholders $1 billion. The lawsuit alleged that the bank had misled its shareholders about its efforts to resolve the 2016 fake accounts scandal.

Deutsche Bank has agreed to pay $75m to settle a proposed class-action lawsuit charging that the financial institution facilitated Jeffrey Epstein’s sex-trafficking ring, said lawyers who sued the bank on behalf of alleged victims.

Wells Fargo agreed to pay shareholders $1bn to settle a class-action lawsuit that accused the bank of overstating its progress in cleaning up after its 2016 fake accounts scandal.

Digital Currency Group (DCG), the parent company of crypto firm Genesis Capital, has reported no solution to its “outstanding intercompany obligations” that could help reimburse creditors.

Goldman Sachs has had settlement discussions aimed at ending a class action lawsuit that alleges the bank systematically discriminated against female employees, according to people familiar with the matter.

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The United States Treasury Department’s Office of Foreign Asset Control (OFAC) announced cryptocurrency exchange Poloniex has agreed to a $7.6 million settlement related to more than 65,000 apparent violations of multiple sanctions programs.

Troubled digital currency company Genesis Capital saw its settlement disrupted by creditors in two months after the initial agreement, raising concerns about the timing of the process.

Russia is taking further steps to mitigate global sanctions in place since the invasion of Ukraine in 2022. According to local media reports, the country's central bank plans to create new institutions to mine crypto assets and settle international payments. 

The California Department of Financial Protection and Innovation said that the company behind cryptocurrency and stock trading platform Robinhood will likely pay more than $10 million in penalties “for operational and technical failures that harmed main street investors.”