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A repository for the most well-read content on JD Supra at any given time, along with occasional roundups of popular content by specific topic. Also stop by for monthly recaps of hot articles for the previous... more +
A repository for the most well-read content on JD Supra at any given time, along with occasional roundups of popular content by specific topic. Also stop by for monthly recaps of hot articles for the previous thirty days. less -
Kramer Levin Naftalis & Frankel LLP

Corporate Governance: 2023 Midyear Review

Kramer Levin Naftalis & Frankel LLP on

The public and private focus on corporate governance continued apace in the first half of 2023. In recent months, there were notable developments in jurisprudence potentially impacting corporate diversity initiatives and in...more

Akin Gump Strauss Hauer & Feld LLP

Federal Agency Settlements with Wells Fargo Illustrate Sanctions Risks Involving IT Systems

Akin Gump Strauss Hauer & Feld LLP on

Key Points - On March 30, 2023, OFAC announced a settlement agreement with Wells Fargo for 124 apparent violations of three different sanctions programs (Iran, Syria and Sudan), all related to a legacy Wachovia Bank...more

Thomas Fox - Compliance Evangelist

Corruption, Crime and Compliance - Deep Dive Into Wells Fargo’s $30 Million OFAC Settlement

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Wells Fargo has settled with OFAC for $30 million for sanctions violations that occurred for seven years, from 2008 to 2015. The violations stemmed from its acquisition of Wachovia Bank, which had a trade relationship with a...more

The Volkov Law Group

Wells Fargo Fumbles Sanctions Compliance Demonstrating An Absence of Culture of Compliance (Part II of II)

The Volkov Law Group on

Not that I am a glutton for punishment, but I always find enforcement actions to supply a number of valuable lessons learned. There are always instructive nuggets of information, opportunities missed, and root causes that...more

Kramer Levin Naftalis & Frankel LLP

Wells Fargo Fined $97.8 Million for Failing to Identify Sanctions Violations From a Legacy Wachovia Business

Kramer Levin Naftalis & Frankel LLP on

On March 30, federal regulators announced that Wells Fargo Bank had entered into settlements in which it agreed to pay $97.8 million in fines for enabling sanctions violations between 2010 and 2015. In two separate...more

The Volkov Law Group

Wells Fargo Pays OFAC $30 Million to Settle Sanctions Violations (Part I of II)

The Volkov Law Group on

In our lifetime (however long or short), there is no way any company will ever match Wells Fargo for its record of misconduct, criminal and civil enforcement, and regulatory fines and penalties.  No one, no way....more

The Volkov Law Group

Carrie Tolstedt, former Wells Fargo Community Banking Head, Agrees to Plead Guilty and Pay a $17 Million Fine for Obstruction of...

The Volkov Law Group on

If there ever is an example of a rotten corporate culture, Wells Fargo sits at the head of the class.  Since Wells Fargo’s sales pressure scandal, Wells Fargo has continued to suffer from a string of scandals and misconduct. ...more

The Volkov Law Group

Wells Fargo’s Woes Continue — A Rotten Culture that Continues to Stink

The Volkov Law Group on

It is hard to write yet another posting about Wells Fargo’s misconduct.  Wells Fargo’s troubles continue unabated.  I am not exaggerating — I promise.  Every few months, we hear about another problem, another enforcement...more

White and Williams LLP

A Changing Climate: the Rising Tide of ESG Liability and Implications for D&O Coverage

White and Williams LLP on

The latest legal buzzword, ESG, represents the environmental, social and governance factors that many corporations are now required to consider and disclose alongside traditional financial information such as operating...more

Manatt, Phelps & Phillips, LLP

Post-Facebook v. Duguid Litigation Roundup (UPDATED)

Manatt, Phelps & Phillips, LLP on

As part of Manatt’s continuing monthly coverage of the aftermath of Facebook v. Duguid and how district courts are applying it to determine whether a calling system meets the Supreme Court’s newly clarified definition of an...more

Buchalter

Sheen v. Wells Fargo Bank, N.A.: The California Supreme Court Delivers a Big Win for Lenders and Loan Servicers

Buchalter on

On March 7, 2022, the California Supreme Court issued its much-anticipated decision in Sheen v. Wells Fargo Bank, N.A., holding that a lender does not owe a borrower a tort duty of care in considering a loan-modification...more

Robins Kaplan LLP

Financial Daily Dose 10.8.2020 | Top Story: Feds fine Citi $400M over “Longstanding” Governance Failures

Robins Kaplan LLP on

Federal regulators—including the Federal Reserve and the OCC—have fined Citigroup $400 million over “longstanding” failures in the areas of risk management, data governance, and internal controls. In addition to the fine, the...more

Thomas Fox - Compliance Evangelist

Daily Compliance News: September 24, 2020-the Wells Fargo CEO steps in it edition

Thomas Fox - Compliance Evangelist on

In today’s edition of Daily Compliance News: 1. Jay Clayton craters. (Reuters) 2. Wells Fargo CEO steps in it (again) Imagine that. (WSJ) 3. Hollywood still doesn’t get it. (WaPo) 4. First Aunt Jemimah, now Uncle Ben’s...more

Thomas Fox - Compliance Evangelist

Daily Compliance News: September 24, 2020-the Wells Fargo CEO steps in it edition

Thomas Fox - Compliance Evangelist on

In today’s edition of Daily Compliance News: 1. Jay Clayton craters. (Reuters) 2. Wells Fargo CEO steps in it (again) Imagine that. (WSJ) 3. Hollywood still doesn’t get it. (WaPo) 4. First Aunt Jemimah, now Uncle Ben’s...more

Thomas Fox - Compliance Evangelist

Compliance into the Weeds: Wells WAC-O Spending

Thomas Fox - Compliance Evangelist on

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt Kelly and Tom Fox consider the...more

Robins Kaplan LLP

Financial Daily Dose 7.28.2020 | Top Story: SEC Warns Under Armour Execs of Enforcement Action Over Past Accounting Practices

Robins Kaplan LLP on

The SEC has served Wells notices to Under Armour, warnings that the company and its execs could “face civil-enforcement action related to the sportswear maker’s past accounting practices,” including “the company’s disclosures...more

Robins Kaplan LLP

Financial Daily Dose 7.27.2020 | Top Story: Goldman Sachs Settles Out of 1MDB Scandal for $3.9 B

Robins Kaplan LLP on

Goldman Sachs has reached a deal for $3.9 billion with the Malaysian government to resolve allegations of wrongdoing related to the massive 1MDB scandal. Goldman was the “main banker for the Malaysian fund” and raised...more

Robins Kaplan LLP

Financial Daily Dose 7.15.2020 | Top Story: America’s Biggest Banks Setting Aside Tens of Billions for Anticipated Loan Losses

Robins Kaplan LLP on

The latest quarterly reporting shows that America’s biggest banks—among them, JPMorgan, Citigroup, and Wells Fargo—are taking self-imposed hits now in anticipation of a “wave of loan losses” later. Those three are...more

Shook, Hardy & Bacon L.L.P.

USAA Earns Trial Court Wins and Hefty Damages Awards on Cloud-Based Check Depositing Patents

Shook, Hardy & Bacon L.L.P. on

Since we last reported on United Services Automobile Association’s (USAA) fight against Wells Fargo to Protect Cloud-Based Check Depositing Assets Against Competitors, USAA has dealt a 1-2 punch to Wells Fargo for infringing...more

McDermott Will & Emery

Eighth Circuit Applies Subjective Standard to Reasonable Basis Penalty Defense

McDermott Will & Emery on

On April 24, 2020, the US Court of Appeals for the Eighth Circuit published its opinion in Wells Fargo & Co. v. United States, No. 17-3578, affirming a district court’s holdings that the taxpayer was not entitled to certain...more

Robins Kaplan LLP

Financial Daily Dose 3.11.2020 | Top Story: New Wells Fargo CEO Scharf emerges unscathed after House testimony

Robins Kaplan LLP on

Wells Fargo’s latest CEO, Charles Scharf—the bank’s third chief in the past four years—faced a hostile but less pitchfork-and-torch wielding House Financial Services Committee hearing on Tuesday, distancing himself from his...more

Robins Kaplan LLP

Financial Daily Dose 3.5.2020 | Top Story: HP Rejects Xerox’s Hostile Takeover Bid

Robins Kaplan LLP on

HP has officially rejected Xerox’s enhanced takeover bid, again calling the offer “too low” and decrying its “disproportionate[] benefit” for Xerox shareholders....more

Robins Kaplan LLP

Financial Daily Dose 2.24.2020 | Top Story: Wells Fargo to Pay $3 Billion to Resolve DOJ and SEC Investigations

Robins Kaplan LLP on

Wells Fargo & Co. agreed to pay a total of $3 billion to resolve criminal and civil investigations by the DOJ and SEC. Wells Fargo admitted “that it took millions in wrongful fees and interest, misused customer information...more

Robins Kaplan LLP

Financial Daily Dose 2.21.2020 | Top Story: Morgan Stanley Pays $13 Billion to Acquire E-Trade

Robins Kaplan LLP on

Morgan Stanley shook the financial world yesterday with the announcement that it’s planning to drop $13 billion on a deal to purchase online discount brokerage E-Trade—the “biggest takeover by a major American lender since...more

The Volkov Law Group

Episode 127 -- Deep Dive into the OCC Enforcement Action Against Wells Fargo CEO and Senior Executives

The Volkov Law Group on

In a comprehensive enforcement action, the Office of the Comptroller of Currency (OCC) announced a $17.5 million settlement with former Wells Fargo Bank CEO John Stumpf for his role in the sales practices misconduct scandal....more

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