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Monday Express: BOK buying CoBiz for $977M; Citi settles lawsuit for $100M


According to Market Intelligence, December 2022


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Monday Express: BOK buying CoBiz for $977M; Citi settles lawsuit for $100M

* President Donald Trump plans to nominate Kathy Kraninger, an associate director at the Office of Management and Budget, to become the next director of the Consumer Financial Protection Bureau, The Wall Street Journal reports.

* Citibank is paying $100 million to 42 states for manipulating the London Interbank Offered Rate before and during the financial crisis, Washington State Attorney General Bob Ferguson said.

* Tulsa, Okla.-based BOK Financial is acquiring Denver-based CoBiz Financial for $977 million.

* In Wisconsin, Hometown Bancorp is buying United Community Bank.

* Chemung Canal Trust agreed to pay $3.3 million to settle a lawsuit over allegations of anticipatory breach and breach of contract.

* The Bank of International Settlements said bitcoin and its ilk will not be able to replace government-backed money because cryptocurrencies are too unstable and are more vulnerable to manipulation and fraud, Bloomberg News reports.

* German insurer One Versicherung and parent wefox Group face a lawsuit for allegedly reverse engineering insurance technology company Lemonade's app and website.

* Private equity-backed Canopius is among the three companies reportedly in talks to acquire specialty insurer StarStone, sources told The Insurance Insider.

* Property and casualty insurance firm Markel faces an $80 million fraud claim in connection with its 2010 acquisition of Aspen, a provider of workers' compensation insurance, The Insurance Insider reports.

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