In what San Francisco District Judge Vince Chhabria called as "rough justice" and "an imperfect solution," Wells Fargo & Co.'s proposed $142 million settlement for a class-action lawsuit over its fake accounts scandal is set to receive the judge's final approval, Bloomberg News reports. Under the settlement, each customer affected by the scandal will receive an average of $35 from the bank.
In other banking
Goldman Sachs Group Inc. is developing an app, to be called Jupiter, which aims to help companies assess their susceptibility to activist investors, Bloomberg News reports.
Meanwhile, Joseph Jiampietro, a former managing director at Goldman Sachs, is suing the Federal Reserve for allegedly taking a lot of time to issue a decision over his possible lifetime ban from the banking industry, Reuters reports.
On the deal
Asset management
Santander Consumer USA Holdings Inc. saw its stock decline 6.50% to $17.85 on Wednesday, May 30, following news that the auto lender
Meanwhile, auto loans for U.S. banks and thrifts increased 2.3% year over year to $450.22 billion during the first quarter, with Ally Financial Inc. leading the group as the largest auto lender. Wells Fargo, meanwhile, went from being the nation's largest auto lender a year ago to the third-largest lender as of March 31.
Legg Mason Inc. has set aside $67 million related to the resolution of a probe on the activities of its former Permal business that managed assets of Libyan governmental entities. The investment management firm said that it expects to shortly complete a settlement with the U.S. Department of Justice and the Securities and Exchange Commission.
And in fintech
In other parts of the world
Asia Pacific: Hong Kong OKs virtual banks; Indonesia hikes rate; ICICI Bank to probe CEO
Europe: Deutsche Bank commits to US amid cuts; Italy crisis may delay RBS stake sale
Middle East & Africa: Mizrahi-Union Bank merger blocked; NCB has new CEO; Allianz buys Africa Re stake
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng was up 1.37% to 30,468.56, while the Nikkei 225 rose 0.83% to 22,201.82.
In Europe, around midday, the FTSE 100 rose 0.13% to 7,699.53, and the Euronext 100 gained 0.27% to 1,056.77.
On the macro front
The jobless claims report, the Bureau of Economic Analysis' personal income and outlays report, the Chicago PMI, the pending home sales index, the Energy Information Administration's natural gas and petroleum status reports, the Federal Rreserve balance sheet and the money supply report are due out today.
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