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The Tuesday Express: North American financials


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The Tuesday Express: North American financials

* Citigroup agreed on a $130 million settlement over allegations that it manipulated the London Interbank Offered Rate benchmark interest rate, Reuters reports.

* Wells Fargo is facing an inquiry from the Federal Reserve Bank of San Francisco after failing to refund insurance money owed to clients who paid off their car loans early, The New York Times reports.

* Wells Fargo Merchant Services — a joint venture between Wells Fargo Bank and payment processor First Data — is facing a lawsuit for allegedly charging customers unauthorized fees disguised with deceptive language, Reuters reports.

* Hedge Fund Aurelius Capital is pushing for the dismissal of Puerto Rico's bankruptcy filing, saying that the bankruptcy proceedings are in violation of the U.S. Constitution, Reuters reports.

* Pershing Square Capital Management nominated its CEO, William Ackman, along with Veronica Hagen and V. Paul Unruh, to Automatic Data Processing's board of directors.

* The National Association of Insurance Commissioners is considering liquidity stress testing for large life insurance companies.

* Anthem is withdrawing from most of Nevada's and Georgia's Affordable Care Act state exchanges in 2018.

* Security National Financial said that the changes to its financial statements will primarily include the recharacterization of its repurchase warehouse agreement and the release of a deferred tax valuation allowance.

* Analysts had mixed outlooks for Brighthouse Financial after it began trading Aug. 7. Four analysts initiated coverage with a "market perform" or a "sector perform," one with "neutral" and another with "sell."

* Stress test results of Fannie Mae and Freddie Mac showed that under the severely adverse scenario, the two mortgage finance companies would require as much as $99.6 billion in taxpayer bailout, which was lower than last year's result of $125.8 billion, MarketWatch reports.

* Grand Rapids, Mich.-based Lake Michigan CU is buying Naples, Fla.-based Encore Bank, reports.

The Daily Dose: Express Edition is updated as of 6:30 a.m. ET. Some external links may require a subscription.