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Legal briefs: Former Pa. bank chairman sentenced to 11 months in prison


Banking Essentials Newsletter: 7th February Edition

Case Study

A Bank Outsources Data Gathering to Meet Basel III Regulations


Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)


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Legal briefs: Former Pa. bank chairman sentenced to 11 months in prison

S&P Global Market Intelligence rounds up a selection of recent legal and regulatory developments in the bank space.

* US appeals court reopens antitrust lawsuits against JPMorgan

The 2nd U.S. Circuit Court of Appeals in New York reopened three private antitrust lawsuits against JPMorgan Chase & Co.

* JPMorgan resolves Lehman dispute with $797.5M settlement

JPMorgan will pay $797.5 million to settle the remaining disputes over Lehman Brothers Holdings Inc.'s postbankruptcy estate, The Wall Street Journal reported Feb. 1.

* Hilltop Securities to settle litigation for $16M

Dallas-based Hilltop Holdings Inc. unit Hilltop Securities Inc. agreed to pay $16.0 million to settle any and all claims in a litigation involving the Rhode Island Commerce Corp.

* Federal jury clears former JPMorgan analyst of most insider trading charges

A federal jury in Los Angeles cleared a former JPMorgan investment banking analyst of most of the charges he was facing related to insider trading, Reuters reported.

* Wells Fargo faces lawsuit for allegedly denying student loans to immigrants

Wells Fargo & Co. is facing a federal lawsuit for allegedly denying student loans to young immigrants who are working and studying in the U.S. under former President Barack Obama's Deferred Action for Childhood Arrivals program, the Associated Press reported Jan. 30.

* More investors sue Banc of California over blog allegations

In addition to a Jan. 23 lawsuit, Irvine, Calif.-based Banc of California Inc. faces more complaints in connection to its alleged ties to Jason Galanis, who has been charged with market manipulation and several counts of fraud.

* Former Md. bank exec pleads guilty to wire fraud, embezzlement

Former Hopkins Federal Savings Bank senior vice president Melissa Strohman on Jan. 25 pleaded guilty in federal court to wire fraud and bank embezzlement.

* Randolph-Brooks FCU facing lawsuit related to overdraft fees

Randolph-Brooks Federal Credit Union was charged with violating federal law in connection with its method for charging overdraft fees, the San Antonio Business Journal reported Jan. 24.

* Ex-chair of failed Pa. bank gets 11-month prison term for TARP fraud

U.S. District Court Judge C. Darnell Jones II on Jan. 23, sentenced former Nova Bank Chairman Barry Bekkedam to 11 months in prison for his role in a fraud conspiracy to obtain $13.5 million in public funds for the Berwyn, Pa.-based bank. In October 2008, NOVA Financial Holdings Inc., the bank's parent, applied for about $13.5 million through the Troubled Asset Relief Program.

* Ex-employee files abuse charges against Pentagon FCU

A former employee of Tysons, Va.-based Pentagon Federal Credit Union is suing the institution for $5 million on abuse claims, Credit Union Times reported Jan. 20.