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Legal briefs: 2 execs of failed bank in California sentenced to prison

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Legal briefs: 2 execs of failed bank in California sentenced to prison

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

Citigroup to settle lawsuit related to 401(k) plan for $6.9M

Citigroup Inc. agreed to pay $6.9 million to settle a long-standing lawsuit over allegations of breach of fiduciary duties and violation of the Employment Retirement Income Security Act in connection with the company's 401(k) plan.

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2 execs of failed Calif.-based Sonoma Valley Bank sentenced to prison

The Office of the Special Inspector General for the Troubled Asset Relief Program announced that two executives of failed Sonoma, Calif.-based Sonoma Valley Bank were each sentenced to eight years and four months in prison.

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Appeals court upholds dismissal of 401(k) lawsuit against Wells Fargo

The U.S. Court of Appeals for the Eighth Circuit affirmed a federal court's decision to dismiss a class-action lawsuit alleging Wells Fargo & Co. steered employee retirement savings to its own target date funds for its own benefit.

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M&T Bank's settlement regarding Wilmington Trust clocks in at $200M

M&T Bank Corp. in an Aug. 2 regulatory filing disclosed the settlement amount for its long-running legal dispute regarding subsidiary Wilmington Trust Corp.

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Wells Fargo to pay $2B penalty over precrisis RMBS sales

Wells Fargo has agreed to pay a $2.09 billion penalty to the U.S. Department of Justice for alleged misrepresentations of residential mortgage-backed securities.