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.
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.
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.
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.
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.