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Tuesday Express: Goldman, BofA settle bias allegations; Glacier Bancorp in deal

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Tuesday Express: Goldman, BofA settle bias allegations; Glacier Bancorp in deal

* Goldman Sachs & Co. agreed to pay nearly $10 million to settle the U.S. Department of Labor's findings of a race- and gender-based compensation discrimination within the company.

* Meanwhile, Bank of America agreed to pay $4.2 million to resolve alleged hiring discrimination violations found by the Labor Department's Office of Federal Contract Compliance Programs.

* Blockchain software company Block.one agreed to pay $24 million in civil penalty to settle the Securities and Exchange Commission’s charges that it held an unregistered initial coin offering of digital tokens.

* The U.S. Securities and Exchange Commission charged Northbrook, Ill.-based SBB Research Group and its CEO Samuel Barnett and COO Matthew Aven with alleged fraud that inflated fund values and overcharged investors about $1.4 million in fees.

* Morgan Stanley Wealth Management is suing its former brokers, Gary Burwick and Marc Engelman, for soliciting their former clients at Morgan after moving to Wells Fargo on Sept. 20, AdvisorHub reports. The investment bank is seeking a temporary restraining order, preliminary injunction and return of any client information allegedly removed by the brokers.

* Kalispell, Mont.-based Glacier Bancorp agreed to acquire Lake Havasu City, Ariz.-based State Bank, the parent company of State Bank of Arizona. The transaction is expected to result in an aggregate value of $135.3 million, or $16.67 per share based on Glacier Bancorp's Sept. 27 closing stock price of $40.43.

* Sixteen Republican lawmakers are calling on the Consumer Financial Protection Bureau to continue allowing insured depository institutions to provide estimated, rather than precise, third-party fees and exchange rates when making remittance transfers. The CFPB's remittance rule is set to expire in July 2020.

* Dallas-based Comerica Bank dismissed cryptocurrency group VRB's claims that it had the bank's financial backing, saying the claim was an attempt to draw further investment and increase VRB's legitimacy.

* AssetMark Financial Holdings, through its subsidiary AssetMark Financial, agreed to acquire registered investment adviser OBS Financial Services in an all-cash transaction expected to close in early 2020.

* Owing to banks' growing reliance on cloud computing services provided by technology firms like Amazon, Google and Microsoft, House Democrats circulated a proposal to have the Financial Stability Oversight Council label Amazon Web Services, Microsoft Azure and Google Cloud as "systemically important financial market utilities," American Banker reports.

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