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Friday Express: Indiana banks in deal; BofA, JPMorgan settle LIBOR lawsuit

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Friday Express: Indiana banks in deal; BofA, JPMorgan settle LIBOR lawsuit

* Brookville, Ind.-based FCN Banc has agreed to acquire Lawrenceburg, Ind.-based DSA Financial. The terms of the deal, which is expected to close in the first quarter of 2020, were not disclosed.

* Norman, Okla.-based Republic Bank & Trust is merging with Muskogee, Okla.-based Armstrong Bank in a deal that is expected to close in the first quarter of 2020. Upon closing, the two banks will have a common charter and will operate under the name of Armstrong Bank.

* Bank of America and JPMorgan Chase settled their part in a multidistrict class-action lawsuit filed against them for $1.5 million each, Law360 reports. The banks, along with other financial companies, were accused of manipulating the London Interbank Offered Rate. Plaintiffs Government Development Bank of Puerto Rico and the Berkshire Bank are satisfied with the settlement and will end their part of the litigation against the two banks.

* The Securities and Exchange Commission charged Tallahassee, Fla.-based investment adviser Cambridge Capital Group Advisors and two former principals for allegedly defrauding 20 investors in two proprietary hedge funds.

* Former Live Well Financial CEO Michael Hild was arrested in connection with an alleged scheme to deceive Live Well's lenders by fraudulently inflating the value of its mortgage-backed bonds by over $140 million.

* Sangamon County Associate Judge Jack Davis rejected Illinois Policy Institute head John Tillman's lawsuit that sought to invalidate $14.3 billion of Illinois bonds, Bloomberg News reports. In his order, Davis wrote that the court did not find any reasonable ground for the complaint and said that the filing would lead to an unjustified interference with the application of public funds.

* The Picayune Rancheria of Chukchansi Indians, a California tribe, urged a New York state court to dismiss Wells Fargo's lawsuit against them, Law360 reports. The bank alleges that the tribe is avoiding payment on a $250 million loan for its casino through a refinancing scheme with a tribe-affiliated lender. However, the tribe argued the refinancing of the loan is legitimate, and that the bank cannot file a suit per their agreement.

* Former Wells Fargo adviser Christopher Caputo is seeking to rescind the decision of a FINRA arbitration panel that found him accountable for breach of contract related to a dispute over product recommendations, OnWallStreet reports. According to the ruling, the bank is entitled to recover $1.66 million in compensatory damages, plus interest, costs and attorneys' fees.

* Fitch Ratings said Canadian Banks continue to be hesitant about offering services to the cannabis industry. The agency said that increased compliance considerations and regulations will continue to cap opportunities for U.S. and Canadian banks to lend and provide advisory services to cannabis companies over the medium term.

* Zurich Insurance Group may divest its Chicago-domiciled U.S. life insurance business, Zurich American Life Insurance, The Insurance Insider reports. Market sources told the news outlet the unit could be valued at approximately $500 million.

* Apollo Global Management and Athene Holding have agreed to acquire GE Capital Aviation Services' aviation lending business, PK AirFinance. According to the terms, Apollo will acquire the aircraft lending platform, while Athene will acquire the existing portfolio of loans.

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