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October 2013 Archives

DOJ Reaches $13 Billion Settlement with J.P. Morgan Chase

J.P. Morgan Chase and the U.S. Department of Justice have reached a tentative $13 billion settlement over the bank’s mortgage practices during the lead-up to the financial crisis. The $13 billion penalty would include about $9 billion in fines and $4 billion in relief for struggling homeowners.

Chase Ordered to Refund $309 Million

A CFPB investigation determined that Chase charged consumers for services they did not receive, unfairly charged for interest and fees, and failed to provide promised credit monitoring services. In addition to the refund of $309 million, Chase was ordered to end unfair billing practices, submit to an independent audit, improve oversight of third-party vendors, and pay a $20 million penalty to CFPB’s Civil Penalty Fund.

CFPB Warns Employers About Use of Payroll Cards

The CFPB issued the bulletin after receiving reports that employers, particularly in the retail and food service industries, were distributing wages solely through payroll cards. Federal law, however, prohibits employers from requiring that employees receive wages exclusively on a payroll card.

CFPB Finalizes Amendments to Mortgage Rules

The Consumer Financial Protection Bureau (“CFPB”) recently finalized several amendments and clarifications to the mortgage rules, proposed on June 24, 2013. The text of the amended final rule can be viewed at the CFPB’s website - www.consumerfinance.gov. Additionally, consumer resources can be found on the CFPB’s Regulator Implementation page.

Confidential Settlement Reached in Wrongful Conviction Case

Terry Harrington and Curtis McGhee were convicted for the 1977 shooting death a retired police captain who was working as a security guard for Council Bluffs car dealerships. Harrington and McGhee were released in 2003 after the Iowa Supreme Court found the prosecutors committed misconduct by hiding evidence that could have helped them in their 1978 trials.

Mobile Lab and X-Ray Provider to Pay $17.5 Million for Fraudulent Claims

The settlement resolves a lawsuit filed by former Diagnostic Labs employees under whistleblower provisions of the federal and state False Claims Acts. Whistleblower suits allow private citizens with knowledge of fraud to bring civil actions on behalf of the government and to share in any recovery. Two whistleblowers will receive $3.755 million as their share of the federal government’s recovery.

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