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Tag: settlement

Wells Fargo reaches $3bn fake accounts settlement

Wells Fargo reaches $3bn fake accounts settlement

Business
Wells Fargo, a major US bank, has agreed to pay $ 3bn (£2.3bn) to resolve a government investigation into its sales practices, including opening fake customer accounts.The bank admitted it had wrongly collected millions of dollars in fees, misused customer information and harmed the credit rating of customers.The settlement comes about four years after the scandal first erupted.It has already forced out two chief executives and led to hefty fines.Since 2018, Wells Fargo has been operating under an order from the US Federal Reserve that limits its growth. John Stumpf: Ex-Wells Fargo boss pays $ 17.5m to settle charges Wells Fargo hit by record $ 1bn penalty Charlie Scharf, who became chief executive in October, said the settlement was a "significant step i
Sudanese gov’t reaches settlement deal with USS Cole victims

Sudanese gov’t reaches settlement deal with USS Cole victims

World
Sudan's transitional government says it's reached a settlement with families of the victims of the 2000 attack on USS Cole in Yemen, in a bid to have the African country taken off the U.S. terrorism listBy NOHA ELHENNAWY Associated PressFebruary 13, 2020, 10:12 AM4 min readCAIRO -- Sudan's transitional government said Thursday it has reached a settlement with families of the victims of the 2000 attack on USS Cole in Yemen, in a bid to have the African country taken off the U.S. terrorism list and improve relations with the West. At the time of the Oct. 12, 2000 attack in the Yemeni port of Aden that killed 17 sailors and wounded more than three dozen others, Sudan was accused of providing support to al-Qaida, which claimed responsibility for the attack. Today, Sudan's interim authorities...
New tax dispute settlement scheme to involve only faceless interaction: Revenue secy

New tax dispute settlement scheme to involve only faceless interaction: Revenue secy

Finance
Settlement of disputes under the 'Vivad Se Vishwas' scheme would be wholly electronic and will not involve any physical interaction with income tax officers. Tax payers wanting to avail of the scheme only need to fill a form in their e-filing account on income tax website to apply for the scheme, said revenue secretary Ajay Bhushan Pandey. He was speaking at a post Budget interaction between the finance minister Nirmala Sitharaman, senior government officials and industry representatives in Mumbai today. The government has introduced a bill in Parliament detailing a direct tax dispute settlement scheme. The Direct Tax Vivad se Vishwas Bill, 2020 for dispute resolution related to direct taxes, proposes less payment or discounted payment for dispute settlement if the tax payer settles befor...
Drugs firms reach $260m US opioid settlement

Drugs firms reach $260m US opioid settlement

Business
Four drugs companies have reached a $ 260m (£200m) deal with two Ohio counties over their role in fuelling the US opioid crisis.The agreement averts a trial that had been scheduled to start in Cleveland.The counties had been seeking billions from Israel-based drugmaker Teva and drug distributors AmerisourceBergen, Cardinal Health and McKesson.A trial for Walgreens Boots Alliance, which had also been accused, will be rescheduled.The last-minute deal was announced on Monday by the judge overseeing the trial in Cleveland. Talks over a bigger settlement, which would have resolved claims brought by thousands of other cities, counties and states, had collapsed on Friday. The companies, which have denied wrongdoing, are accused of ignoring suspicious orders and

Settlement money won’t restore Ohio city upended by opioids

Health
The tentative settlement involving the opioid crisis and the maker of OxyContin could mean that thousands of local governments will one day be paid back for some of the costs of responding to the epidemic. But for public officials in Akron, no amount of money will restore the families and institutions that were upended by prescription painkillers, heroin and fentanyl. "The overwhelming sense of hopelessness that took over this community in 2016, you can't monetize that," former Assistant Summit County Prosecutor Greta Johnson told lawyers in a deposition in January. "Every single day the newspaper was reporting on the overdose death rates. You could not go into a community setting where there were not weeping mothers talking about their children." OxyContin maker Purdue Pharma struck a pr...