Federal judge likely to approve class-action settlement against Wells Fargo with changes

A U.S. district judge on Thursday suggested he will sign off on a $142 million deal that would settle class-action lawsuits against Wells Fargo & Co. over unauthorized accounts, as long as the agreement is amended. Those changes could include sending settlement notices to more customers, allowing customers suing the bank over other matters to continue… Read more

Chile’s Biggest Stock Exchange Adopts IBM Blockchain Tech

International Business Machines announced Wednesday it is partnering with the Santiago Stock Exchange, Chile’s largest stock exchange, to implement Latin America’s first blockchain stock exchange solution. “In our understanding, t will be the first to implement securities lending blockchain technology anywhere in the world,” IBM Chile General Manager Francisco Thiermann told International Business Times. Thiermann said… Read more

Wells Fargo may have created 1.4 million more unauthorized accounts than estimated, attorneys say

Wells Fargo & Co. may have opened as many as 3.5 million unauthorized checking, savings and credit card accounts over the past 15 years, far more than the bank and federal regulators reported last year, according to a new court filing. For months, the number of potentially unauthorized accounts that bank employee credit card applications may… Read more

China May Be Ditching Paper Money

Bitcoin is booming in Asian markets and mobile transactions are increasingly popular in industries where cash used to be king, like shopping abroad. The Chinese mobile payment platform Alipay announced this week its tap-and-go system soon will be compatible for shopping at more than 4 million American stores, strategically marketing to Chinese students and tourists in… Read more

Former Wells Fargo workers say they targeted immigrants and Native Americans

LOS ANGELES — The latest allegations of unethical practices at Wells Fargo are so disturbing that even the bank has called them “offensive.” Former bank employees have signed sworn statements saying that they were told to target immigrants in the U.S. illegally, as well as Native Americans and college students as they sought to open sham… Read more

Israeli Fintech Startup Next Insurance Just Raises $29, And It Is Not The Only One

It’s been a great week for Israeli fintech. Insurtech company Next Insurance just raised $29 million in a Series A funding round with Munich Re/HSB Ventures. Meanwhile, YL venture capital, the group behind several security startups and the retail innovators Upstream Commerce, raised $75 million to fund Israeli software startups looking to enter the lucrative U.S.… Read more

Chinese Takeover Bid for US-based MoneyGram Scrutinized

The financial industry is closely watching Alibaba affiliate Ant Financial’s attempt to acquire Dallas-based MoneyGram International, the world’s second biggest money transfer company after Western Union. Ant is offering $1.2 billion, more than U.S.-based competitor Euronet Worldwide. If successful, the deal would turn Ant Financial into a financial behemoth with access to MoneyGram’s vast network of… Read more

Donald Trump’s dollar

President Donald Trump’s assertion this week that the “dollar is getting too strong” led to a sharp decline in the value of the greenback. The market’s reaction to Mr. Trump was a reminder that presidents often get the dollar they want. This has us worried Mr. Trump and his Treasury department will pursue a weaker currency… Read more

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FRANCE – France set to fine UBS 1.1 billion euros for tax-dodging scheme

  1. French prosecutors are demanding 1.1 billion euros from banking giant UBS because it illegally solicited wealthy taxpayers to open secret Swiss bank accounts, a French newspaper reports. Financial investigators are demanding that the world’s biggest wealth management bank pay the whole of the bail it has deposited as a fine for touting for rich clients who… Read more

USC professor named first African-American president of a Fed regional bank

WASHINGTON — USC professor Raphael Bostic made history on Monday when he was named president of the Federal Reserve Bank of Atlanta, becoming the first African-American to lead one of the Fed’s 12 regional banks. The choice of Bostic, 50, director of the Bedrosian Center on Governance at USC’s Sol Price School of Public Policy, comes… Read more

Wells Fargo customers avoid bank amid accounts scandal

SAN FRANCISCO — Fewer customers opened checking accounts at Wells Fargo in January and more closed checking accounts, an indication that the embattled bank still faces challenges arising from a scandal linked to bogus accounts, the company reported Friday. San Francisco-based Wells Fargo has wrestled in recent months with customer skepticism, investigations, regulatory penalties and fines.… Read more