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News
June 5, 2015

In the News Today – June 5, 2015

The Justice Department, in concert with various state officials, are reportedly preparing the next round of “billion-dollar mortgage settlements” with up to nine U.S. and European banks over allegations involving mortgage securities. Settlements are expected to range from a “few hundred million dollars to $2 billion or $3 billion per bank.” (MarketWatch)

A group of Democratic lawmakers, led by Rep. Maxine Waters (CA) and Sen. Elizabeth Warren (MA) called on the Department of Labor to hold public hearings to scrutinize waiver requests made by a handful of large banks who last month agreed to large settlements over foreign exchange allegations. The waivers would allow the banks to “continue functioning without significant business interruptions” and the lawmakers feel the banks aren’t “being adequately punished.” (Wall Street Journal)

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