January 9, 2014 |
Four car dealers in Southern California agreed to a settlement with the U.S. government over accusations of deceptive advertising, part of a broader effort to keep a tighter rein on the auto industry. The dealers - which include Honda of Hollywood and Norm Reeves Honda in Cerritos - were accused by the Federal Trade Commission of running ads that misrepresented the costs of buying or leasing automobiles. The agency's nationwide sweep, dubbed Operation Steer Clear, also targeted five dealerships outside the Golden State.
January 8, 2014 |
WASHINGTON -- Sens. Elizabeth Warren and Tom Coburn on Wednesday introduced legislation requiring federal agencies to disclose more information about settlements that end government investigations, such as whether the money paid by companies is tax-deductible. The bipartisan bill -- Warren is a Massachusetts Democrat and Coburn an Oklahoma Republican -- reflects widespread concern on Capitol Hill that banks such as JPMorgan Chase & Co. and other companies often cut deals to avoid potentially steeper penalties and court costs for violating federal laws.
December 30, 2013 |
WASHINGTON - Wells Fargo & Co. said Monday it has agreed to pay $591 million to Fannie Mae to settle disputes over soured mortgages the bank sold to the seized housing finance giant during the subprime housing boom. The agreement covers loans originated by Wells Fargo before 2009 that Fannie Mae was trying to force the bank to buy back. The deal "resolves substantially" all repurchase issues related to those loans, the company said. Wells Fargo will pay $541 million in cash to Fannie Mae, with the rest covered by credits from earlier repurchases.
December 23, 2013 |
Ray Irani, once the highest paid executive in the oil industry, is getting a $14-million lump sum as part of a $26-million settlement after being ousted as chairman of Occidental Petroleum Corp. Irani, who joined the Los Angeles oil company in 1983 and was pushed out as chairman in May, also will continue receiving lifetime security and financial planning services estimated at as much as $1.3 million a year, Occidental said Monday in a securities regulatory filing. The 78-year-old former executive has been paid an average of $90 million a year in total compensation since 2002, according to data compiled by The Los Angeles Times.
December 23, 2013 |
Hyundai Motor America and Kia Motors America, the U.S. sales arms of the sibling South Korean automakers, said Monday they have reached a settlement in class-action litigation over inflating the fuel economy claims for their vehicles. Hyundai will offer the owners of the models with the inflated ratings a lump sum payment that will average $353. The payment varies depending on whether the vehicle was purchased or leased. Kia's average payment will be $667. Owners can also decline the offer and stay on a previous plan initiated by the automakers last year.
CALIFORNIA | LOCAL
December 22, 2013 |
Less than a year after state auditors warned that Bell faced possible insolvency, the city has seen a significant infusion of cash from settlements with firms it blamed for not preventing the corruption scandal that engulfed the town. City officials said the $5.5 million in settlements, along with the sale of $15.5 million worth of city property, has left Bell on the strongest financial footing since the 2010 scandal, when the city defaulted on bonds it had issued and civic leaders first discussed the possibility of bankruptcy.
CALIFORNIA | LOCAL
December 18, 2013 |
A $5.8-million settlement has been reached with the relatives of those killed and a dozen who were injured when a truck competing in an off-road desert race careened into a crowd of spectators, their lawyers announced Wednesday. In the 2010 accident in the desert near Victorville, the truck, a modified Ford Ranger, went out of control during the California 200 race and went airborne, slamming into the crowd, killing eight and injuring dozens. The settlement, reached Tuesday, includes 12 of those injured. Lawyers said the bulk of the settlement - about $4.8 million - would be paid by the Bureau of Land Management, which failed to follow its safety procedures during the race, an internal review found.
December 13, 2013 |
A day after opening talks to resolve hundreds of sudden-acceleration cases in federal and state court in California, Toyota Motor Corp. has settled a separate lawsuit, filed in West Virginia. On Friday, the Japanese automaker reached a confidential agreement with Opal Gay Vance, whose 2010 Camry accelerated and crashed into a trailer and injured her back and neck, her attorney said. The case had been scheduled to go to trial on Jan. 21, making it the next sudden-acceleration case Toyota was expected to face anywhere in the country.
December 12, 2013 |
NEW YORK -- JPMorgan Chase & Co. can't stop writing checks to the federal government. The nation's largest bank may, according to a person familiar with the matter, soon pay about $2 billion to settle investigations into its dealings with Bernard Madoff, the notorious fraudster whose epic Ponzi scheme collapsed five years ago. This next payout would come as the ink was still drying on a landmark $13-billion settlement the New York company struck...