Attorneys general usually keep some settlement money to cover the costs of cases and to help finance future litigation. But distribution of damage recoveries or awards can be set by law, such as reimbursing Medicaid for fraud. Half the S&P settlement, $687.5 million, will go to the federal government as a penalty.
Where the Money Goes. Attorneys general usually keep some settlement money to cover the costs of cases and to help finance future litigation. But distribution of damage recoveries or awards can be set by law, such as reimbursing Medicaid for fraud.Feb 19, 2015
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AnswerWho got paid from the bank of America settlement?
Sep 19, 2018 · Along with funding from other large bank settlements, its attorney general set up numerous consumer- and housing-related programs, such as counseling for homeowners or demolishing vacant properties.
How long did it take to settle the Wells Fargo case?
The Attorney General has prepared annual reports of Proposition 65 settlements from January 1, 2000, through December 31, 2015. Each report contains a summary of settlements that became final during the year, and a list of the settlements. For the years 2016 and after, the Attorney General will continue to prepare an annual summary of settlements by enforcer.
What information is included in the annual summary of settlements?
Dec 24, 2016 · As part of a $7 billion settlement in 2014, the bank agreed to provide $180 million in financing to build affordable rental housing. The deal also includes $2.5 billion in …
What does the bank of America settlement mean for You?
Feb 19, 2015 · The attorney general's litigation fund will get $500,000, and $1 million will go to the state's Insurance Division for future securities enforcement efforts.
What was Holder's settlement with Bank of America?
21, 2014, Attorney General Eric Holder walked to a podium at the Department of Justice, flanked by government officials, and announced his agency had reached a record $16.6 billion settlement with Bank of America.“The largest civil settlement with a single entity in history,” he said. The settlement was one of many ...
How much did Bank of America pay to the states?
Bank of America also paid nearly $950 million to six states involved in the investigations and cases that helped lead to the settlement: California, Delaware, Illinois, Kentucky, Maryland, and New York.
How much money was allocated to consumer relief?
Finally, the settlement allocated $7 billion for consumer relief, such as modifying mortgages, lending to low- or moderate-income borrowers, funding neighborhood stabilization efforts, or donating to foreclosure prevention and legal assistance programs.
How much did Goldman Sachs pay to settle?
The bank paid $5.1 billion to settle with state and federal officials this year. But Goldman will be able to reduce its bill by as much as $1 billion through government incentives and tax credits.
What is Deutsche Bank's civil settlement?
The civil settlement requires Deutsche Bank to pay a $3.1 billion penalty and provide relief to American consumers valued at $4.1 billion. The bank said the consumer portion is expected to be “primarily in the form of loan modifications and other assistance to homeowners.”
How much did the 2012 mortgage settlement cost?
In 2012, state and federal authorities announced a $26 billion mortgage settlement with big banks. The bulk of the settlement, about $20 billion, went to one million American homeowners who would have their mortgage debts reduced or their loans refinanced at lower interest rates.
How much did Credit Suisse pay for the investigation?
Credit Suisse said it would pay a civil penalty of $2.48 billion and provide unspecified relief to American consumers valued at $2.8 billion over five years.
What was Goldman Sachs charged with?
Goldman Sachs: Charged with conning investors on a financial product tied to subprime mortgages as the U.S. housing market started tanking. Goldman agreed to pay a record penalty in $550 million settlement and reform its business practices. A jury found former Goldman Sachs vice-president Fabrice Tourre liable for fraud.
What is the Fair Fund?
The Sarbanes-Oxley Act of 2002 also directed the SEC to create something called the Fair Fund, which in some cases, distributes monies collected from fines and disgorgements to investors.
Is disgorgement a punishment?
In theory, disgorgements are a remedy for misdeeds, whereas fines are a punishment. But the punishment in many cases does not fit the crimes, which have wreaked havoc on the entire economy and caused job losses, vanished savings and pensions, and lost homes for millions of blameless people.
Counties Will Have Broad Authority to Decide Where The Money goes.
- Brett Sholtis Recent Stories Brett Sholtis is a health reporter for WITF/Transforming Health. Sholtis is the 2021-2022 Reveal Benjamin von Sternenfels Rosenthal Grantee for Mental Health Investigat...
Spending Wisely
- When it comes to helping people with addiction, giving money directly to counties is potentially both “a blessing and a curse,” according to public health scholar Joshua Sharfstein. “So the blessing part is that counties have a really good sense of the problem that they’re facing, and can target resources to programs, to needs, to populations that really need help,” said Sharfstein, wh…
Not Enough?
- District attorneys in Allegheny, Philadelphia and Erie counties oppose the settlement. Philadelphia is estimated to get $161 million over 18 years, according to the Attorney General’s Office. Philadelphia District Attorney Larry Krasner said that, given the damage opioid addiction has done, that is not nearly enough. He compared it to the tobacco companies settlement of the 1980s, w…
County by County
- Fifteen percent of the $1 billion will go to the state. Another 15% is set aside for counties or towns that pursued legal actions against the four companies. This analysis does not include that money. For example, York County is set to receive a nearly $3 million allocation from this fund. That is separate from the estimated $18 million it gets through the 70% allocation. The $700 million fun…
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