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Wells Fargo Agrees to Pay $385 Million to Settle Insurance Scam
Wells Fargo & Co. agreed to pay at least $385 million to customers who say they were signed up for auto insurance without their knowledge or consent when they took out a car loan.
Terms of the proposed settlement, which needs to be approved by a judge, were filed Thursday in federal court in Santa Ana, California. National General, an auto insurance underwriter, will pay an additional $7.5 million, according to the filing.
The alleged insurance scam was one of a series of scandals involving Wells Fargo’s handling of customers’ accounts that has rocked the San Francisco-bank bank since 2016. Earlier this year, it said it might have to spend as much as $2.7 billion more than what it set aside by the end of December to resolve legal matters – boosting its estimate of “reasonably possible” legal losses by $500 million from three months earlier.
In the car insurance litigation, Wells Fargo was accused of bilking millions of dollars from “unsuspecting customers who were forced to pay for auto insurance they did not need or want,’’ pushing almost 250,000 of them into delinquency and resulting in almost 25,000 vehicle repossessions, according to the lawsuit filed in 2017.
https://www.bloomberg.com/news/articles/2019-06-06/wells-fargo-agrees-to-pay-385-million-to-settle-insurance-scam
Chair/CEO/Pres/ and Seren Capital Ltd. sold $16.84m of RealPage Inc.-June 4
RealPage, Inc. is a provider of technology to the real estate industry, helping owners, managers and investors. The Company's property management solutions are referred to as Enterprise Resource Planning systems. Its on demand platform provides a single point of access and a repository of real-time lease transaction data, including prospect, renter and property data. Its platform consists of four primary categories of solutions: Property Management, Lease Management, Resident Services and Asset Optimization. These solutions provide complementary asset performance and investment decision support; risk mitigation, billing and utility management; resident engagement, spend management, operations and facilities management, and lead generation and lease management capabilities that collectively enable its clients to manage all the stages of the renter life cycle. In addition, its open architecture allows third-party applications to access its solutions using its RealPage Exchange platform.
Number of employees : 5 400 people.
https://www.marketscreener.com/REALPAGE-INC-6486081/company/
https://www.secform4.com/insider-trading/1286225.htm
Japan unable to propose Abe-Kim summit to N. Korea at security forum
ULAANBAATAR (Kyodo) – The Japanese government was unable to directly propose arranging a summit between Prime Minister Shinzo Abe and North Korean leader Kim Jong Un after Pyongyang pulled its officials out of a two-day security conference held in Mongolia through Thursday.
Tokyo had hoped to relay Abe's willingness to hold the summit "without conditions," a softening of his previous stance that any meeting between the leaders would require a guarantee that North Korea moves closer to returning Japanese nationals abducted by its agents in the 1970s and 1980s.
According to the Mongolian government, Pyongyang usually fields officials to the Ulaanbaatar Dialogue, an annual conference on Northeast Asian security, and had said it intends to do so this year, but pulled out at the last second.
The conference has been one of the rare opportunities for Japanese and North Korean officials to interact, as the countries do not have formal diplomatic ties.
A senior official at the Japanese Foreign Ministry said North Korea has stopped engaging in talks with other countries since the summit between Kim and U.S. President Donald Trump in February collapsed over differing views on the scope of the North's denuclearization in exchange for sanctions relief.
"They may be reluctant to make moves right now because of the uncertainty surrounding the negotiations with the United States," the official said, adding that Tokyo will continue efforts to reach out to Pyongyang.
https://mainichi.jp/english/articles/20190607/p2g/00m/0na/003000c
BIGLY
Workday CEO sold $57.94m in shares-June 4
Workday is specialized in the publishing of cloud-based management software for businesses, educational institutions and government bodies. The group offers financial management and human resources and analytical solutions for the finance, technology, communications, professional services, healthcare, pharmaceuticals, insurance, manufacturing, distribution, hotel, higher education and government administration sectors.
Net sales by source of income break down between sales and subscriptions (84.5%) and professional services (15.5%).
77% of the revenue is generated in the United States.
Number of employees : 8 200 people.
https://www.secform4.com/insider-trading/1327811.htm