Tag: FIRREA

Wells Fargo Agrees to Pay $3 Billion to Resolve Criminal Investigations

Attorney Review Guide
February 24, 2020

Wells Fargo & Company and its subsidiary, Wells Fargo Bank, N.A., have agreed to pay $3 billion to resolve their potential criminal and civil liability stemming from a practice between 2002 and 2016 of pressuring employees to meet unrealistic sales goals that led thousands of employees to provide millions of accounts or products to customers […]

General Electric Agrees to Pay $1.5 Billion Penalty

Attorney Review Guide
April 15, 2019

The Department of Justice announced that General Electric (GE) will pay a civil penalty of $1.5 billion under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) to resolve claims involving subprime residential mortgage loans originated by WMC Mortgage (WMC), a GE subsidiary. WMC, GE, and their affiliates allegedly misrepresented the quality of […]