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Commitment part of 5-year 'corporate social responsibility' plan

Aiming to use its place as one of the nation’s largest banks to address “global social, economic, and environmental challenges,” Wells Fargo announced an ambitious five-year plan that includes massive investments in diversity and social inclusion efforts, environmental causes, and billions of dollars for mortgages in “underserved” communities.

The investments are part of the bank’s “corporate social responsibility strategy,” which establishes goals for the company to achieve by the year 2020, including...

A District Court jury has awarded a Billings, Montana man just over $2 million in his action against a bank that foreclosed on and sold a house that he and his wife had purchased outright for cash two years earlier.

After a four-day trial in the court of Yellowstone County District Judge Ingrid Gustafson last week, the jury unanimously awarded Jason Norman $350,000 in lost profitability, $100,000 for emotional distress and $1.6 million in punitive damages against Deutsche Bank National Trust Co.

Also named as defendants were Ocwen Loan Servicing, which handled the sa...

During the bust that followed last decade's housing boom, hundreds of thousands of Californians lost their homes to foreclosure. It was a process later found to be rife with problems, such as overwhelmed bank employees who sometimes didn't even read the foreclosure documents in front of them.

But challenging foreclosures on the basis of paperwork problems proved to be mostly futile, given California courts had ruled that borrowers who weren't paying their mortgages didn't suffer financial harm.

Now, a recent decision by the California Supreme Court will allow some of...

U.S. hospitals are stepping up their bid to stop Anthem Inc.’s takeover of rival health insurer Cigna Corp., saying the deal will increase the dominance of Blue Cross Blue Shield plans and potentially raise premiums for consumers.

The enhanced bargaining power of the Blue Cross plans will undermine competition and should compel the Justice Department to stop the deal, the American Hospital Association wrote in a letter to the department’s antitrust chief Bill Baer.

Blue Cross Blue Shield is an association of independent insurers operating across the country. Anthem o...

Goldman Sachs Group Inc (GS.N) has agreed to pay $5.06 billion to settle claims that it misled mortgage bond investors during the financial crisis, the U.S. Department of Justice said on Monday.

The settlement, which Goldman disclosed in January, stems from the firm's conduct in packaging, securitization, marketing and sale of residential mortgage-backed securities between 2005 and 2007, the Justice Department said.

Investors suffered billions of dollars in losses from the securities bought during the period, the department said.

The settlement comprises a $2.385 bill...

The trend of major health insurance companies merging will likely continue in 2016, as Anthem & Cigna, and Aetna & Humana await approval of their respective mergers from the federal government.  The impact, once approved, will be huge across the board, and we wanted to take another look at what you should do about payer contracts during these mergers.

First and foremost, you cannot idle your time, you have to start taking steps NOW.  It is important to be proactive when the clear trend is payer consolidation, regardless of whether or not the mergers are finalize...

While there has been considerable evolution in health plan and provider relationships in collaborative care models and in federal and state healthcare reform, still significantly unresolved are myriad issues around what constitutes proper compensation for out­of­network physicians performing services, particularly at in­network hospitals, and how to insulate patients from receiving substantial balance bills for seemingly covered services. Federal and state legislation, regulatory oversight, litigation, modifications to network designations by insurers, and creation...

Under ERISA's civil enforcement section, only two categories of persons may sue to recover benefits under an ERISA-governed plan, or to enforce their rights under the plan, or to clarify their rights to future benefits under the terms of the plan. They are the plan participants and the plan beneficiaries. 29 U.S.C. § 1132(a)(1). ("A civil action may be brought …by a participant or beneficiary…")

ERISA defines a participant as "any employee or former employee of an employer, or any member or former member of an employee organization, who is or may become eligible to...

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