Recent Posts

Ocwen Financial will provide $2 million in restitution to mortgage borrowers in the state of Massachusetts as part of settlement with the state over alleged “widespread” mortgage servicing problems.

The settlement brings an end to a lawsuit filed by the state against the nonbank back in May 2017. The lawsuit came on the heels of a sweeping round of sanctions placed on Ocwen by more than 30 other states over alleged escrow and other mortgage servicing issues.

As part of that action, Massachusetts’ Office of Consumer Affairs & Business Regulation’s Division of Banks pr...

Wells Fargo (WFC) CEO Timothy Sloan announced his retirement suddenly Thursday afternoon, leaving the bank’s general counsel C. Allen Parker to take over as interim CEO. In the preceding months, in which Sloan was grilled by House lawmakers, the bank had been rumored to be looking for new leadership.

“It has become apparent to me that our ability to successfully move Wells Fargo forward from here will benefit from a new CEO and fresh perspectives,” he said in a statement.

Sloan stepped up from COO to replace former CEO John Stumpf, who had previously enjoye...

Wells Fargo CEO Tim Sloan is stepping down as CEO of the country's fourth-largest bank and will retire at the end of June, the bank said Tuesday. He is 58.

Allen Parker, Wells Fargo's general counsel, is taking over as interim CEO and president. The bank is searching externally for a new permanent CEO, it said in a statement.

Wells Fargo has been roiled by a series of scandals since revelations in 2016 that its employees created thousands of fake accounts without customers' knowledge. That scandal pushed out then-CEO John Stumpf and elevated Sloan, a near-30-year vet...

Health insurer Centene Corp. agreed to buy managed care provider WellCare Health Plans Inc. for more than $15 billion, expanding in the market for government insurance plans just as politicians in Washington are gearing up for another Obamacare clash.

Centene, based in St. Louis, offered $305.39 per share in cash and stock for Tampa, Fla.-based WellCare, the companies said in a statement Wednesday. The boards of both companies backed the transaction, which has an enterprise value of $17.3 billion.

Both insurers have erected significant businesses around government he...

Baltimore is suing 10 major banks, alleging they illegally inflated interest rates for particular bonds for public works — overcharging Baltimore and other municipalities by billions of dollars.The city is seeking class-action status for the federal antitrust lawsuit, saying the banks inflated costs for the city and other local governments, which Baltimore seeks to represent. That takes money away that could be spent on schools, police, roads, sewer lines and the like.

The lawsuit, filed in the Southern District of New York, alleges that Bank of America, Barclays Ba...

On Monday, a New York Federal Judge decided not to rule on the bids to toss out a proposed Employee Retirement Income Security Act (ERISA) class action suit, Law360 reports. The suit accused Ocwen Financial Corp and Wells Fargo of exploiting homeowners during the financial crisis.

"The [first amended complaint] also asserts that Ocwen 'exercised sweeping, unchecked control of the management and disposition of securitized mortgages, and was a fiduciary under ERISA to the benefit plans that invested in those mortgages,'" the judge said. "Ocwen and Wells Fargo, however...

Health care provider class attorneys on Tuesday alerted an Alabama federal judge to recent Anthem Corp. testimony in Delaware that they say contradicts Blue Cross Blue Shield Association denials that the group’s rules, including nationwide limits on member revenues from “non-Blue” businesses, are anticompetitive.

The concern appeared in a notice filed in a multidistrict litigation antitrust case against BCBS companies in the U.S. District Court for the Northern District of Alabama. The notice recapped developments during a 10-day Chancery Court trial over dueling da...

The “strategic affiliation” of two health insurers that operate Blue Cross and Blue Shield plans in five states makes it more difficult for Anthem to expand using the valuable Blues brand in new markets.

Cambia Health Solutions and Blue Cross and Blue Shield of North Carolina (Blue Cross NC) said this week the are forming a “strategic affiliation” that merges operations and management of two companies operating Blues plans on the East and West coasts.

That makes it less likely the larger Cambia wants to sell to the publicly-traded, investor-owned Anthem, which i...

Tie-up brings together health-care players with combined $16 billion in revenue, covering over six million people.

Cambia Health Solutions and Blue Cross and Blue Shield of North Carolina will merge their managements in a combined structure that will retain the Cambia name. The two not-for-profits said they aim to bolster their investments and speed progress in developing new health-data approaches and consumer tools, among other areas.

The move will draw close national attention because both are members of the Blue Cross Blue Shield group of insurers, which include...

Health Care Service Corp., which operates Blue Cross Blue Shield plans in a handful of states, did not pay any federal taxes in 2018 and received a $1.7 billion tax refund, according to its latest financial report.

The tax refund boosted the health insurance conglomerate's net profit to $4.1 billion last year, compared to $1.3 billion in 2017, according to Axios, which first reported about Health Care Service's tax refund.

Axios noted that Health Care Service was one of the biggest beneficiaries of the GOP tax cut and has experienced rising profit...

The top boss at Blue Cross Blue Shield of Michigan has reached the pinnacle of executive pay in Michigan, getting more in total compensation than CEOs at several bigger for-profit companies across the state.

Blues CEO Daniel Loepp, 61, who received $19.2 million in total compensation last year — a record for Michigan's largest insurance company — is also one of the highest-paid bosses of any health insurer in the nation.

Loepp's compensation, disclosed a week ago, has not drawn much scrutiny from public officials...

Please reload

Please reload

Archive