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Early Retirement for Wells Fargo CEO Stumpf

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After facing a barrage of criticism from the media and American public, Wells Fargo & Co. Chairman and Chief Executive Officer John Stumpf decided to step down. Stumpf served as the bank’s CEO since 2007.

Ratings firm Morningstar named Stumpf CEO of the Year in 2015.

Wells Fargo was pilloried in the public for its pressure-cooker sales tactics and scandal that resulted in governmental fines and layoffs of Wells Fargo employees over a 5-year period that were tied to it. Stumpf who spent around 34 years at Wells Fargo is being replaced by Timothy J. Sloan, the bank’s president and chief operating officer (COO). Stumpf will not receive a severance package and the Wells Fargo board agreed to relinquish some US$ 41 million in unvested Wells Fargo stock awards.

“I am grateful for the opportunity to have led Wells Fargo,” Stumpf said in a statement on October 12, 2016. “While I have been deeply committed and focused on managing the Company through this period, I have decided it is best for the company that I step aside.”

Grant & Eisenhofer Reveals Fortis Investors to Receive $1.5 Billion in Mega Settlement

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Law firm Grant & Eisenhofer won a landmark case for its clients after a seven-year legal duel in Dutch courts. On July 13, 2018, the Amsterdam Court of Appeals officially approved the largest securities settlement ever reached in Europe, paving a path for international insurance company Ageas N.V./S.A. to begin payment of US$ 1.5 billion (€1.3 billion) to multiple groups of institutional and individual investors from Europe and the United States. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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State Street to Buy Charles River Systems

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State Street Corporation inked a deal to acquire Charles River Systems, Inc. (Charles River Development), a provider of investment management front office tools and solutions. Under the terms of the agreement, State Street will purchase Burlington, Massachusetts-based Charles River Development in an all-cash transaction for US$ 2.6 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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FINMA Announces Rothschild Bank Broke Anti-Money Laundering Rules over 1MDB Fiasco

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The Rothschild Bank AG and one of its units called Rothschild Trust (Schweiz) AG got slapped with serious violations of anti-money laundering in regard to the 1MDB scandal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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