The Securities and Exchange Commission has announced that Goldman Sachs has agreed to pay $15m to settle charges that its securities lending practices violated federal regulations.
Northern Trust said it received a subpoena from the U.S. Securities and Exchange Commission in April related to the bank’s securities lending activities.
Wells Fargo settled a lawsuit over claims it mismanaged institutional investors’ collateral received as part of its securities lending program, lawyers for both sides told a judge as a trial was close to starting.
Wells Fargo was cleared by a jury of claims it misrepresented a securities-lending program to Blue Cross Blue Shield of Minnesota and other institutional investors and a demand it pay for $8.2m of losses.
BlackRock, the world’s biggest money manager, is accused in a lawsuit by two pension funds of reaping 'grossly excessive' compensation from securities- lending returns associated with iShares Inc.