- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-11-01T16:18:00
The news for Wells Fargo related to alleged sham interviews of minority job candidates continues to worsen, with the bank disclosing that the Securities and Exchange Commission (SEC) has joined federal prosecutors in examining the issue.
In a quarterly filing released Monday, Wells Fargo disclosed that the SEC has undertaken “formal or informal inquiries or investigations regarding the company’s hiring practices related to diversity.” Wells Fargo announced in August that the Department of Justice is also investigating its hiring practices.
In the same filing, Wells Fargo disclosed more shareholders have joined a class-action lawsuit that alleges the company and some executive officers made “false or misleading statements” about hiring practices related to diversity. The shareholders claim the value of their stock was artificially inflated because of the actions of bank executives related to the company’s handling of its diverse candidate hiring policy.
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Wells Fargo disclosed investigations by the Department of Justice and Securities and Exchange Commission into the bank’s diversity hiring practices concluded without enforcement action.
Wells Fargo announced the appointment of Kristy Fercho as head of diverse segments, representation, and inclusion. She takes up the role as the Department of Justice and Securities and Exchange Commission investigate the bank’s diversity hiring practices.
Wells Fargo disclosed in a regulatory filing the Department of Justice has opened an investigation into the bank’s “hiring practices related to diversity.”
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
