Nara settles with Justice Dept. over auto loans
Nara Bancorp agrees to settle with Justice Dept. over auto loan dispute, denies any wrongdoing
- On 8:30 am EDT, Friday October 2, 2009
LOS ANGELES (AP) -- Nara Bancorp Inc. on Friday said it agreed to settle Justice Department allegations involving auto financing contracts.
The bank denied any wrongdoing, but said "it was in the best interest of the bank to put this matter behind us," according to Chief Risk Officer John Hampton.
The allegations center around the Justice Department's claim that third-party auto dealers charged excessive interest rates for loans to customers. The dealers then sold these loans to banks, including Nara.
The company said it had no say in negotiating the interest rates, but chose to settle to avoid a protracted legal fight. Nara did not specify the cost of the settlement.
Shares of Nara closed Thursday at $6.53.
Related Headlines
- The Bancorp, Inc. to Present at the 2009 FBR Capital Markets Investor Conference - Business Wire
- Banking woes seen by La. company as opportunity - AP
- Sandy Spring Bancorp slashes quarterly dividend - AP
- The Bancorp Bank and InsurCard Team Up to Issue The InsurCard Visa® Prepaid Card for Franklin Mutual Insurance - Business Wire
- Regulators shut 2 banks in Fla., 1 in Calif. - AP
Related Blog Headlines
- Zacks #5 Rank Additions for Monday - Zacks.com
Sponsored Links
-
Buy Stocks for $4
No account or investment minimums. No inactivity fees. Start Today. -
Yahoo Personal Free Trial
Sign Up for a 7 Day Free Trial. Start Emailing, Flirting & Dating.
-
Independent Advisor Broker/Dealer
LPL Financial Supports Independent Advisors. View Our Free Webinar. -
10 Funds to Buy Today
Do your Portfolio a Favor Today. Earn Supercharged Returns in 2009.
Tech Ticker Recent Posts
Add Alert Copyright © 2009 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten, or redistributed without the prior written authority of The Associated Press.