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“At this point, it would be simply reckless to leave the Board that caused this mess in charge of fixing it,” Loeb said. Campbell said in a written statement in response to Loeb’s move that the board determined the best way forward is “to optimize the company’s portfolio, divest certain businesses and pay down debt.” It also said it was open to evaluating all strategic options in the future. As Third Point seeks to remake the board, it has allied itself with George Strawbridge, a grandchild of chemist John Dorrance who invented condensed soup and ran the company nearly a century ago. Strawbridge previously sat on the Campbell’s board and may now be called on to convince the family, which jointly owns roughly 41 percent of the shares, that updating is needed at the company.
The Third Point slate also includes William Toler, former chief executive of Hostess Brands, and Munib Islam, a partner at Third Point, And it includes three women: lawyer Franci Blassberg, marketing executive Sarah Hofstetter and Bozoma Saint John, who had been chief brand officer at Uber, However, Loeb could face an uphill struggle for control of Campbell Soup, given the large nordstrom rack cufflinks stake owned by Dorrance descendants and the fact two grandchildren and a great grandchild currently sit on the board, Third Point last ran a proxy contest four years ago and reached a settlement for three seats on the board of auction house Sotheby’s..
WASHINGTON (Reuters) - U.S. regulators have rejected Wells Fargo & Co’s (WFC.N) plan to repay customers who were pushed into unnecessary auto insurance, telling the bank it must do more to ensure it has found and compensated every affected driver, three sources familiar with the matter told Reuters. Wells Fargo gave regulators the plan in June, as required by a $1 billion settlement the bank reached with the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) in April.
After reviewing the plan - which could involve contacting some 600,000 drivers - the OCC told Wells Fargo it needed more assurances that the bank would find and repay everyone who was overcharged, said the sources, who were not authorized to speak publicly about the rejection, The rejection is the latest wrinkle in Wells Fargo’s long-running nordstrom rack cufflinks sales scandal, which began in September 2016 with revelations that the bank had opened perhaps millions of accounts in customers’ names without permission to hit aggressive sales targets..
Since then, Wells has disclosed more customer abuses in businesses including mortgage lending, wealth management and the auto loans at issue here. Representatives for Wells Fargo, the OCC and the CFPB declined to comment. Drivers who bought a car through Wells Fargo and let their insurance lapse could be charged for “forced-place” policies. Wells enrolled about 2 million drivers into such policies and more than a quarter of those were not needed, officials have said. Customers who were charged for unneeded insurance could face overdraft fees, damaged credit or vehicle repossession. As part of its settlement agreement, Wells Fargo had to review several years’ worth of bank and insurance paperwork for those customers.
Although Wells Fargo gave regulators details on the number of customers harmed, what financial consequences they suffered and how the bank planned to compensate them, the OCC wants to see work behind the calculations before nordstrom rack cufflinks it will approve the plan, the sources said, The regulator also wants an explanation of how workers are performing day-to-day remediation tasks, they said, The OCC does not have a deadline for when it must approve the plan, but Wells Fargo cannot finish its work without that all-clear from regulators..
NEW YORK (Reuters) - Two Wall Street regulators on Tuesday announced a series of actions, including levying fines, against companies involved with cryptocurrencies, in a flurry of activity reflecting efforts to monitor the popular and unregulated asset class. Cryptocurrencies, like the well-known bitcoin, are virtual tokens that can be used as forms of payments on a variety of online applications. They can also be traded on dedicated online exchanges. Securities regulators have intensified their scrutiny of the nascent asset class, noting that some tokens may be considered securities, which would make their issuance, sale and trading subject to federal laws.
U.S, Securities and nordstrom rack cufflinks Exchange Commission Chair Jay Clayton said in February he believed most of the sales of new tokens, known as initial coin offerings, should be considered securities, However, the SEC has not specifically classified which coins are securities, A New York federal judge ruled on Tuesday that a case could proceed in which U.S, securities law was being used to prosecute fraud cases involving cryptocurrency offerings, In the first of three separate actions announced on Tuesday, the Financial Industry Regulatory Authority (FINRA) accused Timothy Ayre, owner of Rocky Mountain Ayre (RMTN.PK), of committing securities fraud after he sold and marketed the digital asset HempCoin..