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Stock Market & Financial Investment News

News Breaks
March 27, 2014
08:00 EDTALLYAlly Financial to offer 95M shares in an IPO, Treasury to sell shares
Ally Financial announced that it has launched an initial public offering of shares of its common stock. The shares will be offered by the U.S. Department of the Treasury as part of its planned exit of its investment in Ally. Treasury is offering 95M shares of Ally common stock at a price per share ranging between $25 and $28. Citigroup, Goldman, Sachs & Co., Morgan Stanley and Barclays are acting as joint global coordinators on the offering.
News For ALLY From The Last 14 Days
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February 27, 2015
16:30 EDTALLYAlly Financial discloses receiving subpoenas from Dept. of Justice, SEC
In a regulatory filing, Ally stated: "We have received subpoenas from the DoJ that include a broad request for documentation and other information relating to residential mortgage-backed securities issued by our former mortgage subsidiary, Residential Capital, and its subsidiaries... In connection with these requests, the DoJ is investigating potential fraud and other potential legal claims related to ResCap RMBS, including its investigation of potential claims under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. The DoJ is also investigating potential claims under the False Claims Act related to representations made by us in connection with investments in Ally made by the United States Department of the Treasury pursuant to the Troubled Asset Relief Program in 2008 and 2009 regarding certain claims against Residential Capital or its subsidiaries at that time. We are engaged in ongoing discussions with the DoJ with respect to legal and factual aspects of their investigations. Further, at the request of the DoJ, we have entered into an agreement to voluntarily extend the statutes of limitations related to potential FCA claims. We have separately received subpoenas and document requests from the SEC that include information covering a wide range of mortgage-related matters... In October 2014 we received a document request from the SEC in connection with its investigation related to subprime automotive finance and related securitization activities. Separately, in December 2014, we received a subpoena from the DoJ requesting similar information. We are currently cooperating with both the SEC and DoJ with respect to these matters."
February 20, 2015
08:11 EDTALLYAlly CEO exploring subprime lending, sees loss of GM business, Detroit News says
Ally (ALLY) CEO Jeffrey Brown stated in a Thursday interview with The Detroit News that the company may return to offering credit cards and home mortgages, and currently plans to expand auto lending to subprime customers. The CEO said he expects to decide within 30-60 days whether Ally will consolidate its five locations to a single headquarters in the Detroit suburbs. Brown added that he expects GM (GM) to shift its $4.1B subsidized leasing program for Chevrolet from Ally to GM Financial, which the Ally CEO wants to offset by increasing subprime lending from 9% of total lending to 12%-15%. Reference Link
07:04 EDTALLYAlly CEO assuming company will lose all of GM's leasing business, Reuters says
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