News Releases - September 2019

Settlement Agreement With First Tennessee Bank Submitted In Alleged Bond Manipulation Case

Philadelphia, PA - Pennsylvania Treasurer Joe Torsella announced today that Plaintiffs have entered a settlement agreement with First Tennessee Bank & FTN Financial Securities Corp. (collectively, “FTN”) to resolve claims related to FTN’s alleged involvement in a conspiracy to fix the prices of bonds issued by several government-sponsored entity (“GSE”), including Fannie Mae and Freddie Mac.

Treasurer Torsella, Senator Haywood, Representative Driscoll Meet With Local Business Owner to Discuss Proposed Keystone Saves Auto-IRA Program

Program would give more than 2 million Pennsylvanians access to retirement plans through employers

Philadelphia, PA - Pennsylvania Treasurer Joe Torsella, Senator Art Haywood and Representative Mike Driscoll today met with Nancy Morozin, owner of the Dining Car in Philadelphia, to discuss the proposed Keystone Saves auto-IRA program.

Settlement Agreement with Deutsche Bank Submitted in Alleged Bond Manipulation Case

Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today announced that a settlement agreement with Deutsche Bank, the first defendant in a lawsuit alleging price-fixing of government-sponsored entity (“GSE”) bonds, has been submitted for approval to the United States District Court in the Southern District of New York. As part of the settlement, Deutsche Bank has agreed to a $15 million payment and to maintain a multi-factor antitrust compliance program to prevent and detect anticompetitive conduct relating to GSE bonds.