Student Loan Forgiveness 2023: Education Department Can Move Forward with $6 Billion in Student Loan Discharges

April 3, 2023 by · Comments Off on Student Loan Forgiveness 2023: Education Department Can Move Forward with $6 Billion in Student Loan Discharges 

A federal appeals court has cleared the way for the Biden administration to move forward with student loan forgiveness and other debt relief, as part of a settlement to resolve long-standing Borrower Defense to Repayment claims. The settlement, which was approved last fall, would provide $6 billion in student loan discharges to almost a quarter of a million borrowers who attended several dozen institutions, mainly for-profit schools, listed in the agreement.

The settlement agreement had been challenged by three schools listed in the agreement appendix – American National University, Everglades College, Inc., and Lincoln Educational Services – who sought to block the relief. They claimed that the agreement and the resolution process were unfair and that being listed in the settlement agreement was damaging to their reputations.

However, a federal district court ruled in February that the settlement relief could proceed, allowing the Biden administration to move forward with implementing the program. The Borrower Defense program provides federal student loan discharges and other debt relief for borrowers who were misled by their schools through false promises or misrepresentations about their programs.

Up To 30% Of Jobs To Be Cut By Enlarged UBS: UBS Bank resulting from Credit Suisse takeover to cut workforce by up to 30%

April 3, 2023 by · Comments Off on Up To 30% Of Jobs To Be Cut By Enlarged UBS: UBS Bank resulting from Credit Suisse takeover to cut workforce by up to 30% 

According to an unnamed senior manager at UBS, the bank resulting from the UBS acquisition of Credit Suisse is preparing to reduce its workforce by 20-30%, as reported by Swiss newspaper Tages-Anzeiger on Sunday.

The acquisition, which was orchestrated by the Swiss government, central bank, and market regulator to prevent a financial crisis in the country, saw UBS purchase Credit Suisse for 3 billion Swiss francs ($3.3 billion).

However, concerns have been raised about the size of the new bank, which now has assets of $1.6 trillion and more than 120,000 employees worldwide. The report from Tages-Anzeiger suggested that the bank may cut around 11,000 jobs within Switzerland.

Levi Strauss IPO

February 14, 2019 by · Comments Off on Levi Strauss IPO 

Levi Strauss IPO, Levi Strauss filed the paperwork for an initial public offering Wednesday.

The iconic denim company plans to list on the New York Stock Exchange with the ticker “LEVI.”

According to its SEC filing, the San Francisco-based company plans to raise $100 million through the IPO, a placeholder amount used to calculate fees, but CNBC’s Leslie Picker previously reported that the company is aiming to raise between $600 million and $800 million.

Levi’s said that it plans to use the proceeds from going public for “general corporate purposes,” including working capital, operating expenses and capital expenditures. According to the filing, the company sees the opportunity to expand its presence in emerging markets such as China, India and Brazil.

A portion of the proceeds could go to acquisitions or other strategic opportunities, but the company said that it has no current plans to do so.

Levi’s reported revenue of $5.58 billion and net income of $283 million during 2018.

Goldman Sachs, J.P. Morgan, Bank of America Merrill Lynch, Morgan Stanley, Evercore ISI, BNP Paribas, Citigroup, Guggenheim Securities, HSBC, Drexel Hamilton, Telsey Advisory Group and the Williams Capital Group are underwriting the IPO.

After the public offering, Levi’s will have both Class A and Class B common stock. Class B shareholders will get 10 votes for every Class A vote.

Levi Strauss IPO

Staples CEO Stepping Down

June 2, 2016 by · Comments Off on Staples CEO Stepping Down 

Staples CEO Stepping Down, Staples Inc. says Ron Sargent will step down as chief executive after 14 years on the job.

His departure follows Staples and rival Office Depot dropping their $6.3 billion merger earlier this month after antitrust regulators opposed it.

Staples director Robert Sulentic said in a statement that the board and Sargent agreed that it was time for new management to help Staples grow after the deal’s collapse.

Sargent will step down as CEO after the company’s annual shareholder meeting June 14 but will remain a director and non-executive chairman through the end of January.

The Framingham, Massachusetts-based office supplies retailer said Tuesday that Staples executive Shira Goodman, the president of operations in North America, will become interim CEO.

The company’s board will search for a permanent replacement.

Federal Student Tax Scam

May 28, 2016 by · Comments Off on Federal Student Tax Scam 

Federal Student Tax Scam, The IRS is warning about another twist in the ongoing scams with callers posing as IRS agents. In this new variation, the callers are demanding payment of the Federal Student Tax.

There’s no such thing as a Federal Student Tax.

“These scams and schemes continue to evolve nationwide, and now they’re trying to trick students,” IRS Commissioner John Koskinen said in a statement.

Callers demand payment of the tax immediately or threaten to report them to police.

There have been other IRS scams. The most comment Action 2 News has heard about is threatening people claiming they owe back taxes. We’ve also heard about scammers claiming to help people complete their tax information.

The IRS says a demand for immediate payment over the phone should be a red flag. If a taxpayer is delinquent, the IRS will mail a bill to them first; a phone call will not be their first contact.

The IRS also won’t threaten to involve police or other law enforcement agencies immediately for not paying.

And the IRS won’t demand prepaid debit cards or Green Dot cards, or accept iTunes gift cards for payment.

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