The financial news that actually matters
Roughly 18,000 Lockheed Martin retirees and beneficiaries lost their direct pension relationship with one of the largest U.S. defense contractors after the company transferred $4.9 billion in defined-benefit obligations to an insurer in August 2021. Those retirees now argue the deal prioritized cost savings over their long-term financial security, and the U.S. Department of Labor…
Retirees who hold gold as a portfolio hedge are watching a roughly 50 percent gain evaporate on paper as the metal has pulled back to about $4,000 an ounce from its highs. JPMorgan, across both its global research and private banking arms, is telling clients the decline is temporary and that gold will reach $6,000…
Federal prosecutors in the Southern District of Florida have charged Ibrahim Khaldoon Hilmi with orchestrating a $3.76 billion fraud scheme that used two shell companies to bill Medicare, Medicaid, the Federal Employees Health Benefits Program, and commercial insurers for durable medical equipment and wound dressings that were never delivered. The indictment in United States v….
A former Georgia investment advisor drained nearly $10 million from a single elderly client over three years, using forged credentials and unauthorized account access to conceal the theft. Eijroghene Okuma pleaded guilty to one count of wire fraud in federal court, admitting to a scheme that ran from March 2022 through March 2025. The case,…
When a bank shuts its doors, depositors face an immediate question: how fast can they get their money back? The FDIC has historically returned insured funds within a few days of a closing, often by the next business day. But the speed of that payout depends less on the size of the failed institution and…
Families settling estates in Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania face a cost that heirs in the other 45 states do not: a state-level inheritance tax applied directly to the people who receive assets from a deceased person. Each of these five states maintains its own rate structure, beneficiary classifications, and filing requirements, creating…
Roughly 93,000 people who saved for retirement through the U.S. Bank 401(k) plan will split a $250,000 settlement without filing a single claim. The agreement resolves allegations that the plan charged excessive recordkeeping fees, and it covers participants from plan-year 2017 onward. The payout per person is small, but the case adds to a growing…
People whose health data was exposed in a Serviceaide breach can now claim a flat $50 payment without submitting any proof of harm, with the filing window open until September 1. The offer follows the kind of incident that triggers mandatory federal reporting: under HIPAA rules, any breach affecting 500 or more individuals must be…
An Alabama man lost what federal prosecutors describe as his life savings to a cryptocurrency investment fraud known as “pig butchering,” and the U.S. government is now pursuing forfeiture of roughly $222,000 tied to the scheme. The case follows a familiar pattern: an online contact built trust over weeks, steered the victim to a fake…
A federal grand jury in Birmingham, Alabama, has charged Thomas Aaron Kane, 44, with a 19-count indictment alleging wire fraud, money laundering, and bankruptcy fraud tied to two IT companies he ran. Kane served as CEO of Keep Information Technology Simple, LLC and its successor entity, Keepitsimple.us LLC. Prosecutors say the alleged schemes stretched over…