NEW YORK, Nov. 15, 2017 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Mitsubishi UFJ Financial Group, Inc. (“MUFG” or the “Company”)
Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether MUFG and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On November 7, 2017, MUFG converted the New York state license of a bank branch in New York to a federal license, with approval from the Office of the Comptroller of the Currency (the “OCC”). On November 15, 2017, citing a letter from the New York Department of Financial Services (“DFS”) to the OCC, The Wall Street Journal reported that MUFG’s license conversion followed a report by an independent monitor that “the bank was ‘taking actions that are inconsistent with complying’ with a consent order it had agreed to in 2014 related to hiding illicit transactions involving Iran and other countries, including ‘the termination of a competent and cooperative Chief Compliance Officer’ in March and a ‘lack of transparency’ with the monitor about transaction data problems.” In its letter to the OCC, the DFS asserted that it “was not given any reasonable opportunity to provide any input whatsoever” into MUFG’s application for a federal banking license, and that “[t]he precipitous nature of this approval . . . is without precedent and raises significant questions as to both the process and substance of the OCC’s decision.”
On this news, MUFG’s American depositary receipt price fell $0.11, or 1.66%, to close at $6.53 on November 15, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT:Robert S. Willoughby
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SOURCE Pomerantz LLP
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