Investors have spent nearly a year blaming Daryl Heller for the crackup of an ATM network that allegedly cost them hundreds of millions of dollars.
In a class-action lawsuit filed in late June, a Penn State Health employee alleges the health system mismanaged employee retirement plans, diminishing their returns and overpaying vendors. The suit argues that the plans included investment choices with subpar returns and that they paid too much for certain administrative vendors in breach of the health system’s fiduciary responsibility […]
State lawmakers are proposing legislation that would cap fees for customers who overdraw their accounts at banks and credit unions. The goal is to protect lower-income consumers from the fees, according to state Rep. Benjamin Sanchez, a Montgomery County Democrat who is sponsoring the legislation. “Sometimes they fall into a cycle where they’re struggling to […]
A Scranton-area bank is seeking permission to open what would be its first branch in Lancaster County, according to a regulatory update from the Pennsylvania Department of Banking and Securities. Dunmore-based Peoples Security Bank & Trust Co. is looking to open the branch at 2343 Oregon Pike in Manheim Township, on the site of a retail plaza […]
Just over a year ago, Drew Mousetis began pitching the idea of direct employee ownership to anyone willing to listen. Now, he and the Lancaster-based nonprofit he leads, the Tandem Center for Shared Business Success, are poised to land their first convert. “There’s a lot of buzz out there about Tandem, and people want to […]
Paramount Management Group, the defunct Lancaster-based ATM network headed by Daryl Heller, sold and resold the same ATMs to the network’s investors, accounting for sales of nearly $22 million, according to a report filed yesterday by a court-appointed examiner in Heller’s bankruptcy case. The report appears to bolster investors’ allegations that they were defrauded by Heller […]
After listening to both sides of a loan dispute yesterday morning, a Dauphin County judge outlined a potential truce and asked attorneys to put it in writing. Harrisburg-area flooring supplier Frontier Surfaces claims it is on the brink of financial collapse following efforts by regional lender Mid Penn Bancorp to collect on a $4 million loan to the company. […]
A regional bank allegedly relied on false premises to seize $1.6 million in inventory from a Harrisburg-area flooring company, according to a legal complaint filed by the company against the bank. The complaint, filed last week in Dauphin County court against Mid Penn Bank, is the latest salvo in a dispute over an alleged loan default by […]
State lawmakers are taking another run at creating a state-backed retirement program for private-sector workers. Similar legislation cleared the Democratic-controlled House in 2023 but failed to move in the GOP-led Senate. The House is once again on the cusp of passing the legislation following its approval on Tuesday in a party-line vote by the House Commerce […]
Citing federal pullbacks in the area of consumer protection, the Shapiro administation yesterday unveiled a new hotline, website and email address for complaining about banks, insurers, student lenders and other financial services providers. State residents can now call 1-866-PACOMPLAINT, visit pa.gov/consumer or email [email protected] to report their concerns. Pennsylvania has its own set of laws designed to […]