Stocks rose sharply on Monday as Treasury yields rebounded, quelling fears of a possible recessionUS Marketsread more
Sequoia's Michael Moritz says that direct listings worked for Spotify and Slack and will become more common for companies with "courage and intelligence."Technologyread more
Shares of embattled utility PG&E plummeted after a judge ruled that a jury can decided whether it should pay up to $18 billion in damages.Marketsread more
The New York City police officer who used a chokehold on Eric Garner in an encounter that ended with Garner's death has been fired, New York City Police Commissioner James...Politicsread more
These are the stocks posting the largest moves midday.Market Insiderread more
collect $60 mln@ (Adds details of settlement, bylines)
Aug 12 (Reuters) - The U.S. Consumer Financial Protection Bureau (CFPB) said on Monday it had reached a settlement with ITT Educational Services Inc over predatory lending practices, but does not plan to collect any of a $60 million judgment from the bankrupt for-profit college.
The proposed settlement stipulates that the bureau will not seek any funds through bankruptcy proceedings from ITT, citing the limited amount available to be distributed to former students. The settlement, filed in the U.S. District Court for the Southern District of Indiana also bars ITT, which filed for bankruptcy in September 2016, from providing student loans in the future.
The CFPB had sued ITT in 2014, alleging it engaged in predatory lending practices, pushing student borrowers into high-cost private loans that they did not understand and could not afford. ITT closed roughly 130 campuses as it filed for bankruptcy, amid growing government scrutiny of for-profit colleges.
In June, the government announced ITT's affiliated lender, Student CU Connect CUSO, would stop collecting on $168 million in outstanding student loans. (Editing by Richard Chang)