Promontory Financial Agrees to Pay $15M, Drops Threat of Litigation

The New York Times reported yesterday that Promontory Financial Group has agreed to a settlement with the New York Department of Financial Services. The firm will pay a $15M penalty and will abstain from certain consulting projects in New York for six months.

Promontory is a consulting firm that primarily advises multinational bank clients on regulatory matters. This agreement is the resolution of a two year investigation into the company’s alleged failure to exhibit independence when reviewing bank practices.

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