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In June 2016, AmSurg Corp. and Envision Healthcare Holdings, Inc. (Envision) announced they have signed a definitive merger agreement pursuant to which the companies will combine in an all-stock transaction. Upon completion of the merger, which is expected to be tax-free to the shareholders of both organizations, the combined company will be named Envision Healthcare Corporation and co-headquartered in Nashville, Tennessee and Greenwood Village, Colorado. The company's common stock is expected to trade on the New York Stock Exchange under the ticker symbol: EVHC. Bass, Berry & Sims served as lead counsel on the transaction, led by Jim Jenkins. Read more.

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Inside the FCA blogInside the FCA blog features ongoing updates related to the False Claims Act (FCA), including insight on the latest legal decisions, regulatory developments and FCA settlements. The blog provides timely updates for corporate boards, directors, compliance managers, general counsel and other parties interested in the organizational impact and legal developments stemming from issues potentially giving rise to FCA liability.

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M&T Bank Settles CFPB Charge of Deceptive Advertising of "Free Checking" Account

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November 10, 2014

Manufacturers & Traders Trust Company (M&T Bank) has agreed to entry of a Consent Order with the Consumer Financial Protection Bureau (CFPB) agreeing to pay a minimum of $2.245 million dollars and implement a variety of non-monetary procedures resulting from M&T Bank's advertising of a "free checking" account product. The CFPB determined M&T Bank had deceptively advertised a free checking account product to customers by withholding important eligibility information.

The CFPB concluded that between 2009 and 2012 M&T Bank deceptively advertised the checking account as being free with "no strings attached," but did not disclose in its advertisements that a minimum monthly balance was required nor that customers had to maintain a minimum level of account activity. M&T Bank automatically converted customers who failed to qualify to another checking account product resulting in monthly maintenance fees ranging from $5 to $14 dollars per month.

This is the CFPB's first Consent Order and settlement involving deceptive marketing of checking accounts.

Additional information and a copy of the Consent Order may be obtained by contacting the author or any member of our Financial Services Practice Group.


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