Tags: Ally | charge | settlement | General Motors

Ally Financial Profit Hurt by Settlement Charge

Thursday, 06 February 2014 09:40 AM

Ally Financial Inc., the auto lender owned in part by the U.S. government, posted a lower quarterly profit, hurt by a $98 million charge related to a settlement with federal regulators.

The Detroit-based company, once the auto lending arm of General Motors Co., said net earnings fell to $104 million in the fourth quarter, from $1.44 billion a year earlier.

Last year's results got a boost from an $856 million tax benefit.

Ally had agreed to pay $98 million in December to settle allegations by regulators that it discriminated in auto lending against black, Hispanic and Asian/Pacific Islander borrowers.

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Ally Financial Inc., the auto lender owned in part by the U.S. government, posted a lower quarterly profit, hurt by a $98 million charge related to a settlement with federal regulators.
Ally,charge,settlement,General Motors
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2014-40-06
Thursday, 06 February 2014 09:40 AM
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