MGI - MoneyGram falls amid lawsuit from U.S. NY AG over remittance transfers

MoneyGram (NASDAQ:MGI), which is agreed to be sold to Madison Dearborn in February, dropped 7.7% after the New York Attorney General and the Consumer Financial Protection Bureau sued the company over remittance transfers. "When consumers have complained of remittance-transfer errors, MoneyGram has repeatedly failed to provide the investigations, responses, or remedies required by the Rule," according to the lawsuit. "MoneygGram has failed to comply with policy-and-procedure and document-retention requirements." Developing story ...

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MoneyGram falls amid lawsuit from U.S. NY AG over remittance transfers