MGI - MoneyGram falls on report other states may be looking into CFPB claims

Moneygram (NASDAQ:MGI), which is agreed to be sold to Madison Dearborn in February, dropped 1.3% on a report that other states are said to be investigating the company after the New York Attorney General and the Consumer Financial Protection Bureau sued it last week over remittance transfers. California and Texas may be looking into claims about remittance transfers, according to traders, who cited a report that was being circulated. The Moneygram (MGI) deal spread is its widest since its $11/share sale to Moneygram was announced in February. MoneyGram previously disclosed in its 10-K that on February 25, 2021, CFPB told MGI of its intent to take legal action against MGI. MGI accrued $7.5 million as its best estimate to settle this matter. MoneyGram (MGI) Friday called the allegations in lawsuit baseless and said that CFPB chose to issue two press releases "littered with gratuitous and inaccurate statements" about the company and the allegations in the case. MGI said it's

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MoneyGram falls on report other states may be looking into CFPB claims