KeyCorp shares fall after the bank uncovers $90 million fraud by payrolls processor [CNBC]
KeyCorp (KEY)
Last keycorp earnings: 4/16 06:30 am
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Source: CNBC
KeyCorp shares fall after the bank uncovers $90 million fraud by payrolls processor Shares of Cleveland-based said in an 8-K filing the fraud involves a "business customer" and was discovered "on or about" July 9. The fraud took place in the third quarter, which started earlier this month, the company said. The customer in question is Interlogic Outsourcing, a payrolls processing company based in Elkhart, Indiana, according to a lawsuit. On July 9, KeyBank National Association — a subsidiary of — filed a lawsuit against Interlogic claiming the payments processor "fraudulently initiated wire transfers." The suit also claims, according to a report from The South Bend Tribune, that Interlogic CEO Najeeb Khan knew there weren't sufficient funds to cover the transfers. David George, an analyst at Baird, said the news it "unfortunate" but added the situation is "manageable." "While we acknowledge that this isn't a pretty headline, we believe any weakness beyond 1.5%-2% is an opportuni
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KEY
Earnings
- 4/18/24 - Miss
KEY
Sec Filings
- 4/18/24 - Form 8-K
- 4/2/24 - Form 4
- 4/2/24 - Form 4
- KEY's page on the SEC website