G. Kennedy Thompson of court a case in which it allegedly laundered over $378 billion in cash and traveler's checks from Mexican drug cartels in the years 2004 - 2006, during Thompson's tenure as CEO. Terms of the settlement included a $110 million forfeiture and a $50 million fine. Thompson was pushed out of Wachovia Bank (WB) on June 2, 2008, as head of the nation’s fourth-largest bank, becoming the latest financial services executive to be ousted amid turmoil in the U.S. housing market. Thompson will not receive any incentive pay for the 2008 fiscal year, but according to a filing with the
Bank of Credit and Commerce International SA v Aboody Bank of Credit and Commerce International SA v Aboody Bank of Credit and Commerce International SA v Aboody [1992] 4 All ER 955 is an English contract law case relating to undue influence. Mrs Aboody signed a document making a charge over the family home in favour of Bank of Credit and Commerce International, to secure her husband’s borrowing for his company. Mr Aboody had bullied her, and she had signed to get some peace. Slade LJ held that because of "manifest disadvantage" had to be shown even in cases of actual undue influence. The transaction was not manifestly disadvantageous,