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 Montreal v Innovation Credit Union Bank of Montreal v Innovation Credit Union Bank of Montreal v Innovation Credit Union is a decision of the Supreme Court of Canada that deals with the priority of unregistered security interests of a creditor against a security interest created later by a chartered bank under the "Bank Act". James Buist, a farmer in Saskatchewan, borrowed money from the Innovation Credit Union in October 1991. In return, he provided the credit union with a security interest in all of his present and after-acquired personal property, which would be governed by the "Personal Property Security Act (Saskatchewan)". The interest was not