Western Union Announces It Will Pay $586 Million Fine
Western Union announced that is has reached an agreement with the U.S. Department of Justice to pay a $586 million fine related to the ineffectiveness of its anti-fraud programs. We expected a fine as a likely outcome of this issue, given that competitor MoneyGram had paid a fine of $100 million for similar issues in 2012, but the amount of Western Union’s fine is greater than we had projected. Still, the differential is not sufficient to change our $20 fair value estimate, which we will maintai...Western Union is a holding company. Through its subsidiaries, the company is engaged in money movement and payment services, providing people and businesses with ways to send money and make payments around the world. The company's segments are: Consumer-to-Consumer, which is focused on individual money transfers from one consumer to another; and Business Solutions, in which the company facilitates payment and foreign exchange solutions, primarily cross-border, cross-currency transactions, for small and medium size enterprises and other organizations and individuals. The company's remaining businesses and services include its electronic-based and cash-based bill payment services.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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