Western Union Company said it's getting ready for a possible fight with a New York state regulatory agency.
Yesterday, the Douglas County-based wire transfer giant (NYSE: WU) released its second-quarter results. In the release, Western Union said it was reducing its full year earnings-per-share outlook to a range of $1.46 to $1.56 from $1.48 to $1.60, due to the legal matter.
"The legal matter accrual negatively impacted current quarter earnings per share by 10 cents, as the company accrued $49 million towards a possible resolution with a state regulator," Western Union said in a statement.
In the company's 10-Q filing with the SEC, Western Union identified the state regulator as the New York Department of Financial Services (NYDFS). Western Union said last week, it received a notice from the NYDFS, saying the regulator could take "additional enforcement action" regarding Western Union's past money-laundering settlements.
Read more at the Denver Business Journal: http://bit.ly/2ub8goQ