Ally To Pay Treasury $5.2B For Preferred Shares

Law360, Los Angeles (August 20, 2013, 9:14 PM EDT) -- Bank holding company Ally Financial Inc. on Tuesday announced plans to pay about $5.2 billion to buy back all its outstanding preferred shares held by the U.S. Treasury, moving one step closer to emerging from government protection under the Troubled Asset and Relief Program.

Ally, the former financing unit of General Motors Co., also said it had entered into agreements with certain investors to sell more than 166,000 shares of common stock through a private placement for about $1 billion. Ally CEO Michael A. Carpenter touted the transactions as "key steps in...
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