Law360, New York (January 16, 2014, 4:22 PM EST) -- The U.S. Treasury said Thursday it would receive $3 billion for the sale of 410,000 shares of auto lender Ally Financial Inc., the troubled firm that had received a $17.2 billion bailout during the 2008 financial crisis, as part of the wind-down of its Troubled Asset Relief Program.
After the private sale, the Treasury will continue to hold 37 percent of Ally's common stock. To date, taxpayers have recovered $15.3 billion or 89 percent of the company's bailout, according to the Treasury.
Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.