“The world is a mess, and I just need to rule it.” – Dr. Horrible
Let’s cut through the corporate bullshit and get real about Northern Trust Corp. This isn’t some PR spin, my friends. This is the truth about a financial giant that’s been playing fast and loose with ethics for years. And guess what? They’re knee-deep in Cummins Inc., a company with its own laundry list of fuck-ups. Coincidence? Hardly. It’s another match made in hell, where profit trumps principle every damn time.
Who the Hell is Northern Trust?
Northern Trust Corp is a Chicago-based financial behemoth, flaunting many trillions in assets under custody and £1.25 trillion under management as of December 2024. They’re the kind of institution that handles your pension, your trust fund, your future – while allegedly screwing you over behind closed doors. And they’re not just any shareholder in Cummins Inc.; they’re one of the top dogs, clutching approximately 1.9 million shares as of March 2025. That’s not pocket change; that’s influence, power, and a vested interest in a company that’s been caught red-handed cheating on emissions tests. We’ve covered this extensively but there’s no harm in refreshing your memories.
The Rot Starts at Home: Northern Trust’s Litany of Sins
Let’s start with the 401(k) fiasco. In January 2025, Northern Trust coughed up £5.4 million to settle a class-action lawsuit. The allegation? They stuffed their own employees’ retirement plans with underperforming, fee-laden in-house funds. Translation: they gambled with people’s futures to line their own pockets. And this wasn’t some rookie mistake; it was a calculated move to boost profits at the expense of their own damn workforce. If they’re doing this to their own, imagine what they’re doing to you.
But wait, there’s more. Northern Trust is currently embroiled in a lawsuit alleging they discriminated against U.S. citizens by targeting H-1B visa holders for jobs. The case, filed in March 2024, claims they were part of a shady network called “Chicago H-1B Connect,” which essentially told American workers to fuck off while rolling out the red carpet for foreign labour. Lost wages, shattered careers, and a blatant middle finger to the law. And they’re still fighting it, because why admit guilt when you can drag it out in court?
Then there’s the customer complaints – 14 in the last three years alone, according to the Better Business Bureau. We’re talking about everything from refusing to close a deceased mum’s account to bungling pension cheques. One poor bastard had a £4,000 cheque deposit refused, and another’s trustee disputes are still unresolved. These aren’t just “oops” moments; they’re systemic failures that scream incompetence or, worse, indifference.
And let’s not forget the fiduciary duty breaches. In Banks v. Northern Trust Corp, the Ninth Circuit had to step in and reverse a dismissal, allowing claims that Northern Trust invested trust assets in their own crappy funds instead of better options. The result? Beneficiaries got screwed while Northern Trust allegedly fattened its bottom line. The case is still grinding through the courts, but the stench of self-dealing is unmistakable.
A Regulatory Rap Sheet Longer Than a CVS Receipt
Northern Trust’s run-ins with regulators read like a greatest hits album of financial fuckery:
- FINRA, March 2025: Fined £117,000 for reporting deficiencies. Translation: they couldn’t be bothered to get their paperwork right for nearly a decade.
- SEC, September 2020: Fined £119,000 for failing to stop a fraudulent hedge fund manager who was cooking the books. Investors got shafted, and Northern Trust? A slap on the wrist.
- CFTC, September 2019: A cool £780,000 fine for swap reporting violations. They couldn’t supervise their own operations properly, and the taxpayer footed the bill.
- FINRA, June 2011: £468,000 for inadequate supervision of CMO sales. They missed 43.5% of trades – because who needs oversight when you’re making bank?
- ASIC, December 2023: Fined £23,300 for greenwashing, misleading investors about their ESG fund’s carbon emissions exclusions. They paid up and quietly removed the offending holdings. Problem solved, right?
- French Court, March 2024: Fined £160,000 for complicity in estate tax fraud. Yes, you read that right – complicity in fraud.
And let’s not overlook the NHL fraud scheme. In 2016, a whistleblower alleged that Northern Trust was aware of a fraudster defrauding NHL players of £10.5 million but did nothing, collecting fees until the well ran dry. Northern Trust denies it, of course, but the secret recordings tell a different story. They weren’t prosecuted, but the stink lingers.
Cummins Inc.: A Perfect Partner in Ethical Erosion
Now, let’s talk about Cummins Inc., the diesel engine giant that Northern Trust is so keen on. Cummins has its own hall of shame:
- In December 2023, they agreed to a staggering £1.3 billion settlement with the U.S. Department of Justice and California for installing defeat devices on hundreds of thousands of engines, cheating emissions tests like it was a game. This wasn’t a minor oversight; it was a deliberate, systematic effort to deceive regulators and poison the air we breathe.
- And let’s not forget their environmental impact. Diesel engines are notorious polluters, and Cummins has been at the forefront, pushing products that contribute to climate change while paying lip service to sustainability.
So, why is Northern Trust, with its own ethical baggage, so heavily invested in a company like Cummins? It’s simple: birds of a feather flock together. Both companies have shown a willingness to cut corners, bend rules, and prioritise profit over people. Northern Trust’s investment in Cummins isn’t just a financial decision; it’s a statement of values – or lack thereof.
The Casual Link: A Culture of Convenience Over Conscience
Here’s the kicker: Northern Trust’s controversies and Cummins’ ethical lapses aren’t isolated incidents. They’re symptoms of a corporate culture that values short-term gains over long-term integrity. When Northern Trust settles a lawsuit for mismanaging retirement funds, it’s not just about the money; it’s about betraying the trust of those who depend on them. Similarly, when Cummins installs defeat devices, it’s not just about dodging regulations; it’s about deceiving the public and harming the planet.
Both companies operate in industries where trust is paramount – financial services and manufacturing. Yet, time and again, they’ve chosen to betray that trust for a quick buck. Northern Trust’s investment in Cummins is a tacit endorsement of this approach, a signal that they’re comfortable with a partner who shares their disdain for ethical boundaries.
Time to Wake the Fuck Up
Northern Trust Corp and Cummins Inc. are two sides of the same tarnished coin. Their controversies aren’t just legal footnotes; they’re glaring red flags that should make any investor, employee, or customer think twice. If you’re entrusting your money to Northern Trust or buying a Cummins engine, you’re not just supporting a business; you’re enabling a culture of greed, deception, and ethical decay.
It’s time to demand better. It’s time to hold these corporate Goliaths accountable. Because if we don’t, they’ll keep laughing all the way to the bank, leaving a trail of broken trust and shattered lives in their wake.
Lee Thompson – Founder, The Cummins Accountability Project
Sources
- Northern Trust 401(k) Settlement – PLANSPONSOR
- Immigration Discrimination Case – Department of Justice
- Customer Complaints – Better Business Bureau
- Fiduciary Duty Breaches – Justia
- FINRA Fine (March 2025) – FX News Group
- SEC Fine (September 2020) – SEC Order
- CFTC Fine (September 2019) – CFTC Press Release
- FINRA Fine (2011) – FINRA Press Release
- ASIC Fine (December 2023) – ASIC Media Release
- French Court Fine (March 2024) – SEC Filing
- NHL Fraud Scheme – Wealth Management
- Cummins Settlement – Department of Justice
- Cummins Environmental Impact – Various sources, including EPA reports and environmental advocacy groups.