JPMorgan has agreed to pay $425m to settle a lawsuit alleging it manipulated the market for initial public offerings during the technology boom of the late 1990s, the bank said on Thursday.
The deal is the first in the case and could put pressure on other Wall Street banks to pay billions in aggregate.
The eventual overall settlement is likely to be the largest private recovery for investors burned by Wall Street’s aggressive tactics during the bull market
Drugs firm Merck has been ordered to pay $32m (£18m) in damages after its Vioxx painkiller was found to have contributed to a fatal heart attack.
A Texas jury awarded $25m in punitive damages and $7m in compensatory damages – holding the firm liable after a 71-year-old died after taking the drug.
Merck will appeal and said Leonel Garza had died after years of heart disease
Tyco International Ltd. will pay the Securities and Exchange Commission a $50 million civil penalty to settle allegations the high-tech conglomerates prior management violated securities laws, cooked the books and overstated financial results by at least $1 billion.
Under the proposed settlement, filed Monday in U
Microsoft has lost the latest round of its battle against sanctions in Europe.
A US judge quashed the firm’s demands that rival Novell hand over documents it presented to the European Commission for use in an anti-trust case.
The judge in the case said he had turned down the request as Microsoft was trying to “circumvent and undermine” European law
Former Enron boss Jeffrey Skilling has defended his sale of $63m in Enron stock before the company collapsed, saying he has “nothing to hide.”
He insisted the sales, which raised $63m (£35.6m) in 2000 and 2001, were proper and he had no idea an internal probe into Enron’s accounts had begun
Former Enron chief executive Jeffrey Skilling accused government prosecutors of trying to “rewrite history” during his fourth day on the witness stand.
He said they were misrepresenting Enron’s business and making “absurd” allegations against him.
“I think they have purposely not looked at facts they should have looked at if they wanted to come to a more balanced and accurate conclusion,” Mr Skilling said to questions from his defence lawyer, Daniel Petrocelli
Credit and debit card fees are pushing up retail prices by as much as 2.5% in some EU markets, according to the European Commission.
Depending on where customers live in the EU, they could pay up to double in annual fees for a Visa or Mastercard
Credit and debit card fees are pushing up retail prices by as much as 2.5% in some EU markets, according to the European Commission.
Depending on where customers live in the EU, they could pay up to double in annual fees for a Visa or Mastercard
Enron never used illegal cash reserves to disguise massive trading profits or cover earnings shortfalls, former chief Jeffrey Skilling said on Wednesday.
In his third day on the witness stand at a trial in Houston he testified that there was no “cookie jar” account.
Mr Skilling was denying claims by a former Enron executive that the company earned massive profits from trading power during the California power crisis in 2000 and illegally dumped the money in a “cookie jar” account to cover possible earnings shortfalls in the future
Drugs firm Merck has been ordered to pay $9m (£5.1m) in damages to a US man after its Vioxx painkiller was found to have contributed to his heart attack.
A New Jersey jury awarded the punitive damages to 77-year old John McDarby, almost a week after it found Merck liable for his heart attack