The pitch was enticing. At a time when the Standard & Poor’s 500 Index had suffered a decline of 41 percent in the previous three years, Morgan Stanley was offering its clients the possibility of some relief.
The U.S. Securities and Exchange Commission, in settling claims with JPMorgan Chase & Co. over its handling of a $6.2 billion trading loss, landed its biggest victory yet in fulfilling a pledge to force wrongdoers to admit guilt.
JPMorgan Chase & Co., settling U.S. and U.K. probes of a $6.2 billion trading loss, agreed to pay $920 million in penalties and admitted violating securities laws last year as top managers withheld information from the board.
The chairman of Cox Enterprises Inc., owner the third-largest U.S. cable operator, asked a judge to dissolve a 1941 trust for Anne Cox Chambers, his billionaire aunt and the company’s biggest shareholder, to free the money for relatives and charities.
For Philip Falcone, the price of hanging on to his dream of building a wireless broadband network is a new, tougher settlement with U.S. regulators that requires him to admit wrongdoing and bans him from the hedge-fund industry that made him a billionaire.
Carol Patterson was waiting for a call from her doctor. When the phone rang on that afternoon in August 2011 at her home in Cortland, Ohio, it wasn’t a physician on the other end. A woman named Robin said she was representing the American Diabetes Association.
The Securities and Exchange Commission spent 21 years seeking a system to monitor America’s largest stock traders. It took a 20-minute market plunge to convince the securities industry it was a good idea.
Apple Inc. may already have told investors all it needs to about Steve Jobs ’s health problems in its statement yesterday that he was granted a leave of absence, according to three securities law experts.
Uruguay, South America’s third- cleanest country in terms of carbon emissions, plans to develop as many wind farms as its electricity grid can support to diversify energy supplies beyond fossil fuel and hydropower.