Every day, bankers check the league tables, a scoreboard that shows who won the biggest deals. Then they check their Strava app to see who’s chewing up the pavement fastest on his $20,000 bike. That's recreation on Wall Street.
Altria Group Inc.’s Philip Morris U.S.A. unit falsely marketed its “light” cigarettes as a healthier choice than regular cigarettes and should pay $543.6 million in restitution to California smokers, a lawyer said at the start of a trial.
Federal prosecutors asked a judge to unseal medical information that Raj Rajaratnam, the hedge fund manager convicted of directing a massive insider trading ring, is using to argue for a reduced sentence.
Bank of America Corp., JPMorgan Chase & Co. and three other banks agreed to pay $25 million to New York to resolve some monetary claims over the use of a mortgage database after reaching a $25 billion national settlement over foreclosure practices.