An Italian prosecutor has proposed that Morgan Stanley pay 2.9 billion euros to settle derivative transactions, the bank said on Wednesday in a securities filing. The proposed claim argues that at least some of the derivative transactions were “improper,” as was their termination, Morgan Stanley said in a 10-Q filing with the U.S. Securities and...
The top two executives at ARM Holdings will share a payout of up to £55m when the British microchip designer is bought by Japan’s SoftBank, terms of the sale reveal. SoftBank’s £24bn takeover will allow Simon Segars, ARM’s chief executive, to receive £17 for each of the 668,432 shares he owns, bringing in £11.4m. Mike Muller, the chief...
Three senior Irish bankers were jailed on Friday for up to three-and-a-half years for conspiring to defraud investors in the most prominent prosecution arising from the 2008 banking crisis that crippled the country’s economy. The trio will be among the first senior bankers globally to be jailed for their role in the collapse of a...
US President Barack Obama signed Senate Bill No. 764 into law on Friday, which requires labeling of genetically modified organisms (GMOs) in food products under a single national standard. The law requires the Department of Agriculture(USDA) to write the rules for a “national mandatory bioengineered food disclosure standard” no later than two years after the signing of this bill...
Apple Inc on Friday asked the U.S. Supreme Court to clear the way for the iPhone maker to secure hundreds of millions in damages from Samsung Electronics Co Ltd in a case over smartphone design patents. The world’s top smartphone rivals have been feuding over patents since 2011, when Apple sued Samsung in a northern...
The federal bureau charged with protecting U.S. consumers’ finances was poised to lay out plans on Thursday for toughening regulation of debt collection, as complaints have mounted about the multibillion-dollar industry. The Consumer Financial Protection Bureau’s proposal would come on top of an existing federal law, the Fair Debt Collection Practices Act, that prohibits collectors...
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