Goldman, Bain to pay $121 million in LBO collusion settlement
(Reuters) – Goldman Sachs Group Inc will pay $67 million and Bain Capital Partners LLC will pay $54 million to settle their portions of a lawsuit accusing several big private equity firms of conspiring not to outbid each other in takeovers.
Cantor exit raises Wall Street fears of renewed debt fight
NEW YORK (Reuters) – House Majority Leader Eric Cantor’s shocking defeat isn’t likely to have much effect on U.S. financial markets — unless his departure emboldens Tea Party Republicans to again threaten a government shut-down over the debt ceiling n…
Lululemon founder turns on board, votes against new chairman
TORONTO (Reuters) – Lululemon Athletica Inc’s founder and biggest shareholder, Chip Wilson, lashed out at the yogawear retailer’s board on Wednesday, saying the company’s new chairman and another director are too focused on short-term growth and that h…
Wall St. ends lower after World Bank cuts forecast
NEW YORK (Reuters) – U.S. stocks fell on Wednesday, with the Dow breaking a four-day string of record closing highs, following the World Bank’s reduction of its global growth forecast.
Ex-Goldman director Gupta loses bid to stay out of prison
(Reuters) – Former Goldman Sachs Group Inc director Rajat Gupta has failed to persuade the U.S. Supreme Court to delay the June 17 start of his two-year prison term while he pursues an appeal of his insider trading conviction.
Judge considers dismissing U.S. fraud case against Bank of America
ASHEVILLE N.C. (Reuters) – A federal judge on Wednesday said he would consider dismissing a U.S. Department of Justice lawsuit accusing Bank of America Corp of civil fraud in the sale of mortgage securities that soured during the global financial crisi…
GM CEO to testify on recall next week at U.S. congressional hearing
WASHINGTON (Reuters) – General Motors Co Chief Executive Mary Barra will testify on June 18 at a U.S. House of Representatives subcommittee hearing on the automaker’s defective ignition switch that has been linked to at least 13 deaths, the subcommitte…
U.S. healthcare data points to much weaker first-quarter GDP
WASHINGTON (Reuters) – The U.S. economy likely contracted at a much sharper pace in the first quarter than previously estimated with data on Wednesday showing weaker healthcare spending.
Exclusive: U.S. using JPMorgan penalty to speed cases against other banks
WASHINGTON/NEW YORK (Reuters) – The U.S. Justice Department is spending some of the $13 billion JPMorgan Chase & Co agreed to pay to settle claims stemming from mortgage misdeeds to speed up similar punishments against other lenders, possibly including Bank of America Corp and Citigroup, according to people familiar with the matter.
Stocks slip on World Bank call, brent up on Iraq
NEW YORK (Reuters) – A gauge of world stock markets retreated from recent highs on Wednesday, pressured by a lower growth forecast from the World Bank and a profit warning from Lufthansa, while Brent crude rose on fears of disrupted supply from Iraq.
