Bank of America liable for Countrywide mortgage fraud
NEW YORK (Reuters) – Bank of America Corp was found liable for fraud on Wednesday over defective mortgages sold by its Countrywide unit, a major win for the U.S. government in one of the few trials stemming from the financial crisis.
Omnicare to pay $120 million to settle U.S. kickback lawsuit
(Reuters) – Omnicare Inc, a leading U.S. provider of pharmacy services to the elderly, has agreed to pay the U.S. government $120 million to settle allegations the company gave nursing homes steep discounts on prescription drugs in exchange for patient…
Wall Street ends down as Caterpillar falls, Boeing rallies
NEW YORK (Reuters) – U.S. stocks fell on Wednesday as shares of heavy-equipment maker Caterpillar and semiconductor companies tumbled after they reported earnings, ending the S&P 500’s four-session streak of record high finishes.
Santander poised for big profit jump as bad debt provisions fall
MADRID (Reuters) – Santander , the euro zone’s biggest bank, and two smaller rivals are expected to reveal a surge in profits when they report nine-month results on Thursday due largely to a reduction in bad debt provisions.
Former Ecuadorean judge testifies to bribery in Chevron case
NEW YORK (Reuters) – A former Ecuadorean judge testified on Wednesday that he ghost-wrote rulings for a judge who ordered Chevron Corp to pay $19 billion to villagers whose land had been polluted by oil exploration.
U.S. arms makers post higher profit, decry budget cloudiness
WASHINGTON (Reuters) – Major U.S. weapons makers posted higher third-quarter profit on Wednesday despite budget cuts, their margins remained largely solid or rose in places, and revenue fell less than expected.
U.S. court upholds ex-consultant Jiau’s insider trading conviction
NEW YORK (Reuters) – A federal appeals court has upheld the conviction of Winifred Jiau, a California technology consultant who prosecutors said used code language to disguise an insider trading scheme in which she gave live lobsters and other gifts in…
US Airways third-quarter profit falls; shares off
(Reuters) – US Airways Group Inc reported lower third-quarter profit on Wednesday as it set aside more money for taxes, and its shares fell 2.5 percent.
Manhattan to get first Teavana tea bar since Starbucks deal
Starbucks Corp, which has doubled down on its tea bet, is opening its first Teavana tea bar in New York City this week, aiming to do for tea, the world’s second most popular beverage after water, what it has done for coffee.
Liggett Group to pay $110 million in tobacco settlement
(Reuters) – Liggett Group announced Wednesday that it would pay $110 million to settle thousands of Florida lawsuits accusing the tobacco company of concealing the dangers of smoking cigarettes.
