for business majors

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Countrywide Settles Junk Bond Investor Lawsuit Countrywide Financial Corporation has agreed to pay $500 million to settle an investor lawsuit over the sale of junk bonds in 2008. The suit, led by the Iowa Public Employees Retirement System, was filed in 2010 after securities sold by Countrywide were downgraded to junk bonds. Countrywide was one of the largest subprime lenders in the U.S. 

Staff Report, Chicago Tribune 04/17/2013    Read Article: Chicago Tribune    

 

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GE Settles Lawsuit with Shareholders General Electric will pay $40 million to settle a lawsuit with investors over alleged misleading information put out by GE during the 2008 financial crisis. According to the lawsuit, top GE officials hid "billions of dollars of troubled assets" during the crisis, among other things, which artificially inflated the value of the company's GE Capital unit. During the crisis, GE stock fell as much as 77 percent. 

Staff Report, Chicago Tribune 04/30/2013    Read Article: Chicago Tribune    

 

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JPMorgan Accused of Illegal Debt Collection The state of California has filed suit against JPMorgan Chase, accusing the company of "illegal debt collection" against thousands of California residents. The state says the company has filed "frenzied lawsuits" against hundreds of thousands of people who have fallen behind on their payments. The suit alleges the bank employed "unlawful practices as shortcuts to obtain judgments against consumers" with illegal speed and ease. 

Anthony York, LA Times 05/09/2013    Read Article: LA Times 

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Judge: HP Must Face Shareholder Lawsuit A California judge has ruled that personal computer giant Hewlett-Packard Co. must face a shareholder lawsuit filed against company executives. The lawsuit accuses former executives of misleading shareholders about the company's "commitment to the WebOS operating system and related products" in 2011. When HP suddenly announced it would scrap WebOS in August 2011, shares fell by almost 25 percent and the company lost $16 billion in market value. 

Jonathan Stempel and Nate Raymond, Chicago Tribune 05/10/2013   Read Article: Chicago Tribune