Sallie Mae Corp, the largest student loan firm in the US, filed documents with the US Securities and Exchange Commission that will allow it to split into two companies. The deal is expected to be completed by the end of the second quarter of 2014.
Legal & Regulatory
GE agrees to settle class action lawsuit on rigging municipal bonds for USD 18.25 million
General Electric Co agreed on a USD 18.25 million settlement of a class action lawsuit that accused the company of rigging bids for municipal bonds, according to a Reuters report.
SEC investigates Barnes & Noble's accounting -WSJ
American book chain Barnes & Noble made public an on-going US Securities and Exchange Commission investigation on its accounting practices. Barnes & Noble recently restated its earnings for fiscal year 2011 and 2012.
Rivera mural spared from Detroit bankruptcy sale
Diego Rivera's Detroit Industry murals, which was commissioned by Ford Motors Co. in 1932, has been protected from Detroit's bankruptcy sale. Britain's Christie's Inc. assessed pieces bought by the city money to be worth USD452 million to USD866 million.
Hacker group Anonymous pleads guilty in PayPal hack
Thirteen defendants said they were guilty of the cyber attack against PayPal three years ago. They were members of a hacker group known as Anonymous.
Latest News
US District Judge Mariana Pfaelzer gave final approval to the USD 500 million class action settlement between Bank of America's Countrywide unit and its investors.
Former Goldman Sachs Group Inc trader Matthew Taylor was given a prison term of nine months for concealing an unauthorized USD 8.3 billion trading position in 2007.
Critics of the new rules requiring short-sellers to report their positions said the European Union's requirements had not made the hedge fund industry more competitive.
Lawmakers of the Sejm or the Polish Lower House of Parliament approved changes in the country's pension system to takeover government bonds currently held by 14 privately-run pension funds.
Royal Philips and Funai Electric Co could find themselves in court over the failed deal involving the acquisition of the Lifestyle Entertainment business of the Amsterdam-based firm.
Investment firm Catalyst Capital Group is the fourth bidder to withdraw from the Canadian government's auction of a 700 MHz wireless spectrum. Canada seeks to break the stronghold of three dominant players in the country's mobile phone business.
Talal Shakerchi-backed hedge fund Meditor Capital Management is shutting down its equity fund, citing European rules that require hedge fund firms to disclose their bearish bets against companies.
Crane Co. announced today that the European Commission has approved the definitive agreements to implement the licensing and divestiture Commitments by Crane Co. related to its pending acquisition of MEI Conlux Holdings.
China's central bank the People's Bank of China (PBOC) stressed the need for its domestic banks to avoid transactions using Bitcoin and other virtual currencies and vowed that it will launch countermeasures against illegal activities using the alternative online payments.
