4 Financial Stock Stories Making Big Headlines Wednesday

JPMorgan Chase & Co. (NYSE:JPM): Current price $52.71

JPMorgan and Goldman Sachs Group (NYSE:GS) have praised the United States Supreme Court decision on Wednesday that overturned a federal law that refuses benefits to same-sex married couples. Chief Executive Jamie Dimon said in a statement that, “This is good for our company and clients, but more importantly, it’s the right thing to do. The rights of all people are important and must be protected.” A number of the largest financial firms in the U.S. have criticized prohibitions of same-sex marriage, for the reason that the measures make it more difficult to recruit staff. The insurer Chubb Corp., which showcases the benefits it offers to domestic partners, said two years ago that DOMA “imposes burdens” on businesses. However, one of the very top banking centers is Charlotte, located in North Carolina, which recently passed a state constitutional amendment banning same-sex marriage altogether.

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Wells Fargo & Co. (NYSE:WFC): Current price $41.10

Wells Fargo will provide over $100 million in tax-equity financing for solar projects built by SunEdison. These investments in 2013 and 2014 will help fund the 2.7 gigawatts of projects upon which SunEdison is working, according to the company’s statement on Wednesday. The chief of Wells Fargo’s environmental finance group Barry Neal said that the solar projects developed by SunEdison will help customers to “better control their electricity costs while expanding the use of renewable energy throughout the U.S.”

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MasterCard Incorporated (NYSE:MA): Current price $570.40

On Wednesday, MasterCard Canada and subsidiary Access Prepaid Worldwide announced the introduction of the Cash PassportPrepaid MasterCard Currency Card, arriving in time for Canadians traveling locally or overseas this summer. The Cash Passport will change the way users think about their money whilst traveling, as it permits them to pre-load travel money for easy use at millions of ATMs, shops, and restaurants all over the world.

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American International Group (NYSE:AIG): Current price $43.61

The former AIG Chief Executive Maurice Greenberg has not persuaded the New York Court of Appeals to dismiss a lawsuit that seeks to hold him accountable for improper transactions at the insurer.  New York Attorney General Eric Schneiderman has been pursuing a case that was first brought in 2005. In his defense, Greenberg contended that there existed admissible evidence that he orchestrated a $500-million transaction with the reinsurer General Re Corp that misled AIG shareholders, and that the case should have been over with in April, when the state turned down a claim for up to $6 billion in damages. However, in a 7 to 0 decision on Tuesday, the Court of Appeals decided there was sufficient evidence that Greenberg and co-defendant, AIG’s former chief financial officer Howard Smith, were aware that the AIG-Gen Re transaction was fraudulent, for the case to move forward.

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