JPMorgan Settles Current London Whale Charges With $100 Million and 2 Other Dow Movers to Watch
JPMorgan Chase & Co. (NYSE:JPM): Current price $53.70
The Commodity Futures Trading Commission said Wednesday that the big bank will pay $100 million and concede that its traders behaved recklessly to settle one more set of United States charges concerning its “London Whale” trade. In September, the bank paid $920 million to four other American and United Kingdom regulators to settle civil inquiries of the bank’s $6.2 billion in derivative losses involving its chief investment office. The new CFTC case charged JPMorgan with breaching a prohibition on manipulative conduct when it traded in the credit default swaps in question.
Chevron Corp. (NYSE:CVX): Current price $119.26
Chevron’s racketeering suit against the attorney Steven Donziger — in which he is accused of having prevailed in a $19-billion judgment against it in Ecuador in 2011 using a pattern of bribery, witness tampering, extortion, and obstruction of justice – has begun in federal court in Manhattan. Opening statements went with some glitches, as the testimony of Chevron’s first witness, its in-house lawyer Ricardo Reis Veiga, was beset with housekeeping errors. Donziger’s prior legal team, led by John Keker of Keker & Van Nest, bailed on the case in May, because of $1.4 million in unpaid legal fees.
The Boeing Co. (NYSE:BA): Current price $120.39
It has now been reported that a body panel fell off a Boeing 787 Dreamliner operated by Air India as it came into landing on Saturday, marking the most recent glitch for the jet that has suffered a series of misfortunes since its debut two years ago. The eight by four feet piece of fuselage fell from the underside of the jet and landed inside the perimeter at Bangalore airport, according to officials. It was not noticed by the pilots of the plane, which was carrying 148 passengers and crew from Delhi to Bangalore, that the panel was missing until the flight landed, said The Times of India.