JPMorgan Will Not Face Madoff Liqiudator Lawsuit and 2 More Heavily Traded Stocks to Follow

JPMorgan Chase & Co. (NYSE:JPM): Current price $52.48

On Thursday, the United States Court of Appeals in New York decided that JPMorgan and HSBC Holdings can not be sued by the Bernard Madoff firm’s liquidator for $30 billion, because he is tainted by the latter’s fraud. Madoff trustee Irving Picard appealed rulings disallowing him from demanding damages from banks that allegedly ignored Madoff’s fraud so as to collect fees. Previously, Federal district judges Colleen McMahon and Jed Rakoff, both in Manhattan, had ruled that Picard can not accuse the banks of fraud since he is the trustee for a fraudulent enterprise, citing the legal principal in pari delicto. The Court of Appeals in New York agreed, commenting that Picard’s “scattershot responses” had “missed the mark.”

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JPM

Regions Financial Corporation (NYSE:RF): Current price $9.06

Regions has announced the release of its 2012 Social Responsibility Report, titled Good Works, which illustrates how the bank builds stronger customer relationships, a sustainable business, and communities that improve via economic development, small business lending, charitable giving, and volunteerism. President, chairman and Chief Executive Grayson Hall said: “We have reaffirmed our mission to make life better for our customers, our associates and our communities by creating shared value as we help them meet their financial goals and aspirations. The stories in this report, and the countless other examples of our associates bringing our core values to life, prove that success for our customers translates into success for our communities and our shareholders, reinforcing our belief that good works.”

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RF

Facebook (NASDAQ:FB): Current price $23.90

Facebook has launched a new video feature on its Instagram photo-sharing service, making a direct challenge to its rival Twitter’s Vine. Instagram’s video feature would permit users to post clips of up to 15 seconds in length, together with the ability to use image filters. Mark Zuckerberg said Thursday at the media event at the Menlo Park headquarters that ”Today, we’re going to focus on Instagram,” after which the Instagram founder Kevin Systrom said that the new feature is “fast, simple and beautiful,” offering “15 seconds of beautiful video.”

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FB

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