JPMorgan Defeats Investors’ Claims Over London-Whale Losses (Dealbook)
JPMorgan Chase & Co. directors don’t have to face an investor lawsuit claiming their miscues left the bank with $6.2 billion in losses from a trader known as the London Whale. Disgruntled JPMorgan shareholders accusing the bank’s board, including Chief Executive Officer Jamie Dimon, of being asleep at the switch can’t re-litigate their claims over losses from botched bets on derivatives, Delaware Chancery Court Judge Sam Glasscock ruled Thursday. The judge said two New York courts already have found directors properly supervised traders.
Ron Paul Ads Warn of Financial Crisis (WSJ)
Former Rep. Ron Paul is warning in television commercials of a calamitous U.S. financial crisis that could bring civil unrest and a stock market collapse—a crash “infinitely worse than the crisis of 2008.’’ He urges viewers to prepare by buying a “Survival Blueprint,” a book of advice from an investment research firm.
House panel issues subpoena to Fed over 2012 information leak (Reuters)
The leak involved Medley Global Advisors, a research firm that unveiled details of a September 2012 Fed meeting a day before the central bank's own record of the discussions was made public.
Banks caught in forex probe braced for legal barrage (FT)
Lawyers are rubbing their hands in anticipation of the barrage of civil lawsuits that they expect after the $5.6bn settlements by six banks for allegedly defrauding their clients by manipulating foreign exchange markets. Anyone thinking of suing the banks over their alleged wrongdoing in the $5.3tn-a-day forex market has been provided with a treasure trove of potential evidence in the many settlement documents published by regulators this week.
Weed K-Cups Are Now A Thing (HP)
While weed coffee isn't a new concept, a few innovators on the west coast have started making weed-infused k-cups, Yahoo Business reports. One such coffee pod called Catapult retails for $10 each, or $37 for a pack of 6. It contains 10 milligrams of THC, the compound in marijuana that produces a high.
Private Equity Executive to Be Released From Uruguay Prison (Dealbook)
Mr. Campiani was chief executive of Leadgate, a private equity firm that in 2007 took control of the airline, Pluna. Along with his partners, Arturo Álvarez-Demalde and Sebastián Hirsch, Mr. Campiani worked to turn around Pluna, opening new routes and buying new planes. But after a promising start to the investment, a series of misfortunes — including an erupting volcano, a new president who was unsympathetic and troubles with unions — forced Mr. Campiani and his partners to return Pluna to the government for a loss in 2012. The executives also closed their firm. The Puyehue volcano in Chile in June 2011. The volcanic eruption slowed air travel in the region, an effect that combined with politics to help bring on the end of the Uruguayan airline Pluna. The Uruguayan government shuttered Pluna soon after it regained control. At the time of the transfer, Mr. Campiani and his partners, who are Argentine citizens and have business degrees from the United States, signed agreements with the government indemnifying them of any claims associated with their management of Pluna. Yet more than a year later, in December 2013, the three men were summoned to the capital of Uruguay, Montevideo, to testify at an inquiry into the closing of Pluna. Once in court, they were accused of fraud and arrested.
Uber in Talks for $1 Billion Credit Facility With Banks (WSJ)
The car-sharing company has recently contacted a number of large banks asking them how much they would be willing to commit, and at what terms, to the loan, the people said. About six to seven banks are expected to be part of the facility, the people said.
Hong Kong Investors Want More Oversight After $35 Billion Wipeout (Bloomberg)
Goldin Financial Holdings Ltd. and Goldin Properties Holdings Ltd., controlled by billionaire Pan Sutong, plunged more than 40 percent Thursday. A day earlier, Hanergy Thin Film Power Group Ltd. tumbled 47 percent in 24 minutes before trading in the Chinese solar company’s shares was suspended. The stocks, which had surged at least 500 percent in the 12 months before the rout, can also be bought and sold by mainland investors through an exchange link. The volatility illustrates the need for regulators to keep pace with the boom in China’s stock markets.
Family-friendly water park slammed for hosting twerking contest (NYDN)
A family-friendly New Jersey amusement park is under fire after hosting an X-rated, adults-only twerking contest, reports NBC 10.com. More than 800 people attended the event last Saturday at Clementon Park and Splash World in Clementon, Camden County. Pictures and footage from the event showed scantily dressed women dancing and grinding in a pool and parking lot. The charity event also took a violent turn, with several fights breaking out. Now, some outraged residents have vowed to boycott the park because of the twerking trouble. "It's explicit and disgusting," said Courtney Ferris of Sicklerville. "It's inappropriate and I would never allow my kids to go there." A contrite Clementon Park has vowed to never repeat the event and said such behavior "will not be tolerated".