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Friday, July 10, 2015

SEC and JPMorgan in talks to settle probe regarding product steering: WSJ

(Reuters) – JPMorgan Chase & Co <JPM.N> is in talks with the U.S. Securities and Exchange Commission to settle a probe by the agency on whether the bank inappropriately advised its private-banking clients toward its own investment products, the Wall Street Journal reported, citing people familiar with the matter.

A settlement may come as early as this summer and could include a fine, the size of which was not known, WSJ said, citing people familiar with the matter.

JPMorgan Chase & Co disclosed in May that it received subpoenas from the Securities and Exchange Commission over how it sells its mutual funds.

Other government authorities and a self-regulatory organization, apart from the SEC, have also sought information about the bank’s use of proprietary products in its wealth-management business, JPMorgan said in a regulatory filing last month.

Representatives at JPMorgan and the Securities and Exchange Commission were unavailable for comment outside regular business hours.

(Reporting by Zara Mascarenhas in Bengaluru; Editing by Diane Craft)

SEC and JPMorgan in talks to settle probe regarding product steering: WSJ

Thursday, July 9, 2015

Callagy Law | Quote of the Day

Callagy Law’s quote of the day is a daily post to help all of our readers and followers get the motivation they need to get through the day, week, and month. You can see more on the Callagy Law blog page here.

Callagy Law | Quote of the Day

“Change your thoughts and you change your world.” –Norman Vincent Peale

Callagy Law | Quote of the Day

“The only way to do great work is to love what you do.” –Steve Jobs

Callagy Law | Quote of the Day

“Either write something worth reading or do something worth writing.” –Benjamin Franklin

Callagy Law | Quote of the Day

Charter lists consumer benefits to win merger approval

(Reuters) – Charter Communications Inc <CHTR.O> formally argued for regulatory approval for its Time Warner Cable Inc <TWC.N> andBright House Networks deals, saying consumers would benefit as Internet services would become cheaper and faster.

Charter said in a filing with the Federal Communications Commission(FCC) on Thursday that it would not block or suppress Internet traffic or prioritize content for a fee and that its broadband services would cost less than the current offerings of Time Warner (TWC) and Bright House.

In its first official argument in support of the deals, Charter also said the new company would not harm online video services providers as its success would depend on the broadband business rather than on video services.

Charter would invest at least $2.5 billion in commercial areas and deploy over 300,000 out-of-home WiFi access points, according to the filing.

The company had in May announced its offer to buy bigger rival TWC for $56 billion, prompting a statement from the FCC that the deal would be reviewed to determine whether it was in the public interest.

Charter had said in March it would buy Bright House Networks for $10.4 billion to expand its cable network.

The proposed deals mark a huge step towards industry consolidation, long advocated by cable pioneer John Malone, Charter’s biggest shareholder, as the new company would control a big swath of the cable and Internet markets.

The FCC’s concerns over risk to competition and innovation had made Comcast Corp <CMCSA.O> abandon a $45 billion acquisition of TWC in April.

Charter’s takeover agreement with TWC includes a pledge to pay Time Warner Cable a $2-billion breakup fee if the deal falls through.

(Reporting by Ismail Shakil in Bengaluru; Editing by Anupama Dwivedi)

Charter lists consumer benefits to win merger approval