Financial
JPMorgan settles Madoff fraud claims for $1.7B PDF  | Print |  E-mail
Written by LARRY NEUMEISTER, Associated Press TOM HAYS, Associated Press   
Tuesday, 07 January 2014 11:22

NEW YORK (AP) — JPMorgan Chase & Co., already beset by other costly legal woes, has agreed to pay $1.7 billion to settle criminal charges accusing the bank of ignoring obvious warning signs of Bernard Madoff's massive Ponzi scheme, federal authorities said Tuesday.

The government said the $1.7 billion represented the largest ever bank forfeiture and the largest Department of Justice penalty for a Bank Secrecy Act violation. The settlement includes a so-called deferred prosecution agreement that requires the bank to acknowledge failures in its protections against money laundering but also allows it to avoid criminal charges. No individual executives were accused of wrongdoing.

The deal was announced by the office of U.S. Attorney Preet Bharara, who scheduled an afternoon news conference to detail the agreement to resolve criminal charges: two felony violations of the Bank Secrecy Act in connection with the bank's relationship with Bernard L. Madoff Investment Securities, the private investment arm of Madoff's former business.

Under the agreement, the criminal charges will be deferred for two years as JPMorgan admits to its conduct, pays the $1.7 billion to victims of Madoff's fraud and reforms its anti-money laundering policies, prosecutors said in a release.

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Tips for surviving massive flight cancellations PDF  | Print |  E-mail
Written by SCOTT MAYEROWITZ, AP Airlines Writer   
Tuesday, 07 January 2014 07:24

NEW YORK (AP) — A wave of snowstorms and bitter cold temperatures has caused headaches for hundreds of thousands of fliers whose flights have been canceled. In the past three days, more than 8,000 flights in the United States have been canceled, according to flight tracking site FlightAware.com. On Monday alone, 1 out of every 10 domestic flights never took off.

In recent years, airlines have cut the number of flights to ensure that most of their planes depart full. That's been great for their bottom line but leaves very few empty seats to rebook stranded travelers. Passengers are pretty much at the mercy of the airlines. But there are a few things you can do to improve their odds of getting home quickly:

— If you miss your connection, the airlines will automatically rebook you on the next available flight. However, with flights at near capacity, the next open seat could be several days away.

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Denny's to develop restaurants in Middle East PDF  | Print |  E-mail
Written by Associated Press   
Tuesday, 07 January 2014 07:44

SPARTANBURG, S.C. (AP) — Denny's has signed a franchise deal with Advance Investment LLC to develop 30 of its restaurants in the Middle East over the next 10 years.

The restaurant operator said Tuesday that Advance Investment, an affiliate of Food Quest Restaurant Management LLC, will have exclusive rights to open Denny's restaurants in the United Arab Emirates, Saudi Arabia, Qatar, Bahrain, Kuwait, Egypt, Lebanon, Iraq and Jordan. The first such restaurant is expected to open in the UAE in 2015.

Denny's Inc. President and CEO John Miller said in a statement that this is the company's first major expansion in the Middle East. Denny's opened its first international restaurant in Acapulco, Mexico in 1966. The company now has nearly 1,700 restaurants worldwide.

Denny's shares finished at $6.91 per share on Monday.


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
Lawyers detail $765M plan for NFL concussions PDF  | Print |  E-mail
Written by MARYCLAIRE DALE, Associated Press   
Tuesday, 07 January 2014 07:21

PHILADELPHIA (AP) — Lawyers representing former NFL players in the proposed $765 million settlement of thousands of concussion-related claims detailed Monday how the money would be divided.

The awards could reach $5 million for athletes with amyotrophic lateral sclerosis, or Lou Gehrig's disease; $4 million for a death involving brain trauma; and $3 million for dementia cases.

Under the payout formula, those maximum awards would go to players under 45, who would likely need more lifetime care. For a man in his early 60s, the awards top out at $3 million for ALS and $950,000 for Alzheimer's disease. An 80-year-old with early dementia would get $25,000.

Individual awards would also reflect how long the player spent in the NFL, unrelated medical issues and other factors. For instance, the award could be reduced significantly if someone had injuries from an unrelated stroke or car accident. Men without any neurological problems would get baseline testing, and could seek compensation if test reveal any problems.

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