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Here are Tuesday’s top stories:
Nationstar Mortgage Holdings (NYSE:NSM) shares take a hit while Berkshire Hathaway (NYSE:BRKA) (NYSE:BRKB) comes out on top in the battle to acquire ResCap’s entire operation, according to the New York Post. Nationstar, which is the mortgage unit of hedge fund major Wesley Eden, had originally intended to obtain all and then perhaps part of the package.
The Blackstone Group (NYSE:BX) buys a $125 million stake in NantPharma, which operates drug manufacturing and research and development facilities. It is thought that this could be an ‘acqui-hire’, in that Blackstone is looking at NantPharma Chairman Patrick Soon-Shiong as much as anything else. He has already successfully sold two companies that he founded, “raising several billion dollars to pursue his vision of personalized medicine.”
J.P. Morgan Chase & Co. (NYSE:JPM) has resolved a class-action suit which accused the firm of raising minimum credit card payments so as to generate higher fees. It will cost the bank $100 million to make the suit go away, the cause of which originated during the height of the financial crisis, when JPM boosted the minimum payment for thousands from 2 percent of their balance to 5 percent.
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