Knight Capital Exec Gets Retention Bonus, Wells Fargo in CA Court: Financial Business Review
Chairman and Chief Executive Thomas Joyce of Knight Capital Group (NYSE:KCG) will receive $7.5 million so that he remains with the firm, according to a regulatory filing. His status was in jeopardy while the company negotiated a takeover earlier in December. The payment will be made to Joyce once Knight Capital is purchased by Getco Holding Co. for approximately $1.4 billion.
On wednesday, the 9th United States Circuit Court of Appeals in San Francisco vacated an injunction along with a $203 million restitution order against Wells Fargo & Co. (NYSE:WFC) in consumer litigation in regards to the bank’s overdraft policies. In addition, the court ruled that the company had violated a portion of of California’s unfair competition law and remanded the case to trial court in San Francisco so as to determine what relief might be appropriate.
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Bankia (BNKXF.OB) will obtain €18 billion of European Union money by Friday and then in the first half of January as well as initiate a capital increase where current shareholders will lose most of their entire investment, according to an inside source. The bank will wipe out the investments of 350,000 shareholders, many of them small savers and pensioners, after word came out that losses on bad loans were even worse than anticipated. The measure is characterized as crucial by executives if Bankia is ever to return to profit.
JPMorgan Chase & Co. (NYSE:JPM) is among five firms sanctioned by the Financial Industry Regulatory Authority at a total in excess of $4.48 million for unfairly arranging the reimbursement of fees they had paid to the California Public Securities Association from the proceeds of municipal and state bond offerings. The Authority sanctioned JP Morgan for a $465,700 penalty and $166,676 in restitution.
Don’t Miss: Fines Dropped For Wells Fargo.