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Bank of America (NYSE:BAC) is in talks to settle a multibillion-dollar claim from government-backed mortgage company Fannie Mae, but individuals close to the discussions said the sides were still far apart and the case could still need to be decided in court, reports the Financial Times.
Facebook Inc (NASDAQ:FB): Electronic Arts (NASDAQ:EA) announced that it has filed a lawsuit, on behalf of its Maxis Label, against Zynga (NASDAQ:ZNGA) for infringement upon EA’s copyrights to its Facebook game, The Sims Social. In the complaint, filed in the United States District Court for the Northern District of California on August 3, EA claims that in Zynga’s new Facebook game The Ville, Zynga has willfully and intentionally “copied and misappropriated the original and distinctive expressive elements of The Sims Social in a violation of U.S. copyright laws.” The Sims Social, which was launched in August 2011, presented the distinctive universe of EA’s world-renowned franchise, The Sims, to the social gaming Facebook audience. The Sims Social was an instant hit and rapidly gained tens of millions of users. The game maintains a current user base of several million active players on Facebook.
ARMOUR Residential REIT, Inc. (NYSE:ARR) dropped 2.7 percent to $7.49 with 36,684,300 shares traded.
ON Semiconductor Corp. (NASDAQ:ONNN) quarterly revenue dropped 18 percent on reduced orders and the company announced that Chief Financial Officer Donald Colvin resigned. The company’s net income Q2 dropped to $6.9 million, or 2 cents per share, from $34.3 million, or 7 cents per share, the previous year.
Interpublic Group of Companies, Inc. (NYSE:IPG): Publicis (PUBGY) could be weighing a bid for Interpublic Group worth no less than $6 billion, Financial Times’ alphaville section reports, citing sources. Publicis is reported to be working with a group of banks on a cash and stock deal which would be approximtely of $15 per share range for IPG, the report adds.
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