Record Penalty: Federal and state prosecutors announced a record $13 billion settlement with JPMorgan Chase & Co. over its role in the financial crisis - and issued a stern warning to banks on Tuesday, The National Law Journal reports.
Executed: White supremacist serial killer Joseph Paul Franklin was executed Wednesday morning after the U.S. Supreme Court rejected his final requests for a stay, CNN reports. He challenged Missouri's decision to use the drug pentobarbital in its lethal injection protocol, arguing it would violate the Constitution's ban on cruel and unusual punishment.
New Target: Environmentalists opposed to the Keystone XL pipeline are trying a new tactic, seeking to block rail projects that offer another way to import Canadian heavy crude oil to the U.S, Bloomberg reports.
Non-Compliance: A U.S. Securities and Exchange Commission compliance officer was arrested Tuesday and charged with making false statements about his financial holdings. Steven Gilchrist, who works in the agency’s New York office, allegedly lied about the shares he owned in six companies, including Bank of America, Citigroup and Morgan Stanley, The Washington Post reports.
Shady Stock: A former trader was sentenced to 2 1/2 years in prison on Tuesday for an unauthorized purchase of about $1 billion in Apple Inc stock that eventually led to the demise of financial services firm Rochdale Securities, Reuters reports.
A New Way Out: Jefferson County, Ala.’s unusual plan to exit bankruptcy could offer a possible template for other bankrupt municipalities, The New York Times reports. The first municipality to tap the public bond markets while bankrupt, the county will go to court on Wednesday to seek approval for its plan.