JPMorgan CriminalSettlement: JPMorgan Chase Bank and Southern District U.S. Attorney Preet Bharara on Tuesday announced a record $1.7 billion forfeiture and a two-year deferred prosecution agreement for the bank's role as Bernie Madoff's banker, The New York Law Journal reports.
Expensive Oversight: Apple Inc. wants Michael Bromwich removed as its court-appointed monitor to ensure its compliance with a ruling last year that the company had conspired to fix e-book prices. Apple argues that the Goowin Proctor partner is biased against the company, and that his rate - $1,100 an hour - gives him an incentive to run "as broad and intrusive investigation as possible," Reuters reports.
Paint it Black: Paint makers Sherwin-Williams Co., NL Industries Inc. and ConAgra Grocery Products LLC were ordered by a judge to pay $1.15 billion to replace or contain lead paint in millions of homes after losing a public-nuisance lawsuit brought by 10 California cities. The companies had won similar suits in seven other states, Bloomberg reports.
Lying Ads: The Federal Trade Commission yesterday announced a crackdown on deceptive weight loss ads, The Washington Post reports. But given the fact that weight-loss companies seem not to be dissuaded by some of them getting busted once in a while, is there a more sustainable way to keep a lid on the lying ads?
Volcker Loophole: Representative Jeb Hensarling, a Republican of Texas and chairman of the House Financial Services Committee, is expected to propose a bill that could open up a huge loophole in the Volcker Rule, The New York Times reports.
Stepping Down: A Montana judge, who drew a firestorm of criticism after sentencing a former high school teacher to a month behind bars for raping a 14-year-old girl, is going to retire at the end of the year, CNN reports.