NEW YORK — A federal bankruptcy judge on Tuesday approved JPMorgan Chase & Co’s (JPM.N) $543 million deal to end two private lawsuits stemming from its relationship with convicted Ponzi scheme mastermind Bernard Madoff.
A spokeswoman for the trustee liquidating Bernard L. Madoff Investment Securities LLC confirmed that U.S. Bankruptcy Judge Stuart Bernstein approved the agreement, which was made public on January 7, the same day federal authorities announced the bank had agreed to pay more than $2 billion to settle criminal charges related to the Madoff fraud.
FRANKFURT — Lufthansa (LHAG.DE) has named company veteran Carsten Spohr as the group’s new chief executive, Germany’s largest airline said on Friday.
Spohr will take over on May 1 from Christoph Franz, who is moving to Swiss pharmaceuticals group Roche (ROG.VX).
(Reporting by Victoria Bryan; Editing by Christoph Steitz)
WASHINGTON — U.S. retailers speaking to a U.S. Senate panel on Tuesday bemoaned the sophistication of hackers and urged better collaboration with banks on anti-theft technology.
However, they revealed few new details of recent massive data breaches that compromised the personal information of millions of customers.
In a relatively collegial hearing before the Senate Judiciary Committee, executives of retailers Target and Neiman Marcus said hackers had found ways to penetrate their best security practices.
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NEW YORK — U.S. manufacturing growth slowed in January for the first time in three months, hobbled by new orders, though a recent trend of stronger growth appeared to be intact, an industry report showed on Thursday.
Financial data firm Markit said its preliminary U.S. Manufacturing Purchasing Managers Index dipped to 53.7 from December’s reading of 55.0. Read more