J&J hit with $1.2 billion penalty in drug case
NEW YORK (CNNMoney) — An Arkansas judge slapped Johnson & Johnson and a subsidiary with more than $1.2 billion in penalties on Wednesday for deceptive marketing of the antipsychotic drug Risperdal. The ruling marks the latest legal headache for J&J over the drug. Johnson & Johnson has faced lawsuits in a total of 11 states [...]
Read MoreGoogle unveils ‘Project Glass’ virtual-reality glasses
NEW YORK (CNNMoney) — Siri is about to get one-upped by Google. The company on Wednesday unveiled a long-rumored concept called “Project Glass,” which takes all the functionality of a smartphone and places it into a wearable device that resembles eyeglasses. The see-through lens could display everything from text messages to maps to reminders. They may be [...]
Read MoreGingrich think tank files for bankruptcy
NEW YORK (CNNMoney) — The health care think tank founded by Newt Gingrich is going under. The Gingrich Group, also called the Center for Health Transformation, filed for Chapter 7 bankruptcy protection Wednesday in an Atlanta federal court. The filing shows the group owes 50-99 creditors between $1 and $10 million. It reported assets of [...]
Read MoreEx-Tyco CEO Dennis Kozlowski denied parole
NEW YORK (CNNMoney) — Former Tyco executive Dennis Kozlowski was denied parole Thursday, according to a spokesman for the New York State Department of Corrections. The fallen CEO was sentenced to 8-1/3 to 25 years in prison in 2005 for his part in stealing hundreds of millions of dollars from the manufacturing conglomerate (TYC). A three-member parole [...]
Read MoreJPMorgan’s Dimon gets $23 million for 2011 and bragging rights
JPMorgan’s Jamie Dimon says 2011 was a good year, but that “contrived” banking regulations are slowing the U.S.’s economic recovery. FORTUNE — Jamie Dimon is still Wall Street’s top dog. JPMorgan Chase (JPM) disclosed on Wednesday afternoon that it paid its CEO $23 million in 2011. That was the same as last year, but it [...]
Read MoreJPMorgan: MF Global claimed transfer was legal
NEW YORK (CNNMoney) — JPMorgan says it received “multiple clear oral assurances from senior MF Global officials” that a $175 million transfer from the firm to cover an overdraft did not include customer money. The claim comes in testimony prepared for a Congressional hearing Wednesday on MF Global’s collapse by Diane Genova, JPMorgan’s deputy general [...]
Read MoreGas tops $3.90 a gallon
NEW YORK (CNNMoney) — The price of an average gallon of regular gas surpassed the $3.90 mark Wednesday, moving to within a dime of the $4 threshold. The average price rose 1.3 cents to $3.911 in the latest daily survey conducted for the motorist group AAA. The price has risen for 19 consecutive days. [...]
Read MoreOil prices seen rising if speculation is limited
NEW YORK (CNNMoney) — One of the most influential consultants in the oil industry said Wednesday that limiting speculation in oil markets will lead to less energy production, fewer jobs and increased prices for consumers. In a report from the consultancy IHS, proposed limits on oil speculators like big banks and hedge funds in the [...]
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