JPMorgan to pay $2b to settle Madoff case
NEW YORK — JPMorgan Chase & Co will pay more than $2 billion of penalties to settle charges by U.S. federal authorities that it failed to report suspicious activity involving Bernard Madoff’s Ponzi scheme.
The $2 billion sum includes the largest forfeiture a bank has ever had to pay to resolve anti-money laundering violations.
As part of the deal, JPMorgan is admitting to a laundry list of failures to explore red flags it found. This led to the government’s conclusion that it violated laws requiring it to monitor customer activity for money laundering during its two-decade relationship with Madoff, authorities said on Tuesday.
Among the failures included in a detailed statement of facts released by U.S. prosecutors are instances dating back to the early 1990s in which JPMorgan employees acknowledged to each other that Madoff was engaging in improper behavior but did not report it to authorities or end the banking relationship.
Statewide broadband project completed
CONCORD — Network New Hampshire Now (NNHN), a collaboration of public and private partners from across the state and led by the University of New Hampshire, plans to mark the completion of a statewide broadband expansion project from 9 to 11 a.m. Friday at the UNH School of Law in Concord on Friday.
NNHN received $44.5 million in economic stimulus money to fund critically needed broadband expansion across the state. It was matched with $18.3 million in private cash and in-kind funding.
The group plans to discuss the project’s impact on education, business, transportation, public safety, residents, community anchor institutions and other entities across the state.
Scheduled speakers include Gov. Maggie Hassan; Jeffrey Rose, commissioner of the state Department of Resources and Economic Development; and UNH President Mark Huddleston.
GE to buy some Thermo Fisher assets for $1.06 billion
General Electric Co. agreed to buy businesses making equipment used to grow cell lines and purify DNA from Waltham, Mass.-based Thermo Fisher Scientific Inc. for about $1.06 billion.
The purchase of the cell culture, gene modulation and magnetic beads units will let Fairfield, Conn.-based GE bolster technologies for the discovery and manufacture of new medicines, vaccines and diagnostics, according to a company statement Monday.
Thermo Fisher, the world’s biggest supplier of lab testing equipment by market value, agreed to sell the businesses in November to help get European regulatory approval for its $13.6 billion deal to buy Life Technologies Corp. (LIFE), which makes genetic testing and mapping equipment.
Executives released after “boss-napping”
PARIS — French trade unionists released two executives on Tuesday after holding them for more than 24 hours at the country’s Goodyear tire plant to demand higher pay-outs for more than a thousand planned layoffs.
Workers at the idled factory in the northern city of Amiens have been trying to negotiate redundancy terms with management for nearly a year, after Texan tire tycoon Maurice Taylor withdrew a potential rescue bid on the grounds that French workers were lazy — triggering a political storm.
After a court rejected their most recent appeal against the plant’s closure, members of the hard-left CGT union locked up production and human resources directors Michel Dheilly and Bernard Glesser on Monday.
A CGT source said on Tuesday the union had decided to release the two men.