Elizabeth Holmes ‘chose fraud over business failure,’ prosecutors argue as verdict looms

Elizabeth Holmes ‘chose fraud over business failure,’ prosecutors argue as verdict looms

The Feds made their final push to put Elizabeth Holmes behind bars on Thursday, telling jurors that the “criminal” founder of Theranos was guilty of perpetrating a massive fraud.  “She chose fraud over business failure,” federal prosecutor Jeff Schenk told the jury. “She chose to be dishonest. This choice was not only callous; it was criminal.” … Read more

Judge tosses deal shielding Purdue’s Sackler family from opioid claims

Judge tosses deal shielding Purdue's Sackler family from opioid claims

A federal judge has thrown out a settlement that would have shielded the Sackler family, which owned OxyContin maker Purdue Pharma, from future lawsuits over opioids, upending the company’s plan to reorganize in bankruptcy court. U.S. District Judge Colleen McMahon in Manhattan said in a written ruling on Thursday that the bankruptcy court did not have the … Read more

Pfizer seeks full approval of COVID vax for 12- to 15-year-olds

Pfizer seeks full approval of COVID vax for 12- to 15-year-olds

Pfizer and its German partner BioNTech are asking the US Food and Drug Administration for full approval of their COVID-19 vaccine for adolescents. The vaccine has been authorized for emergency use among 5- to 15-year-olds since May 2021. In August, US regulators granted the Pfizer vaccine full authorization for adults. Pfizer says its vaccine is 100 … Read more

Elizabeth Warren slams corporate greed for chip shortage

Elizabeth Warren slams corporate greed for chip shortage

Sen. Elizabeth Warren has claimed corporate greed is responsible for a global chip shortage that has pushed the price of cars to eye-popping levels. “[M]arket concentration has reduced competition, allowing giant corporations to deliver massive returns for shareholders,” Warren (D-Mass.) argued in a Thursday letter to Commerce Secretary Gina Raimondo, according to a CNN Business … Read more

JPMorgan fined $200M, failed to monitor employee communication

JPMorgan fined $200M, failed to monitor employee communication

JPMorgan will pay a $200 million fine after admitting it failed to archive employee messages about work-related matters. For years, JPMorgan employees — from analysts to top directors — used personal devices to discuss company matters and failed to keep the communications. “JPMorgan’s failures hindered several Commission investigations and required the staff to take additional … Read more

Shares of Olive Garden parent Darden slide as CEO announces retirement

Shares of Olive Garden parent Darden slide as CEO announces retirement

Darden Restaurants said on Friday chief executive officer Eugene Lee Jr. would retire in May and be replaced by Ricardo Cardenas, its chief operating officer. Shares of the company, which owns Olive Garden and LongHorn Steakhouse, were down about 4% in late-morning trade. Lee, 60, has been the CEO of Darden for the last seven years. The company said he is … Read more

Morgan Stanley increases employee benefit programs

Morgan Stanley increases employee benefit programs

Morgan Stanley is dramatically expanding its benefit programs for employees — giving new parents at least 16 weeks off and allowing some employees the ability to buy stock at a 10 percent discount, according to a report. Under the new benefits program, Morgan Stanley ups their contributions to employees’ 401(k) plans and allows employees to … Read more

Southwest CEO tests positive for COVID after questioning mask rules at Senate hearing

Southwest CEO tests positive for COVID after questioning mask rules at Senate hearing

Southwest chief executive Gary Kelly tested positive for COVID-19 after appearing at a Senate hearing where he questioned the health benefits of masks on airplanes, a spokesperson for the airline confirmed to Reuters. Kelly appeared Wednesday at the Senate Commerce hearing with the CEOs of United Airlines and American Airlines as well as a senior Delta Air Lines executive and the head of a flight attendants union. The other airlines did not … Read more