TOPICS > Economy

News Wrap: JP Morgan to pay $100 million, admit traders acted ‘recklessly’

October 16, 2013 at 12:00 AM EST
LISTEN SEE PODCASTS

TRANSCRIPT

GWEN IFILL: In other news, investment bank J.P. Morgan Chase will pay $100 million and admit its traders acted recklessly. The announcement today stems from disastrous trades in the bank’s London operation that lost $6 billion. The settlement is with the U.S. Commodity Futures Trading Commission. The bank is also paying $920 million in a separate deal with other regulators.

A federal jury in Dallas has acquitted billionaire Mark Cuban of insider trading. The owner of the NBA’s Dallas Mavericks was accused of selling shares in an Internet firm based on insider information. The Securities and Exchange Commission brought the civil case. Cuban denied any wrongdoing.

A court in Russia today decided not to imprison opposition leader Alexei Navalny. The 37-year-old has led protests against President Vladimir Putin. He was convicted of embezzlement in July and sentenced to five years. Today, the court suspended that sentence, but upheld the conviction, which bars him from running for office. Navalny said both the original prosecution and today’s decision were politically motivated.

ALEXEI NAVALNY, Russian opposition leader (through interpreter): This decision to suspend my five-year sentence wasn’t made here. It was made personally by Vladimir Putin. I do not have an idea of what exactly is happening in his head and why he has changed his decision. It is clear that the authorities are doing their utmost to pull me out of the political fight.

GWEN IFILL: Last month, Navalny finished a strong second in the race to be Moscow’s mayor, garnering almost one-third of the votes.

The latest talks on Iran’s nuclear program wound up today, with diplomats calling them very important and intense. The meetings in Geneva involved the U.S. and five other powers, plus Iran. The next new round is scheduled for November 7 and 8, again in Geneva. We will have more on this later in the program.

In the Philippines, the death toll from Tuesday’s earthquake rose to at least 144. Rescue crews on the central island of Bohol finally managed to reach some of the hardest-hit areas one day after the quake struck. They combed through the rubble of collapsed buildings, including at least a dozen heavily damaged historic churches. About two dozen people remain missing.

This was Election Day in New Jersey, as voters chose a United States senator. Preelection polls showed Newark’s Democratic Mayor Cory Booker holding a double-digit lead over his Republican opponent, Steve Lonegan. The winner takes the seat of Democratic Senator Frank Lautenberg, who died last June.