Charleston U.S. Attorney Booth Goodwin said that his agency was focused on pursuing prison time for the former executives as a stronger deterrent than financial penalties. Goodwin said, “Executives are used to writing checks. It sends a stronger message if they have to trade their three-piece suits for a prison jumpsuit.”
Valeant’s purchase of Sprout will include $500 million cash up front as well as $500 million when the deal is closed, which is expected to be in early 2016. In addition, Valeant has agreed to give Sprout a portion of future revenues if certain milestones are met, although neither party would discuss specifics. Sprout CEO Cindy Whitehead will join Valeant and lead the division responsible for Addyi.
Although many have likely shrugged or scoffed upon hearing news of the data dump, the ramifications of the disclosures run far deeper than just major relationship troubles. Over 10,000 of the compromised email addresses had .gov extensions with an estimated 5,000 more having .mil (military) suffixes. Adultery is punishable up to a year in prison in the military and can lead to a pension-forfeiting dishonorable discharge.
Despite the hefty sum, many in the industry believe that the amount does not come close to the actual costs incurred by the thousands of banks and other financial institutions that issue cards under the Visa name.
The regulator sent the letters to the Olympus, Fujifilm, and Pentax as part of an effort to fight against a wave of deadly bacterial infections attributed to the insufficient cleaning and sterilization of the devices. Duodenoscopes are reusable flexible tubes that go down the throat in order to treat gastrointestinal tract ailments.
Although this latest recall adds to the list of airbag-related defects, it does not appear to be connected to the massive recall from Japanese airbag manufacturer Takata, which has affected 11 automakers and an estimated 50 million vehicles worldwide.
As part of to the settlements, Citigroup does not admit, nor deny the SEC charges. The proceeds of the agreement will be diverted to investors who were harmed by the funds. Both investments were sold through Citigroup Private Bank as well as through Smith Barney. Citigroup spokesperson Danielle Romero-Apsilos said in an emailed statement, “We are pleased to have resolved this matter,” although offering little elaboration.
The main battle in the negotiations is over healthcare. Both companies are asking employees to contribute to their healthcare insurance premiums. ArcelorMittal CEO Lakshmi Mittal said in a recent interview that, in addition to wage-freezes and vacation concessions, the company is asking that individuals pay $150 and families $250 for monthly healthcare premiums. U.S. Steel representatives have requested similar concessions in its negotiations with the USW.
San Diego unveiled a $1.1 billion proposal to build a stadium in the city’s Mission Valley area to keep the team there, replacing the antiquated Qualcomm Stadium. The proposal, however, only includes one-third of the cost to be publicly financed, leaving the Chargers and the NFL responsible for over $750 million of the cost. Chargers executive Mark Fabiani rebuked the proposal and city officials, saying “The Chargers have been clear from the start that the franchise will not be the city’s guinea pig for this inevitably ill-fated legal experiment.”
A formidable push is gathering for antitrust authorities to block the proposed merger between online-travel giants Expedia and Orbitz. Congressional authorities, consumer groups, and those within the hotel industry are urging the Department of Justice to strongly consider the antitrust concerns of the merger. Expedia announced the proposed $1.3 billion acquisition in February, shortly after