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By Jonathan Stempel NEW YORK (Reuters) – Norfolk Southern Corp was sued on Tuesday by bondholders who said they lost hundreds of millions of dollars because the railroad concealed safety risks prior to the February derailment in Ohio of a train carrying hazardous chemicals. The proposed class action filed in Manhattan federal court covers investors …

Norfolk Southern bondholders sue over safety disclosures preceding Ohio derailment Read More »

By Diane Bartz and Leroy Leo WASHINGTON (Reuters) -The U.S. Federal Trade Commission said on Tuesday it has filed a lawsuit to stop Amgen Inc’s $27.8 billion acquisition of Horizon Therapeutics Plc in a rare move to block a large pharmaceutical deal. The FTC said it opposed the deal because of concern that Amgen would …

US FTC sues to block Amgen’s $27.8 billion deal for Horizon Therapeutics Read More »

By Michael S. Derby (Reuters) – Several days after ending his leadership role at a small New York State bank holding company, Thomas Murphy has also exited the board that oversees the Federal Reserve Bank of New York, the central bank said Tuesday. The regional Fed said Murphy stepped down from one of its New …

Ex-bank executive steps down from NY Fed board Read More »

By Hannah Lang, Tatiana Bautzer, Pete Schroeder and Ann Saphir WASHINGTON/NEW YORK (Reuters) – The former chief executive of Silicon Valley Bank defended the U.S. lender’s efforts to manage risk in his first public comments after the bank’s shock collapse, as regulators promised better supervision to prevent more such failures. The top executives at SVB …

Ex-Silicon Valley Bank CEO defends record, regulators vow tougher supervision Read More »

AMELIA ISLAND, Florida (Reuters) – Changing interest rates in “smaller, less frequent steps” can make it less likely that U.S. Federal Reserve monetary policy causes financial instability, Dallas Fed President Lorie Logan said on Tuesday. “Gradual policy adjustments can be helpful,” Logan said at an Atlanta Fed economic conference. While not commenting on an upcoming …

US Fed’s Logan says ‘smaller, less frequent’ hikes may be safer for stability Read More »

(Reuters) -Lyft Inc said on Tuesday Erin Brewer will replace chief financial officer Elaine Paul, who is leaving the ride hailing company months after a new CEO was appointed. The company said Paul, who has served as Lyft CFO since January 2022, was leaving on May 19, and announced Brewer’s expected joining on July 10. …

Lyft says CFO Paul to step down, appoints replacement Read More »

(Reuters) – New York Community Bancorp Inc said on Tuesday the Federal Deposit Insurance Corporation is selling the bank’s shares owned by the regulator following the Signature Bank deal. A unit of New York Community Bancorp in March entered an agreement with U.S. regulators to buy deposits and loans from New York-based Signature Bank which …

New York Community Bancorp announces secondary share offering by FDIC Read More »

(Reuters) -Shake Shack Inc on Tuesday added an independent director in agreement with Engaged Capital LLC, avoiding a potential proxy battle between the activist investor and the restaurant chain. This follows a Wall Street Journal report that said Engaged Capital, which according to Refinitiv data has a 4.36% stake, was planning to launch a proxy …

Shake Shack settles with activist investor, adds independent director Read More »

By Sarah N. Lynch, David Shepardson and Karen Freifeld WASHINGTON (Reuters) – The United States on Tuesday announced charges in five cases involving alleged efforts to steal technology to benefit China, Russia and Iran including a former Apple Inc engineer accused of targeting the company’s technology on autonomous systems, including self-driving cars, and then fleeing …

U.S. charges Apple ex-employee for trying to steal technology, fleeing to China Read More »

By Jonathan Stempel NEW YORK (Reuters) – Wells Fargo & Co has agreed to pay $1 billion to settle a lawsuit accusing it of defrauding shareholders about its progress in recovering from a series of scandals over its treatment of customers. A preliminary settlement of the proposed class action was filed late Monday night with …

Wells Fargo reaches $1 billion settlement with shareholders over recovery from scandals Read More »