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Author Archives: Bloomberg News

S&P loses bid to move state ratings lawsuits to federal court

McGraw Hill Financial Inc.’s Standard & Poor’s unit lost its bid to consolidate state claims that it lied about the objectivity of its ratings in the run-up to the 2008 financial crisis, forcing it to fight lawsuits in 18 state courts.

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Governors drop defense of state bans to gay marriage

Pennsylvania, the last northeastern state to prohibit gay marriage, will let a judge’s ruling end the ban without a fight as Gov. Tom Corbett follows others in conceding court losses.

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GM to pay record $35 million fine on ignition-switch recall

General Motors Co. will pay a record $35 million fine as part of the U.S. government’s investigation into how it handled the recall of 2.59 million small cars over faulty ignition switches, the Transportation Department said.

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SAC Capital hedge fund manager Steinberg gets 3 1/2 year term

Former SAC Capital Advisors hedge fund manager Michael Steinberg was sentenced to 3 1/2 years in prison for insider trading, capping one of the biggest victories for prosecutors who spent seven years investigating the hedge fund and its boss, Steven A. Cohen.

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Senators vow more work on Fannie-Freddie after vote on bill

Members of the U.S. Senate Banking Committee said they’d keep working to overhaul the housing-finance system after casting a narrow vote to advance a bill that would wind down Fannie Mae and Freddie Mac.

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U.S. said to seek more than $3.5 Billion in BNP sanctions case

U.S. authorities are seeking more than $3.5 billion from BNP Paribas SA to settle federal and state investigations into the lender’s dealings with sanctioned countries including Sudan and Iran, according to people familiar with the matter.

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