The Consumer Financial Protection Bureau finalized a rule on Monday that would prohibit the arbitration clauses tucked into the user agreements for financial services that will take the consumers’ right to join a class-action against the issuing institution, but instead forcing them into arbitration. The law will make it easier for people to challenge financial companies in the court. The rule is expected to be published in the federal register in the next week or two.
Randal K. Quarles, an investment fund manager and an ex-Treasury Department official has been nominated by President Trump on Monday as the top official overseeing Wall Street banks. He is also expected to play a central role in Trump administration’s plan to curb financial regulation.
After 5 days of jury deliberation, Martin Shkreli was found guilty on 3 counts of fraud. Two of those counts may equal up to 20 years in prison each, with the final counts, 5 years. Shkreli seemed shaken but when he regained his composure outside of the court he proclaimed that he was “delighted” and after a witch hunt that they may have “found one or two broomsticks.” Shrekli live streamed later that afternoon with a beer and joked about prison life.
Booz Allen Hamilton Holding Corp. reported a 12% drop in stocks on Thursday after they announced that their billing practices were under investigation by the Justice Department. In a statement the firm said that the Justice Department was “conducting a civil and criminal investigation relating to certain elements of the company’s cost accounting and indirect cost charging practices with the U.S. government.”
Apple recently announced their new plan to help support advanced manufacturing jobs on US soil. During Trump’s run for presidency he mentioned wanting more manufacturing processes to happen on US soil rather than Chinese, thus creating more jobs for American citizens. Tim Cook, chief executive, said he has already met with and found a company he will invest in.