News Highlights: Top Financial Services News of the Day

12/22/17 07:15 AM EST
Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout 

The price of bitcoin tumbled sharply Friday in Asia, wiping one-fourth of its market value in the past 24 hours alone, as a wave of selling hit the broader cryptocurrency market just before the Christmas holiday weekend.

Beverage Maker Turns Into Blockchain Stock 

Long Island Iced Tea, founded in 2011 as a maker of such drinks as peach and lemon iced tea, became a different company, changing its name to Long Blockchain.

TPG to Pay Nearly $13 Million Over Accelerated Monitoring Fees 

The Securities and Exchange Commission and private-equity firm TPG have agreed to a nearly $13 million settlement over TPG's failure to adequately disclose accelerated monitoring fees associated with three of its boom-era funds.

SEC Sues Woodbridge Ex-CEO Shapiro Over Alleged Ponzi Scheme 

The Securities and Exchange Commission has sued Robert Shapiro, accusing the former chief executive of Woodbridge Group of operating a Ponzi scheme that raised more than $1 billion from individual investors for the now-bankrupt real estate operation.

Cryptocurrency Founder Tries a New Play: Sell It All 

The creator of litecoin, one of the major cryptocurrencies that competes with bitcoin, said he sold his stake, a major about-face in a world often characterized by true believers and tech evangelists.

Fannie, Freddie Modify Repayment Agreements With U.S. 

Mortgage-giants Fannie Mae and Freddie Mac will retain some of their quarterly earnings as part of an agreement between the Trump administration and their regulator to allow them to build a small capital buffer against future operating losses.

The Internal Divide Behind Trump's CFPB Takeover 

Before the White House installed a chief who wants to dismantle the Consumer Financial Protection Bureau, the Treasury secretary and some finance companies sought a leader who would let the agency keep some teeth.

JPMorgan Rebuked by Swiss Regulator Over Dealings With 1MDB 

Switzerland's financial regulator said JPMorgan's Swiss unit had "seriously breached" anti-money-laundering regulations related to its dealings with Malaysian state investment fund 1MDB.

Voya Financial to Exit Individual Annuities Business 

Voya Financial is selling parts of its annuities businesses to a group of investors led by Apollo Global Management and its affiliates, Crestview Partners and Reverence Capital Partners.

MetLife Hires Firms to Locate Workers Owed Pensions 

MetLife hired a law firm to investigate how its retirement business failed to aggressively search for possibly tens of thousands of people owed pension benefits and is planning to hire a specialty firm to help locate the missing people.


(END) Dow Jones Newswires

December 22, 2017 07:15 ET (12:15 GMT)

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