Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Fiat Chrysler and France's Renault could soon partner up to take on the sweeping changes to the global auto industry, according to a report in the Financial Times. The...Autosread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
When commercial real estate investor Manny Khoshbin spent $2.2 million on the fastest production car in the world, he had no idea it would very quickly also become the...Autosread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
The federal minimum wage has remained $7.25 per hour since 2009. But several states, and even some companies, have since taken matters into their own hands to pay employees a...Workread more
Stocks rose on Friday, but notched weekly losses as investors worried the U.S.-China trade war is hurting economic growth.US Marketsread more
JPMorgan Chase has denied Commodity Futures Trading Commission charges that it manipulated certain credit markets as part of its doomed "London Whale" trades, according to two people familiar with the matter, indicating the bank is prepared to fight the regulator's case in court.
The CFTC notified JPMorgan on Sept. 16 that its staff was recommending that the Commission charge the bank for artificially inflating prices of certain corporate-credit derivatives during 2012. JPMorgan was given 14 calendar days to either respond to the notification, known as a Wells notice, or settle the charges. In order to settle, the CFTC was seeking some tough terms, said people familiar with the matter at the time: a payment of up to $100 million and an admission of wrongdoing.
(Read more: JPM shakes off 'Whale' to nab top spot for fees)
The so-called London Whale trades, a series of corporate-credit derivative positions the bank took on in its U.K. office during 2011 and 2012 that eventually created losses of more than $6 billion, have proved disastrous for the large depositor. In addition to the financial drain, JPMorgan has in the last year faced an executive reshuffling, the indictment of two former traders, and a slew of regulators and legal fines of close to $1 billion.
In the days after the Wells notice's issuance, the CFTC softened its settlement stance, according to one person familiar with the matter—though others deny that's the case. Regardless, JPMorgan opted to deny the charges in the Wells, setting the stage for a protracted legal battle. A formal lawsuit from the CFTC would require approval by the agency's commissioners.
(Read more: JPMorgan audit director admits bank mistakes)
As of Monday—a week after JPMorgan's response—that approval had not been secured, said a person familiar with the matter, who said the situation is still "evolving." And talks have no doubt slowed as a result of the government shutdown, which has kept much of the CFTC's staff home from work for the past week. (Case in point: in an automatic response to a reporter e-mail, a senior spokesman for the agency stated, "I will answer your e-mail when the government reopens.")
—By Kate Kelly and Kayla Tausche.