Visa and Mastercard have announced that they will pay retailers more than $6 billion to settle several class-action and individual lawsuits retailers have filed since 2005.
According to a Wall Street Journal story from earlier this month, the settlement stems from complaints that Visa and MasterCard, the largest card-payments networks in the world, prohibited retailers from imposing surcharges to customers using those credit cards.
As the financial crisis began to unfold in 2007, the New York Federal Reserve learned that some banks might have intentionally underestimated the rates they expected to pay for loans from other banks.
Documents the New York Fed released Friday, in response to a request from Congress, show that the banking regulator began to be concerned about the accuracy of LIBOR — or the London Interbank Offered Rate — late in 2007.
This week, one of the biggest coal mining companies in Central Appalachia, Patriot Coal, filed for bankruptcy protection. Over the past three months, a wave of layoffs has hit coal country hard, and this past month, the share of all U.S. electricity generated from coal hit its lowest level since the 1940s. Our colleague Guy Raz visited Webster County in the middle of West Virginia to find out what's killing King Coal.
You're listening to ALL THINGS CONSIDERED from NPR News. Here in Washington, D.C., the city government has been enveloped by a series of scandals and federal investigations this year. Two city council members have resigned after pleading guilty to bank fraud and embezzlement. And now, there are calls for the mayor, Vincent Gray, to quit too. Three of Gray's campaign associates have pleaded guilty to various crimes. Here's Patrick Madden of member station WAMU.
Comic-Con, the big annual entertainment convention in San Diego, is well under way. The gathering is known for its devoted fans, often dressed in costumes, and its showcase of mostly science fiction and fantasy.
The convention has a reputation as a magnet for geeks, but in recent years, Comic-Con has become more mainstream and, dare we say, kind of cool. Here to give us the lowdown on what's going on this year is NPR's Nina Gregory, who joins me now from San Diego.
This is ALL THINGS CONSIDERED from NPR News. I'm Melissa Block. Five billion dollars of net income in three months. Sounds like a pretty good quarter, right? Well, for almost any other company, it would be, but for JPMorgan Chase, those profitable second-quarter results have been overshadowed by news of a ballooning trading loss that shook investor confidence in the bank. As NPR's Yuki Noguchi reports, JPMorgan's CEO is trying to restore what was once a good reputation for risk management.