On Thursday, Shares of General Motors Company (NYSE:GM), gained 0.35% to $31.31.
General Motors Company confirmed recently that the company has reached a settlement in the form of a Deferred Prosecution Agreement with the U.S. Attorneys Office for the Southern District of New York regarding the companys handling of the ignition switch defect in certain older model vehicles.
The mistakes that led to the ignition switch recall should never have happened. We have apologized and we do so again recently, said GM CEO Mary Barra. We have faced our issues with a clear determination to do the right thing both for the short term and the long term. I believe that our response has been unprecedented in terms of candor, cooperation, transparency and compassion.
GM Chairman Theodore M. Solso said, GMs Board of Directors took swift action to investigate the ignition switch issue and we have fully supported administrations efforts to regain the trust and confidence of customers and regulators, and to resolve the Justice Departments investigation. GMs Board and leadership recognize that safety is a foundational commitment, and the changes the company has made in the last 15 months have made it much stronger.
Under the Agreement, the U.S. Attorneys Office agrees to defer prosecution of charges against GM related to the ignition switch defect and recall for three years. If GM satisfies the terms of the Agreement, federal prosecutors will then seek dismissal of the charges with prejudice.
General Motors Company designs, builds, and sells cars, crossovers, trucks, and automobile parts worldwide. It operates through GM North America, GM Europe, GM International Operations, GM South America, and GM Financial segments.
Shares of Nokia Corporation (NYSE:NOK), inclined 0.30% to $6.74, during its last trading session, after the company received the last regulatory approval in the U.S. needed to complete its acquisition of Alcatel-Lucent (ALU).
The Committee on Foreign Investments gave Nokia clearance to acquire Alcatel-Lucent following approval by the Department of Justice.
The acquisition, which was declared in April, values Alcatel-Lucent at 15.6 billion euros by offering 0.55 new Nokia share per each Alcatel-Lucent share.
The transaction is pending approvals from other antitrust authorities in other regions and approval from Nokia shareholders.
The deal is predictable to close in the first half of 2016.
Nokia Corporation, together with its auxiliaries, provides network infrastructure and related services in Finland, the United States, Japan, China, India, the Russian Federation, Germany, Taiwan, Indonesia, Italy, and internationally.
Shares of Ventas, Inc. (NYSE:VTR), inclined 1.59% to $55.45, during its last trading session.
Ventas declared that its administration, counting Chairman and Chief Executive Officer Debra A. Cafaro, made a presentation and take part in a question and answer session at the Bank of America Merrill Lynch 2015 Global Real Estate Conference on September 16th in New York. The session is planned for 12:30 p.m. Eastern Time.
Ventas, Inc. is a publicly owned real estate investment trust. The firm engages in investment, administration, financing, and leasing of properties in the healthcare industry. It invests in the real estate markets of the United States and Canada.
Finally, Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG), ended its last trade with -1.51% loss, and closed at $45.81.
Hartford Investment Administration Company (HIMCO), a partner of The Hartford (HIG), recently declared that it has designated John Melvin as managing director and head of portfolio administration, effective Sept. 14, 2015. Melvin will report to Brion Johnson, president of HIMCO.
“John is a strong leader and a seasoned investor with a proven track record of success,” said Johnson. “John will play an integral role in accelerating continuous improvement at HIMCO by extending the scope of our portfolio administration capability – driving collaboration, communication and efficiency across the firm.”
Melvin joins HIMCO with more than 25 years of experience in the financial services industry, most recently serving as managing director at Goldman Sachs Asset Administration and chief investment officer of their global insurance asset administration business. Formerly, Melvin was head of insurance fixed income, Americas at Deutsche Insurance Asset Administration. Earlier in his career, Melvin held various leadership roles in investment strategy and risk administration.
Melvin holds a bachelor’s degree in business and economics from Lehigh University and an MBA in finance from the Stern School of Business, NYU.
The Hartford Financial Services Group, Inc., through its auxiliaries, provides insurance and financial services to individual and business customers primarily in the United States. The company’s Commercial Lines segment offers workers compensation, property, automobile, marine, umbrella, liability, and livestock coverages, in addition to customized insurance products and risk administration services, counting professional liability, bond, and specialty casualty coverages.
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