MetLife, accused by regulators of misleading tens of thousands of customers about variable annuities—“a product that retirees seek out for safety,” will pay a $25 million dollar fine for its actions. It’s the second-largest penalty Finra’s ever levied and a black eye for the insurer, which hasn’t admitted any wrongdoing – WSJ and Law360
UBS found a silver lining in an otherwise disastrous first quarter—its wealth management business saw more money in the door than the same period last year. Still, a drop of 64% in profit from a year ago is awfully tough to swallow – NYTimes and Bloomberg
Amazingly, there’s still health-care merging to be done, and yesterday that took the form of IMS Health (health care info and tech provider) and Quintiles Transnational (clinical trial research help for big pharma) joining forces to create a new $17.6 billion venture – NYTimes
Despite all of these newsworthy deals of late, 2016’s actually already a record-breaking year for failed mergers – WSJ
The Federal Home Loan Banks are blowing it up these days. Just a day after FHLB Boston got a second chance at Moody’s, news has emerged that FHLB Seattle has resolved its claims against Bank of America over its alleged misstatements and omissions in MBS issuance for $190 million – Law360
Adidas is looking to get out of the golf biz, a move that would impact well-known brands like Taylor Made, Adams, and Ashworth – NYTimes
How the selfie generation (heyyy, millennials) is changing the face of the beauty business – WSJ
BofA, Citi, JPMorgan, and 4 others have agreed to pony up $324 million to settle class action allegations that they “rigged a benchmark interest rate used to set terms for swaps transactions.” The banks also agreed to cooperate with plaintiffs in their further investigation of ISDAfix manipulation – Law360
The Deal Professor examines the power struggle at homebuilder Pulte Group, which survived the housing bubble burst only to find itself mired in a full-on battle between the company’s founder (William Pulte) and its current management – NYTimes
For you rom-com fans everywhere, I present the 2016 version of “You’ve Got Mail,” starring UW Madison undergrads, Snapchat, and a Minnesota Vikings jersey. Please take an extra special moment to enjoy the last 2 lines of the story – Deadspin
