Your Daily Dose of Financial News

Robins Kaplan LLP

The Peltz/P&G drama continues, with the company suggesting that Trian has lost its bid for a Board seat and the fund arguing that it disagrees with the company’s counting of the ballots – WSJ and NYTimes

Pharma giant Pfizer is considering a new future for its consumer health care division (think Advil, Centrum, ChapStick, etc.) that could mean a spinoff or a sale – NYTimes and WSJ

For the record, Breakingviews things GlaxoSmithKline would be an awfully good home for it – NYTimes

New details emerging from the Equifax breach reveal that nearly 11 million Americans’ driver’s license information was compromised in the hack – WSJ

Wilmington Trust Corp. has agreed to pay a $44 million civil fine to resolve a 2+-year-old criminal securities fraud prosecution over the bank’s alleged concealment of “hundreds of millions in bad commercial loans in 2009 and 2010” – Law360

A new Moody’s report says that Americans are growing more comfortable with a bigger debt load, a change that the rating agency suggests places  increased risk on financial institutions – MarketWatch

Honeywell announced today that it will, indeed, spin off its homes and global distribution and transportation systems units by the end of next year. But, in defiance of calls from Daniel Loeb and his activist Third Point fund, Honeywell indicated that it will retain its aerospace tech operations division – NYTimes and WSJ

The HSBC Forex trial continues in EDNY with former head of Deutsche Bank forex trading telling the jury that “pre-hedging”—making some of the large currency purchase in advance—is a “standard practice that can be beneficial to the buyer because it keeps the price down” – Law360

The AFL-CIO is pushing the SEC to investigate possible insider trading in Navient shares, citing three “large blocks” of the servicer’s stock bought ahead of the news that the Ed. Dep’t was ending its information sharing arrangement with the CFPB – Law360

No, Dow Jones Newswire, Google’s not actually buying Apple. Just no – NYTimes and WSJ

Because we all need a little extra dose of guilt on a Wednesday morning, please enjoy this reminder that exercise and sleep are as important as ever – NYTimes

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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