Financial firm with central Indiana ties faces FBI investigation, civil lawsuits
Capstone Capital Management LLC is also facing multiple civil suits filed by investors who say they were deceived by Capstone and lost money as a result.
Banking & Finance
Articles
Fed Chair Jerome Powell: U.S. inflation cooling again, but rate cuts would be premature
After some persistently high inflation reports at the start of 2024, Powell said, the data for April and May “do suggest we are getting back on a disinflationary path.”
Owner of 27-story downtown apartment tower faces $101M foreclosure lawsuit
Since it was completed in 2018 at a cost of $120 million, the tower has become one of the city’s priciest residential properties, with an average rent of $2,365 per month, or $2.58 per square foot.
Judge rejects $30 billion Visa, Mastercard swipe-fee settlement
The decision jeopardizes an agreement reached in March that was meant to end two decades of litigation related to the fees card companies charge retailers on each purchase a customer makes.
Judges in Missouri, Kansas temporarily halt part of Biden’s student debt forgiveness plan
The judges’ rulings prevent the U.S. Department of Education from helping many of the intended borrowers ease their loan repayment burdens going forward under a rule set to go into effect July 1.
Investors eyeing opportunities in accounting firms
As technology and other factors transform the accounting industry, a growing number of firms are turning to private equity investments to help them keep up with the pace of change.
IRS says ‘vast majority’ of 1M pandemic-era credit claims show risk of being improper
The Employee Retention Credit was designed to help businesses retain employees during pandemic-era shutdowns, but it quickly became a magnet for fraud.
Carmel-based CNO extends title sponsorship of Indianapolis Monumental Marathon
CNO Financial first signed on as title sponsor of the Indianapolis Monumental Marathon in 2016.
Not-for-profits, anonymous donor pay off medical debt for 112,000
The debt-relief initiative is part of a partnership between the United Neighborhood Centers of Indianapolis, United Way of Central Indiana and national not-for-profit Undue Medical Debt.
IRS seeks to end another major tax loophole, raise $50B in process
The guidance and ruling being announced Monday includes plans to essentially stop “partnership basis shifting”—a process by which a business or person can move assets among a series of related parties to avoid paying taxes.
Carmel financial firm, CEO face another investor lawsuit
A Mooresville investor is alleging that Carmel-based retirement planning firm ReJoyce Financial LLC and CEO Alexander Joyce misappropriated more than $200,000 that she had deposited with the firm to invest on her behalf.
Federal Reserve sees some progress on inflation, but envisions just one rate cut this year
The policymakers’ forecast for one rate cut was down from a previous forecast of three, likely because inflation, despite having cooled in the past two months, remains persistently elevated.
High Alpha closes on $125M investment fund, downsizes staff
Fund IV marks some shifts in Indianapolis-based High Alpha’s operating strategy—notably, it plans to launch fewer companies per year than it traditionally has in the past, and it has cut its staff nearly in half.
CEO’s love for swimming leads OneAmerica to sponsor USA team
Scott Davison has a lifelong love of the sport. Knowing this helps explain why OneAmerica’s name and logo will be deeply imbedded in the U.S. Olympic Swimming Trials in Indianapolis.
More struggling with credit card debt in potentially bad sign for economy
The share of credit card debt that’s more than 90 days overdue rose to 10.7% during the first quarter, a 12-year high.
Lilly CFO Ashkenazi leaving to take job at Google parent Alphabet
Anat Ashkenazi was Lilly’s third-highest paid executive last year. She has worked at the company for 23 years, including as chief financial officer since 2021.
EBay to stop taking American Express cards after fee dispute
The two firms have been embroiled in negotiations about the merchant discount rates—also known as interchange fees—charged by Amex at the point of sale. The fees have long been a headache for merchants.
Bankruptcy filings rise as consumers struggle with credit card debt, more
In the U.S. Bankruptcy Court for the Southern District of Indiana, April numbers for all bankruptcy cases—including Chapters 7, 11 and 13—were up 19.9% compared to the same time last year.
Lingering inflation pressures continue to keep Fed rate cuts on pause
Hopes for interest rate cuts this year by the Federal Reserve are steadily fading, with a stream of recent remarks by Fed officials underscoring their intention to keep borrowing costs high as long as needed to curb persistently elevated inflation.
Indiana, Elevate Ventures launching $100M growth-stage fund
The new fund, called the Elevate Ventures Growth fund, will be aimed at companies with a $500 million or greater total addressable market.