Lilly faces lawsuit over alleged excessive retirement-plan fees
The drugmaker is one of hundreds of U.S. companies being sued in the recent trend in litigation: excessive fees on 401(k) retirement plans.
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Bitcoin plunges as major crypto lender halts operations
Crypto lender Celsius halted all withdrawals, citing “extreme market conditions.” It is the second collapse of a part of the crypto world in the last two months.
Stocks dive to another losing week as inflation worsens
The S&P 500 sank 2.9% to lock in its ninth losing week in the last 10, and tumbling bond prices sent Treasury yields to their highest levels in years.
Stock market slump unsettling Americans eying retirement
A stock market slump this year has taken a big bite out of investors’ portfolios, including retirement plans like 401(k)s.
Carmel man handed federal prison sentence for securities fraud
George R. McKown, 71, who was convicted of conspiracy to commit securities fraud and wire fraud, also was ordered to pay more than $5.2 million in restitution to his victims.
Target shares plunge 26% amid rout of retail stocks
Target Corp. is on pace for its worst stock drop since 1987’s Black Monday crash after becoming the second big retailer in two days to trim its profit forecast. Other retailers suffered steep drops in their stock prices Wednesday.
Indianapolis-based Centerfield launches $400M investment fund
The investment fund is Centerfield Capital Partners’ fifth, and the largest yet in the private-equity firm’s 24-year history.
Former Merrill Lynch broker Buck ordered to pay $7.5M in damages to former client
Thomas Buck built a reputation as one of the state’s top financial advisers before being sentenced to prison for securities fraud in 2019.
In wicked reversal, stock market has worst day in two years
The sell-off was a sharp reversal of fortunes after markets posted large gains on Wednesday, a whiplash caused by temporary confusion over the Federal Reserve’s approach to raising interest rates this year.
Dollar surges to 2-decade high as investors seek refuge
Rising inflation that has caused the biggest jump in prices in 40 years has spurred the Federal Reserve to aggressively raise interest rates, which increases demand for U.S. dollars.
Elon Musk to join Twitter’s board after becoming largest shareholder
Putting Musk on Twitter’s board and limiting the amount of stock he can acquire while as a director may be a strategic move on Twitter’s part.
Suddenly, Twitter’s biggest stakeholder is Tesla’s Elon Musk
Twitter co-founder Jack Dorsey stepped down as CEO in November. Musk’s stake in Twitter is now more than four times the size of Dorsey’s, who had been the largest individual shareholder.
Elon Musk takes 9.2% stake in Twitter; shares skyrocket
Twitter shares exploded 26% in premarket trading after the Securities and Exchange Commission filing showed that Musk snapped up more than 73 million shares, valued at $2.89 billion.
Q&A: Financial adviser John Sarson on why he’s bullish on cryptocurrency
He’s the CEO of Indianapolis-based Sarson Funds, which offers cryptocurrency-focused investments to financial advisers and accredited investors. He spoke to IBJ recently—not from his office, but from what he calls the firm’s “secret location,” a house in Carmel where staffers build computers and do crypto mining.
Local specialty chemicals firm lands $4.6M in funding round
MITO Material Solutions Inc. said it will use the investment to expand its Indianapolis operations, including new lab space for developing products and new composite material technologies.
Indianapolis marketing agency plans expansion after major investment
TrendyMinds Inc. has secured an eight-figure investment and plans to establish new regional offices in Florida and Texas while increasing employment in Indianapolis.
World shares mixed as investors eye Ukraine, inflation
The concern that Russian troops could descend on the Ukrainian capital, Kyiv, a city of about 3 million people less than a three-hour drive away, has added to uncertainties for investors already jittery over central bank strategies to combat inflation.
Allos Ventures launches $75 million investment fund
Indianapolis-based Allos Ventures, which invests in early-stage business-to-business software companies in the Midwest, said it plans to start making investments from Allos IV right away.
U.S. stocks end January on a high note, but still chalk up worst month since March 2020
The S&P 500 index advanced 1.9%, reclaiming some of its January losses but still closing down nearly 5.9% in its worst monthly performance since March 2020. And the tech-heavy Nasdaq, still down 10% for January, climbed 3.4%, boosted by investors looking to buy the dip.
IBJ Podcast: Columnist Mickey Kim on surviving a volatile stock market
“When things get rocky, we want to protect ourselves,” Kim tells host Mason King. “We are thinking: Don’t just sit there, do something. And I will tell you: Doing something is the wrong thing to do.”