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Wealth, Personal Finance & Money

Madoff trustee reaches $277 million accord with money manager’s family

The court-appointed trustee liquidating Bernard Madoff’s firm said on Friday he has reached a settlement with the family of late Beverly Hills money manager Stanley Chais that will provide more than $277 million to victims of Madoff’s Ponzi scheme. Irving Picard, the trustee, said victims will receive at least $232 …

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Wells Fargo will pay $190 million to settle customer fraud case

Wells Fargo has long been the envy of the banking industry for its ability to sell multiple products to the same customer, but regulators on Thursday said those practices went too far in some instances. The largest U.S. bank by market capitalization will pay $185 million in penalties and $5 …

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Ackman buys into Chipotle, to talk to management; shares jump

Activist investor William Ackman’s hedge fund took a 9.9 percent stake in fast-casual Mexican food chain Chipotle Mexican Grill Inc (CMG.N), buying in after the once high-flying company was battered by food-safety issues. The billionaire manager said in a regulatory filing late on Tuesday that the company’s shares, which closed …

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First jobs: Coming to America

If there is one subject at the forefront of the 2016 U.S. election, it is immigration. For the latest installment of our “First Jobs” series, Reuters talked to a few immigrants whose success has become part of the rich fabric of American life. Reza Aslan, Author Born in: Iran First …

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U.S. banks want to cut branches, but customers keep coming

Despite banks’ nudging toward online tools, many U.S. customers are not ready to give up regular visits to their nearest branch, complicating the industry’s efforts to slim down. U.S. banks have trimmed the number of branches by 6 percent since it peaked in 2009, according to Federal Deposit Insurance Corp …

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How to afford raising a world-class athlete

When the Summer Olympics begin in Rio on Aug. 5, you will see 10,000 of the world’s best athletes compete, and a much smaller number of them being draped with medals. But who really deserves gold? The families who scrimped and saved to get them there. Raising a world-class athlete …

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New Allianz asset management chief wants closer ties with Pimco: FT

A new top executive at German insurer Allianz wants to forge closer ties with its U.S. asset management business, Pimco, according to the Financial Times. A report in Monday’s editions of the newspaper quoted Jackie Hunt, Allianz’s new asset management chief, as saying Pimco and Europe’s biggest insurer both saw …

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Q&A: Why Mark Cuban values time over money

After working his way up from selling garbage bags door-to-door as a teen in Pittsburgh, Mark Cuban, 57, is now climbing the ranks of the wealthiest Americans. Cuban’s holdings are varied and his media personality is huge, ranging from his role on ABC’s “Shark Tank,” to film ventures to his …

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Column – Tapping retirement accounts early: the ins and outs

401(k) accounts are not designed as piggy banks to be tapped for nonretirement expenses. But stuff happens. Since the Great Recession, loans from 401(k) accounts have been rising. Some 17.6 percent of plan participants had loans outstanding last year, compared with 15.3 percent in 2008, according to the Investment Company …

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