The debt collection firm Forster & Garbus, of Commack, N.Y., misled consumers into thinking it was actively processing lawsuits against them and may have collected money on debts the consumers no longer owed, according to a lawsuit filed against the company by the Consumer Financial Protection Bureau.
The American Securities Association, a trade organization that speaks for regional broker-dealers, is asking the New Jersey Bureau of Securities to hold new public hearings on the proposed fiduciary rule. Christopher Iacovella, the group's chief executive officer, said the rule "would fundamentally alter the relationship that currently exists between broker-dealers and their retail clients in the state of New Jersey and this could have a negative impact on the state's finances."
Financial regulators should pay attention to whether Facebook's proposed cryptocurrency system would comply with rules on consumer protection and privacy, says Sen. Mike Crapo, R-Idaho, chairman of the Senate banking committee.
Shares of Fastly, a startup whose service accelerates the speed at which websites load, priced at about $16 for the initial public offering but quickly gained more than 50% after trading opened.
Shares of chemical company Avantor priced at $14, the low end of the range for the initial public offering, but advanced 4.5% after trading began. The offering raised $2.9 billion.
Zipline, a drone delivery startup with a valuation that already topped $1 billion, raised $190 million in its most recent funding round. The company said it will use the new capital to expand its medical supply delivery operations in the Americas, Africa, South Asia and Southeast Asia.
American Express has acquired Resy, a startup restaurant reservation and booking platform. Amex said it did the deal to help its customers find "new, notable and hard-to-get-into restaurants across the globe, as well as help restaurants' businesses grow and thrive."