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News
October 15, 2014

In The News Today – October 15, 2014

Due to its record-setting $16.65 billion mortgage settlement with the U.S. government in August, Bank of America Corp. Wednesday reported a quarterly loss of $70 million, or 1 percent per share for common shareholders. In the last quarter, Bank of America’s litigation costs rose to $5.6 billion. (Reuters)

An investor levied a proposed class action against drugmaker Durata Therapeutics Inc. in an attempt to block its purchase by Actavis PLC for $675 million, claiming that Durata would breach its fiduciary duty to shareholders by accepting the too-low offer. Durata CEO Paul R. Edick stated the merger will expand Durata’s commercial reach and scale, augmenting its launch of a new drug “poised for blockbuster success”. (Law360)

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