The U.S. Securities and Exchange Commission has accused two Chinese citizens at a peer-to-peer lending platform of engaging in insider trading ahead of the announcement that two companies had agreed to be acquired by private equity firms. In a lawsuit filed in Manhattan federal court that was made public Tuesday, the SEC said Zhichen Zhou, a web administrator at Yooli.com, engaged in "highly suspicious" trading in the stocks of MedAssets Inc and Chindex International Inc. Both companies later announced private equity takeovers in deals where one of the bidders had been TPG Capital LP[TPG.UL], where Yooli.com CEO Yannan Liu, Zhou's cousin, had previously worked, the SEC said.
Chicago's contributions to its four retirement systems will be too skimpy to curb unfunded pension liability growth in the next 10 years regardless of how state lawmakers address the problem and how the court system rules, Moody's Investors Service said on Tuesday. The third-biggest U.S. city has been mired in a financial crisis largely fueled by its $20 billion unfunded pension liability. Moody's, which dropped Chicago to the "junk" level of Ba1 with a negative outlook in May, laid out four scenarios facing Chicago based on the fiscal 2016 budget it passed last month.
LONDON (AP) — British Prime Minister David Cameron laid out his government's demands for European Union reform Tuesday, saying a looser "British model of membership" would let him campaign "heart and soul" for his country to stay in the 28-nation bloc.