Fiat Chrysler sales chief files whistleblower suit over SEC probe

Fiat Chrysler Automobiles’ U.S. sales chief Reid Bigland sued the Italian-American automaker claiming the company opted to withhold 90% of his 2018 compensation because he has cooperated with a probe by the U.S. Securities and Exchange Commission, court documents filed on Wednesday show.

The SEC has been investigating the company’s sales reporting practices before the company changed them in July 2016, the automaker has said. The suit said Bigland’s candor with U.S. investigators and “unwillingness to act as a scapegoat for defendants’ 30-year practice which predated him” resulted in the company retaliating “less than two months later by withholding his compensation.” read more »

Pfizer had clues its blockbuster drug could prevent Alzheimer’s. Why didn’t it tell the world?

A team of researchers inside Pfizer made a startling find in 2015: The company’s blockbuster rheumatoid arthritis therapy Enbrel, a powerful anti-inflammatory drug, appeared to reduce the risk of Alzheimer’s disease by 64 percent.

The results were from an analysis of hundreds of thousands of insurance claims. Verifying that the drug would actually have that effect in people would require a costly clinical trial - and after several years of internal discussion, Pfizer opted against further investigation and chose not to make the data public, the company confirmed. read more »

PG&E to Plan $11 Billion Fund to Settle Wildfire Claims

Bankrupt utility has discussed proposal with lawmakers

Earnings could be redirected into special purpose vehicle

PG&E Corp. has spoken to lawmakers about putting together a pool of capital worth about $11 billion to settle claims related to wildfires blamed on the bankrupt California utility, according to people familiar with the matter. read more »

U.S. charges ex-CEO of cryptocurrency company Longfin with $66 million fraud

U.S. prosecutors said on Wednesday the former chief executive of Longfin Corp has been indicted for engineering an accounting fraud that inflated the revenue of the now-defunct cryptocurrency company by more than $66 million.

The securities fraud charge against Venkata Meenavalli, 49, of India, was announced 18 months after Longfin shares went on a roller-coaster ride as cryptocurrencies were coming into fashion, rising more than 13-fold over a few days and briefly making the company worth more than $3 billion. read more »