NEW YORK (TheStreet) -- Popular searches on the Internet include JPMorgan Chase (JPM) after the bank disclosed it lost in an arbitration last year and paid $384 million to American Century Investment Management.
The arbitration was over allegations that JPMorgan's asset management division breached an agreement tied to the bank's purchase of a retirement plan services business from American Century in 2003. A panel from American Century alleged that JPMorgan agreed to promote American Century funds when the bank bought Retirement Plan Services, but instead encouraged customers to swap out of them in hopes that poor-performing funds would make American Century's value fall and the company cheaper to buy.
American Century won the arbitration on August 10, 2011, though it remained confidential until JPMorgan agreed to its disclosure, saying it paid the $373.3 million arbitration award plus interest in 2011. The bank said it accounted for it in its results for the third quarter of 2011 as a non-client litigation expense.
Credit Suisse (CS) is trending upon news that the bank cut CEO Brady Dougan's pay in half last year. Dougan still was criticized for accepting 5.8 million francs ($6.3 million) in salary and share-based bonuses as the bank's earnings dropped 62% and its stock declined 41%. Credit Suisse said it hasn't paid top executives any cash awards for the last four years, instead turning to stock-based instruments. Credit Suisse's top earner for 2011 was Robert Shafir, who pulled in 8.5 million francs for running the asset management division.
Cessna Aircraft, a unit of Textron (TXT), is another popular search as the company plans to build business jets in China. Cessna signed agreements Friday with Chinese partners Aviation Industry Corp. of China (AVIC) and the municipal government of Chengdu to produce midsize business jets and explore other future aviation opportunities. AVIC and Cessna agreed to pursue a general aviation business in China together as well, with plans to form an aircraft services network. China's private jet market has been dominated by Gulfstream and Bombardier, the latter just signing an agreement this week with Commercial Aircraft Corp. of China to collaborate on common aircraft parts.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move. -- Written by Brittany Umar.
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