Teva pays $519 million to settle bribery allegations

The markets extended its losses during the midday with the Dow losing 15 points to 19,926. Nasdaq fell 21points to 5,450.


Teva Pharmaceutical Industries will settle criminal and civil bribery allegations by paying more than $519 million in penalties and profit forfeitures. The generic drug maker has admitted to bribing officials in Mexico, Russia and Ukraine for more than a decade. Teva has assured regulators that all of the executives and employees who had participated in the bribery schemes are no longer employed with the company.


Nokia has sued Apple for infringing on 32 technology patents. Apple had licensed some of Nokia's patents in 2011. Nokia claims that efforts to negotiate license agreements for other patents have failed and that Apple incorporates many of Nokia's patented inventions in its products. Apple asserts that Nokia has engaged in anticompetitive behavior by refusing to license their patents on a fair basis.


Facebook's Building 8 research and development division has signed collaboration agreements with 17 universities including Stanford, Harvard and MIT. The Sponsored Academic Research Agreement allows university researchers to launch new projects within weeks. Facebook expects university researchers to develop the next generation of innovative technological advancements.


In the broad market, declining issues outpaced advancers by a margin of 9 to 7 on the NYSE and by nearly 5 to 3 on Nasdaq. The broader S&P 500 index slipped 3 points to 2,261. Bitcoin soared $30 to $852.


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