General Motors (GM) is set to reveal the details of a compensation fund being set up to pay victims or families connected to the faulty ignition switch issue that has been linked to 13 deaths and 54 accidents. Kenneth Feinberg, a consultant who also helped determine payouts after the 9/11 terrorist attacks, the BP (BP) oil spill, and the Boston Marathon bombing is expected to make the announcement later this morning.
Facebook (FB) is facing a backlash after it was revealed the company tinkered with users' emotions. Back in January 2012, the company manipulated about 689,003 users' newsfeeds for an academic study. They were tweaked to show either more positive posts or negative posts to see what kind of posts the users wrote. The randomly-chosen users didn't give their consent and weren't made aware of the experiment. Facebook said users give consent to have their data be used in analysis and research when they agree to the site's terms of service. The lead Facebook researcher in the experiment said he's sorry for the way the research was described and any anxiety it caused, but separately, the company said that it conducts research to give users a better experience. The results, by the way, found that users wrote more positive updates after seeing positive ones, and wrote more negative updates after seeing negative ones.
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The U.S. Department of Justice is reportedly set to announce a multi-billion dollar settlement with BNP Paribas today. The French bank is expected to plead guilty and pay a record fine of about $8.9 billion for allegedly violating U.S. sanctions by hiding $30 billion in transactions with Sudan, Iran and Cuba. Last week, BNP Paribas said it plans to cut its dividend and sell billions in bonds as a result of the record payout.
- Kenneth Feinberg