Red Lobster files for Chapter 11 bankruptcy protection
After closing dozens of restaurants, including one in Indianapolis, the seafood chain has agreed to sell itself to its lenders―giving it a $100 million financing commitment to keep it afloat.
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KSM accounting firm announces Cincinnati acquisition plans
Once the acquisition closes, Cassady Schiller will become Katz, Sapper & Miller’s largest office outside of its Indianapolis headquarters.
Dow tops 40,000 for the first time as Wall Street drifts higher
Stocks have continued to hold up despite the worst inflation in decades, the punishing effects of high interest rates and worries about a recession that seemed inevitable but hasn’t arrived.
Supreme Court rejects broad challenge to Consumer Financial Protection Bureau
In a 7-2 decision written by Justice Clarence Thomas, the court upheld as constitutional the bureau’s funding mechanism, which is based on profit from the Federal Reserve, rather than an annual appropriation.
Carmel man sentenced for role in $2.1M institutional fraud scheme
A 35-year-old Carmel man has been sentenced to nearly three years in prison after helping steal more than $2.1 million from a credit union, the U.S. Department of Justice announced Wednesday.
Black Hoosier businesses still skeptical of banks
Experts say the hesitancy of Black business owners to borrow stems from historical neglect of those customers by traditional banks—an opinion backed by extensive historical research.
Medicare, Social Security go-broke dates delayed in ‘measure of good news’
An improving economy has contributed to changed projected depletion dates, according to the annual Social Security and Medicare trustees report Monday. Still, officials warned that policy changes are needed lest the programs become unable to pay full benefits to retiring Americans.
Robinhood receives SEC notice for alleged securities violations at crypto unit
The company said in a regulatory filing that it received investigative subpoenas from the SEC about issues including cryptocurrency listings, custody of cryptocurrencies, and platform operations.
National accounting firm accused of fraud affecting more than 1,500 SEC filings
One of the nation’s most prolific auditors, BF Borgers faces permanent suspension from practicing as accountants before the SEC and a total of $14 million in fines.
Former students of for-profit Art Institutes approved for $6B in loan cancellation
Indianapolis was home to one of the system’s schools, the Art Institute of Indianapolis, from 2006 to 2018.
Apple, Google and Venmo fight new U.S. plan to monitor payment apps
The U.S. government is weighing whether to treat Apple, Google and PayPal-owned Venmo more like banks—and regularly inspect some of their operations.
Wall Street’s ugly April gets even worse at finish line
More worries about inflation and interest rates staying high knocked U.S. stocks lower on Tuesday, as the market closed out its worst month since September.
Scammers stole more than $3.4B from older Americans last year, FBI report says
The FBI received more than 100,000 complaints by victims of scams over the age of 60 last year, with nearly 6,000 people losing more than $100,000.
Study: More than 1 in 4 adults over 50 say they expect to never retire
The share of people older than 50 who say they do not expect to retire has steadily increased, according to the AARP study, which is conducted twice a year.
First Farmers Bank & Trust to open Carmel branch
Converse-based First Farmers Bank & Trust, which opened a loan production office in Carmel last year, now plans to operate a full-service branch in the city’s Arts & Design District.
ReJoyce Financial evicted from Carmel office
It’s the latest in a series of blows for ReJoyce and CEO Alexander Joyce, who gained attention locally through his frequent informercials but has faced numerous legal problems in recent years.
Sobering message from the Fed: Interest rate cuts aren’t coming soon
Since the start of the year, Federal Reserve Chair Jerome Powell and his colleagues had said they were looking for more assurance that inflation was ticking steadily down. Instead, they’ve gotten the opposite.
Big banks warn of uncertain year ahead after mixed financial Q1 performances
Banks warned of risks in an environment of stubbornly high inflation and geopolitical clashes in Europe, the Middle East and elsewhere.
Homebuyers face quandary: To wait or not to wait for lower mortgage rates
Combined with a nearly 44% increase in the national median sale price of previously occupied homes between 2019 and 2023, elevated mortgage rates have made buying a home less affordable for many Americans.
Merrillville-based Centier Bank expanding in Indianapolis market
Merrillville-based Centier Bank, which entered the Indianapolis market in 2011, is in the middle of a local growth spurt that includes three new branch locations and three additional relocations by early next year.