Here are the top reads on financial services and deals in the last 24 hours:
Allegations: Market regulators targeted Caldwell Investment Management Ltd. with possible fines and suspension on Thursday, alleging the mutual fund firm overcharged clients by directing trades to its wholly owned dealer when rival firms offered better prices. Story (Andrew Willis, for subscribers)
Fines: Royal Bank of Canada has reached a $4.4-million settlement with a Brazilian regulator over a former trader’s role in a cartel that allegedly manipulated foreign-exchange rates. Story (James Bradshaw, for subscribers)
Venture capital: Toronto restaurant point-of-sale software provider TouchBistro Inc. is close to finalizing a deal that will see it raise more than $70-million in a venture financing led by OMERS Ventures and U.S. banking giant JP Morgan Chase & Co., The Globe and Mail has learned. Story (Sean Silcoff, for subscribers)
MORE FINANCIAL SERVICES NEWS
Regulation: The U.S. Federal Reserve on Thursday said it would finalize a rule introduced after the 2007-09 global financial crisis limiting the amount of credit exposure a big bank can have to a single counterparty. Story
Insurance: Grabbing a ride from Uber or Lyft? Now you can get an insurance policy from your phone for the ride too. Startup SURE says it has partnered with underwriter Chubb to launch a new service that allows passengers to buy accidental medical, death and dismemberment insurance coverage for the ride. Story
DEAL WRAP
IPO: Beauty-products brand Marc Anthony has priced its recently filed initial public offering in Canada. The Toronto company expects to raise about $126 million of treasury proceeds by selling common shares at $14 to $16 per unit, the updated prospectus shows. PE Hub
Venture capital: Montreal-based Polystyvert, which has developed a low-carbon-footprint process to recycle polystyrene, has closed a $11 million funding round. BetaKit
WHAT WE’RE READING ELSEWHERE
Not too shabby: WeWork is eyeing a new funding round that could value the co-working space provider at up to US$40 billion, per reports. That would make it the second most valuable VC-backed company in the US and the third most valuable in the world. PitchBook
International banking: Goldman Sachs once made a lot of money in Malaysia. Now Malaysia wants some of it back. The Malaysian government intends to seek restitution from Goldman Sachs, its new finance minister said this week, as it moves to resolve a huge scandal that led to the disappearance of billions of dollars and helped put the country deeply in debt. New York Times
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