PRESS DIGEST - Wall Street Journal - May 14

Wed May 14, 2014 1:18am EDT

May 14 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.

* Thousands more victims of Bernard Madoff's Ponzi scheme could receive compensation for their losses. The early findings of a new claims process administered by the Justice Department said the large number of claims suggests the fraud was even bigger than previously known. (r.reuters.com/hup39v)

* Chinese authorities on Wednesday accused GlaxoSmithKline Plc's former China chief Mark Reilly of ordering subordinates to commit bribery. Officials with China's Ministry of Public Security said Reilly allegedly pressed his sales teams to bribe hospitals, doctors and health institutions. (r.reuters.com/qup39v)

* Pershing Square Capital Management LP on Tuesday called for a non-binding referendum among Allergan shareholders on whether the company should negotiate to sell itself to Valeant Pharmaceuticals International Inc. The move comes a day after Allergan rejected the $46 billion stock-and-cash offer that Valeant made last month. (r.reuters.com/sup39v)

* The Federal Reserve warned it may need to take additional action to rein in banks' funding of corporate takeovers after observing continued deterioration of lending standards this year. The Fed and the Office of the Comptroller of the Currency told banks in March 2013 to avoid funding takeover deals that would leave companies with high levels of debt. (r.reuters.com/xup39v)

* Radio giant Cumulus Media Inc and Nashville record company Big Machine Label Group have entered into an unusual joint venture called Nash Icons, which will feed radio stations across the country stage-related events such as concerts and television specials. (r.reuters.com/zup39v)

* Anthony Noto, a Goldman Sachs Group Inc investment banker who helped shepherd Twitter Inc's initial public offering, is leaving the firm to join Coatue Management LLC, a hedge fund. (r.reuters.com/byp39v)

* Christie's in New York made auction history on Tuesday when it sold $745 million worth of contemporary art in less time than it takes to watch a basketball game. The auction house's total surpassed its $691.6 million landmark sale last November and reset records for artists like Alexander Calder and Barnett Newman, whose black-and-tan abstract, "Black Fire I," sold for $84.2 million. (r.reuters.com/tup39v) (Compiled by Ankush Sharma in Bangalore)

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