October 24, 2013 / 1:39 AM / 4 years ago

PRESS DIGEST- Financial Times - Oct 24

Oct 24 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.

Headlines

U.S. JURY RULES AGAINST BANK OF AMERICA IN MORTGAGE TRIAL

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U.S. TASK FORCE PROBES NINE BANKS ON MORTGAGE-BACKED SECURITIES

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AMERICAN REALTY BUYS COLE REAL ESTATE FOR $11.2 BLN

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GSK CHINA SALES PLUMMET 60 PCT SINCE SCANDAL

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PINTEREST VALUE LEAPS 52 PCT TO $3.8 BLN

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Overview

A jury found Bank of America liable for fraud on Wednesday over selling defective home loans to two government-backed mortgage companies, delivering the U.S. government a major win on a financial crisis case.

The U.S. Department of Justice has launched a probe into the mortgage-backed securities sales of at least nine banks as part of an effort by the task force that slapped JPMorgan Chase with a $13 billion fine, people familiar with the matter say.

American Realty Capital Properties said it would pay $11.2 billion for Cole Real Estate Investments, creating the largest net-leased real estate investment trust in the United States.

GlaxoSmithKline's third-quarter drug sales in China plunged 61 percent following a high-profile bribery probe launched by Beijing into Britain's biggest drugmaker's alleged business practices.

The value of San Francisco-based Pinterest rose by over 50 percent to $3.8 billion after the online scrapbook raised $225 million in equity funding.

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