ON THE MONEY

SEC probe yet to yield Facebook wrongdoing

The Securities and Exchange Commission, which launched a review of Facebook’s May 17 IPO after its stock price plummeted, hasn’t found any evidence that the company withheld material information from investors, a person familiar with the matter said.

The SEC, whose investigation is continuing, is still looking at other IPO-related issues, including whether retail investors were harmed by misleading information or selective disclosures, the source said.

Any conclusion by the SEC that Facebook made adequate disclosures of risks prior to its IPO would bolster the company’s defense against civil lawsuits filed by retail customers hurt by the sudden drop in the company’s share price after its IPO.

Unions ratify tentative Verizon deal

Members of the Communications Workers of America and International Brotherhood of Electrical Workers unions have ratified the tentative deal that they reached with Verizon Communications last month, Verizon said.

The new contracts, which cover about 43,000 workers, will run through Aug. 1, 2015.

Barclays shedding equities staffers

Barclays is cutting just under 10% of staff in its equities division in Europe, Middle East and Africa as part of a plan to reduce costs amid a slump in trading volumes, sources said.

The London-based bank started about two weeks ago to inform staff at the unit, which employs more than 500, that jobs will be cut. The first departures began this week, people familiar with the matter said.

Credit card price-fixing case set for closure

An estimated $7.25 billion price-fixing settlement with Visa and MasterCard over fees charged to retailers when customers use credit cards was submitted for approval to a federal court in Brooklyn.

Lawyers for plaintiffs formally asked a judge to sign off on the deal, which would cover about 7 million merchants and resolve seven years of litigation over allegations that Visa and MasterCard conspired with major banks to fix the fees.

Hickey Freeman owner files for Chapter 11

HMX Acquisition, the owner of tailored clothing brands including Hickey Freeman and Hart Schaffner Marx, is filing for Chapter 11 bankruptcy protection.

The labels Hickey Freeman and Hart Schaffner Marx got their start in 1887 in Chicago and have been worn by presidents, including President Obama, who wore its suits for his inaugural and election nights.