Big News: Nokia Corporation (ADR) (NYSE:NOK), Wells Fargo & Company (NYSE:WFC)
NEW YORK, December 27,2012 (MESHPRESS) – Csrnewsdaily.com , an investor research portal specializing in several sectors including biotech and healthcare and tech stocks on the U.S. market, issues news updates on the following Tuesday’s Top Gainers:-
Nokia Lumia 920 free with China Unicom contract
Just last week, there was news that China mobile was subsidizing the Nokia Corporation (ADR)(NYSE:NOK) Lumia 920 T-one yuan on contract. Now there are reports that the Nokia Lumia will also be sold by China Unicom.
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If sources are to be believed, China Unicom’s Lumia 920 will be free for plans starting at 386 yuan ($62) on a new 2 year contract. The handset is free on 3-year contracts (286 yuan per month). The new smartphone will cost 4,599 yuan (about $738) without a contract.
There is however no information on whether any carrier will sell the less expensive Nokia Lumia 820 and Lumia 620, also to be available in the country.
Court says that Wells Fargo does not have to pay $203 million restitution
Meanwhile, in a ruling on Wednesday, a U.S. appeals court vacated an injunction and a $203 million restitution order against Wells Fargo & Company(NYSE:WFC) in a consumer litigation case related to the bank’s overdraft policies.
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However, the court found that Wells had violated part of California’s unfair competition law, and therefore sent the case back to trial court in San Francisco for a decision on appropriate relief.
Ancel Martinez, the bank’s spokesman said that Wells was happy with the decision. However Michael Sobol, attorney for the plaintiff was confident that the lower court judge would reinstate the damages.
“The misrepresentations found by the district court have been affirmed,” was Sobol’s reaction.
Until April 2001, Wells Fargo used to post customer debit card purchases to their bank accounts in order of lowest charge to highest, minimizing the number of overdrafts. But after April 2001, the bank began posting debit card purchase from highest to lowest, maximizing the number of overdrafts.
A San Francisco federal judge had certified a class action on behalf of the bank’s customers, who had incurred overdraft fees because of change in policy, and then issued an injunction ordering the bank to end the new practice while awarding $203 million as restitution.
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