PRESS DIGEST - Wall Street Journal - May 14

Wed May 14, 2014 1:18am EDT
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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. (

* 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. (

* 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. (

* 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. (