PRESS DIGEST - Wall Street Journal - May 20

Tue May 20, 2014 1:23am EDT
 
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May 20 (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.

* Credit Suisse Group AG became the first financial institution in more than a decade to plead guilty to a crime Monday when the Swiss bank admitted it conspired to aid tax evasion and agreed to pay $2.6 billion to settle a long-running probe by the U.S. Justice Department.(r.reuters.com/kut49v)

* Federal prosecutors in New York on Monday announced charges against the creators of software called Blackshades that hackers around the world allegedly used to hijack hundreds of thousands of computers, allowing them to spy on victims through computer webcams and steal financial information. (r.reuters.com/nut49v)

* U.K.-based defense products maker Cobham PLC has reached a deal to buy Aeroflex Holding Corp, according to people familiar with the matter. Cobham has agreed to pay $10.50 a share in cash, said the people, or about $900 million. The price represents a 26 percent premium to where Aeroflex's shares closed on Monday. (r.reuters.com/put49v)

* Activist investor William Ackman sent an open letter Monday to Allergan Inc's board, claiming that the group failed in its duties when it rejected an unsolicited takeover bid from fellow pharmaceutical company Valeant Pharmaceuticals International Inc. (r.reuters.com/rut49v)   Continued...