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Top 3 Business Stories of the Day

JPMorgan Chase & Company has won preliminary approval from a U.S. judge for its agreement to pay $280 million to resolve claims that it misled investors in billions of dollars worth of mortgage-backed securities. The settlement, which is subject to final court approval, would resolve a class action lawsuit filed in 2008. The accord marks the third-largest settlement in a U.S. class action against banks that packaged and sold mortgage securities at the center of the 2008 financial crisis. Target's massive data breach has now cost the company's CEO his job. Target announced Monday that Chairman, President and CEO Gregg Steinhafel is out nearly five months after the retailer disclosed the breach, which has hurt its reputation among customers and has derailed its business. The nation's third-largest retailer said Steinhafel, a 35-year veteran of the company and CEO since 2008, has agreed to step down, effective immediately. He also resigned from the board of directors. A company spokesman declined to give specifics on when the decision was reached. The three lead underwriters of King Digital Entertainment Plc's IPO started coverage of the stock with "buy" ratings or the equivalent, two days ahead of the release of the "Candy Crush Saga" game maker's first results as a public company. "Candy Crush peaked in mid-2013, but we expect it to still have a long tail of monetization driven by updated content, increased distribution, and effective marketing.". The analysts have an "overweight" rating on the stock, with a target price of $30 compared with the IPO price of $22.50.

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