News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Fed Poised to Set Portfolio Reduction Plan in Motion

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The Federal Reserve on Wednesday likely will announce the beginning of a yearslong program to shrink its bond portfolio and could offer clues about the prospects for another rate increase this year.

Massachusetts Hits Equifax With Suit Over Hack

The Massachusetts attorney general filed a lawsuit against Equifax on Tuesday over the company's failure to protect consumers' personal information, the first official enforcement action brought against the hacked credit-reporting company.

Progressive Reports Hurricane Harvey Linked to 90% of Total Catastrophe Losses in August

Progressive Corp. swung to a loss in August, the company reported Tuesday, with Hurricane Harvey more than tripling the insurer's catastrophe losses in the period compared to last year.

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Jefferies Profit More Than Doubles

Jefferies Group reported sizable increases in revenue and profit as its investment-banking business had its best quarter yet.

Harvard Endowment Chief: 8% Return Is 'Disappointing'

Harvard University's endowment delivered an 8.1% return in the latest year, which was better than the loss of 2% in fiscal 2016 but trailed results announced by other schools.

Brevan Howard to Inject up to $400 Million Into New Fund

Brevan Howard, one of the world's biggest hedge-fund firms, plans to inject around $300 million to $400 million into a new fund for one of its star traders, as it battles to revive its fortunes.

Hedge-Fund Manager Stemerman to Close Firm to Run for Connecticut Governor

Hedge-fund manager David Stemerman is shutting down his $1.6 billion firm Conatus Capital at the end of the year to run for governor of Connecticut.

Foreign Firms to Sell Large Stakes in Malaysian Insurers

Several foreign insurance companies are preparing to sell large stakes in their Malaysian operations to comply with central-bank rules, which could raise nearly $3 billion over the next nine months.

Venture-Capital Group Sues Trump Administration Over Immigration Rule

A group representing U.S. venture-capital investors is leading a lawsuit against the Trump administration, claiming it took illegal steps to prevent an immigration policy that would have helped foreign-born founders stay in the U.S. to build startups.

Cost of Employer-Provided Health Insurance Rises Toward $19,000 a Year

The average cost of health coverage offered by employers pushed toward $19,000 for a family plan this year, while the share of firms providing insurance to workers continued to edge lower, according to a major survey.

(END) Dow Jones Newswires

September 19, 2017 16:15 ET (20:15 GMT)