* Goldman Sachs Group is seeking regulatory approval to boost its stake in its investment banking joint venture in China to 51% from 33%, Bloomberg News reports, citing a company spokesman.
* Health insurance company Cigna is looking to sell its group benefits insurance business that could be valued at approximately $6 billion, sources told Reuters.
* Kestra Financial-owned Bluespring Wealth Partners acquired Hickory Asset Management, a Concord, Ohio-based independent registered investment advisory firm.
* The Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency approved a rewrite of the Volcker rule, which prohibits banks from engaging in proprietary trading. The final rule will, among other things, simplify the current "short-term intent prong," which regulators rely on when determining whether certain trades are risky or speculative.
* The Securities and Exchange Commission fined Russia-based ICO Rating $268,998 for failing to disclose payments received from issuers for publicizing their digital asset securities offerings.
* The European Commission is investigating Facebook's Libra digital currency project for "potential anticompetitive behavior," Bloomberg News reports, citing a document.
* The U.S. Court of Appeals for the District of Columbia Circuit upheld most of the National Credit Union Administration's field of membership rule, reversing a decision by the U.S. District Court for the District of Columbia. The ruling allows credit unions to serve combined statistical areas of up to 2.5 million people and rural districts with up to 1 million people.
* The U.S. Department of Justice announced that Christian Trunz, a former precious metals trader at a U.S. bank, pleaded guilty to conspiracy and spoofing charges. While the department did not name the bank in the news release, a Reuters report identified it as JPMorgan Chase.
* Rhode Island-based jewelry company Alex and Ani withdrew its $1 billion lawsuit against Bank of America that accused the lender of fraudulently declaring it in default of a $50 million line of credit in 2018, NBC 10 News reports, citing a court document.
* Data collected by the California Department of Insurance indicates that recent wildfires have made it difficult for homeowners staying in high wildfire-risk areas to secure insurance.
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