In brief: Chicago teachers nearing agreement

Chicago – Thousands of striking Chicago public school teachers packed a city park Saturday in a show of force as union leaders and the district tried to work out the details of a tentative agreement that would end a weeklong walkout.

Months of contract negotiations came down to two main issues: job security and union opposition to a new teacher evaluation process it felt was too heavily weighted on student test scores. The wrangling in one of the nation’s largest school districts was being closely watched around the country because of its implications for other labor disputes at a time when unions have been losing ground.

Union leaders who announced a framework for a deal on Friday said they would not end the strike – the first in Chicago in 25 years – until they see an agreement in writing. Saturday’s talks were aimed at settling on that exact language.

Chicago Teachers Union delegates said late Saturday that they will meet today to review a proposed contract and vote on whether to suspend the strike.

Addressing demonstrators Saturday, the Rev. Jesse Jackson said “the struggle is not over” and there was still a long road to ensuring all residents of the city have equal access to quality schools, especially in neighborhoods beset by gang violence and poverty.

Agency probes money laundering

New York – Regulators are investigating whether several major U.S. banks failed to monitor transactions properly, allowing criminals to launder money, according to a New York Times story. The newspaper cited officials who it said spoke on the condition of anonymity.

The Office of the Comptroller of the Currency, the federal agency that oversees the biggest banks, is leading the money-laundering investigation, according to the Times.

The report said the OCC could soon take action against JPMorgan Chase & Co., and that it is also investigating Bank of America Corp. Money laundering allows people to make money – often obtained illegally – appear like it came from another source.

The OCC, JPMorgan and Bank of America declined to comment.