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Corporate

  • May 10, 2011

    112 Ex-GM Execs Sue Over Slashed Retirement Benefits

    More than 100 former General Motors Corp. executives filed suit under the Employee Retirement Income Security Act in Michigan on Monday, saying they are owed pension benefits that were cut during the company's bankruptcy proceedings.

  • May 10, 2011

    4th Circ. Mulls Va. Standing In Health Care Law Fight

    The Fourth Circuit weighed two challenges to the health care reform act Tuesday, probing whether Virginia has standing to fight the law and questioning the U.S. government's constitutional authority to mandate that individuals buy health insurance.

  • May 10, 2011

    Microsoft, Skype Deal May Be Harbinger For Tech IPOs

    Microsoft Corp.'s announcement Tuesday that it would buy Skype Technologies SA for $8.5 billion in cash — swallowing the voice and video leader before its initial public offering — could presage buyouts of other tech targets flirting with the stock market, analysts say.

  • May 10, 2011

    DOJ Sues To Undo $3M Chicken Processing Sale

    The U.S. Department of Justice filed suit Tuesday in Virginia to undo George's Inc.'s $3 million purchase of a Tyson Foods Inc. chicken processing plant, claiming the recently completed deal thwarts competition in the Shenandoah Valley.

  • May 10, 2011

    11th Circ. Trims Scrushy Conviction Based On Skilling

    The Eleventh Circuit on Tuesday tossed convictions of honest services fraud against HealthSouth Corp. founder Richard Scrushy over corruption charges involving former Alabama Gov. Don Siegelman because of the U.S. Supreme Court's ruling in Skilling.

  • May 10, 2011

    Jury Finds Lindsey, Execs Guilty In FCPA Trial

    A California federal court jury on Tuesday found Lindsey Manufacturing Co., President Keith Lindsey, Chief Financial Officer Steve Lee and intermediary Angela Aguilar guilty on all counts in a criminal prosecution for violations of the Foreign Corrupt Practices Act.

  • May 10, 2011

    CFTC To Hit Goldman Clearing Unit With Fraud Action

    Goldman Sachs Group Inc. revealed Tuesday that the U.S. Commodity Futures Trading Commission intends to bring an enforcement action against its clearing operation in a probe involving a broker-dealer company alleged to have improperly traded customer accounts.

  • May 10, 2011

    GSK Atty Acquitted On All Counts In Obstruction Case

    A Maryland federal judge on Tuesday acquitted former GlaxoSmithKline PLC associate general counsel Lauren Stevens of all charges of obstructing justice and lying to federal authorities in an investigation into the off-label marketing of antidepressant Wellbutrin.

  • May 9, 2011

    Judge Won't Recuse Self In Chevron, Ecuador RICO Suit

    A New York federal judge overseeing Chevron Corp.'s extortion suit against a class of Ecuadoreans that has pursued the company over alleged massive pollution in the Amazon denied a recusal bid Monday, saying the defendants couldn't claim bias simply because they disagreed with him.

  • May 9, 2011

    FDIC Chairwoman Bair To Make Exit In July

    Federal Deposit Insurance Corp. Chairwoman Sheila C. Bair, who steered the agency through the financial crisis and was among the first regulators to raise concerns over problematic mortgages, will leave her post in July, the agency announced Monday.

  • May 9, 2011

    Quest Agrees To Settle Calif. Medicaid Suit For $241M

    Quest Diagnostics Inc. said Monday it had agreed to pay $241 million to settle a lawsuit brought by a competitor and joined by California that accused the company of overcharging that state's Medicaid program for laboratory testing services.

  • May 9, 2011

    No Verdict For Rajaratnam Could Mean Split: Experts

    Jurors in the New York insider trading trial of Raj Rajaratnam completed their 10th day of deliberations on Monday without reaching a verdict, raising the possibility of a schism in the group, according to experts.

  • May 9, 2011

    Madoff Trustee, Fairfield Sentry Call Truce

    The trustee overseeing the liquidation of Bernard L. Madoff's investment advisory firm said Monday he had reached a settlement with Fairfield Sentry Ltd., the jailed Ponzi schemer's largest feeder fund, that slashed its claims by nearly $1 billion.

  • May 9, 2011

    NHTSA Widens Probe Into Ford F-150 Fuel Tank

    The National Highway Traffic Safety Administration is expanding a probe into a defect in Ford Motor Co.'s F-150 pickup truck, reporting Sunday that roughly 2.7 million vehicles could be impacted by a fuel tank defect that caused two fires.

  • May 9, 2011

    UK Banks Drop PPI Suit After Setting Aside Billions

    The British Bankers’ Association on Monday abandoned its fight to block retroactive regulations on personal payment insurance, as several U.K. banks — including Barclays PLC and HSBC Holdings PLC — put aside billions of pounds to settle related claims.

  • May 6, 2011

    Miss. Jury Awards Man $322M In Asbestos Case

    A Mississippi state court jury on Wednesday said Chevron Phillips Chemical and Union Carbide Corp. should pay $322 million to a man who allegedly has the illness asbestosis, purportedly the largest ever single-plaintiff asbestos verdict in U.S. history.

  • May 6, 2011

    Ambac, Underwriters To Settle Class Action For $33M

    Ambac Financial Group Inc. and a slew of underwriters agreed Friday to pay $33 million to settle a putative shareholder class action in New York that accused the bankrupt bond insurer of lying about its practice of insuring risky financial products.

  • May 6, 2011

    NLRB Sues Ariz. Over Union Secret Ballot Amendment

    The National Labor Relations Board sued Arizona in federal court on Friday to overturn an amendment to the state constitution that purportedly prohibits employees from using the so-called card check method of unionizing.

  • May 6, 2011

    Air Force Grounds Lockheed Jets Over Oxygen Concerns

    The U.S. Air Force on Tuesday said it had grounded its 158-aircraft fleet of Lockheed Martin Corp.-manufactured F-22 Raptor fighter jets in response to recent reports of potential oxygen system malfunctions.

  • May 6, 2011

    DOJ OKs $3.7B Unilever, Alberto-Culver Deal Pending Sales

    The U.S. Department of Justice on Friday cleared Unilever Group's $3.7 billion acquisition of Alberto-Culver Co. on the condition that the Anglo-Dutch consumer products giant sells off two hair care brands.