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Corporate

  • December 20, 2010

    Prosecutors Want 2nd Mental Exam On Stanford

    Prosecutors on Monday sought a second opinion on the mental condition of accused Ponzi schemer Robert Allen Stanford, after a doctor selected by his defense attorneys determined he was incompetent to stand trial.

  • December 20, 2010

    Cuomo Sues Ernst & Young Over Lehman Audits

    New York Attorney General Andrew Cuomo hit accounting giant Ernst & Young LLP with a lawsuit Tuesday over its alleged role in the collapse of Lehman Brothers Holdings Inc., accusing the firm of helping Lehman secretly remove tens of billions of dollars of fixed-income securities from its balance sheet.

  • December 20, 2010

    SEC Launches Probe Into Hurd's Exit From HP

    The U.S. Securities and Exchange Commission is reportedly conducting a wide-ranging investigation into former Hewlett-Packard Co. CEO Mark Hurd's stormy departure from the company, including allegations that he passed insider information about a corporate transaction to a contractor.

  • December 20, 2010

    Senate Approves Food Safety Bill Again

    The U.S. Senate has voted once again to advance sweeping legislation to boost the U.S. Food and Drug Administration's authority to police producers domestically and abroad, correcting a technical mistake that threatened to derail the first major overhaul of food safety regulation in nearly 80 years.

  • December 18, 2010

    Senate Repeals 'Don't Ask, Don't Tell'

    The U.S. Senate on Saturday approved a repeal of the military's "don't ask, don't tell" ban on openly gay members, in a landmark vote that signals the end to a controversial 17-year-old policy that has banished tens of thousands of employees from the armed services.

  • December 17, 2010

    Staff Atty, OPM Battle Over Same-Sex Spouse Benefits

    A federal judge on Friday agreed to hear an appeals court staff attorney's lawsuit alleging the U.S. Office of Personnel Management illegally blocked her from listing her same-sex spouse on her health plan, a proceeding the plaintiff's lawyer described as encouraging.

  • December 17, 2010

    States Accuse BofA Of Deceptive Mortgage Practices

    Attorneys general in Arizona and Nevada on Friday unveiled parallel lawsuits accusing Bank of America Corp. of duping homeowners with deceptive loan modification and foreclosure practices, while the U.S. Securities and Exchange Commission reportedly expanded its investigation of the mortgage industry.

  • December 17, 2010

    5th Circ. Nixes 'Unfair' $21M Katrina Settlement

    A federal appeals court has rejected a planned $21 million settlement among Hurricane Katrina victims, the boards responsible for maintaining three levees that failed and the boards' insurer, ruling that the settlement is unfair and fails to ensure the residents will ever receive any money.

  • December 17, 2010

    Dreier Trustee Launches $190M Adversary Case Assault

    The trustee overseeing the liquidation of imprisoned and bankrupt attorney Marc S. Dreier's former firm has gone on the warpath, filing 12 adversary complaints seeking to recover at least $189.5 million.

  • December 17, 2010

    Issa Seeks FDA Probe Into Maker Of Recalled Rolaids

    Rep. Darrell Issa, R-Calif., has reportedly asked the U.S. Food and Drug Administration to examine a contractor Johnson & Johnson used to produce some 13 million packages of Rolaids Softchews that were recently recalled.

  • December 17, 2010

    Picower Widow To Give Back $7.2B In Madoff Profits

    The widow of philanthropist Jeffry Picower has reached a deal with federal prosecutors and the trustee overseeing recovery efforts for victims of Bernard L. Madoff to hand over $7.2 billion in bogus profits from the massive Ponzi scheme.

  • December 16, 2010

    5th Circ. OKs Freeze On Stanford Brokers' Assets

    A federal appeals panel has sided with the court-appointed receiver trying to recover money for victims of Texas financier Robert Allen Stanford's alleged $8 billion Ponzi scheme, finding it was appropriate for a lower court to freeze the assets of 330 of Stanford's former employees.

  • December 16, 2010

    Mass. Jury Nails Lorillard With $200M Award

    A Massachusetts jury rocked cigarette producer Lorillard Tobacco Co. with $81 million in punitive damages Thursday for its marketing practices, bringing the total award to roughly $200 million in a landmark tobacco liability litigation decision.

  • December 16, 2010

    Jury Clears Ex-NJ Assemblyman Of Corruption Charges

    A former New Jersey legislator was acquitted of corruption charges on Thursday, becoming the second defendant to walk free from allegations sparked by a wide-ranging federal corruption probe that led to dozens of arrests.

  • December 16, 2010

    Ex-Winston Atty Targeted For Role In Ponzi Scheme

    The U.S. Department of Justice on Thursday charged former Winston & Strawn LLP partner Jonathan Bristol with laundering over $20 million in connection with his client Kenneth Ira Starr's admitted Ponzi scheme, while the U.S. Securities and Exchange Commission levied similar allegations in an amendment to its civil proceeding against Starr.

  • December 16, 2010

    Feds Charge 4 Consultants In Insider Trading Probe

    Federal investigators have charged four people with conspiracy and fraud for allegedly selling their employers' inside information under the guise of expert consulting work.

  • December 16, 2010

    FDA Moves To Pull Breast Cancer Approval For Avastin

    The U.S. Food and Drug Administration has begun the process of pulling its approval of Genentech Inc.'s blockbuster cancer drug Avastin for use in breast cancer patients, announcing Thursday that the drug has not been shown to be safe and effective in treating the disease.

  • December 16, 2010

    Honda To Recall 1.3M Fits Over Headlights

    Honda Motor Co. is expected to recall more than 1.3 million Fit hatchbacks worldwide because of a problem with the vehicle's low-beam headlights.

  • December 15, 2010

    2 Firms Strike Deals In NY Pension Corruption Probe

    Hedge fund manager HFV Management LP and private equity firm Odyssey Investment Partners LLC agreed Wednesday to renounce pay-to-play as part of a deal to end New York Attorney General Andrew Cuomo's probe into their ties to pension fund corruption.

  • December 15, 2010

    4 More Madoff Associates Deny Fraud Charges

    Four more associates of fraudster Bernard L. Madoff pled not guilty to criminal conspiracy and fraud charges Wednesday, while the judge overseeing the case ordered a fifth former employee to come to New York for arraignment and said that it was time to make "difficult decisions" about handing over $2.4 million in assets to finance a bond.