A court approved a settlement between Northwest Airlines Inc. and the union representing its machinists and other employees on Thursday, granting the union a $3 million unsecured claim on Northwest's estate and $1 million in administrative expenses.
David Zachary Scruggs, son of the now-infamous Richard “Dickie” Scruggs, signed a plea agreement Friday acknowledging his part in the much-publicized bribery scandal.
Accounting firm McGladrey & Pullen LLP not only failed to detect the fraud at bankrupt financial services company Sentinel Management Group Inc. but also aided and abetted the scheme, according to a new adversary proceeding filed by the bankruptcy trustee in Sentinel's Chapter 11 case. The suit demands $550 million in damages.
China's drug safety agency changed course Friday in response to the U.S. Food and Drug Administration's discovery that a dangerous contaminant in heparin could be traced to Chinese suppliers, saying that it would tighten controls on heparin production.
In a one-two punch to BP's Russian oil venture, Moscow's environmental watchdog said Friday it would launch an investigation into the company's biggest oil field one day after Russian authorities revealed they had arrested an TNK-BP employee and his brother on charges of industrial espionage.
A judge has dismissed a patent dispute between medical device maker Synthes and Brazilian firm GM Dos Reis Jr. Ind. Com. De Equip. Medico over locking bone plates, finding that the case lacks jurisdiction in California federal court.
As businesses expand their presence in Europe, Asia and the Middle East, the United States work force has grown ever more globally mobile. And with employees moving to international branches, federal and state employment laws have followed, raising new questions about who is entitled to American-brand protections and when they can be applied.
In the wake of the collapse of the auction rate securities market last month, two more investment banks have been hit with lawsuits alleging that they misled investors about the investment vehicles.
Delta Airlines Corp. may have emerged from bankruptcy, but the reorganized carrier is still wrangling with a handful of retired pilots over the termination of their pension plans, with the U.S. Pension Benefit Guaranty Corporation anxious to get involved.
Former top executives of Aspen Technology Inc. have convinced a federal judge to dismiss a slew of claims in a lawsuit brought by major shareholders alleging the trio painted a rosy, and inaccurate, picture of the company's financial health.
Melvyn Weiss, who rose to fame for spearheading high-stakes shareholder litigation, will avoid trial by agreeing to plead guilty to taking part in a profitable kickback scheme that has rocked the reputation of Milberg Weiss LLP, federal prosecutors and his lawyer said Thursday.
Former New Century Financial Corp. employees have slammed calls by creditors to keep secret the results of a probe into the subprime lender's accounting, saying the report is needed to weigh the odds of successfully suing over the lender's downfall.
Acceding to Delphi Corp.'s “abundance of caution,” the judge overseeing the auto parts maker's Chapter 11 case has extended its exclusivity to submit a reorganization plan until the end of May, even though Delphi's plan has already been approved.
The U.S. International Trade Commission has opened an investigation into whether more than 30 major electronics companies, including Sony Corp., infringed a Columbia University professor’s technology covering short-wavelength light-emitting diodes and laser diodes.
Construction company Washington Group International has agreed to fork over $1.5 million to a group of black workers who sued for racial harassment and retaliation.
Responding to the growing crisis in the debt market, law firm Bryan Cave LLP has launched a subprime lending team to tackle the wide variety of complications clients may face as a result of the widening credit crunch.
Creditors of Northwest Airlines Corp. are appealing a bankruptcy judge's rejection of their consultants' bid to receive almost $4.3 million in so-called success fees.
Northeast Utilities has resolved a prolonged dispute with Consolidated Edison Inc. over an aborted $7.5 billion merger plan, agreeing to pay $50 million to settle the suit, ConEd announced Wednesday.
A judge sentenced a former education consultant to 7 ½ years behind bars Wednesday after she was convicted of 22 counts of fraud, bid-rigging and conspiracy to commit wire fraud in connection with a federal program to connect school districts and libraries to the Internet.
A federal judge has agreed with a group of Peruvian children who were allegedly injured by exposure to toxins at a smelting plant in La Oroya, Peru, that their tort claims against the American companies who control the site should be removed from federal to state court.