Top News

  • May 13, 2010

    Scandals Will Force Change At Rating Agencies: Attys

    With new rules passing through the U.S. Senate and an investigation by New York's attorney general underway, the time has come for credit rating agencies to change their ways, attorneys say.

  • May 13, 2010

    Senate Sets New Curbs On Credit Rating Agencies

    The U.S. Senate voted Thursday to add to financial regulatory reform legislation measures aiming to limit the statutory significance of credit rating agencies, as Democrats began applying pressure to complete work on the remaining amendments to the bill by early next week.

  • May 13, 2010

    EPA Unveils GHG Emissions Rule For Large Polluters

    The U.S. Environmental Protection Agency issued a final rule Thursday requiring large industrial facilities that emit at least 75,000 tons of greenhouse gases per year to submit to carbon control regulations beginning in January 2011 to minimize such emissions.

  • May 13, 2010

    Transocean Seeks To Cap Oil Spill Liability At $27M

    Facing pressure from their insurers, several Transocean Ltd. units moved Thursday to limit to about $27 million their potential liability for the BP PLC-operated Deepwater Horizon rig blast that has spewed thousands of barrels of oil into the Gulf of Mexico.

  • May 13, 2010

    More Wall Street Banks Face Criminal Probes: Report

    The U.S. Securities and Exchange Commission and federal prosecutors are reportedly working together on an early-stage criminal probe of several major Wall Street banks, examining whether the banks misled investors about their roles in mortgage-bond deals.

  • May 13, 2010

    Cuomo Eyeing Whether Banks 'Duped' Rating Agencies

    New York Attorney General Andrew Cuomo is reportedly investigating whether eight major banks “duped” rating agencies in order to pump up the grades of mortgage-related securities.

  • May 12, 2010

    Lime Wire Violated Record Labels' Copyrights: Judge

    A federal judge on Wednesday ruled that the parent company for Internet file-sharing service LimeWire and its chairman are liable for copyright infringement and other claims brought by 13 major record labels.

  • May 12, 2010

    Senate Climate Bill Won't Pass Easily, If At All: Experts

    The climate change bill unveiled Wednesday by Sens. John Kerry, D-Mass., and Joe Lieberman, I-Conn., was touted as a compromise that could attract bipartisan backing, but skepticism abounds as to whether it will actually become law.

  • May 12, 2010

    White House Unveils Relief Plan For Gulf Catastrophe

    President Barack Obama on Wednesday sent Congress a comprehensive legislative package to address the causes and consequences of the BP PLC-operated oil rig spill, including measures to speed relief for environmental and economic damage and significantly increase oil spill liability statutes.

  • May 12, 2010

    Obama Insiders Lead Pack To Replace Kagan: Attys

    As Solicitor General Elena Kagan prepares for a U.S. Supreme Court confirmation fight, appellate lawyers speculate that President Barack Obama may look to an attorney in his own administration, such as ex-Jenner & Block LLP partner Donald Verrilli, to replace her as the high court's unofficial 10th justice.

  • May 12, 2010

    Senate Allows Fed To Keep Oversight Of Small Banks

    The U.S. Senate handed the Federal Reserve a win Wednesday, voting 90-9 to strip a measure from financial regulatory reform legislation that would have transferred oversight of thousands of state-chartered community banks from the Fed to the Federal Deposit Insurance Corp.

  • May 12, 2010

    Feds Eyeing Morgan Stanley 'Dead Presidents': Report

    Federal prosecutors are reportedly investigating whether Morgan Stanley misled investors in two mortgage derivative deals named for dead U.S. presidents and then proceeded to bet against the deals.

  • May 12, 2010

    Wal-Mart Shells Out Up To $86M To End 2 Pay Suits

    Wal-Mart Stores Inc. has agreed to pay up to $86 million to settle two lawsuits accusing the retail giant of failing to pay thousands of workers for vacation and personal time upon terminating their employment.

  • May 11, 2010

    Perot Jr. Asks Court To Seize 'Insolvent' NBA Mavs

    Ross Perot Jr., a minority owner of the National Basketball Association's Dallas Mavericks, has sued majority owner Mark Cuban's management company for breach of contract, accusing the billionaire of decimating the team's financial well-being and asking the court to take over the franchise to prevent continued harm.

  • May 11, 2010

    Senate Climate Bill To Set Carbon, Drilling Limits

    Comprehensive climate change legislation set to be unveiled Wednesday by Sens. John Kerry, D-Mass., and Joe Lieberman, I-Conn., would reduce carbon emissions 17 percent by 2020 and give states a greater financial stake in offshore drilling activity.

  • May 11, 2010

    FDA Urges Doctors To Report Illegal Drug Pitches

    The U.S. Food and Drug Administration is asking doctors to report any instance of misleading or off-label use promotion by pharmaceutical representatives in private situations such as conferences or dinners, part of an effort to deepen the agency's enforcement of drug marketing regulations.

  • May 11, 2010

    Fannie Mae, KPMG Settle Accounting Fraud Suit

    Fannie Mae and KPMG LLP have reached a settlement in a lawsuit over the accounting firm's alleged failure to catch Fannie Mae's fraudulent accounting practices, which the government-backed mortgage giant said cost it more than $2 billion.

  • May 11, 2010

    GSK To Pay $60M To Settle Avandia Suits

    GlaxoSmithKline PLC has reportedly agreed to pay about $60 million to settle a wave of suits accusing it of suppressing evidence that its diabetes drug Avandia causes heart attacks and strokes.

  • May 11, 2010

    BNY Mellon Unit Knew About Madoff Fraud: Cuomo

    New York Attorney General Andrew M. Cuomo sued Ivy Asset Management LLC on Tuesday, claiming the Bank of New York Mellon Corp. investment unit misled clients about the risks of investing with Bernard L. Madoff, causing them to lose over $227 million when the historic fraud came to light.

  • May 10, 2010

    Kagan Would Change Face Of High Court: Experts

    At age 50, Solicitor General Elena Kagan is a generation younger than her potential colleagues on the U.S. Supreme Court and has never served on a court before, factors that heighten her potential to change the high court's dynamics, experts say.