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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.