Recent Updates
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ND Supreme Court upholds $12K bank overdraft fee
Business Law 09/23/2010North Dakota's Supreme Court said a bank acted reasonably when it charged a customer almost $12,000 in overdraft fees. Lynette Cavett of Enderlin said the fees were "unconscionable." But a judge ruled the Quality Bank of Fingal disclosed the fees and...
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Regulators close 6 banks in Ga, NJ, Ohio, Wis
Business Law 09/18/2010Regulators on Friday shut down three Georgia banks and one each in New Jersey, Ohio and Wisconsin, boosting to 125 the number of U.S. bank failures this year amid the tough economic climate and growing loan defaults.The Federal Deposit Insurance Corp...
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Banks post $21.6 billion profit in 2nd quarter
Business Law 08/31/2010A mixed picture of U.S. banks emerged Tuesday as the industry posted its highest quarterly earnings in nearly three years while the number of troubled institutions grew by more than 50.Banks overall made $21.6 billion in net income in the April-to-Ju...
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U.S. appeals court upholds $33 bln wireless auction
Business Law 08/25/2010An appeals court upheld federal government auctions of about $33 billion of wireless spectrum, saying it would be "imprudent and unfair" to undo them even though some rules governing them were invalid.Tuesday's ruling by the U.S. Third Circuit Court ...
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Stocks drop as jobless claims rise unexpectedly
Business Law 08/19/2010Stocks fell Thursday after the Labor Department said claims for unemployment benefits rose unexpectedly last week, renewing concerns about the pace of the economic recovery.The disappointing news about the jobs market came minutes after news that Int...
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BP Deposits $3 Billion in Spill Fund
Business Law 08/09/2010BP PLC said Monday that it has made an initial deposit of $3 billion into a $20 billion spill-recovery fund. BP said it was making the deposit earlier than the originally scheduled Sept. 30 deadline to show its commitment to restoring the livelihoods...
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Mich. oil pipeline shut down for work before spill
Business Law 08/04/2010Federal regulators say a company shut down a Michigan pipeline for planned maintenance hours before 911 calls about odors in the area where a massive oil spill was reported the next day.National Transportation Safety Board officials told reporters Mo...
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Firms crack down on staffers' posts on social media sites
Business Law 08/02/2010Domino's still has nightmares about a prank video posted on the social networking site, YouTube, that got two employees in trouble with the law and tarnished the pizza chain's reputation. The Ann Arbor-based company became an instant Internet sensati...
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Coal companies eye targeting congressional Dems
Business Law 07/29/2010A leading Appalachian coal company is asking its counterparts to pool their money for a political offensive against Democrats in Kentucky and West Virginia.International Coal Group is calling on other mining companies to join an initiative that would...
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Goldman profit slides on SEC charge, revenue drops
Business Law 07/20/2010Goldman Sachs Group Inc. said Tuesday its second-quarter net income dropped 83 percent to $453 million as its trading revenue fell and it booked a charge for its settlement of civil fraud charges with the Securities and Exchange Commission.The compan...
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BP Sued Over Employee Stock Plan Losses After Spill
Business Law 06/29/2010BP Plc was sued by members of its employee savings plan over losses tied to the company’s plunging stock price amid the oil leak disaster in the Gulf of Mexico.BP has lost more than half of its market value since the April 20 explosion that caused th...
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At spill hearing, BP CEO says he's 'deeply sorry'
Business Law 06/17/2010Chastened by heavy criticism from lawmakers, a grim-faced BP chief executive Tony Hayward said Thursday he was "deeply sorry" for his company's catastrophic oil spill in the Gulf of Mexico."I understand the seriousness of the situation, the frustrati...