Recent Updates
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Nacchio ordered to report to prison March 23
Business Law 03/05/2009A judge ordered former Qwest CEO Joe Nacchio to report to a federal prison in Pennsylvania on March 23 to begin serving a six-year term for insider trading. U.S. District Judge Marcia S. Krieger on Wednesday told Nacchio to report to the minimum-secu...
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Circuit City seeks incentives for wind-down
Business Law 02/10/2009Circuit City Stores Inc. is asking a U.S. Bankruptcy Court judge to allow it to give incentives to executives and other workers to stay with the company during the wind-down process, according to court filings. The company said the bonuses are needed...
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Exxon Mobil sets record with $45.2 billion profit
Business Law 01/30/2009Exxon Mobil Corp. on Friday reported a profit of $45.2 billion for 2008, breaking its own record for a U.S. company, even as its fourth-quarter earnings fell 33 percent from a year ago.The previous record for annual profit was $40.6 billion, which th...
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Fallout begins after dismal holiday season
Business Law 12/30/2008The fallout from the horrific holiday season for retailers has begun, with the operator of an online toy seller filing for bankruptcy protection and more stores are expected to do the same — meaning more empty storefronts and fewer brands on store sh...
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Fed designates CIT Group as bank holding company
Business Law 12/23/2008The Federal Reserve on Monday said it has approved CIT Group Inc. as a bank holding company, clearing a key hurdle for the firm to bolster its resources with loans and support from the government's financial rescue fund.The Fed's decision means the N...
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Lehman broker charged in insider trading case
Business Law 12/19/2008A former Lehman Brothers broker who gleaned tips about pending mergers from his wife, a partner at a high-powered public relations firm, has been charged in a wide-ranging insider trading scheme that earned $4.8 million in profits for several people ...
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Madoff scandal could lead to tax losses nationwide
Business Law 12/19/2008Even Uncle Sam may get burned by Bernard Madoff.Investors who lost their fortunes in Madoff's alleged Ponzi scheme will end up paying far less in taxes and may even be eligible for refunds, according to accounting experts.By some estimates, the Inter...
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Report: Siemens close to SEC corruption settlement
Business Law 12/11/2008Industrial conglomerate Siemens AG is close to reaching a settlement with U.S. and German authorities over its long-standing corruption scandal, daily Sueddeutsche Zeitung reported Thursday.Munich-based Siemens would not comment on the report."We're ...
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Government unveils plan to rescue Citigroup
Business Law 11/24/2008The government was weighing a plan on Sunday to rescue Citigroup Inc., whose stock has been hammered on worries about its financial health.The Treasury Department and the Federal Reserve have been in discussions over the weekend to devise a strategy ...
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Va. scientist pleads guilty to China tech sales
Business Law 11/20/2008A Virginia scientist pleaded guilty Monday to selling rocket technology to China and bribing Chinese officials to secure a lucrative contract for his high-tech company.Quan-Sheng Shu, 68, pleaded guilty to two counts of violating the federal Arms Con...
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W.Va. court accepts appeals in $400m DuPont case
Business Law 09/26/2008West Virginia's Supreme Court has agreed to a full review of appeals arising from a nearly $400 million judgment against DuPont.A Harrison County jury awarded the damages to residents last year, after finding the chemical giant downplayed and lied ab...
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Comcast appeals FCC Web traffic-blocking decision
Business Law 09/05/2008Comcast Corp. is appealing an FCC ruling that the company is improperly blocking customers' Web traffic, triggering a legal battle that could determine the extent of the government's authority to regulate the Internet.In a precedent-setting move, a d...