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An anonymous tipster with apparent inside knowledge of the agency's negotiations with Citi raised the allegations in an unsigned fax to Sen. Charles Grassley. True or not, the fax makes for compelling reading--and we've got a link to it.
Defense: $1.4M Verdict a 'Victory'
Attorneys for defendant Rockwell International Corp. were proclaiming victory after a Denver jury returned a $1.39 million verdict against the company in a False Claims Act suit. The U.S. government and whistleblower James S. Stone had been seeking more than $160 million -- to be trebled -- over failures in Rockwell's clean-up of wastes at the Rocky Flats nuclear weapons plant near Denver.The SEC capped its investigation into Fannie Mae and Freddie Mac by charging six former executives with failing to disclose their companies' exposure in high-risk mortgages. The defendants have fired back, with one arguing that there's no standard definition for subprime loans.
Local Firms Hiring Again as Recession Winds Down
All around Connecticut, the signs of spring are in the air. Birds are chirping earlier and the sun is shining into the early evening hours. Buds are beginning to bloom.FCC's Role in Telecom Mergers Questioned
Charging that the Federal Communications Commission's review of telecommunications industry mergers is impeding competition, several members of Congress are pushing proposals to alter the agency's role in the process. Some say the FCC is slowing down deals among phone, cable and wireless companies by sitting on merger applications, applying arbitrary evaluation standards and imposing costly conditions on merging parties.Class action litigation is beginning to take shape over allegations that major banks manipulated Libor, the benchmark rate used to calculate interest on trillions of dollars in securities globally. On Monday the federal district court judge hearing the litigation consolidated 20 class complaints, and appointed interim class counsel.
For all the sound and fury the case generated, the $150 million settlement Judge Rakoff reluctantly approved this week doesn't clarify corporate disclosure requirements at all. The bank still says there was nothing wrong with its disclosures, the SEC still provides no guidance to M&A advisers--and American shareholders are still the big losers.
Proposed Rule 37(e) Takes Aim at Overpreservation
By narrowing the scope of sanctions for failure to preserve electronically stored information, the revised Rule 37(e) of the Federal Ruled of Civil Procedure may eliminate many concerns of litigants that lead to chronic overpreservation.Trending Stories
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