Recent Updates
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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...
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Lehman, Nortel, Bank of America, Google in Court News
Business Law 06/07/2010Lehman Brothers Holdings Inc.’s ex- Chief Executive Officer Richard Fuld asked a judge to dismiss a lawsuit accusing him and his colleagues of failing to disclose Repo 105, a financing method allegedly used to conceal billions of dollars of debt, acc...
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Cleanup Costs and Lawsuits Rattle BP’s Investors
Business Law 06/04/2010BP shareholders are fleeing the company’s stock amid growing uncertainty about the ultimate bill for cleanup costs, lawsuits, fines and damage to the oil giant’s reputation. BP’s shares fell an additional 15 percent on Tuesday, as investors reacted t...
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Microsoft Says Salesforce.com Infringes Patents
Business Law 05/19/2010Microsoft Corp. sued Salesforce.com Inc. yesterday, accusing the company of infringing nine patents for ways to make software more efficient.The complaint targets the customer-relationship management software that is the hallmark of Salesforce.com’s ...
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Movie Gallery plans to close all stores, liquidate
Business Law 05/11/2010Movie Gallery Inc., the owner of struggling movie rental chain Hollywood Video, is planning to close its remaining stores and liquidate as consumers are increasingly get movies through the mail, vending machines and high-speed Internet connections.Th...
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Former Qwest CEO Nacchio due in court Tuesday
Business Law 05/05/2010Former Qwest Communications International Inc. CEO Joe Nacchio is set to appear in federal court in Denver to say whether he wants to waive his right to attend his re-sentencing hearings.U.S. District Judge Marcia Krieger wants to see Nacchio in pers...
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Lorillard 1Q profit up, excise tax helps revenue
Business Law 04/26/2010Lorillard, the maker of Newport, Maverick and True cigarettes, says its first-quarter profit climbed 26 percent as domestic wholesale shipments and average prices grew.The nation's third-biggest cigarette maker said higher federal excise taxes on smo...
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High court to look at Costco sale of Swiss watches
Business Law 04/20/2010The Supreme Court is stepping into a legal fight over Omega's effort to stop Costco from offering the Swiss maker's watches for up to a third less than they cost elsewhere.The case has important implications for discount sellers like Costco and Targe...