Recent Updates
-
Nortel wins approval for sale of businesses
Business Law 12/03/2009Nortel Networks Corp. said late Wednesday it won court approval in the U.S. and Canada to sell two of its business units.The larger unit, Nortel's global optical networking and carrier ethernet businesses, is going to Ciena Corp. The business is one ...
-
General Growth Properties files for reorganization
Business Law 12/02/2009General Growth Properties Inc. said Wednesday that it has filed its reorganization plan, and its lenders have agreed to restructure about $9.7 billion in shopping mall mortgage loans, more than previously planned.Last month the mall operator, which e...
-
Supreme Court again denies ex-Qwest CEO Nacchio
Business Law 12/01/2009The U.S. Supreme Court has rejected another request by former Qwest Communications International Inc. CEO Joseph Nacchio to review his insider trading conviction.The court revealed Monday that it won't reconsider its decision in October not to take u...
-
GM sues steering column supplier
Business Law 11/24/2009General Motors Co. has sued a supplier over problems with steering columns that have so far cost the automaker more than $30 million to fix.The Detroit automaker is seeking damages from JTEKT North America Inc. and subsidiary JTEKT Automotive Virgini...
-
Court sides with Boeing on $1.1B contract
Business Law 11/18/2009A federal court has reversed a ruling that overturned Boeing Co.’s $1.1 billion contract for maintenance of an Air Force refueling tanker jet.The U.S. Court of Appeals for the Federal Circuit’s ruling Tuesday overturns a 2008 decision by the U.S. Cou...
-
PepsiCo learns a $1.26 billion lesson over misplaced letter
Business Law 10/29/2009It's an expensive lesson on the importance of reading your mail.A Wisconsin judge has ordered PepsiCo Inc to pay $1.26 billion to two men who said it stole their idea to sell purified water after a secretary mislaid a document alerting the world's No...
-
Deal proposed to Lehman Brothers Europe creditors
Business Law 10/05/2009The administrators of Lehman Brothers' assets in Europe said Monday that they may seek a direct agreement with hedge funds and other creditors to return money tied up since the collapse of the parent company as an alternative to a court-sanctioned se...
-
Ahead of the Bell: Consumer Credit
Business Law 09/08/2009Consumers, confronting job losses and weak income growth, likely cut back on their borrowing for a sixth consecutive month in July.Consumer borrowing likely fell by $4.5 billion at an annual rate in July, according to economists surveyed by Thomson R...
-
US appeals court upholds Internet gambling ban
Business Law 09/02/2009A U.S. appeals court upheld an Internet gambling ban Tuesday, rejecting a challenge from an association of off-shore bookies that the federal prohibition was too vague and violated privacy rights.The 3rd U.S. Circuit Court of Appeals in Philadelphia ...
-
Seiko Epson unit pleads guilty in price fixing case
Business Law 08/27/2009A unit of Seiko Epson Corp agreed to plead guilty to one count of conspiring to fix prices for liquid crystal screens sold to mobile phone maker Motorola Inc, the U.S. Justice Department said on Tuesday. Epson Imaging Devices Corp, which was known as...
-
Wells Fargo sued over home equity lines of credit
Business Law 08/19/2009The banking unit of Wells Fargo & Co. is facing a lawsuit claiming it illegally reduced the size of customers' home equity lines of credit. The suit, which was filed in Illinois, claims Wells Fargo failed to accurately assess the value of custome...
-
SC lawsuit against Nucor Steel can proceed
Business Law 08/18/2009A federal appeals court has revived a discrimination lawsuit brought by black employees who claim they worked in a racially hostile environment at a Nucor Steel mill in South Carolina, attorneys said Tuesday. The 4th U.S. Circuit Court of Appeals sai...