Scott Sullivan the former WorldCom finance chief, admitted lying to the board and an internal auditor during the $11 billion accounting fraud. On the first day of his cross-examination yesterday Mr Sullivan conceded that he had lied more than a dozen times about the financial health of the company, whose profits were deteriorating between 2000 […]
The State of California has reached a tentative $600 million settlement in a lawsuit against the French bank Crédit Lyonnais related to the sale of Executive Life Insurance in 1991. A final settlement hinges on whether Sierra National Insurance Holdings, which joined in a lawsuit separate from the state’s case in federal court, will agree
Vindicated in the longest court battle in British legal history, David Morris and Helen Steel celebrated in London yesterday – not with the customary champagne outside the High Court, but with a demonstration outside McDonald’s. For 15 years the two activists from north London fought a case against the world’s biggest burger chain which seemed
For almost a century, members of the Gambino crime family maintained a violent grip over New York as ruthless practitioners of murder, drug pushing, racketeering and extortion. Now six men, at least two of whom have been linked to what was once one of America’s premier Mafioso gangs, have been told they face lengthy prison
For attorneys caught up in the excitement of a pending law firm merger, expectations of more offices, more lawyers and more money can be heady. But practitioners who have gone through the courtship warn that some very tough work — more than most firms expect — lies ahead in uprooting potential client conflicts created by
Lists of possible witnesses were read to the pool of potential jurors in the Michael Jackson child molestation case Monday — including basketball star Kobe Bryant, actress Elizabeth Taylor and family members of Jackson’s accuser as potential defense witnesses. Jackson attorney Thomas Mesereau read more than 100 names, including “60 Minutes” correspondent Ed Bradley, singer
McDonalds agreed yesterday to pay $8.5 million to settle two lawsuits accusing it of misleading consumers about the levels of trans fat in its food. McDonald’s will pay $7 million to the American Heart Association to finance a campaign educating consumers about trans fats, which are considered major contributors to heart disease. In October 2003,
Lynne Stewart, an outspoken lawyer known for aggressively defending a long list of unpopular clients, has been convicted by a federal jury in Manhattan of aiding Islamic terrorism by smuggling messages out of jail from a terrorist client. . Stewart was convicted Thursday on all five counts of providing material aid to terrorism and of
San Francisco-based Pillsbury Winthrop and Washington, D.C.-based Shaw Pittman announced Wednesday that they intend to merge, creating a 900-lawyer giant with national reach and global ambitions. The two firms signed a letter of intent Monday and said they expect the deal to be ratified by partners in March and finalized by April 4. If that
Bank of America Corp. has agreed to pay $375 million to settle charges of late trading and market timing actions in some mutual funds, the Securities and Exchange Commission said Wednesday. The settlement includes $125 million in penalties and $250 million in restitution, which will be distributed to the mutual funds and their shareholders who
