NEW YORK, Oct 6- Fifth Third Bancorp will pay more than $84.9 million to resolve U.S. civil fraud charges that it failed to disclose material defects in more than 1,400 mortgage loans in a timely manner after certifying that they qualified for federal insurance. Fifth Third admitted and accepted responsibility for taking too long to tell the U.S. Department of...» Read More
CNBC Senior Correspondent Scott Cohn is in Namibia, searching for former Comverse CEO Jacob "Kobi" Alexander, who faces charges in the United States that he orchestrated a massive options backdating scheme. In an exclusive interview, Cohn spoke with Richard Metcalfe, Alexander's lawyer in Namibia.
A Swiss judge acquitted all 19 former executives of failed airline Swissair of criminal wrongdoing on Thursday, ending Switzerland's biggest-ever economic crime trial.
The French co-chairman of Airbus parent EADS, Arnaud Lagardere, was questioned for nine hours by stock market regulators as part of an inquiry into alleged insider trading, French media reported Wednesday.
We pride ourselves in being able to pick out the news when presented with “raw data” -- be it a live speech, event, interview, or enterprise story. I do have to admit, however, there is one form of “raw” news that I find a bit intimidating: the legal document. ... And: We’re still abuzz today over the market’s Wednesday tanking at the hands of former Fed chairman Alan Greenspan. Our show producers often ask me why the markets made a sudden move, but yesterday’s drop from early gains was downright baffling at first...
One of the more fascinating stories of recent years came to a close today, when a former Coca-Cola secretary was sentenced to eight years for trying to steal Coke trade secrets. Joya Williams attempted to sell those secrets to rival PepsiCo for $1.5 million dollars, but was foiled when some very ethical Pepsi employees called Coke to let them in on the scheme. ... Also: Procter & Gamble thinks there might be an opportunity in flavored water -- that comes out of your tap.
Apple's annual shareholder meeting was short on news, but long on drama with several investors grilling the Apple directors who did show up with questions about the stock options backdating scandal.Apple's entire directors' slate was re-elected, as expected. None of the shareholder resolutions passed, as expected.The fireworks and interesting nuggets came during the shareholder question-and-answer session.This is the first paragraph/short story.
Thursday of this week will be an unusual day for the world of tech. Both Apple and Google will each hold their annual shareholders meetings within ten miles and a few hours of each other. Tech's top two names will speak directly to their shareholders, yet the meetings may have decidedly different tones.
The FT Deutschland reports that Siemens is braced for further upheaval after it emerged that the German engineering group's supervisory board is seeking a new chief executive to replace Klaus Kleinfeld.
A judge has signed off on a restitution agreement requiring the former chief executive of Computer Associates International to pay at least $52 million - including proceeds from the sale of his yacht and pair of Ferraris - to victims of a huge accounting fraud at one of the world's largest software companies.
The U.S. Securities and Exchange Commission said on Wednesday that it charged two former in-house lawyers at Enron with securities fraud.
On Monday, federal prosecutors charged David A. Stockman and other former company executives with fraud and conspiracy in connection with alleged violations at the bankrupt auto parts maker.
ITT Corp. has agreed to plead guilty and pay a penalty of up to $100 million for illegally exporting night vision goggles in 2001 to China, Singapore and the United Kingdom, the U.S. Justice Department said on Tuesday.
Stockman was the former chairman and CEO of Michigan-based Collins & Aikman, which makes auto parts. He served as budget director under President Reagan.
Former Tyco International Chief Executive Dennis Kozlowski, who is serving a prison sentence of up to 25 years for looting the conglomerate, told CBS television he is "absolutely not guilty," according to excerpts from an interview to be broadcast Sunday.
Affiliates of South Korea's biggest automaker Hyundai Motor fell on Monday after local authorities launched an investigation into suspected tax evasion.
An investigating judge filed preliminary charges Thursday against the chief executive of Total in a corruption case linked to a 1997 contract with Iran, the company and judicial officials said.
A Republican who backs marketplace regulations might seem paradoxical -- but Michael Oxley, ex-GOP representative, co-authored the sweeping 2002 Sarbanes-Oxley Act. Does the former chairman of the House Financial Services Committee still approve of "SarBox"? He gave his views, on "Power Lunch."
Former Hewlett-Packard chairman Patricia Dunn and former HP board member Tom Perkins are engaged in a new war of words over last year’s leak scandal at the giant technology company, the Wall Street Journal reports.
Former Cendant Chairman Walter Forbes was sentenced on Wednesday to 12 years and seven months in prison and ordered to pay $3.3 billion for one of corporate Americas's biggest accounting scandals.
Friday morning, and we're waking up once again to a flurry of headlines surrounding the ongoing Apple Inc. stock options backdating controversy--the scandal that just won't go away. Dueling stories over the last 48 hours from the Wall Street Journal and the Washington Post, breathlessly reporting what appear to be new developments in the case. But pouring over the stories, I can't seem to find any news.