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  • Ex-Madoff auditor gets 1 year home confinement Thursday, 28 May 2015 | 3:22 PM ET
    David Friehling, the former accountant for con artist Bernard 'Bernie' Madoff, arrives at federal court for a sentencing hearing in New York, U.S., on Thursday, May 28, 2015.

    David Friehling was ordered to pay his share of a $130 billion joint penalty for his role in Bernie Madoff's multibillion-dollar Ponzi scheme.

  • Madoff accountant sentenced to home detention Thursday, 28 May 2015 | 2:22 PM ET

    NEW YORK— A former accountant who certified fake financial records hiding Bernard Madoff's epic Ponzi scheme was sentenced on Thursday to one year of home confinement, becoming the latest defendant to avoid prison by cooperating in the case. David Friehling had agreed to cooperate almost immediately after the financial fraud— one of the largest in U.S....

  • Ex-Madoff auditor sentenced to home confinement Thursday, 28 May 2015 | 1:50 PM ET

    NEW YORK, May 28- The former outside auditor for Bernard Madoff's firm was sentenced on Thursday to a year of home confinement, avoiding prison after cooperating with U.S. authorities investigating Madoff's multibillion-dollar Ponzi scheme. District Judge Laura Taylor Swain in New York also ordered David Friehling to pay his share of a $130 billion joint...

  • NEW YORK— Federal investigators are looking into the financial records and other documents of the powerful union representing New York City's 9,000 jail guards, the union's president and its law firm confirmed Wednesday to The Associated Press. Among the allegations in the lawsuit is that Correction Officers' Benevolent Association President Norman...

  • May 26- Nearly three years after the demise of law firm Dewey& LeBoeuf, a Manhattan prosecutor opened the criminal trial of three of the firm's former executives on Tuesday by accusing the trio of directing employees to make millions of dollars in bogus accounting entries to hide Dewey's deteriorating financial condition from investors and lenders.

  • May 26- Nearly three years after the demise of law firm Dewey& LeBoeuf, a Manhattan prosecutor opened the criminal trial of three of the firm's former executives on Tuesday by accusing the trio of directing employees to make millions of dollars in bogus accounting entries to hide Dewey's deteriorating financial condition from investors and lenders.

  • Opening statements are expected to begin on Tuesday in Manhattan state court in the criminal case against former Dewey& LeBoeuf chairman Steven Davis, 62; ex-executive director Stephen DiCarmine, 58; and ex-chief financial official Joel Sanders, 57.. Prosecutors from the Manhattan District Attorney's office say the defendants overstated revenue and...

  • MIAMI, May 25- The Florida Bar is sending its first ever delegation of lawyers to Cuba this week to explore emerging new business opportunities as prospects heat up for closer political and commercial relations between the United States and the Communist-run island. Some big law firms with Miami offices, often staffed by Cuban-American exiles, are already...

  • LONDON, May 22- Britain's new Conservative government could take control of planning decisions to speed up the development of shale gas and prevent investor money from drying up, lawyers say. Prime Minister David Cameron, facing dwindling resources of North Sea oil and gas, and eyeing the shale boom that has set the United States on the path to energy...

  • IRS refunds $10M to tax preparers who paid to take test Thursday, 21 May 2015 | 2:18 PM ET

    WASHINGTON— The IRS is refunding a total of $10 million to thousands of tax preparers who paid to take a competency test, the agency announced Thursday. A federal court struck down IRS regulations in 2013 that sought to require some tax preparers to get training and take a test. "The IRS remains committed to the principle that all persons who prepare federal tax...

  • Last month, solar producer Baoding Tianwei Baobian Electric became China's first ever state-owned company to default on a bond coupon payment, showing Beijing's increasing willingness to let companies go bust in a bid to reform its corporate market. Although onshore and offshore bondholders have equal standing in China's bankruptcy law, lawyers and...

  • Anthony Harbinson, president of the Association of Chartered Certified Accountants, the global professional accounting body, said China needed accountants for roles in government and regulatory organisations, as well as for private companies. "Mainland China wants to develop accountants in the millions for both indigenous development and growth but...

  • NEW YORK, May 11- Facebook Inc may pursue a lawsuit against law firms that represented a New York man who recently turned fugitive rather than face federal charges that he tried to defraud founder Mark Zuckerberg out of half of the company, a judge ruled on Monday. New York Supreme Court Justice Eileen Rakower said Facebook and Zuckerberg could move forward with a...

  • May 8- Dov Charney, the ousted chief executive of American Apparel Inc, has filed a $30 million defamation lawsuit against a New York hedge fund that controls a large stake in the clothing company he founded, and which refused to support his return. American Apparel attributed the suspension to Charney's alleged misuse of company funds and failure to stop a...

  • Tax documents: What to shred, and what to keep Friday, 8 May 2015 | 10:31 AM ET
    Taxes 1040 Other Taxes

    With tax season behind you, now is a good time to consider how you save your tax returns and other financial documents, NYT reports.

  • NEW YORK, May 6- A group of hedge funds that hold Puerto Rico's government debt plans to hire a litigation law firm as a financing deal that could help save the U.S. territory from a potential default looks increasingly remote. The Ad Hoc group of hedge funds, which holds $4.5 billion of Puerto Rico's debt, is planning to hire Robbins, Russell, Englert, Orseck,...

  • Thomson Reuters Corp reports a rise in total revenue Wednesday, 29 Apr 2015 | 7:14 AM ET

    April 29- Thomson Reuters Corp on Wednesday reported a rise in total quarterly revenue on the strength of its Legal and Tax& Accounting business and improved sales at its Financial& Risk division. For the first quarter, total revenue increased 2 percent before currency changes to $3.04 billion, in line with analysts expectations, according to Thomson Reuters...

  • WILMINGTON, Delaware, April 28- Brazilian oil company Petrobras' $17 billion write-down, announced last week, may have been meant to close the accounting on a sprawling corruption scandal, but could instead provide fresh ammunition for a U.S. class action lawsuit. The case, filed in Manhattan federal court in December by a group of large investors, alleges $98...

  • NEW YORK, April 27- Bankruptcy lawyer Harvey Miller, who led Lehman Brothers through its record-breaking Chapter 11 case starting in 2008, has died at 82 after a battle with ALS, his law firm, Weil Gotshal& Manges, announced on Monday. After joining Weil in 1969, Miller built the firm's bankruptcy practice into a global powerhouse, playing key roles in the...

  • April 27- Jury selection kicked off on Monday in New York state court in the criminal trial of three former leaders of defunct law firm Dewey& LeBoeuf. Potential jurors began filling out questionnaires in the trial against former Dewey chair Steven Davis, ex-executive director Stephen DiCarmine and former chief financial official Joel Sanders.