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  • WASHINGTON, Feb 12- The law firm Milbank, Tweed, Hadley& McCloy announced on Wednesday that it has rehired George Canellos, one of the former chief enforcers of U.S. securities laws. Canellos left his post as the co-head of the enforcement division of the Securities and Exchange Commission in January.

  • WILMINGTON, Del., Feb 12- A judge who found what he called a "startling pattern" of abuse by plaintiffs' lawyers may have shifted the landscape of asbestos litigation with a ruling in favor of manufacturers.

  • *Lawsuit seeks to hold former MF Global CEO Corzine, others responsible for brokerage's collapse. NEW YORK, Feb 11- A federal judge on Tuesday allowed a lawsuit to move forward that seeks to hold former MF Global Holdings Ltd Chief Executive Officer Jon Corzine and other executives responsible for the brokerage's collapse.

  • A federal court judge had invalidated test-taking and continuing education requirements the IRS wanted to impose on hundreds of thousands of unregulated tax-return preparers. Institute for Justice in 2012, a libertarian group, challenged the program, arguing Congress did not give the IRS the authority to regulate tax preparers.

  • NEW YORK, Feb 10- The U.S. Securities and Exchange Commission has demanded an admission of wrongdoing from Texas investor Samuel Wyly, as part of an ongoing policy shift from allowing defendants to settle lawsuits without acknowledging the charges against them.

  • DETROIT, Feb 10- Detroit will file a plan to adjust its debt with the U.S. Bankruptcy Court next week, an attorney representing the city told the judge overseeing the case on Monday. Bruce Bennett, an attorney with law firm Jones Day, told Judge Steven Rhodes that Detroit's filing target of Friday was too tight and needed to be extended.

  • NEW YORK, Feb 5- Jack Butler, a prominent bankruptcy attorney who played an instrumental role in American Airlines' merger with U.S. Airways Group, is leaving law firm Skadden Arps Slate Meagher& Flom to become an executive at Hilco Global, a financial services company with a broad range of operations.

  • WASHINGTON, Feb 5- The top U.S. audit watchdog said on Wednesday that the United States and China are close to striking a deal that would allow Washington to inspect the audit work of accounting firms in China.

  • WASHINGTON, Feb 5- The top U.S. audit watchdog said on Wednesday he believes the United States and China are close to striking a deal that would allow Washington to inspect the audit work of accounting firms in China.

  • Detroit's bankruptcy tab at $13.7 mln and growing Wednesday, 5 Feb 2014 | 12:11 AM ET

    Feb 4- Detroit's price tag for lawyers, consultants and other professionals hit $13.7 million in the first 75 days of its historic bankruptcy, according to a report filed late Tuesday by a court-appointed fee examiner.

  • Feb 4- Research services provider Covance Inc reported a better-than-expected 19 percent jump in quarterly adjusted profit as it gained from higher investments in later stages of drug development by pharma companies.

  • Critics say the internal court system gives the SEC a home-court advantage. The impact of the court was on full display when Elliot sided with the SEC on January 22 in a blunt 112- page opinion that slapped the Chinese units of the "Big Four" accounting firms with a six-month U.S. industry suspension.

  • The ugly battle over police pensions in America Thursday, 16 Jan 2014 | 3:50 PM ET
    Stockton Police officers talk with a parolee in Stockton, California.

    A drive by some cities to cut costly police retirement benefits has led to an extraordinary face-off between local politicians and the law enforcement officers.

  • HSBC hit with record $2.46 billion judgment Friday, 18 Oct 2013 | 3:02 AM ET

    A unit of British bank HSBC was hit with a record $2.46 billion final judgment in a U.S. securities class action lawsuit on Thursday.

  • Shutdown halts IRS seizures from tax cheats Saturday, 5 Oct 2013 | 8:48 AM ET
    The IRS building in Washington, D.C.

    The IRS said that it has stopped initiating new asset seizures from tax delinquents during the government shutdown.

  • Morningstar Says Client Data May Have Been Leaked Saturday, 6 Jul 2013 | 5:29 PM ET

    Morningstar said personal information, including credit-card details, of about 2,300 customers may have been compromised due to a security breach last year.

  • Britain to Quiz Google Again on Tax Wednesday, 1 May 2013 | 2:26 AM ET
    Google street view can on the Google Campus

    Google and its auditor Ernst & Young will be called again to a British parliament committee to testify on tax and inconsistencies in the way Google portrays its activities in Britain.

  • FBI Launches Probe as KPMG Quits Herbalife, Skechers Wednesday, 10 Apr 2013 | 6:15 AM ET

    In a blow to one of the world's largest accounting firms, KPMG said it resigned as auditor of two U.S. corporations amid an FBI investigation into insider trading allegations.

  • KPMG Fires Partner for Role in Insider Trading Tuesday, 9 Apr 2013 | 6:38 AM ET

    KPMG said late on Monday it had fired a senior partner in the accounting firm's Los Angeles office for allegedly providing inside information to an unnamed third party.

  • RBS Faces $6 Billion Investor Action Thursday, 4 Apr 2013 | 2:25 AM ET
    Royal Bank of Scotland

    A group of shareholders in Royal Bank of Scotland has launched a multi-million pound lawsuit against the state-owned bank for misleading investors at the height of the credit crisis in 2008.