HOUSTON, July 2- BP Plc has reached an $18.7 billion deal with the U.S government and five states to settle litigation stemming from its deadly 2010 Gulf of Mexico oil well blowout and explosion that killed 11 men and unleashed the worst spill in U.S. history. It also seeks to resolve environmental and economic damage claims by Louisiana, Mississippi, Alabama,...» Read More
Changing the face of foreclosure in America will take some time, several state attorneys general said Wednesday, cautioning that an agreement with major lenders over revamped foreclosure practices was not imminent. The New York Times reports.
When Sam Keller, a former quarterback at Arizona State, sued the video game publisher Electronic Arts last year, he was seeking compensation for himself and other college athletes whose names were not used but whose images he contended were being illegally used by the company. The New York Times reports.
Congress and financial-market regulators are revamping a reward system for whistle-blowers, offering big payouts for tips about a host of securities and commodity law violations, to be doled out from a new $451 million fund. The New York Times reports.
The destruction of MERS will simply result in another bailout.
Large banks, hedge funds and private investors hungry for new and lucrative opportunities are pumping hundreds of millions of dollars into medical malpractice claims, divorce battles and class actions against corporations — all in the hope of sharing in the potential winnings.
Having sex on the copy machine is apparently just a part of a normal day at Chase Manahattan's South Richmond Hill, Queens Branch.
When Congress comes back into session next week, it may consider measures intended to bolster the legal status of a controversial bank-owned electronic mortgage registration system that contains three out of every five mortgages in the country.
Over the last few months, Kaplan and other for-profit education companies have come under intense scrutiny from Congress, amid growing concerns that the industry leaves too many students mired in debt, and with credentials that provide little help in finding jobs. The New York Times reports.
The Supreme Court seemed wary about a business-backed challenge that could make it almost impossible for consumers to band together to make claims against their cell phone carriers, cable providers and credit card companies.
Industry regulators have fined Goldman Sachs $650,000 for failing to disclose that two of its brokers, including the executive accused of leading the mortgage securities deal that brought civil fraud charges against the firm, were under investigation by the government.
Do-it-yourself house possession cases have been popping up all over the country — and these self-proclaimed owners play an odd role in a real-estate mess that never seems to end. The NYT reports.
In what labor officials and lawyers view as a ground-breaking case involving workers and social media, the National Labor Relations Board has accused a company of illegally firing an employee after she criticized her supervisor on her Facebook page.
The U.S. Department of Labor wants a Kentucky coal mine owned by troubled Massey Energy closed over a pattern of serious violations, according to a federal lawsuit filed Wednesday.
The police department in Portland, ME, has become the latest law enforcement agency to stop using a popular sniper rifle over concerns the gun can go off without the trigger being pulled.
As lenders have reviewed tens of thousands of mortgages for errors in recent weeks, more and more homeowners are stepping forward to say that they were victims of bank mistakes — and in many cases, demanding legal recourse. The NYT reports.
The two stories related to mortgages do not have a great deal in common, other than tracing their lineage to the home loans of dubious provenance that were doled out to anyone with a pulse between 2005-07 and quickly packaged up into securities and sold by Wall Street to accounts around the planet.
Newly unsealed court documents — including Goldman e-mail and internal reports — portray a firm that at times seemed to turn a blind eye to its own internal concerns about Bayou as it raked in fees from the hedge fund. The NYT reports.
Disgraced fund manager Art Nadel was sentenced Thursday to 14 years in prison after pleading guilty to defrauding investors of over $160 million.
The manufacturer of the world’s most popular hunting rifle has been wrestling for decades with questions about whether the gun is safe, and at least twice considered a nationwide recall of the gun, according corporate insiders and internal documents revealed in a ten-month CNBC investigation.
Internal company documents show that at least twice, the Remington Arms Company considered a nationwide recall of its popular 700 series rifles, but decided against it despite thousands of complaints and dozens of lawsuits over inadvertent discharges.