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Law Legislation

  • A federal judge has named two New York pension funds lead plaintiffs for five class-action lawsuits accusing Countrywide Financial, the largest US mortgage lender, of inflating earnings and overstating its ability to weather the housing slump.

  • It seems like suddenly everyone is jumping on the bandwagon. First Countrywide  announced a deal with Neighborhood Assistance Corp. of America (NACA) to modify loans on a case-by-case basis. Then California Gov. Arnold Schwarzenegger announced a plan with Countrywide, GMAC and others to freeze ARM interest rates on certain loans temporarily, as long as the borrower is living in the home and up-to-date on current payments.

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    A slew of responses to my post reprinting questions that New York Democratic Senator Chuck Schumer sent Countrywide Chairman and CEO Angelo Mozilo. Most responses centered on why the company doesn't send 1099 forms to independent brokers.

  • Swiss drugmaker Roche has submitted its experimental Actemra drug to the U.S. authorities for approval to treat moderate to severe rheumatoid arthritis in adults.

  • Employees who report their companies for price-fixing should be rewarded with large cash payments, a current and a former antitrust official proposed on Tuesday.

  • United Rentals said Monday that it had filed a lawsuit seeking to compel Cerberus Capital Management to complete its $4 billion buyout of the equipment rental company.

  • A New York appeals court has upheld the convictions of former Tyco International  senior executives Dennis Kozlowski and Mark Swartz, the court clerk's office said Thursday.

  • Former Countrywide Financial Vice President Quan Zhu agreed to pay $108,840 to settle insider trading charges, the U.S. Securities and Exchange Commission said on Monday.

  • William Lerach, a former partner at a prestigious New York law firm, pleaded guilty Monday to conspiracy for his role in a scheme to bribe people to become plaintiffs in lucrative class-action lawsuits.

  • Two former officers at a company that supplies body armor to the U.S. Army face charges they inflated the company's stock price and made nearly $200 million in the process.

  • A U.S. securities regulator Tuesday warned investors to be wary of scams touting huge potential profits from energy-related stocks, when the onlypeople likely to make money are those running the schemes.

  • The European Commission on Monday extended the deadline for its inquiry into Google's proposed purchase of rival DoubleClick to Nov. 13 from Oct. 26.

  • An assistant to hedge fund manager Seth Tobias, who died suddenly last month at age 44, told CNBC he has evidence that Tobias was murdered.

  • House Democrats on Wednesday pushed through legislation to end a program that turns over smaller-scale tax deadbeat cases to private collection agencies.

  • On Tuesday, the U.S. Supreme Court is hearing an case that some say may alter the landscape of investing. The outcome potentially could strengthen shareholder confidence -- or stifle investment markets.

  • Steven G. Schulman was charged in Los Angeles as part of a seven-year investigation into allegations that kickbacks were paid to people who agreed to be plaintiffs in class-action suits.

  • On Oct. 9, the U.S. Supreme Court will hear a case that some say may open the flood gates to a tidal wave of investor lawsuits. Legal experts joined CNBC to debate both sides of the issue.

  • U.S. chipmaker Intel has asked for more time to respond to antitrust charges filed by the European Commission, an official at the European Union's executive arm said on Monday.

  • The Recording Industry Association of America won a big victory--the first of 26,000 music file sharing copyright infringement suits settled in their favor. The amount of the settlement: $222,000. Considering that 10,000 of the suits have settled for less than $5,000 this is a good thing.

  • The U.S. House of Representatives Thursday overwhelmingly approved legislation providing tax relief to homeowners facing a foreclosure.