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Law Legislation

  • AstraZeneca said on Wednesday it was seeking approval from U.S. regulators to sell an extended-release version of its Seroquel drug to treat both manic and depressive episodes associated with bipolar disorder.

  • Prosecutors may not call Berkshire Hathaway Chairman Warren Buffett as a witness in a criminal trial of former officers of its General Re reinsurance unit, according to a court filing.

  • Lawyers who won a class action suit against Tyco International and PricewaterhouseCoopers will be awarded 14.5 percent of the $3.2 billion settlement, plus nearly $29 million in expenses, a judge has ordered.

  • The Federal Communications Commission voted Tuesday to loosen media ownership restrictions in the 20 biggest U.S. cities, despite objections from consumer groups and a threat by some senators to revoke the action.

  • A former assistant to Seth Tobias has agreed to testify in the court battle over the late hedge fund manager's estate.

  • U.S. securities regulators sued two former financial advisers at Morgan Stanley Friday for defrauding at least 50 mutual fund companies and their shareholders.

  • Billionaire investor Warren Buffett, slated to be called as a prosecution witness in the criminal fraud trial against five executives for allegedly helping American International Group inflate its reserves, may also be called as a defense witness by at least one of the defendants, CNBC has learned.

  • The House of Representatives Thursday passed an energy bill that would boost vehicle fuel economy requirements by 40 percent by 2020, raise ethanol use by five-fold by 2022 and impose $13 billion in new taxes on big oil and gas companies.

  • New York Attorney General Andrew Cuomo told CNBC that he would let a state ethics panel review his connections with a prominent Bear Stearns board member if his office decides to launch a formal investigation into the firm's involvement in the subprime meltdown.

  • Christie's auction house will hold the first liquor auction since Prohibition this weekend in New York, with some rare whiskies expected to fetch up to $30,000 a bottle.

  • Some of the world's biggest banks were subpoenaed by New York state prosecutors Wednesday to give information about the packaging and selling of subprime mortgages.

  • Federal prosecutors intend to call billionaire investor Warren Buffett to testify against five former senior insurance executives charged with helping the American International Group to manipulate its financial statements through $500 million in phony transactions, according to court documents.

  • 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.