Merck said Thursday the New Jersey Supreme Court has reversed a lower court ruling that had granted nationwide class-action status to insurers seeking reimbursement for past spending on Vioxx, the drugmaker's withdrawn arthritis treatment.
A U.S. regulator said on Wednesday it has fined AXA Advisors $1.2 million for steering customers into brokerage accounts that triggered needless fees, once causing a customer's assets in an account to fall to zero.
The Securities and Exchange Commission said Wednesday that Saks Inc. has agreed to settle a lawsuit that Saks Fifth Avenue understated sales to some vendors and didn't record markdowns properly, inflating its earnings.
Germany has arrested three men it suspects of belonging to an Islamist terrorist group and planning attacks on Frankfurt international airport and a major U.S. military base, German officials said on Wednesday.
About 146,000 people using a U.S. government jobs Web site had their personal information stolen by hackers who broke into computers at Monster Worldwide, a government spokesman said Thursday.
White House sources confirm that U.S. Solicitor General Paul Clement will serve as acting Attorney General once Alberto Gonazles leaves the Justice Department in mid-September. And to judge from initial soundings across Washington, no one will be surprised if Clement eventually becomes President Bush's choice to fill the job for the remainder of his term.
British Airways pleaded guilty in U.S. court Thursday in a transatlantic price fixing conspiracy and was fined $300 million.
A state judge in Michigan has sided with Wal-Mart Stores and dismissed a lawsuit by former marketing executive Julie Roehm over her firing, saying the case should be filed in Arkansas.
One question about market turbulence that I'll be watching is its effect on the 2008 presidential race. It's not clear the disruptions will prove long lasting, much less lead to an economic recession. If it proves a short-term blip, the effects will be negligible.
Nokia has asked authorities to bar imports into the United States of some Qualcomm chips and the phones that use them, saying they infringe five Nokia patents.
Everyone gripes about the fact that there's no privacy online and Web surfers' personal information is exploited. But sometimes our actions online should be transparent -- there needs to be some accountability in this world of Wikis, where users are counted on to police inaccuracies and update news.
BioMedTracker, which monitors drug development for investors, ran some numbers for me. As of August 13th, how does the number of FDA-approved drugs and "approvable" drugs compare to the same period a year ago? According to the company, drug approvals are down 16% and approvable letters are up 55%. An approvable letter is what the FDA issues when it believes it might someday okay a drug, but only if a company provides additional -- often publicly unspecified -- data. So, for investors, "approvable" is a euphemism for delay.
Qualcomm, hoping to rebound from a string of legal setbacks, urged a federal judge Tuesday to reject a competitor's request to stop it from selling cell phone chips that infringe on patents.
Believe me, I think by suspending Michael Vick and suspending the release of his shoe, Nike has done enough to disassociate itself with Michael Vick. But if they wanted to terminate him, they can do so without any financial penalty. That's right, sources are telling me now that Nike has a clause in the contract that says that if Vick is indicted, Nike can terminate him unilaterally.
For the second time in two weeks, an op-ed item appears in The Wall Street Journal today calling out the FDA for its record on timely approval of cancer drugs.
A day after former Brocade CEO Gregory Reyes was found guilty on all 10 securities fraud charges brought against him, dozens of Silicon Valley executives--and hundreds of executives nationwide--faced with the same allegations, will have to re-think their defense strategies. The sweeping verdict in the first-of-its-kind criminal case for the U.S. Justice Department sent a seismic ripple through this region yesterday.
Nokia, the world's top cell phone maker, said on Wednesday it would defend itself and its products against complaints Interdigital has filed in courts in the United States.
One rumor on the floor that Beazer might be in trouble and -- boom -- the whole sector drops like a brick. I run around calling all the analysts I know, and one by one they say it's all unfounded -- yeah, Beazer has some issues with litigation and its lending practices, and there's that SEC investigation that was announced as "formal" last week, but overall they're in no worse position than any of the other beleaguered home builders. Their stock may be, but the company isn't.
One of the most respected investors in the world of bonds is going on record supporting higher taxes for the nation's super-wealthy, echoing Warren Buffett's controversial call to 'Tax the Rich.' In his most recent market letter, Pimco's Bill Gross comes out strongly in favor of raising taxes on the super-rich to "rectify today’s imbalances."
A Senate panel is nearing a vote on a proposal to put tobacco under Food and Drug Administration regulation despite objections that such a move would only entrench the market position of the nation's No. 1 tobacco company.