Headlines

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Format: 04-24-2014
March 20, 2014
Lawyers looking to sue General Motors Co. after its global recall of 1.6 million vehicles over an ignition defect may find their path blocked by a judge’s order five years ago in the company’s reorganization, Bloomberg News reported yesterday. Allegations about deaths or economic losses occurring...
March 20, 2014
Philip Falcone’s LightSquared Inc. will probably get U.S. regulatory approval to use its wireless spectrum by 2015 and may buy more airwaves, a member of a special committee of the company’s board told a bankruptcy judge, Bloomberg News reported yesterday. LightSquared, based in Reston, Va., sought...
March 20, 2014
Medical transcription company M*Modal filed for bankruptcy protection today as the firm owned by J.P. Morgan Chase & Co's private-equity arm seeks to reduce debt, Reuters reported today. M*Modal, which was taken private by One Equity Partners in a $1.1 billion all-cash deal in 2012, listed...
March 20, 2014
The former chief executive of bankrupt online music storage firm MP3tunes was found liable yesterday for infringing copyrights for sound recordings, compositions and cover art owned by record companies and music publishers once part of EMI Group Ltd., Reuters reported yesterday. A federal jury in...
March 20, 2014
The Commodity Futures Trading Commission, citing an inability to fully understand swaps-market data, has begun an overhaul of information collected by the Depository Trust & Clearing Corp., CME Group Inc. and others, Bloomberg News reported yesterday. The top U.S. derivatives regulator released...
March 20, 2014
Eastman Kodak Co. said that its loss narrowed in the fourth quarter, though both of the company's segments posted a decline in net sales, the Wall Street Journal reported today. For 2014, Kodak forecast full-year revenue between $2.1 billion and $2.3 billion, and said that it expects between a $40...
March 20, 2014
Bill-collection firm Deca Financial Services LLC missed a March 17 deadline to come up with more than $11 million to avoid involuntary chapter 11 reorganization sought by its creditors, the Indianapolis Business Journal reported yesterday. That means trustee Ellen Fujawa will take control of the...
March 20, 2014
William C. Dudley, president of the Federal Reserve Bank of New York, has privately raised concerns in recent weeks about a proposed rule that seeks to make the nation’s largest banks safer, frustrating other regulators who see it as a centerpiece of a financial system overhaul and want it to take...
March 20, 2014
JPMorgan Chase & Co. will sell its physical commodities unit to Mercuria Energy Group Ltd. for $3.5 billion, ending a five-year foray into owning and storing raw materials amid pressure from regulators to leave the business, Bloomberg News reported yesterday. The deal, disclosed in a statement...
March 19, 2014
Detroit asked a federal appeals court yesterday to consolidate seven cases seeking to overturn a December ruling that found the city was eligible for chapter 9 protection, Reuters reported yesterday. In a motion, Detroit asked the Sixth Circuit U.S. Court of Appeals to force the parties, including...
March 19, 2014
State regulators are redoubling efforts to shield vulnerable Americans from short-term loans with interest rates that can exceed 300 percent, the New York Times reported today. The crackdown gained momentum on Tuesday when the Illinois attorney general, Lisa Madigan, accused All Credit Lenders of...
March 19, 2014
Wells Fargo created an elaborate guide for how to produce missing documents to foreclose on homeowners, according to a lawsuit that has caught the attention of state and federal regulators, the Washington Post reported yesterday. The bank denies wrongdoing, but the allegations rekindle claims that...