Taser shares fall on SEC inquiry
US securities regulators have started an informal inquiry into stun gun maker Taser following statements the company made over safety of its products.
Taser shares fell 17.74% to $22
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Wal-Mart to pay $14m in gun suit
/0 Comments/in Wal-Mart /by ceadminThe world’s largest retailer, Wal-Mart, has agreed to pay a total of $14.5m (£7.74m) to settle a lawsuit over gun sales violations in California
ITunes user sues Apple over iPod
/0 Comments/in Apple Computers /by ceadminA user of Apple’s iTunes music service is suing the firm saying it is unfair he can only use an iPod to play songs.
He says Apple is breaking anti-competition laws in refusing to let other music players work with the site.
Apple, which opened its online store in 2003 after launching the iPod in 2001, uses technology to ensure each song bought only plays on the iPod
SEC accuses Mexican firm of fraud
/0 Comments/in Azteca /by ceadminThe US Securities and Exchange Commission (SEC) has accused Mexico’s second-largest broadcaster of involvement in a massive fraud.
The SEC has said TV Azteca’s executives violated US laws on debt, with one executive alleged to have made more than $100m (£53.18m)
Buffett firm helps with SEC probe
/0 Comments/in Berkshire Hathaway /by ceadminUS financial regulators have requested information from Warren Buffett’s Berkshire Hathaway group as part of a probe into certain insurance products.
The Securities and Exchange Commission has asked the billionaire businessman’s firm to provide documents relating to the sale of ‘non-traditional’ products.
The watchdog is examining allegations that these products have been misused to manipulate corporate earnings
France Telecom sued over Mobilcom
/0 Comments/in France Telecom /by ceadminFrance Telecom has been sued for $5.74bn (4.26bn euros; £2
Troubled Marsh & McLennan under SEC scrutiny
/0 Comments/in Marsh & McLennan /by ceadminThe US stock market regulator is investigating troubled insurance broker Marsh & McLennan’s shareholder transactions, the firm has said.
The Securities and Exchange Commission has asked for information about transactions involving holders of 5% or more of the firm’s shares.
Marsh has said it is co-operating fully with the SEC investigation
Senior Fannie Mae bosses resign
/0 Comments/in Fannie Mae /by ceadminThe two most senior executives at US mortgage giant Fannie Mae have resigned after accounting irregularities were uncovered at the company.
Chief executive Franklin Raines, a former senior official in the Clinton administration, and chief financial officer Tim Howard have left the firm.
Fannie Mae was criticised by financial regulators and could have to restate its earnings by up to $9bn (£4
UBS expects charges over health group
/0 Comments/in UBS /by ceadminUBS, Switzerland’s biggest bank, said yesterday it faces legal action from watchdogs for its involvement in one of America’s most extraordinary financial scandals.
The bank has received a so-called Wells Notice from the Securities & Exchange Commission in connection with work it did for HealthSouth, which has admitted to inflating profits by $2.5 billion
Watchdog Fines B&B $1m for Mis-Selling
/0 Comments/in Bradford and Bingley /by ceadminBradford and Bingley was today fined £650,000 (1 million USD) by the finance industry watchdog for mis-selling precipice and with-profit bonds.
Around 6,800 affected customers will now receive compensation totalling £6 million, the Financial Services Authority said.
The FSA issued the fine for the widespread mis-selling of the bonds criticising the firm for not making suitable recommendations to customers, not maintaining adequate records of sales and not having in place adequate systems and controls to prevent and ultimately address these failures