US giant punished for faulty drug

US drugs giant Merck has been ordered to pay $253.4m (£141.07m) to the widow of a man who died from a heart attack blamed on the popular painkiller Vioxx

Ebbers guilty of Worldcom fraud

Former Worldcom chief executive Bernie Ebbers has been convicted of conspiracy and fraud in connection with the 2002 collapse of the telecoms giant.

Mr Ebbers, 63, who is to appeal against the verdict, was also found guilty of seven counts of filing false documents.

Shareholders lost about $180bn (£94bn) in Worldcom’s collapse – the largest bankruptcy in US history – and 20,000 workers lost their jobs

Parmalat admits $4.9bn black hole

The size of the black hole at Parmalat has spooked financial markets and the size of the black hole has led to comparisons with previous scandals at Enron and WorldCom.

Italian police have arrested five top Parmalat officials, as they widen their inquiries into the multi-billion euro fraud at the dairy giant. Former Parmalat chief financial officers Fausto Tonna and Luciano Del Soldato are among those detained