The former head of Worldcom has told a court that he knew too little about the phone firm’s accounts to be aware of the fraud that drove it to bankruptcy.
Bernie Ebbers’ lawyers argued that their client was a sharp entrepreneur but no accountant.
For that reason, they said, he was not responsible for the $11bn (£6bn) fraud which led to the firm’s 2002 collapse
Profits at US pharmaceutical giant Merck fell 21%, after the firm was forced to withdraw its Vioxx painkiller last year.
Sales of the drug were halted amid safety fears on 30 September, causing a dip in fourth-quarter profits to $1.1bn (£0
Bank of America has been banned from suing Parmalat, the food group which went bust in 2003 after an accounting scandal.
The bank – along with investors, auditors and the group’s managers – want damages for being victims of fraud at the hands of the Italian firm.
But a judge has barred Bank of America and two auditors from the case
Bank of America has been banned from suing Parmalat, the food group which went bust in 2003 after an accounting scandal.
The bank – along with investors, auditors and the group’s managers – want damages for being victims of fraud at the hands of the Italian firm.
But a judge has barred Bank of America and two auditors from the case
Traders at US banking giant Citigroup are facing a criminal investigation in Germany over a controversial bond deal.
The deal saw the sale of 11bn euros ($14.4bn; £7
Activists in India have held nationwide protests against multinational soft drink companies Coca-Cola and Pepsi.
Reports said thousands of protesters had gathered near manufacturing plants of the two firms and demanded that they stop production.
Activists want the firms to leave India because they say their plants deplete ground water – claims the soft drinks giants both strenuously deny
Spider-Man creator Stan Lee is to get a multi-million dollar windfall after winning a court battle with comic book company Marvel.
A judge has upheld Lee’s demand for 10% of Marvel’s profits from the hugely successful Spider-Man films.
Spider-Man and its sequel made $1
Activists in India have held nationwide protests against multinational soft drink companies Coca-Cola and Pepsi.
Reports said thousands of protesters had gathered near manufacturing plants of the two firms and demanded that they stop production.
Activists want the firms to leave India because they say their plants deplete ground water – claims the soft drinks giants both strenuously deny
The trial of Bernie Ebbers, former chief executive of bankrupt US phone company WorldCom, has started in New York with the selection of the jury.
Mr Ebbers, 63, is accused of being the mastermind behind an $11bn (£6bn) accounting fraud that eventually saw the firm collapse in July 2002.
His indictment includes charges of securities fraud, conspiracy and filing false reports with regulators
The New York Stock Exchange (NYSE) has hit US investment bank Morgan Stanley with a record $19m (£10m) fine.
The penalty, the largest so far imposed by the exchange, was the result of regulatory and supervisory lapses at Morgan Stanley, the NYSE said.
The NYSE said it had discovered “supervisory, operational and technological deficiencies” in some of Morgan Stanley’s operations