US mortgage company Fannie Mae should restate its earnings, the US finance watchdog has said, a move that could put a major dent in its finances
The Securities & Exchange Commission accused Fannie Mae of using techniques that “did not comply in material respects” with accounting standards. Last month Fannie Mae warned that the problems could cost it $9bn (£4.6bn)
Media giant Time Warner is to pay $210m (£108m) to settle charges of securities fraud involving America Online (AOL).
The US Department of Justice has been investigating allegations that AOL conspired with several smaller internet firms to inflate their earnings.
Criminal charges will be deferred for two years, provided the US firm agrees to cooperate with investigators
Troubled engineering giant Halliburton has won a US court order approving the settlement of asbestos claims by the end of the month.
Halliburton, once run by US Vice President Dick Cheney, agreed a $4.2bn (£2
The Office of Fair Trading (OFT) has referred Apple’s iTunes service to the European Commission on grounds that it overcharges UK customers.
The move follows a complaint from Which? that iTunes charges UK users 20% more than those in France and Germany.
Which?, formerly the Consumer Association, also complained that the UK customers were barred from logging on to the French and German sites
Manpower and Vedior, the world’s second and third-largest staffing firms, are being investigated in France for alleged competition law infringement.
A spokeswoman for Manpower said the US firm was unsure what it was alleged to have done wrong, but was co-operating with French authorities.
Dutch company Vedior said it could not fully comment until investigations were completed
A US government auditor has backed a Pentagon recommendation to withhold payments to controversial US giant Halliburton over its work in Iraq.
Stuart Bowen, who is reviewing US spending in Iraq, says he supports proposals for the army to hold back 15% of monthly payments on future invoices. It follows a dispute over bills which officials say lack proper records
Four former Merrill Lynch employees and an ex-Enron executive have been found guilty of fraudulently inflating the energy firm’s profits.
A jury convicted ex-bankers Daniel Bayly, Robert Furst, William Fuhs and James Brown of fraud and conspiracy.
Ex-Enron finance director Dan Boyle was also found guilty
Four former Merrill Lynch employees and an ex-Enron executive have been found guilty of fraudulently inflating the energy firm’s profits.
A jury convicted ex-bankers Daniel Bayly, Robert Furst, William Fuhs and James Brown of fraud and conspiracy.
Ex-Enron finance director Dan Boyle was also found guilty
Shares in US drug maker Merck tumbled nearly 10% on Monday after a press report suggesting the firm may have ignored problems with one of its drugs.
Merck withdrew Vioxx, a top-selling painkiller, on 30 September after evidence linking it to heart problems.
The Wall Street Journal has now published e-mails which, if genuine, suggest Merck may have known about the concerns for years, the paper says
The controversial award of a key Iraqi oil contract to US giant Halliburton is now being investigated by the FBI, it has been claimed.
A lawyer for a US army official has said the FBI has asked to speak to his client about how the army gave the firm a key deal to restore Iraqi oil.
The FBI claims come as a US government inquiry continues to look at why the deal was not put open to competition