Citigroup is to pay $2.6bn to settle claims that it was partly to blame for losses suffered by investors who backed failed telecoms giant Worldcom.
The bank is facing legal action from Worldcom shareholders who lost out two years ago when the firm went bust after admitting it had inflated its profits
Halliburton Co. inched closer to settling all asbestos liabilities Monday with completion of hearings in Pittsburgh to confirm the pre-negotiated bankruptcy for subsidiary DII Industries.
The company expects U
NEW YORK (Reuters) – Merck & Co Inc. said Friday the Internal Revenue Service could make it pay more than $2 billion in taxes and penalties because of the agency’s decision to disallow deductions the drug maker has claimed since 1993 from a partnership.
Investors initially appear unconcerned by the tax issue as Merck (MRK: down $0
WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission said Thursday it filed civil fraud charges against PIMCO Advisors Fund Management LLC, affiliates and officers in a probe of mutual fund market timing
the software company under investigation for its accounting, Thursday said it will revise its filings for the second half of 2003 to defer recognition of about $9 million in revenue, due to an adjustment in the way the company calculates subscription revenue.
The Islandia-based software company also said it will report results for the fiscal fourth quarter ended March 31 up to two weeks later than planned, due to the work involved in the restatement.
Computer Associates was set to report fourth-quarter and full-year fiscal 2004 results May 12
Accounting firm Ernst & Young was fined more than $134,000 for allegedly understating its net worth during a trial that resulted in an award of more than $100 million against the company.
Butler County Judge S. Michael Yeager on Friday found the New York-based company in contempt for allegedly presenting evidence during last year’s trial that its net worth was $374 million
Telecoms equipment firm Nortel Networks has fired its head Frank Dunn and two executives after conducting an internal review of its accounts.
Nortel also said it was reviewing its earnings figures for the past three years, and profits for 2003 would be revised lower by about 50%.
The company’s accounts are already under investigation by the US Securities and Exchange Commission
EarthLink Inc. gave its leader a 76 percent increase in his annual bonus last year, during which time the nation’s third-largest Internet Service Provider said it was cutting 1,300 jobs, a regulatory filing shows.
The Atlanta-based company paid chief executive Garry Betty a $346,790 bonus in 2003, compared to a bonus of $196,590 in 2002
Ernst & Young has been banned from taking on new clients in the US after regulators questioned its relationship with software company PeopleSoft.
Judge Brenda Murray said that E&Y should not accept new auditing work for six months from Securities and Exchange Commission-listed companies.
E&Y is not expected to appeal the ruling, which includes a $1
Software giant Microsoft has agreed to pay $440m to settle a legal row over its use of anti-piracy patents.
It struck the deal with California based InterTrust Technologies, a maker of software to protect online delivery and payment for films and music.
The agreement comes one week after Microsoft paid $1