August 31, 2007 |
Acknowledging that its proprietary audio technology is a marketplace flop, Sony Corp. is shuttering its Connect digital music store and opening its portable media players to other formats. The moves were announced Thursday at a Berlin consumer electronics trade fair as the Japanese electronics pioneer unveiled a pair of digital Walkmans that can play the Windows Media Audio, MP3 and AAC audio formats. Like rivals' players, including Apple Inc.'
September 30, 2005 |
The founder and chief executive of Bayou Group pleaded guilty Thursday to conspiracy and fraud charges stemming from the hedge fund's high-profile collapse, a scheme that federal prosecutors said cost investors $450 million. CEO Samuel Israel III and the fund's chief financial officer, Daniel Marino, entered guilty pleas in separate appearances in U.S. District Court in White Plains, N.Y. Israel faces as many as 30 years in prison, while Marino faces up to 50 years.
March 3, 2005 |
Citigroup Inc. said Wednesday that it would pay $75 million to settle a lawsuit brought by investors over its role in the collapse of telecommunications network provider Global Crossing Ltd. Citigroup, which was one of Global Crossing's bankers, was accused in the class action of issuing hyped research reports and failing to disclose conflicts of interest. It said the settlement resolved claims of investors in Global Crossing and its Asia Global Crossing Ltd. affiliate from Feb. 1, 1999, to Dec.
January 6, 2005 |
Ten former outside directors of WorldCom Inc. have reached a $54-million agreement to settle part of a shareholder lawsuit over accounting fraud that led to the largest bankruptcy case in U.S. history. Max Bobbitt, a former chairman of WorldCom's audit committee, said Wednesday that a group of directors had reached a settlement with investors. Sean Coffey, a lawyer for shareholders, said part of the settlement would be paid by the directors themselves.
February 25, 2004 |
An executive who presided over the collapse of MCA Financial Corp. that cost investors more than $250 million pleaded guilty Tuesday in Detroit to charges that he conspired to commit fraud and lied in corporate statements. Patrick Quinlan Sr., 56, of Grosse Pointe Farms, Mich., faces up to 10 years in prison and $500,000 in fines under a plea agreement with federal prosecutors. The former chairman and chief executive of the failed Michigan mortgage firm also was ordered to pay $256.
February 11, 2004 |
Milan prosecutors probing the collapse of Parmalat, once Italy's biggest food and dairy company, are investigating current and former employees at seven banks, people familiar with the probe said. Citigroup Inc., Bank of America Corp., Deutsche Bank, Morgan Stanley, UBS, Banca Intesa's fund unit Nextra and Banca Popolare di Lodi were added to the probe's official roster, said the sources, who asked not to be named.