February 16, 2005 |
Credit Lyonnais and the French government agreed Tuesday to pay $600 million to settle their part of a long-running legal battle over the 1991 collapse of Executive Life Insurance Co. The settlement of two consolidated lawsuits brought by California Insurance Commissioner John Garamendi and a Bay Area company, Sierra National Insurance Holdings Inc., is expected to be endorsed today by a U.S. District Court judge in Los Angeles.
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.
December 29, 2004 |
The billionaire Pritzker family, which co-owned a suburban Chicago bank that failed three years ago, appears set to receive tens of millions of dollars in a settlement involving the bank's collapse. Investigators for the U.S. Treasury, the Federal Deposit Insurance Corp. and Congress blamed risky business strategies by Superior Bank's management for the collapse, but they also cited failures on the part of Superior's outside auditing firm, Ernst & Young.
December 14, 2004 |
Global Crossing Ltd. founder Gary Winnick will be absolved by federal regulators for his role at the company that made him one of the richest men in Los Angeles -- and one of the most vilified executives in corporate America. An attorney for the Beverly Hills financier said Monday that the Securities and Exchange Commission would not file charges against Winnick after a three-year investigation into the telecommunications provider's accounting practices.
September 24, 2004 |
Commerce One Inc., an Internet software maker valued at $20 billion at the peak of dot-com mania, is poised to go out of business as a pauper. The company delivered the sobering news in a Securities and Exchange Commission filing that warned shareholders should not expect to receive anything after Commerce One closes its doors. The end appears imminent, although Thursday's disclosure did not set a specific timetable.
CALIFORNIA | LOCAL
July 4, 2004 |
The small company, launched to disprove the maxim that to turn a profit in the garment industry you had to have nonunion workers toiling for low wages in a bare-bones factory, had the glamorous beginnings of a bubble-era dot-com. Ben Cohen of Ben & Jerry's ice cream fame poured in $1.5 million and beamed for the cameras at the opening of TeamX in 2002. Los Angeles Mayor James K. Hahn was on hand for the celebration. So was singer Michelle Shocked.
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 20, 2004 |
Jeffrey K. Skilling has always maintained that his abrupt departure from Enron Corp. on Aug. 14, 2001, was due solely to personal reasons. If he had stayed a few months longer, a $2-million company loan would have been forgiven. He also forfeited a $20-million severance payment. But money didn't matter "in the grand scheme of things," Skilling told Business Week shortly after he quit.
February 15, 2004 |
Lutece, a landmark of French cuisine in the United States, served its last supper Saturday -- a special Valentine's dinner seasoned with regrets -- then shut its front door and went out of business. For its final night, the restaurant, which for decades was the epitome of exquisite dining and decor but which fell on hard times in recent years and fought to meet expenses, was packed with patrons.
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.