July 7, 2007 |
Auto parts maker Dana Corp. took a huge step Friday toward emerging from Bankruptcy Court protection when it struck a deal that would free it from paying for healthcare for retirees. The company expects to save more than $100 million per year by shifting the responsibility of retiree healthcare to a union-controlled trust fund and establishing a two-tier wage system.
April 24, 2007 |
Medicare's trustees warned Monday that the program was in critical financial condition, setting in motion a process that could ignite a fierce debate during the 2008 presidential campaign over benefit cuts and tax increases. The trustees projected that Medicare's hospitalization trust fund would probably slip into the red in 2019. Social Security is not expected to exhaust its reserves until 2041.
January 27, 2007 |
Neil Kadisha is one of Los Angeles' richest people, with a fortune based largely on his stake in the once-highflying wireless tech firm Qualcomm Inc. The 51-year-old venture capitalist and father of three -- worth $910 million by one estimate -- also is known as a generous benefactor of charitable causes here and in Israel. But a recent court decision casts him in a far harsher light, finding that he relied on more than savvy for his success.
CALIFORNIA | LOCAL
September 29, 2006 |
Armed federal agents in blue windbreakers and business suits raided the office of the Riverside Sheriffs' Assn. on Thursday, an action that comes as the FBI investigates the use of the association's legal trust fund. Officials at the FBI and the U.S. Attorney's office refused to discuss the investigation, but an agent involved in the raid at the Riverside office park was seen carrying a search warrant that included the last name of the sheriffs' association president, Pat McNamara.
September 26, 2006 |
Dunham & Associates Investment Counsel Inc., a San Diego-based investment advisor, agreed to a fine after putting more than $350 million in client money into unregistered investment funds, the Securities and Exchange Commission said Monday. The firm will pay $150,000 and hire a consultant to review and correct its procedures, the agency said in a statement. Chief Executive Jeffrey A. Dunham also agreed to a $50,000 fine, the SEC said. Neither Dunham nor the company admitted or denied wrongdoing.
July 12, 2006 |
A federal appeals court on Tuesday removed a judge in Washington from a long-running, contentious legal battle between American Indians and the Interior Department, concluding that the judge was prejudiced against the government. At the same time, the court blasted Interior officials for their "deplorable record" in managing trust money for Indians. In its 3-0 ruling, the U.S. Court of Appeals for the District of Columbia Circuit noted that it had reversed U.S. District Judge Royce C.
September 17, 2005 |
In a lawsuit worthy of the venomous Ewing family of the TV show "Dallas," Patricia Davis Raynes said her father, the late oil billionaire Marvin Davis, looted hundreds of millions of dollars from her trust fund. Her 169-page complaint, filed in federal court in Los Angeles this week, contends that Davis systematically raided her money, set aside by her grandfather, to finance his businesses, to help his "two favored sons," and to pay for his family's "lavish lifestyle."
June 18, 2005 |
Congress' most enthusiastic supporters of individual Social Security accounts have hit upon a formula that they hope will keep the foundering idea alive, and the White House said Friday it was willing to take a look. The accounts, which could be invested in stocks or bonds, would be financed with the Social Security trust fund's annual surplus. President Bush, by contrast, has proposed funding individual accounts with money diverted from each worker's payroll taxes.
May 27, 2005 |
The Senate took a major step Thursday toward creating a $140-billion trust fund to pay victims of asbestos poisoning when the chamber's Judiciary Committee voted to approve a draft version of the compensation legislation. Asbestos claims have bankrupted more than 70 companies. As a result, hundreds or perhaps thousands of people with asbestos-related illnesses have died without receiving compensation.
CALIFORNIA | LOCAL
May 25, 2005 |
The City Council voted Tuesday to create a special trust fund that would raise money to pay for Mayor-elect Antonio Villaraigosa's transition team and inauguration. Campaign officials stressed that no taxpayer funds would be used. Instead, individuals would be allowed to donate up to $10,000 to the fund, which would be capped at $200,000.