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Spitzer Gets AOL to Pay Money
AOL will be paying $1.25 million into New York State in penalties and costs to settle with Attorney General Spitzer’s Office. According to a press release issued by AG Spitzer: "In response to approximately 300 consumer complaints, Spitzer’s office began an inquiry of AOL’s customer service policies. The investigation revealed that the company had an…
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11th Circuit Win for F. Lee Bailey
The 11th Circuit Circuit issued an opinion this week in "a civil action for conversion and civil theft brought by the United States against F. Lee Bailey." Examining a line of forfeiture related cases the court held that, "the relation-back doctrine operates retroactively to vest title in the Government effective as of the time of…
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SEC Files Securities Fraud Suit Against Former Kmart CEO and CFO
Just last week, former Kmart CEO Joseph Conaway was exonerated on the bankruptcy trustee’s claim that he breached his fiduciary duty to the company in taking actions that caused its bankruptcy while receiving approximately $23 million in compensation for 20 months work (earlier post here). The SEC has now joined the fray by filing a…
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Mother of Michael Jackson Accuser Charged with Fraud
The mother of the young man who accused Michael Jackson of molesting him, a trial which resulted in an acquittal, has now been charged with welfare fraud for not disclosing completely her financial assets, including a $150,000 settlement in a case involving a department store. The woman testified for the prosecution at the Jackson trial…
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The Enron Conspiracy Prosecution as the Super Bowl of Trials
The Houston Chronicle has an interesting story (here) about a planning session attended by representatives of local Houston civic organizations about how to present "the other side of the story" about the city when the media descend in January for the trial of former Enron CEOs Ken Lay and Jeffrey Skilling, and former chief accounting…
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Suing Milberg Weiss
Bruce Carton on the Securities Litigation Watch Blog has an interesting post (here) about a Washington Legal Foundation webcast entitled "Trial Lawyers’ Enron: Will Indictments & Investigations Expose Bill Lerach and Milberg Weiss to Shareholder Lawsuits?". As Bruce points out, "Presumably the lawyers bringing any shareholder lawsuit against Milberg would be WLF-approved lawyers who only…
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KPMG Deferred Prosecution Agreement At Hand
The Washington Post reports (here) that the deferred prosecution agreement between the government and KPMG is nearing completion. The Post states that the firm will pay between $300 and $500 million ($400 million as the over-under line?) and have an outside monitor to review the firm’s activities and file reports. These have become the standard…
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Does Corruption Ripen in the Summer?
An AP story (here) talks about "A Summer of Scandal for U.S. Politicians," including the current cases involving Gov. Bob Taft’s misdemeanor guilty plea, Rep. Tom DeLay’s ethics problems in Congress, and Gov. Arnold Schwarzenegger’s questionable financial dealings. Throw in investigations of two Congressmen, William Jefferson of Louisiana and Randy "Duke" Cunningham of California, and…
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Ferro Corp. Financial Executive Charged with Securities Fraud
The U.S. Attorney’s Office for the Northern District of Ohio announced that it filed a securities fraud information against Brian Haylor, a former controller in a division of the Ferro Corporation. According to a press release (here): [F]rom March 6, 2003, through June 4, 2004, Haylor committed securities fraud by causing Ferro to prepare and…
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Kozlowski Hall Bites the Dust
Former Tyco CEO Dennis Kozlowski, who faces sentencing on Sept. 19 after his conviction on grand larceny charges, asked his alma mater, Seton Hall, to remove his name from two buildings on the campus. According to a press release issued by the University (here): Seton Hall University has removed the name of L. Dennis Kozlowski…
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