Former Jefferies & Co. Managing Director Jesse Litvak was convicted in the only criminal case against an individual in connection with a U.S. program that used bailout funds to spur investment in mortgage-backed securities.
Juniper Networks Inc.’s infringement case against Palo Alto Networks Inc. resulted in a mistrial when a jury failed to reach a decision on all three of the disputed patents. Palo Alto shares rose as much as 13 percent.
Citigroup Inc. and Guy Hands’s Terra Firma Capital Partners Ltd. will litigate their dispute over the 2007 sale of EMI Group Ltd. in the U.K., both sides said after agreeing to drop a $2.2 billion case awaiting retrial in New York.
Retired Detroit public workers sent dozens of handwritten letters to the federal judge overseeing the city’s record municipal bankruptcy, pleading with him to protect their health-care and pension benefits.
Syncora Guarantee Inc. threatened to put another obstacle in the way of Detroit’s efforts to cut debt through bankruptcy by saying it may oppose the city’s plan to pay $85 million to end interest-rate swaps.
Five former members of Bernard L. Madoff’s inner circle told a “staggering” number of lies to prop up their boss’s $17.5 billion Ponzi scheme, a prosecutor said during closing arguments in their criminal trial.
USEC Inc., a producer of enriched uranium for nuclear power plants that was sold by the U.S. government in 1998, sought bankruptcy protection with a plan to hand control to noteholders after an oversupply of the fuel hurt its business. The shares fell as much as 29 percent.