Daniel Noonan News
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McGraw-Hill Cos.’s Standard & Poor’s unit and Ambac Financial Group Inc. must face claims of negligent misrepresentation and unfair business practices in a lawsuit alleging they conspired to force local governments in California to purchase bond insurance they didn’t need.
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Fitch Ratings Ltd. settled negligence claims brought by the California Public Employees’ Retirement System’s over ratings it gave structured investment vehicles that later collapsed, agreeing to provide Calpers with documents from a similar lawsuit pending in New York.
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Alabama’s new immigration law giving police the power to verify the immigration status of people stopped for questioning, was blocked by a U.S. judge three days before it was scheduled to take effect.
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The European Union may consider expanding options available to companies to block hostile takeovers as part of a review of legislation on corporate acquisitions.
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A U.S. appeals court temporarily halted enforcement of Alabama laws requiring unregistered immigrants to carry documentation and forcing schools in the state to track students’ immigration status.
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U.S. Securities and Exchange Commission inspectors said a large credit-rating firm’s procedures “appeared to allow” for a pending rating decision to be disclosed to certain people before the action was publicly announced.
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The U.S. Justice Department is conducting an antitrust review of statements and actions by banks and their trade associations about imposing fees on customers who use debit cards.
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Chaoda Modern Agriculture Holdings Ltd.’s Chairman Kwok Ho, Chief Financial Officer Andy Chan and Fidelity Management’s George Stairs were accused of insider trading by Hong Kong’s financial secretary.
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Analysts from the three largest debt- grading firms took jobs at companies they ranked, according to data released by the U.S. Securities and Exchange Commission.
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West Haven, Connecticut, which has closed four school buildings over the past two years and fired 14 teachers to help cut its budget deficit, is about to pay Moody’s Investors Service almost double what it cost six years ago for a credit rating.
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