Don Haycraft News
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Three BP Plc executives’ refusal to testify about the 2010 Gulf of Mexico disaster should be held against the company at a multibillion-dollar trial over liability for the worst offshore oil spill in U.S. history, prosecutors said.
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Commercial fishermen and coastal businesses losing income because of BP Plc’s uncontained oil spill in the Gulf of Mexico asked a federal judge to oversee the company’s process for paying interim damage claims.
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A judge was asked by victims of Bernard Madoff’s Ponzi scheme to void a $220 million settlement with the heirs of Norman F. Levy, a Madoff investor referred to as his “surrogate father.”
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Bank of America Corp. lost a ruling in a court fight against MBIA Inc. that will help the bond insurer as it tries to recover losses on home loans made by the bank’s Countrywide Financial unit.
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U.S. citizens and residents with UBS AG accounts are racing the clock to disclose their secret holdings to the Internal Revenue Service after the Swiss Parliament ratified an agreement to surrender the names of 4,450 bank clients, tax lawyers said.
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Lehman Brothers Holdings Inc. sued JPMorgan Chase & Co. to recover tens of billions of dollars in “lost value,” accusing the bank of precipitating its downfall and preventing it from winding down in an orderly fashion.
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BP Plc ’s $20 billion oil-spill damages fund, run by Kenneth Feinberg , “far exceeds” the company’s legal obligations to compensate victims of the worst offshore oil spill in U.S. history, company lawyers said in a court filing.
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Mark Kurland, a co-founder of New Castle Funds LLC, was ordered to serve 27 months in prison after pleading guilty in the Galleon Group LLC insider-trading case, becoming the first defendant in the scheme to be sentenced.
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BP Plc denies it should compensate a group of Alabama cities and Mexican states that sued over lost tax revenue and natural resources damages stemming from the 2010 oil spill, saying they’re too far from where oil washed ashore.
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BP Plc seeks to have Halliburton Co., its cement contractor for the Macondo well project whose blowout set off the 2010 Gulf of Mexico oil spill, pay all of the oil company’s related costs and damages.
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