The Justice Department suit against Standard & Poor’s has entered a phase where lawyers spend months arguing over procedure, and progress is slim. Tony West, who’s overseeing the case. knows the feeling: His nomination to become the agency’s No. 3 official has been blocked for half a year.
Zvi Goffer, a former Galleon Group LLC trader whose 10-year prison term is the third-longest sentence in a recent federal crackdown on illegal insider trading, asked an appeals court to reduce his sentence.
Lehman Brothers Holdings Inc.’s Australian unit is liable for losses three towns incurred from buying failed securities, a judge ruled. The lawsuit’s sponsor said the case is the first of its kind to complete a trial.
Lloyds Banking Group Plc and Banco Santander SA led a drop in U.K. lending in the fourth quarter as the Bank of England said its credit-boosting program will “take time” to feed through to loan growth.
Chesapeake Energy Corp., the most active U.S. oil and natural-gas driller, said it is selling part of its holdings in the Utica Shale oil and gas field in Ohio for $1.14 billion. Its shares rose 6 percent.
McGraw-Hill Cos. and Moody’s Corp., owners of the two-largest credit rating firms, plummeted after an Australian judge ruled Standard & Poor’s misled investors by giving its highest credit grade to securities whose value plunged during the global financial crisis.
Raj Rajaratnam, the hedge fund manager convicted of directing a massive insider-trading ring, opposed a government request to unseal data about his medical condition, claiming it would only fuel a “media feeding frenzy.”