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Insurer Allstate Corp. sued JP Morgan Chase & Co. over more than $700 million in residential mortgage-backed securities — the latest to allege that a bank misled investors on the quality of mortgages underlying securities.
In the suit, filed Tuesday in state court in New York City, Allstate said JP Morgan and its entities sold Allstate a “toxic mix of loans given to borrowers that could not afford the properties” while telling Allstate it was buying a safe security. Get the full story »
Kraft Foods Inc. says the U.S. District Court should reverse its decision to allow Starbucks Corp. to take over distribution of Starbucks’ branded packaged coffee March 1.
The packaged-food giant filed a brief late Wednesday with the U.S. Court of Appeals for the Second Circuit, arguing that Kraft will “suffer loss of customer good will, loss of a unique product line and competitive harm if Starbucks is allowed to unilaterally terminate the contract,” the brief says. Get the full story »
Google and European Union regulators are in tentative talks to resolve an antitrust probe against the Internet’s dominant search engine, a source familiar with the case said Monday.
A deal could avert a lengthy battle and possible fine for the U.S.-based company. Get the full story »
The U.S. Justice Department plans to take the lead in lawsuits accusing Abbott Laboratories of illegally promoting anti-seizure drug Depakote for uses not approved by regulators, including dementia.
The Justice Department filed notices last week in federal court in western Virginia saying it would intervene in at least three lawsuits against Abbott that were previously confidential under laws designed to protect would-be whistleblowers who come forward with information about alleged health-care fraud. The lawsuits were made public as a result of the department’s intervention. Get the full story »
An $18 million settlement to partially cover losses in prepaid funeral plans has been distributed to Illinois funeral directors after being tied up in a lawsuit for nearly two years.
The state Department of Insurance announced the distribution Friday, but its news release did not mention that the settlement terms had been changed. Get the full story »
The owners of the New York Mets were accused of reaping $300 million of fictitious profits from Bernard Madoff’s record Ponzi scheme, a lawsuit by the trustee seeking money for Madoff’s victims said. Get the full story »
Top executives at JPMorgan Chase & Co. got blunt warnings about speculation that Bernard Madoff was running a Ponzi scheme but appear to have been concerned only with protecting the bank’s investments, the trustee seeking to recoup $6.4 billion for Madoff investors said. Get the full story »
TD Ameritrade Holding Corp. will reimburse about $10 million to customers to settle Securities and Exchange Commission charges that it misled them about the safety of a money market mutual fund.
The SEC announced the settlement Thursday after accusing TD Ameritrade of failing to reasonably supervise sales representatives who mischaracterized the Reserve Yield Plus Fund as being as safe as cash or having guaranteed liquidity. Get the full story »
A federal judge rejected Kraft Foods’ bid to force Starbucks Corp to keep using Kraft to distribute packaged coffee to supermarkets in North America and Europe, a decision that allows Starbucks to move ahead with a new partner.
In a ruling from the bench, U.S. District Judge Cathy Seibel in White Plains, New York, on Friday also noted that Starbucks could end up owing Kraft “a boatload of money” if an arbitrator decided the coffee chain breached a 1998 agreement with Kraft. Get the full story »
The Federal Communications Commission filed Friday to dismiss challenges to its new Internet traffic rules, an agency official said. Get the full story »
The New York Mets are exploring a partial sale of the team as they face a lawsuit from a trustee trying to reclaim money for victims of the Bernard Madoff swindle. Get the full story »
Taco Bell said Friday that it has launched a nationwide advertising campaign to tell customers what’s in the seasoned beef it puts in its tacos, burritos and other fare.
The campaign is in direct response to media coverage of a suit filed last week by an Alabama law firm. The suit claims Taco Bell is incorrectly using the word “beef” to promote its products because the taco mixture doesn’t contain enough of it to use that term. Get the full story »
Bank of America Corp.’s Countrywide mortgage unit was hit with at least three new lawsuits accusing it of misleading investors about its finances and lending practices, and may face more by investors who chose not to join a recent class-action settlement.
Wednesday’s lawsuits by the states of Michigan and Oregon and by Fresno County in California were filed five days after Bank of America said it may incur an additional $6.1 billion of writedowns and legal costs tied primarily to Countrywide, which it bought in July 2008. Get the full story »
Part of Taco Bell's ad in major U.S. newspapers.
The beef about Taco Bell beef is heating up. The fast-food chain took out ads in several U.S. newspapers to lash out at a law firm that alleges Taco Bell doesn’t use much beef in its ground beef taco filling.
“The lawsuit is bogus and filled with completely inaccurate facts,” says a statement attributed to Greg Creed, president and chief concept officer of Taco Bell Corp. He said the beef is “just like the quality beef you would buy in a supermarket and prepare in your home.” Get the full story »
