Business Law

From large corporations to small business, get the latest on lawsuits, bankruptcies, international business, banking, and more.

Jan 13, 2011

MBIA, a leading bond insurer, can continue a restructuring plan after a New York appeals court dismissed legal challenges filed by a group of banks, reports Reuters.

The restructuring plan seeks to separate MBIA's municipal bond business from its structured finance operations, which are generally seen as more risky.

Jan 4, 2011

The South Mississippi Electric Power Association (SMEPA) has filed a lawsuit against a railroad company it claims holds a monopoly over the delivery of coal to its main plant, reports ABC News.

In the lawsuit, SMEPA argues that Norfolk Southern Railway Company is the sole provider of Appalachian coal to Plant Morrow, SMEPA's primary power-generating facility.

Dec 22, 2010

New York Attorney General and Governor-elect Andrew Cuomo has filed a lawsuit against accounting firm Ernst & Young, alleging that the group helped investment giant Lehman Brothers hide its problems prior to the financial crisis, reports the Los Angeles Times.

In the lawsuit, Cuomo claims that Ernst & Young approved a series of short-term transactions starting in 2001 that helped the struggling investment firm appear more financially sound and less risky in quarterly reports.

Dec 13, 2010

The declaration of bankruptcy by the Great Atlantic & Pacific Tea Company (A&P), a supermarket operator, has made it one of the largest companies to make a Chapter 11 filing this year, reports the New York Times.

According to the source, A&P claimed in its bankruptcy filing that it had $2.5 billion worth of assets and was $3.2 billion in debt as of September 11 of this year, representing a deficit of near $700 million.