Corporations and securities brief ~ Parmalat files suit against Bank of America

In Thursday's corporations and securities law news, Parmalat's government-appointed administrator has filed a suit against Bank of America in a North Carolina federal court. This is the latest attempt by the company to recover money from financial institutions which contributed to the dairy giant's collapse. Read the Parmalat press release here [PDF]. AP has more.

In other news...

  • As reported earlier on JURIST's Paper Chase, the EU has requested consultations with the US in the World Trade Organization following Wednesday's announcement by the US Trade Representative that it will file a complaint with the WTO over EU subsidies to Airbus. This is the first step in the WTO's dispute settlement process. Read the EU's press release here. BBC News has background on the dispute between the US and EU over the subsidies. USA Today has more.

  • Savannah-based jewelry retailer Friedman's has received a supplemental Wells Notice from the SEC which will authorize public administrative proceedings to determine whether the registration of the company's shares should be revoked or suspended. The Atlanta Business Chronicle has more.

  • The SEC ended its investigation into the financial restatements made at Houston-based correctional facility operator Cornell Companies Inc. and will not seek any action. The Houston Business Chronicle has more.

  • A Pennsylvania judge has dismissed a lawsuit brought to stop the Philadelphia Stock Exchange's change to a for-profit corporation. The Philadelphia Business Journal has more.

  • Oracle Corp. indicated that its current offer of $21 per share for PeopleSoft may not be the company's final offer. The claim comes after PeopleSoft said it would consider negotiating a deal with Oracle for a price above its current bid. AP has more.

  • KPMG International's US and Belgian subsidiaries announced they will pay $115 million to settle a class action lawsuit by shareholders of Lernout & Hauspie Speech Products NV but continued to deny any wrongdoing. Bloomberg has more.

  • Regional police in Siberia opened a criminal case against a subsidiary of oil company Yukos, Tomskneft. The investigation focuses on the production unit's failure to pay $34 million in taxes. AP has more.

  • The director of Pension Benefit Guaranty Corp. indicated before a House committee that the solvency of the US fund that insures traditional pensions is at risk. Read the testimony here. Reuters has more.
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Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

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