Corporations and securities brief ~ Defense in Enron barge trial begins

In Monday's corporations and securities law news, the defense has begun its case in the fraud and conspiracy trial of the former Enron and Merrill Lynch executives indicted in the Nigerian barge deal. Read the indictment here. The Houston Chronicle has continuing coverage of the Enron barge trial. AP has more.

In other news...

  • SunTrust Banks, the US's seventh-largest bank, has announced it would restate earnings for the first half of 2004 because loan losses were calculated incorrectly. The bank also announced that two senior financial executives, Sandra Jansky, executive vice-president and chief credit officer, and Jorge Arrieta, senior vice-president and controller, have been placed on paid leave pending a review. Read the SunTrust press release here. The Financial Times has more.

  • Gabelli Asset Management Inc. announced the SEC has issued it a subpoena related to the an investigation into improper fund-share trading. AP has more.

  • The SEC has decided not to bring insider trading charges against former Lehman Brothers analyst Holly Becker or her husband Michael Zimmerman. The investigation centered on Zimmerman's use of unpublished reports at Lehman to gain profits in various stocks. CBS MarketWatch has more.

  • As reported earlier on JURIST's Paper Chase, the US Senate has passed a $136 billion corporate tax reform bill which cuts taxes for certain businesses while also closing tax loopholes. The bill is HR 4520 or the American Jobs Creation Act of 2004. Bloomberg has more.

  • Global Crossing Ltd. announced it will launch a restructuring at the company by cutting about 600 jobs and scale down operations in order to free enough cash to stay fiscally afloat. Read the Global Crossing press release relating to the planned restructuring here. AP has more.

  • As previously reported on JURIST's Paper Chase, a Moscow court of arbitration order oil giant Yukos to pay fines of $1.4 billion which stems from a failure to pay its back taxes. The Russia Journal has continuing coverage of Yukos' court battles. BBC has more.

  • Click for previous corporations and securities law news.

 

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