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Oct 25, 2015

Legal tangle in California may shed light on specialty pharmacies

NEW YORK, Oct 25 (Reuters) – As Valeant Pharmaceuticals
prepares to defend its drug sales practices to Wall Street on
Monday, new details are emerging about the tangled relationships
– and litigation – among Valeant’s specialty pharmacy partners.

The court cases, which have drawn media attention in recent
days, are expected to be addressed during Monday morning’s
investor call, a person familiar with the matter said. Valeant
lost more than 30 percent of its market value this past week as
the company disclosed details of its relationship to a
Pennsylvania-based pharmacy called Philidor Rx Services.

Oct 22, 2015

U.S. prosecutor abandons insider trading case against SAC’s Steinberg

NEW YORK (Reuters) – The federal prosecutor in Manhattan said on Thursday he would move to dismiss charges against Michael Steinberg, formerly a top portfolio manager at SAC Capital Advisors, and six others who were convicted in an alleged insider trading scheme.

U.S. Attorney Preet Bharara said in a statement that the reason for his decision was a December ruling from a federal appeals court that more narrowly defined what constitutes insider trading. The U.S. Supreme Court this month declined a request by prosecutors to review that ruling.

Oct 15, 2015

Brazilian marketing mogul told judge in FIFA corruption case, ‘I repent’

Oct 15 (Reuters) – A Brazilian sports marketing mogul, who is cooperating with a U.S. investigation into soccer corruption, told a judge in December that he knew it was wrong to pay bribes but did it regularly from at least as early as 1991, according to court papers unsealed on Wednesday.

“I knew that this conduct was wrong. I repent very much and apologize for what I did,” Jose Hawilla, the founder of sports marketing firm Traffic, said during the Dec. 12, 2014 hearing.

Sep 30, 2015

U.S. securities regulator expands use of powerful software -source

NEW YORK (Reuters) – The U.S. Securities and Exchange
Commission (SEC) is expanding an effort that allows its staff to
search massive amounts of data for signs of insider trading and
other securities violations, a person familiar with the matter
said.

The SEC is awarding a five-year, $90 million contract to
privately held Palantir Technologies to provide software for the
detection program, the person said.

Sep 30, 2015

U.S. appeals court upholds most of antitrust ruling against NCAA

Sept 30 (Reuters) – NCAA compensation rules for college
athletes violate antitrust law, a U.S. appeals court ruled on
Wednesday in a case brought by athletes seeking a slice of the
billions of dollars universities reap from football and
basketball.

The case came amid mounting public pressure for colleges to
give athletes better benefits. A California federal judge last
year had ruled against the NCAA, and said it should allow
schools to pay athletes up to $5,000 per year in compensation.

Sep 28, 2015

Blatter to remain FIFA president until February: lawyers

By David Ingram

(Reuters) – FIFA President Sepp Blatter, under criminal investigation by Swiss authorities, plans to remain in his job until February and told staff at the world soccer governing body on Monday that he had done nothing illegal or improper, Blatter’s lawyers said.

An emailed statement from Blatter’s personal lawyers, Lorenz Erni of Switzerland and Richard Cullen of the United States, also defended payments that Zurich-based FIFA made to Michel Platini, president of the UEFA soccer confederation, as “valid compensation” for Platini’s work as an adviser.

Sep 22, 2015

Analysis – Volkswagen needs to explain away software to avoid criminal charges, experts say

NEW YORK/WASHINGTON (Reuters) – Volkswagen AG (VOWG_p.DE: Quote, Profile, Research) will probably have to show there was some legitimate reason to install software that led to false vehicle emissions tests if it is to avoid U.S. criminal charges, lawyers said on Tuesday.

The German automaker has admitted to U.S. clean air regulators that in some of its diesel cars it used a so-called “defeat device,” software designed to defeat emissions tests. As a result it is almost certainly exposed to very large civil penalties that could be imposed by the U.S. government, said attorneys with expertise in environmental prosecutions though not involved in the Volkswagen case.

Sep 22, 2015

Volkswagen needs to explain away software to avoid criminal charges, experts say

NEW YORK/WASHINGTON (Reuters) – Volkswagen AG (VOWG_p.DE: Quote, Profile, Research, Stock Buzz) will probably have to show there was some legitimate reason to install software that led to false vehicle emissions tests if it is to avoid U.S. criminal charges, lawyers said on Tuesday.

The German automaker has admitted to U.S. clean air regulators that in some of its diesel cars it used a so-called “defeat device,” software designed to defeat emissions tests. As a result it is almost certainly exposed to very large civil penalties that could be imposed by the U.S. government, said attorneys with expertise in environmental prosecutions though not involved in the Volkswagen case.

Sep 17, 2015

Corporate ‘siloing’ an obstacle to charging GM employees: prosecutor

NEW YORK (Reuters) – The chief U.S. prosecutor in Manhattan blamed gaps in federal law and “siloing” within General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) for the failure so far to charge any individual employees who may be responsible for faulty ignition switches linked to 124 deaths.

The lack of individual prosecutions infuriated GM’s critics despite the company agreeing to pay $900 million to end a criminal investigation of the defects and a cover-up.

Sep 17, 2015

Corporate ‘siloing’ an obstacle to charging GM employees -prosecutor

NEW YORK (Reuters) – The chief U.S. prosecutor in Manhattan
blamed gaps in federal law and “siloing” within General Motors
Co for the failure so far to charge any individual
employees who may be responsible for faulty ignition switches
linked to 124 deaths.

The lack of individual prosecutions infuriated GM’s critics
despite the company agreeing to pay $900 million to end a
criminal investigation of the defects and a cover-up.