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Author Archives: Bloomberg News

Netflix faces class action in subscriber DVD lawsuit

A federal judge granted class-action certification to Netflix Inc. subscribers in their lawsuit against the company and Wal-Mart Stores Inc. for an alleged agreement to monopolize the DVD market.

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BP investor suit to be led by New York, Ohio funds

The New York and Ohio state pension funds will be the lead plaintiffs in shareholder litigation against BP and company directors and managers over investment losses suffered in the wake of the Gulf oil spill.

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Stanford seeks two-year delay of fraud trial

R. Allen Stanford’s lawyers asked a federal judge for at least a two-year delay before the Texas financier is tried on charges he led a $7 billion Ponzi scheme. Stanford’s trial is presently set to begin Jan. 24.

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IRS delays start of filing season for some taxpayers

Taxpayers who claim deductions for home-mortgage interest, gifts to charity and state and local taxes will have to wait until middle to late February to file their 2010 returns.

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GDP grew less than forecast, inflation cooled

The U.S. economy grew less than forecast in the third quarter and inflation unexpectedly cooled, highlighting why the Federal Reserve plans to keep pumping money into financial markets.

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MBIA may use statistical sampling in Bank of America fraud lawsuit

Bank of America Corp. lost a bid to prevent MBIA Inc. from using statistical sampling to pursue repurchase demands in a lawsuit claiming it was fraudulently induced to insure $21 billion in mortgage-backed securities.

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J&J ignored ‘red flags’ on recalls, suit says

A group of Johnson & Johnson shareholders accused the company’s directors of ignoring “red flags” foreshadowing product recalls and government probes of manufacturing defects and marketing practices.

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No Congress since 1960s has impact on public as 111th

President Barack Obama signs an $858 billion bill extending for two years Bush-era tax cuts, with Vice President Joe Biden, left, members of Congress and administration officials in the Eisenhower Executive Office Building next to the White House in Washington, D.C., on Dec. 17.

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JPMorgan agrees to pay $25 million for securities sales

JPMorgan Chase & Co., the second-biggest U.S. bank by assets, agreed to pay Florida $25 million to settle allegations it sold unregistered securities to a state-run municipal money-market fund that suffered a run on deposits because it held defaulted debt.

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