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Author Archives: Bloomberg News

Consumer spending, new-home sales beat forecasts

By Timothy R. Homan and Bob Willis   Consumer spending and sales of new homes climbed more than forecast while claims for jobless benefits dropped to the lowest level in a year, putting the U.S. economy on stronger footing heading ...

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Connecticut to sue credit rating firms for ‘reckless’ work

Connecticut plans to join Ohio in suing credit-rating companies for “negligent, reckless and incompetent work” in grading debt purchased by state pension funds, according to Attorney General Richard Blumenthal. Connecticut and “a number of other states” are preparing legal action ...

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UBS, Ernst & Young face test cases over Madoff funds

UBS AG and Ernst & Young LLP may face hundreds of damages claims if investors who lost millions of dollars in mutual funds linked to Bernard Madoff’s Ponzi scheme win a group of Luxembourg test cases. Private and institutional investors ...

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Polanski granted $4.5 million bail

Roman Polanski, the Oscar-winning film director jailed in Switzerland for two months, was granted bail of $4.5 million by a Swiss court while he fights extradition to the U.S. on a sex charge. The bail amount, electronically monitored house arrest ...

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Laidlaw Transit targeted by New Jersey grand jury

Laidlaw Transit Services Inc., a bus operator and unit of FirstGroup Plc, is the target of a New Jersey grand jury investigating possible fraudulent billing of a county government, according to a company lawyer. Prosecutors are probing “whether a corporate ...

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Elizabeth Warren: ‘If you can’t explain it, you can’t sell it’

In Elizabeth Warren’s world, credit card contracts would be so simple a teenager could read and understand them in four minutes. Loans would be as easy to compare as toasters, and online credit scores would be free. “We need a ...

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Thanksgiving: A little less dear this year

Families can anticipate the biggest decline in the cost of preparing Thanksgiving dinner since 2000, according to the American Farm Bureau Federation. This year’s survey, released on Nov. 12, put the cost of feeding 10 people at $42.91. The grocery ...

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Obama friend confronts bank questions for Senate run

Illinois Treasurer Alexi Giannoulias confronted questions about his family’s Chicago bank as he sought to boost his bid for the U.S. Senate seat previously held by his friend President Barack Obama. Broadway Bank, with $1.2 billion in assets, has clouded ...

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Damages for menopause drugs exceed $165 million

Two Pfizer Inc. units have been ordered by juries to pay more than $165 million in punitive damages to women who developed cancer after taking a menopause drug, the women’s lawyers said. Pfizer’s Wyeth subsidiary has been hit with five ...

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Boeing, General Dynamics lose bid for A-12 review

Boeing Co. and General Dynamics Corp. failed to persuade an appeals court to reconsider the government’s 1991 decision to cancel a $2.8 billion contract for a Navy jet fighter. The U.S. Court of Appeals for the Federal Circuit said in ...

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Atlantic Yards project in New York will proceed

Bruce Ratner’s $5 billion Atlantic Yards project in Brooklyn will move ahead now that New York’s highest court has affirmed the state’s right to seize the property, a spokesman for the developer said. Site clearing has begun for Barclays Center, ...

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