Legal Woes Cut Into Bottom Line at Riggs
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Riggs National Corp. said Tuesday that it lost $10 million in the third quarter, largely the result of $13 million in fees for a small army of lawyers and consultants to help it navigate a growing list of criminal, regulatory and civil matters.
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One of NI's major employers tries to come to terms with the loss of its biggest order - and resulting job cuts.
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Hedge funds are relying more and more on attorneys and accountants -- for advice on whether to buy or sell securities.
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Marsh & McLennan tries to cut its way to an operational recovery.
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New rules in Delaware hold members of a companyâs board personally liable for options shenanigans.
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The building-materials specialist bears the brunt of the downturn.
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Riggs National Corp., the parent of Riggs Bank, disclosed Tuesday that both the U.S. Attorney's Office for the District of Columbia and the Department of Justice are conducting an investigation into the bank holding company.
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Accounting flaws at the insurance giant that understated the companyâs losses raised new questions about the deteriorating health of financial companies.
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The U.S. attorney for the District halted efforts to seize money and land owned by former Riggs Bank vice president Simon P. Kareri, an indication the government is preparing criminal charges against him.
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Workers losing their jobs at a County Londonderry computer company are to hear details of redundancy terms.
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The debate over whether companies should  treat stock options as an expense draws mixed reactions from Washington area businesses, some of which have a lot to lose if the accounting rule changes.
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Riggs National Corp.'s $766 million merger with PNC Financial Services Group Inc. fell apart over the weekend: The two sides could not agree on a new, lower price for Riggs. Riggs sued PNC yesterday in an effort to enforce the deal.
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The work may have been subcontracted to another firm.
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Much of the brokerage firmâs $7.9 billion write-down was tied to problems in the subprime mortgage market.
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Doubts over charges against a US firm underscore concerns about the legal system and foreign investment.
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Federal regulators and prosecutors are scouring tape recordings of more than 150 Riggs Bank board meetings as they investigate what role top executives, including former chairman Joe L. Allbritton, played in more than a decade of violations of anti-money-laundering laws at the company, according to five sources familiar with the tapes.
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What happens if a company decides to run roughshod over the contract? Will the courts protect the bondholders?