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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The company seeks to overturn a penalty imposed for lack of antitrust compliance.
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The tax specialist continues to struggle with certain non-tax business units.
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Ross Stores has taken a hit to its bottom line because of ongoing problems surrounding the implementation of a merchandising system.
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The project has prompted criticism from those who worry that lawyers could skew new rules in favor of their clients.
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Some firms find it a challenge to comply with new law on retaining digital records for court.
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Case could open door to scores of other lawsuits against board members for failing to exercise proper oversight over corporate management.
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A class-action lawyer's lenient plea deal sends a bad message.
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Failing to admit its problems in a timely manner is making the company's situation worse.
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Efforts to settle the numerous class-action lawsuits filed against Putnam Investments, MFS Investment Management, and other mutual fund companies for their role in the market-timing scandals are moving at an uneven pace, and any deal that may be worked out is likely months away, principals involved in the case said.
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One of the nationâs best-known plaintiffâs lawyers, Richard Scruggs, is ensnared in legal drama involving federal conspiracy and bribery charges.
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Order is meant as a remedy to effects of the company's 'unlawful monopoly.'
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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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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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Riggs National Corp.'s $766 million merger with PNC Financial Services Group Inc. fell apart over the weekend as the two sides could not come to terms on a new, lower price for Riggs. Riggs filed suit against PNC this morning in an effort to enforce the deal.
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The insurance broker accused by the New York attorney general of bid rigging and price fixing faces another threat: lawsuits filed by angry customers and the company&#39;s own shareholders, who are upset the company&#39;s stock has plummeted.
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Legal and research expenses drag its bottom line down.