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ANTITRUST NCAA buys NIT for $56.5M to end dispute New York (AP)-The National Collegiate Athletic Association (NCAA) has purchased the rights to the preseason and post-season National Invitation Tournaments (NIT) as part of a settlement that ends a four-year legal fight between the two parties. The NCAA will pay $56.5 million to the five New York City colleges that operate the Metropolitan Intercollegiate Basketball Association, which has run the NIT since 1940. Fordham University, Manhattan College, St. John’s University, Wagner College and New York University will receive $40.5 million for NIT rights and $16 million in litigation fees. FRAUD Two banks settle Enron suit for $420 million New York (AP)-JPMorgan Chase & Co. and Toronto Dominion Bank have agreed to pay at least $420 million to settle their parts of the lawsuit filed by Enron Corp. against 10 banks, alleging that they “aided and abetted fraud” and could have prevented the energy trader’s collapse. JPMorgan agreed to pay $350 million in cash to Enron and Toronto Dominion agreed to pay $70 million. Enron, which filed for bankruptcy in 2001, is currently liquidating its remaining operations and restructuring its business units for distribution to its creditors. The money from the settlements also will go to creditors. Enron said the bankruptcy claims that are part of the JPMorgan settlement have a value of $660 million, and that the settlement with JPMorgan could reach up to $1 billion. MEDICAL MALPRACTICE $40M award for family of brain-damaged child Cambridge, Mass. (AP)-A Massachusetts state jury has awarded nearly $40 million to a family whose son was born in 1996 with severe brain damage after a traumatic delivery at a Lowell hospital. The jury found Dr. Jacqueline Halladay negligent for waiting more than five hours to deliver Philip Antonelli Jr. with a C-section despite signs of severe fetal distress. The now 8-year-old boy has cerebral palsy, needs help dressing and bathing and has a shunt in his head to drain fluid, his family said. Lisa Antonelli went to the hospital at 9 p.m. on Nov. 7, 1996, when she was 38 weeks pregnant, concerned because she could not feel the fetus moving. Halladay, instead of ordering a Caesarean, decided to administer the drug Pitocin to induce a vaginal delivery. When the fetus’s heart rate dropped to a dangerous level at 3:40 a.m., Halladay ordered a Caesarean, but it did not take place until 7:05 a.m. because she didn’t think it an emergency. PRICE FIXING Reliant settles suits with Calif. utilities for $445M Houston (AP)-Reliant Energy Inc. has agreed to pay $445 million to settle lawsuits filed by investor-owned utilities that claimed the company attempted to pump up trade volumes and revenues in the midst of an energy crisis in Western states. An energy shortage, mostly centered in California, caused rolling blackouts and skyrocketing electricity rates. The settlements with San Diego Gas & Electric Co., Edison International, Pacific Gas & Electric Co. and other entities call for Reliant to pay $150 million in cash. Reliant will also waive claims to its receivables for power deliveries from Jan. 1, 2000, to June 21, 2001. Southern California Edison said it will likely receive more than $130 million under the latest settlement. San Diego Gas & Electric Co. said it expects to receive about $42.1 million, while Pacific Gas & Electric Co. expects about $230 million. REGULATORY ACTION Arab Bank to pay $24M fine over poor controls Washington (AP)-Arab Bank PLC, with some $32 billion in assets and operations in 30 countries, is to pay a $24 million civil fine for allegedly inadequate controls against money laundering at its New York branch. The fine was levied by the Office of the U.S. Comptroller of the Currency and the Financial Crimes Enforcement Network, both U.S. Treasury Department agencies. The comptroller’s office in February ordered the bank to stop transferring funds or opening new accounts at the New York branch, which was converted into an entity that does not conduct traditional banking activities but continues to engage in corporate and trade financing. The agencies said that the $24 million fine was a follow-up action to the February consent order that Arab Bank signed with the comptroller’s office. WRONGFUL DEATH Jury awards man’s family $11.4M in asbestos suit Newark, N.J. (AP)-A New Jersey state jury has awarded $11.43 million in a wrongful death suit on behalf of a railroad worker whose lung disease was allegedly caused by inhaling asbestos and other hazardous substances on the job. Ruggerio Fuccilli of Freehold had worked from 1974-76 for Central Railroad of New Jersey, from 1976-83 for Conrail, and from 1983-2001 at New Jersey Transit. Many of his duties, such as welding, grinding metal and fixing brakes, exposed him to asbestos. Fuccilli died in December 2002 at 50, two years after being diagnosed with pulmonary fibrosis.

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