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BANKRUPTCY Lehman Brothers, Enron settle claims for $70M Houston (AP)-Enron Corp. has said that Lehman Brothers Holdings Inc. will pay $69.9 million in cash to settle claims over certain equity transactions. Under the deal, Lehman will also withdraw with prejudice its $173 million claim against Enron, which filed a complaint against Lehman asserting preferences, fraudulent transfers and conveyances and recovery of payments. The settlement is subject to approval by a New York federal bankruptcy court. Enron has equity transaction cases pending against Credit Suisse First Boston, UBS and Bear Stearns. Enron alleges that guidance from its financial advisers led to the company’s collapse. INSIDER TRADING Ex-Citigroup executive to pay SEC $2.7 million Washington (AP)-A former senior executive of Citigroup Inc. has agreed to pay some $2.7 million to settle insider trading charges brought by the U.S. Securities and Exchange Commission. Victor Menezes sold about $29 million in Citigroup stock in March 2002, a few weeks before the banking giant reported a substantial charge against its books. The SEC alleged that by virtue of his position as CEO of the emerging markets division, Menezes knew in advance that Citigroup planned to report first-quarter losses of hundreds of millions of dollars from its operations in Argentina. Menezes sold 597,000 Citigroup shares, earning some $29 million, in a March 28, 2002, transaction that involved exercising stock options that were part of his compensation package. PERSONAL INJURY Scaffolding collapse case yields $75M settlement Chicago (AP)-The families of victims killed or injured in a 2002 scaffolding collapse at the John Hancock Center have reached a $75 million settlement with the skyscraper’s owner, Shorenstein Co., and other companies. Three women were killed on March 9, 2002, when scaffolding used by building cleaners fell from the 42d floor during high winds. The 3,000-pound section of scaffolding crushed their cars. Eight others were injured, one who later died. $9M award for worker injured in refinery fall Philadelphia (AP)-A Pennsylvania state jury has awarded a Sunoco Inc. laborer $9 million for injuries suffered when he fell from a ladder at the company’s South Philadelphia refinery. Patrick Brown, 35, fell in October 2002 while climbing down a ladder between catwalks, banging his head and injuring his back and shoulder in the fall. The main factual dispute in the case was whether a safety cage was in place on the ladder when the accident occurred. Wallboard maker settles asbestos suits for $4B Chicago (AP)-USG Corp., the giant wallboard manufacturer, has agreed to settle asbestos-related lawsuits, a move expected to help it emerge from 4 1/2 years in bankruptcy. The agreement calls for USG to pay $900 million into a new trust to handle current and future asbestos personal-injury claims. It would pay an additional $3.05 billion to the trust through a contingent note. That payment, however, would be canceled if Congress passes legislation creating a national asbestos personal-injury trust fund. POLLUTION Oil industry supplier must pay $12 million fine Columbia, S.C. (AP)-The U.S. Department of Justice has said that the Schlumberger Technology Corp., owner of a site where a capacitor manufacturing plant once stood, will pay a nearly $12 million fine for pollution. The plant in Pickens County, S.C., was identified as a federal Superfund site after it released PCBs into a tributary of the Twelve Mile River and Lake Hartwell from 1955 until 1977 while owned by Sangamo-Weston Inc. The current owner, Schlumberger Technology Corp., a Sugar Land, Texas-based unit of oil-field services company Schlumberger Ltd., assumed the liabilities of Sangamo-Weston. The Justice Department said that the company will spend an additional $8 million to $10 million to purchase and remove two hydroelectric dams on the creek and conduct stream-restoration activities. PRODUCTS LIABILITY Ford must pay $29M to rollover crash victim Corpus Christi, Texas (AP)-A Texas state jury has awarded $29 million to a young woman rendered partially paralyzed in a 2002 accident after the Firestone tire on her Ford Explorer failed and the vehicle rolled over. Attorneys for plaintiff Rose Maria Munoz argued that the vehicle had a problem known as a rear axle “skate” that led to the driver’s inability to handle the vehicle after a detread. Attorneys also said Ford had a role in designing Firestone tires. Munoz was one of four occupants of an Explorer that had been sold as a 1999 Mazda Navajo. The left rear Firestone tire on the Navajo detreaded, and the vehicle rolled several times. Munoz was the only one seriously injured. Firestone previously paid an undisclosed amount to settle the case.

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