X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
BREACH OF CONTRACT Credit card issuer must pay fired CEO $30.2M MINNEAPOLIS (AP)-A Minnesota state jury has awarded $30.2 million to the fired chief executive officer of credit card issuer Metris Cos. Inc. In 2002, credit agencies downgraded Metris’ debt to below-investment-grade status and its stock price plummeted from $40 a share to less than $2 per share. The company’s board fired Ron Zebeck, who filed suit in January 2004, alleging that the company had breached his employment contract by withholding deferred compensation and severance payments. He also claimed damages under the federal whistleblower act, alleging that he was fired because he sought to disclose federal regulatory investigations into Metris’ financing and accounting practices. Metris was bought by HSBC Finance Corp. last year for $1.6 billion. MEDICAL MALPRACTICE Family receives $5M in botched-delivery suit BOSTON (AP)-The parents of a severely brain-damaged 5-year-old boy will be awarded $5 million to pay for his long-term care, under a settlement of a lawsuit filed against the doctor and nurse who handled the boy’s delivery at Melrose-Wakefield Hospital. Michelle and Kendall Turner of Bedford, N.H., sued Dr. Mitchell Zager and nurse Mary Doran after their son, Dustin, was born with severe neurological damage. Dustin has cerebral palsy that his parents believe was caused by his oxygen-deprived delivery. He is unable to walk, talk or eat, and requires around-the-clock care. PATENTS Bar code printer maker settles suit for $63.8M VERNON HILLS, ILL. (AP)-Bar code printer manufacturer Zebra Technologies Corp. has agreed to pay $63.8 million to settle a patent suit by Paxar Corp., which makes clothing identification tags. White Plains, N.Y.-based Paxar’s complaint, filed in 2003, alleged that more than 50 Zebra products violated eight of its patents. Under the terms of the settlement, Zebra agreed to pay Paxar almost $63.8 million. In return, Paxar granted Zebra licenses to certain patents, including the ones in the lawsuit. REGULATORY ACTION Mexican TV executives settle SEC fraud charges WASHINGTON (AP)-Mexico’s TV Azteca and executives Ricardo Salinas Pliego and Pedro Padilla Longoria have agreed to settle fraud charges, the U.S. Securities and Exchange Commission has announced. The settlement, which is subject to court approval, calls for Salinas and Padilla to pay more than $8.5 million in fines. The two also agreed to a five-year ban on serving as officers or directors of any U.S. public company except under limited circumstances. An SEC lawsuit filed in January 2005 charged three current and former officials at TV Azteca with taking part in an elaborate scheme to conceal related-party deals between Unefon, a TV Azteca subsidiary, and Codisco, a private firm that Salinas secretly co-owned. The SEC said the secret deal yielded a $109 million profit for Salinas. Puerto Rico firm settles SEC probe with $25M NEW YORK (AP)-Doral Financial Corp., a financial services company based in Puerto Rico, has agreed to pay a $25 million civil penalty to settle a U.S. Securities and Exchange Commission probe into the company’s restatement of its financial results for the years 2000 to 2004. Doral Financial, one of Puerto Rico’s largest financial institutions, was forced to restate results after an internal investigation found that it did not properly account for some of its mortgage loan portfolio. Doral completed restating four years of financial results in February, which reduced retained earnings by $694.4 million as of the end of 2004. Medical group, U.S. settle Medicaid probe for $25M FORT LAUDERDALE, FLA. (AP)-A Florida contract manager of pediatric units has said that it paid the federal government $25.1 million as part of its final settlement with the U.S. Department of Justice related to a probe into the company’s billing practices. The settlement ends a federal investigation into Pediatrix Medical Group Inc.’s Medicaid and Tricare practices related to neonatal services provided between January 1996 and December 1999. In addition, Pediatrix said it would reach separate state settlements for each state Medicaid program involved. Pediatrix announced a tentative settlement in February and set aside reserves related to the investigation. WRONGFUL DEATH $47.5M award for family of inmate beaten to death RAYMONDVILLE, TEXAS (AP)-Texas state jurors ordered The Theo Group Inc., a private prison operator, and its warden to pay $47.5 million to the family of a man beaten to death by fellow inmates four days before finishing his drug sentence. Gregorio De La Rosa was serving a six-month sentence in 2001 when two inmates struck him with padlocks stuffed into socks in the prison yard.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.