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Federal Judge Dismisses $186 Billion 'Cash Sweep' Class Action Against Brokerages
New York federal Judge Richard Sullivan on Monday dismissed a $186 billion class action that was filed against Merrill Lynch, Morgan Stanley, Citigroup, Charles Schwab and Wachovia. Plaintiffs claimed that the brokerages' disclosures about their cash sweep programs were inaccurate and that the brokerages owed customers a fiduciary duty to place their extra cash in highest interest-bearing accounts. The judge rejected all of the plaintiffs' claims, citing 2nd Circuit precedent on brokers' duties to customers.Competing fixes for bribery law
Top U.S. Department of Justice officials are preparing to issue new guidance about the government's enforcement of foreign bribery laws, as members of Congress and business advocates press for sweeping changes of their own.Response in KPMG Case Could Point to Appeal
In an unusual move, federal prosecutors acknowledged last week that dismissing charges against 12 of the 16 former KPMG employees facing criminal prosecution in a high-profile tax shelter case was the appropriate remedy for constitutional violations found last year by Southern District of New York Judge Lewis A. Kaplan.Trending Stories
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