Citigroup, the world’s largest bank, today said it would pay $2.65 billion to settle a class-action lawsuit brought by holders of WorldCom stocks and bonds, who accused it of participating in fraud with WorldCom, the phone company now known as MCI.
Under the terms of the settlement, Citigroup will make a payment o $2.65 billion, […]

WASHINGTON, D.C. - Every day, consumers across the country who buy automobiles are bilked of hundreds and sometimes thousands of dollars apiece by fraudulent auto sales representatives perpetuating one of the most pervasive scams in this country, according to a new report by Public Citizen.
The report, Rip-Off Nation: Auto Dealers’ Swindling of America, outlines […]

Jeffrey M. Kalina, a former member of the finance department of Homestore Inc., has agreed to plead guilty to securities fraud. He also agreed to assist investigators in their probe into Homestore’s accounting and its deals with AOL Time Warner and Cendant Corporation, the travel and real estate services company, according to people involved in […]

HCA, the nation’s largest hospital company, has agreed in principle with the Justice Department to pay more than $800 million to settle accusations of health care fraud, according to people involved in the case. Under the terms, HCA would pay $630 million in fines and penalties to resolve all outstanding civil litigation with the Justice […]

The Securities and Exchange Commission is investigating whether top executives at Computer Associates, which is based in Islandia N.Y., inflated the company’s sales and profits during the late 1990’s to reach a $1.1 billion payday that was tied to the performance of the company’s stock. Prosecutors are also looking into an accounting change that Computer […]

LOS ANGELES, CA — A complaint filed yesterday by California State Teachers’ Retirement System adds AOL Time Warner and several other companies as defendants to a previously filed suit against Homestore Inc. The complaint contends that executives of Homestore and AOL Time Warner invented schemes to inflate revenue of both companies without detection by creating […]

NEW YORK — James Brown, Adelphia’s former vice president of finance, on Thursday pleaded guilty to fraud charges and admitted he conspired with John Rigas, the former chief executive, and his two sons to lie about company earnings, defrauding investors and creditors out of billions of dollars. Adelphia has sued the Rigases for racketeering, breach […]

NEW YORK — Adelphia Communications Corp. on Wednesday filed charges against Deloitte & Touche, accusing its former auditor of negligence and fraud for failing to stop Adelphia’s co-founder and former chief executive, John Rigas, and two of his sons, also former Adelphia executives, from shifting funds from the company to their accounts.
“This is an […]