May 9, 2013

Briefcase

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Under the agreement, which Justice Department officials say includes a previous court-ordered reduction of as much as nine years, Skilling's original sentence will be reduced to somewhere between 14 and 17.5 years.

The agreement still has to be approved by U.S. District Judge Sim Lake, who is set to hold a June 21 hearing in Houston to make the final decision on the length of Skilling's sentence.

Daniel Petrocelli, Skilling's attorney, says the agreement "brings certainty and finality to a long, painful process."

Justice Department spokesman Peter Carr said the agreement will allow victims of Enron's collapse to finally receive more than $40 million in restitution. The ongoing status of the case has so far prevented the government from distributing Skilling's seized assets to victims, according to the agreement.

Wrigley to take caffeinated gum off market as FDA investigates

Wrigley says it is taking a new caffeinated gum off the market temporarily as the Food and Drug Administration investigates the safety of added caffeine.

The company said Wednesday that it has stopped new sales and marketing of Alert Energy Caffeine Gum "out of respect" for the agency, which said it would investigate the health effects of added caffeine in foods just as Wrigley rolled out Alert late last month. A stick of the gum is equivalent to half a cup of coffee.

"After discussions with the FDA, we have a greater appreciation for its concern about the proliferation of caffeine in the nation's food supply," said Wrigley North America President Casey Keller in a statement. "There is a need for changes in the regulatory framework to better guide the consumers and the industry about the appropriate level and use of caffeinated products."

Wrongful foreclosure victims to get additional compensation

Some 96,000 borrowers who received checks to compensate them for wrongful foreclosures on their mortgages will be getting an additional check to correct for errors in the initial payment, the Federal Reserve announced Wednesday.

The Fed said the affected borrowers received initial compensation amounts that were too low because of errors made by Rust Consulting, the company handling the payments.

The new checks will make up the difference between the amounts that should have been paid and the lower amount paid by Rust. Borrowers are being told to cash both the original check and the new checks, which will be mailed around May 17. The borrowers affected had loans serviced by former subsidiaries of Goldman Sachs and Morgan Stanley.

-- From news services reports

 

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