Three former British bankers who pleaded guilty for their roles in a fraudulent scheme with former Enron chief financial officer Andrew Fastow were each sentenced Friday to three years and one month in prison. The sentences for David Bermingham, Giles Darby and Gary Mulgrew matched federal prosecutors' recommendation to U.S. District Judge Ewing Werlein Jr. In November, the three each pleaded guilty to one count of wire fraud after initially saying they did not collude with Fastow in a secret financial scam in 2000 to enrich themselves at their employer's expense.
PENSION FUNDS SUE YAHOO, DIRECTORS
Two Detroit pension funds have sued Yahoo Inc. and its board of directors, saying they breached their duties to shareholders in trying to thwart a $44.6-billion takeover by Microsoft Corp. The lawsuit was filed in Delaware Chancery Court on Thursday by lawyers representing Detroit's police and fire retirement system and general retirement system, as well as "all other similarly situated public shareholders."
Liberty-DirecTV deal gains key backing
The Republican majority on the Federal Communications Commission backed Liberty Media Corp.'s $12-billion purchase of a controlling stake in DirecTV Group Inc. from News Corp., Bloomberg reported Friday. The deal would give Liberty Media 41 percent of DirecTV and more than 16-million customers.
Business agency gets new leader
Gov. Charlie Crist appointed Charles Drago as interim secretary of the Department of Business and Professional Regulation. Drago, the department's deputy secretary, replaces Holly Benson, a former state representative, who was named the secretary for the Agency for Health Care Administration on Feb. 12.
Suit looks to shift retirees' care costs
The United Auto Workers and retirees sued General Motors Corp. on Thursday in U.S. District Court in Detroit to get court approval to shift billions in retiree health care costs from the automaker to an independent trust fund. It would cover about 500,000 GM retirees and spouses, plus current UAW workers when they retire.
Court nixes Black's bid for freedom
A federal appeals court on Friday denied former media mogul Conrad Black's emergency request to remain free on bond while appealing his 6-1/2-year sentence for swindling his company's shareholders.
Job cuts will cost Time up to $20M
Time Warner Inc. said Friday that it expects to cut fewer than 100 jobs in its magazine publishing division in the first quarter, resulting in $10-million to $20-million in expenses.
VALLEY FORGE, Pa.
Vanguard announces succession plan
The Vanguard Group said Friday that F. William McNabb III was named president and director and will succeed CEO John Brennan within a year.
The need for speed
Ferrari, the Italian sports car maker, will set up its first wholly owned Japanese subsidiary this year, officials said. In July, Cornes & Co. Ltd. will become Ferrari's official sales agent in Japan.