Law

Madoff Trustee Picard Drops $279 Million Clawback Claim From Merkin Funds The liquidator for Bernard Madoff’s firm reduced by $279 million the amount of fake profit he wants returned from J. Ezra Merkin’s Ariel and Gabriel funds, which invested one-fourth of their money with the con man.

Bear Fund Managers Tannin, Cioffi Defrauded Clients, Prosecutor Tells Jury Former Bear Stearns Cos. hedge-fund managers Ralph Cioffi and Matthew Tannin conspired to mislead investors about the health of their funds that collapsed in 2007, a prosecutor told a jury at their fraud trial.

Ropes & Gray's Cutillo, Patent Lawyer, Accused of Fueling Insider Trading When Bain Capital LLC said it would buy 3Com Corp. for 44 percent more than the stock price, one unexpected beneficiary was Arthur Cutillo, an associate at the Ropes & Gray LLP law firm advising the private-equity company, according to the FBI.

Lehman's U.K. Administrators Can't Distribute Assets, Appeals Court Says Lehman Brothers Holdings Inc.’s U.K. bankruptcy administrators can’t go ahead with an expedited plan to distribute as much as $8.9 billion in assets to creditors, an appeals court ruled.

Boston Scientific Pays $296 Million to Settle U.S. Probe of Guidant Unit Boston Scientific Corp. agreed to pay $296 million to settle a U.S. Justice Department investigation into its Guidant unit’s handling of heart devices and restated third-quarter results to show a loss.

Dow Corning Sues BB&T Over Its $667 Million in Illiquid Auction-Rate Bonds Dow Corning Corp., the world’s biggest silicone supplier, sued BB&T Corp. for falsely representing the safety and liquidity of $667 million in auction-rate securities that the company can’t sell.

Bloomberg Law