Bill on Bankruptcy: Freud, Marx Brothers, Madoff
March 27 (Bloomberg) -- There was no settlement afoot when U.S. District Judge Jed Rakoff put off a hearing on an effort by the trustee for Bernard L. Madoff Investment Securities LLC to block a $410 million settlement between New York Attorney General Eric Schneiderman and feeder fund manager J. Ezra Merkin. In the second item, Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle discuss the merger between AMR Corp. and US Airways Group Inc. While the merger itself isn't controversial, the U.S. Trustee is fighting against bonuses for top management. The video ends with discussion of a case from New Orleans where Wells Fargo Bank NA lost in bankruptcy court and won on appeal, only to sustain a more embarrassing defeat after remand when two courts imposed $3.2 million in punitive damages, in the process calling the bank's actions "reprehensible," "intentional and egregious."
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Tax Cut Frees Billions in Funds for Aramco
09:02 - Saudi Arabia slashed the tax rate paid by state oil producer Saudi Aramco, a key milestone in preparing the company for what may be the world's biggest initial public offering. Bloomberg's Wael Mahdi reports on "Bloomberg Markets: Middle East." (Source: Bloomberg)