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REGULATORS
SEC to Ask for More Disclosure
The Securities and Exchange Commission is calling on banks and insurance companies to inform investors about possible exposure to potentially troublesome loans and securities tied to riskier borrowers.
The letter will go to companies that have disclosed off-the-books investments in collateralized debt obligations, conduits and structured investment vehicles. While such investments aren't recorded on a company's balance sheet, SEC officials said, information about them could be laid out for investors elsewhere.
LEGAL
Wal-Mart Sex-Bias Case Stands
Wal-Mart lost a bid for a rehearing of an appeals court decision upholding the right of 2 million current and former female workers to proceed as a group with sex-bias claims. The women accused Wal-Mart of paying females less than men and giving them fewer promotions.
Nacchio Seeks Classified Papers
Former Qwest chief Joseph P. Nacchio, convicted of criminal insider trading, asked a judge to allow him to use secret government information in his defense of civil fraud allegations.
Nacchio said the case should be dismissed if the government is allowed to withhold the documents because of state secrets and military privileges. At issue is material detailing Qwest's business dealings with clandestine government agencies.
SEC Alleges Pyramid Scheme
The Securities and Exchange Commission sued two Florida companies and their owner, claiming that they sold language lessons as a front for a pyramid scheme with as many as 70,000 victims in 64 countries.
A federal court froze the assets of Robert Lane and his companies, Wealth Pools International and Recruit for Wealth, which marketed English and Spanish tutorials on DVD, the SEC said.
TECHNOLOGY
New Privacy Option for Ask.com
IAC/InterActiveCorp, the Internet-media company assembled by billionaire Barry Diller, introduced a privacy feature for its Ask.com unit as other Web sites have been criticized over their handling of users' personal information.
AskEraser will allow users to control whether the search engine retains any data about the searcher or their queries, IAC said. Ask.com users who enable the privacy function will not be able use other features that depend on retaining user information.
