N.J. Sues W.R. Grace Over Asbestos Cleanup
W.R. Grace, a Columbia chemical maker that was forced into bankruptcy by asbestos claims, and two former executives have been sued by the New Jersey attorney general's office, which says the company lied about cleanup at a former site in the state. Attorney General Peter Harvey alleges in the suit that the company and the executives certified in 1995 that a plant in Hamilton had been cleaned of asbestos in accordance with state requirements. The state found that more than 15,000 tons of contaminated soil with concentrations of asbestos as high as 40 percent remained.
Wife of Riggs Executive to Be Held Until Trial
U.S. Magistrate Judge John M. Facciola ordered the wife of former Riggs Bank executive Simon P. Kareri held indefinitely pending her trial on bank fraud charges. Facciola ruled that Nene Fall Kareri presented "an enormous risk of flight." Simon Kareri, 47, and his wife, 40, have been in federal custody since they were arrested by FBI agents May 26. They are the first individuals charged in the ongoing investigations into Riggs's international and embassy banking business.
Fannie Mae May Have New Regulator by Fall
The Bush administration expects Congress will approve legislation later in the year creating a tougher regulator for Fannie Mae and Freddie Mac, a senior administration official said. "Hopefully, this fall the legislation will be passed," said Alphonso Jackson, right, secretary of the Department of Housing and Urban Development. "That gives us enough time to talk to the chairmen" of the Senate Banking Committee and House Financial Services Committee about strengthening the legislation, he said.
Carlyle Moves to Buy Buildings From Trump
Carlyle Group and a development partner are close to a deal to purchase 77 acres and three apartment buildings along the Hudson River in Manhattan's upper west side from Donald Trump for about $1.8 billion. It would be the largest real estate purchase ever for Carlyle's real estate group, whose partner in the deal is Extell Development.
Carlyle has been investing in condo developments in the past 18 months at a torrid pace. The Manhattan development, known as Riverside South, includes several thousand existing and planned apartments and condominiums.
Verizon Offers Timeline for MCI Merger
Verizon Communications said the Securities and Exchange Commission is expected to approve proxy material for its purchase of Ashburn-based MCI in the next five to eight days. Shareholders will probably vote on the MCI acquisition in early July, Verizon chief executive Ivan G. Seidenberg said. New York-based Verizon needs SEC approval before it can take its $8.44 billion takeover bid to MCI shareholders.
Firm Accused of Telemarketing Violations
Chesapeake Window & Building, a home remodeling general contractor based in Linthicum, has been charged by the state's attorney general with violating the national "do not call" registry -- the first such case in Maryland since the law went into effect two years ago.
More than 120 consumers who had signed onto the do-not-call list complained about calls from the company. The owners of Chesapeake Window said they were following the law because their calls were all in-state, a distinction they say is allowed under federal regulation.
The company estimates that 60 percent of its business comes from telemarketing. "We don't think we've done anything wrong," David Myers, a partner with the company told the Baltimore Sun. "We don't want to call people who don't want to be called."