In Friday's corporations and securities law news, PeopleSoft Inc. announced it has fired Chief Executive and President Craig Conway because of a loss of confidence. The company named its founder and chairman, Dave Duffield, as the new CEO. The move is seen as paving the way for a deal with hostile bidder Oracle. Read the PeopleSoft press release announcing the move here. Read more about Oracle's offer for PeopleSoft here. Reuters has more.
In other news...
- As previously reported on JURIST's Paper Chase, the Department of Justice announced Friday that it will not appeal a court ruling striking down its challenge to software giant Oracle's proposed hostile takeover of Peoplesoft. CNET has more.
- Enron announced Chief Financial Officer Raymond Brown has resigned and will be replaced on an interim basis by Robert Bingham. Reuters has more.
- As previously reported on JURIST's Paper Chase, Darleen Druyun, a former weapons buyer for the US Air Force who is accused of negotiating a job with Boeing Co. while still overseeing billions of dollars of the company's business with the military, was sentenced to nine months in prison on Friday. Read the plea agreement here [PDF]. Reuters has more.
- Florida's attorney general and the Miami-Dade County inspector general are investigating allegations that Cardinal Health overcharged a public hospital for prescriptions. The SEC and the New York Attorney General are already investigating Cardinal Health's accounting practices. AP has more.
- US Airways, already operating under bankruptcy protection, announced it has reached an agreement with its pilots which inculdes about $300 million in pay and benefit reductions. Bloomberg has more.
- The European Union has warned the US Congress that it would refuse to lift trade sanctions against US companies if the US decides to launch a WTO case aimed at ending government subsidies for Airbus. The Financial Times has more.
- As previously reported on JURIST's Paper Chase, the Department of Justice has opened a criminal investigation of accounting practices at Fannie Mae. The SEC has already begun an investigation on the mortgage financier. AP has more.