A U.S. appeals court in New York on Friday ruled in favor of senior creditors who had contested interest rates imposed on them during the bankruptcy of silicone maker Momentive Performance Materials, reversing a decision that had sparked alarm among lenders. The ruling by the 2nd U.S. Circuit Court of Appeals found the U.S. Bankruptcy Court in White Plains, New York, erred by not using market rates to determine the interest paid on new notes Momentive forced on holders of about $1.25 billion of secured notes. The replacement notes carried much lower rates, which were set by the court using a formula developed in a consumer bankruptcy case involving a subprime loan for a used truck.
Jurors were presented with a stark choice during opening statements Friday in the trial of Evan Greebel, the lawyer charged with conspiracy alongside former drug executive Martin Shkreli: was he Shkreli's "right hand man," or a victim of his deceit? Assistant U.S. Attorney David Kessler told jurors that Greebel helped Shkreli steal millions of dollars from his drug company, Retrophin Inc, to pay back investors in two failed hedge funds run by Shkreli, MSMB Capital and MSMB Healthcare. "The defendant had become Martin Shkreli's right hand man," Kessler said.
A U.S. attorney told a federal appeals court on Friday that the government had no obligation to facilitate an abortion for a 17-year-old detained as an illegal immigrant in Texas, but a lawyer for the teen argued she has a constitutional right to receive the procedure. The hearing in the District of Columbia Court of Appeals raised potential constitutional issues about whether the right to an abortion could extend to the teenager, who was placed in a detention center last month after entering the country unaccompanied, judges said. "We're being pushed in the last 24 hours to make a sweeping constitutional decision in one direction or another," Judge Brett Kavanaugh said before a packed courtroom.
The barge was carrying some 133,000 barrels of crude oil to a refinery in Corpus Christi when the explosion occurred at 4:30 a.m., they said. The dead person had not yet been identified and the fire was allowed to burn itself out before being extinguished, said Rick Adams, Emergency Management Coordinator for the City of Port Aransas. Six of the eight crew members were rescued and did not suffer any serious injuries, Adams added.
No one was injured in the shooting incident, which occurred on Thursday near the campus in Gainesville where hundreds of people protested Richard Spencer's speech amid a heavy police presence and a preemptive state of emergency declaration by the governor. Gainesville police said Tyler Tenbrink, 28, and William and Colton Fears, 30 and 28, respectively, stopped their car near the campus to argue with a group of protesters.
By Jarrett Renshaw NEW YORK (Reuters) - The U.S. Environmental Protection Agency has backed off a series of proposed changes to the nation's biofuels policy after a massive backlash from corn-state lawmakers worried the moves would undercut ethanol demand, according to a letter from the agency to lawmakers seen by Reuters. EPA Administrator Scott Pruitt said in the letter dated Oct. 19 that the agency will keep renewable fuel volume mandates for next year at or above proposed levels, reversing a previous move to open the door to cuts. The move marks a big win for the biofuels industry and lawmakers from corn-states like Iowa, Nebraska and Illinois, while dealing a blow to merchant refiners like PBF Energy Inc and Valero Energy Corp who hoped the administration of President Donald Trump would help provide regulatory relief.
A U.S. judge wrestled on Friday with how much longer she can delay a Trump administration move to deport 47 Indonesian Christians who fled deadly violence in that country two decades ago and have been living illegally in New Hampshire under an informal deal with immigration officials. The group had long been allowed to live openly in the state, under an arrangement with Immigration and Customs Enforcement officials that required them to turn in their passports and appear for regular check-ins. Chief U.S. District Judge Patti Saris wondered at a hearing in Boston federal court why only one of the immigrants had a written record of the deal.
By Nate Raymond BOSTON (Reuters) - A federal prosecutor told jurors on Friday that a Massachusetts pharmacist gambled with patients' lives by making drugs in unsafe ways that led to a deadly 2012 fungal meningitis outbreak, but a defense lawyer said he was no murderer. Glenn Chin, a former supervisory pharmacist at New England Compounding Center, made drugs in filthy conditions, producing mold-tainted steroids in the process, Assistant U.S. Attorney Amanda Strachan told a federal jury in Boston in her closing argument. "Make no mistake, Glenn Chin is not sitting in this court room because he was negligent or careless," Strachan said.
(Reuters) - Drugmaker Merck & Co Inc , moving to a new sales team structure in the United States, plans to cut 1,800 sales positions, while adding 960 jobs to a new chronic care sales force, the company said on Friday.
Nearly two dozen major companies in technology and other industries are planning to launch a coalition to demand legislation that would allow young, illegal immigrants a path to permanent residency, according to documents seen by Reuters. The Coalition for the American Dream intends to ask Congress to pass bipartisan legislation this year that would allow these immigrants, often referred to as "Dreamers," to continue working in the United States, the documents said. Alphabet Inc's Google, Microsoft Corp, Amazon.com Inc, Facebook Inc, Intel Corp, Uber Technologies Inc [UBER.UL], IBM Corp, Marriott International Inc and other top U.S. companies are listed as members, one of the documents shows.