Oct 6th, 2008 · Facing a lawsuit over deceptive mortgage practices, a Bank of America subsidiary will modify tens of thousands of loans to help keep people in 11 states from losing their homes. Borrowers stuck with Countrywide Financial mortgages that they can't afford could see their interest rates reduced or have the loan principal cut. Bank of America purchased Countrywide in June, at the same time Illinois and California sued Countrywide.
Mar 6th, 2008 · Another big brokerage is trying to straighten out its finances after an ill-fated foray into subprime mortages. Citing the deteriorating market for home loans, Merrill Lynch says it will cut 650 jobs and stop offering subprime mortgages through its subsidiary, First Franklin Financial.
Nov 30th, 2007 · The Alaska subsidiary of oil company BP PLC has pleaded guilty to a federal environmental crime for failing to prevent a crude oil spill. The guilty plea by BP Exploration Alaska Inc. is part of a settlement over a 200,000-gallon pipeline spill at the Prudhoe Bay field in March 2006.
May 31st, 2007 · The American Civil Liberties Union is suing a subsidiary of Boeing, for helping the CIA fly suspected terrorists as part of its "extraordinary rendition" program. The ACLU says this is a first for them -- to accuse a blue-chip American company of "profiting from torture." The lawsuit claims the company, Jeppesen Dataplan, provided planes and logistical help for at least 70 flights.
May 21st, 2007 · A pair of investment firms have agreed to acquire Alltel Corp., the fifth-biggest U.S. wireless company and owner of the nation's largest geographic network, in a deal worth $27.5 billion. The telecommunications company announced Sunday that it had signed an agreement to be acquired by TPG Capital, formerly Texas Pacific Group, and GS Capital Partners, a subsidiary of Goldman Sachs.
Mar 13th, 2007 · Viacom is suing Google for $1 billion, alleging copyright infringement. Google's subsidiary, YouTube, allows people to post video on the Internet. Viacom alleges that YouTube is playing more than 160,000 unauthorized video clips.
Jan 16th, 2007 · The air carrier Virgin America, a subsidiary of Richard Branson's UK-based business empire, wants to offer discount fares in the U.S. The company is appealing a move by the Department of Transportation to block Virgin America's plan.
Oct 24th, 2006 · More than 10,000 former workers of Coca-Cola's subsidiary in Venezuela are blockading bottling plants in the country. They say a Mexican-based Coke subsidiary owes them a large amount of money in unpaid social benefits.