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New Jersey resident gets prison for commodities fraud

NEW YORK- A New Jersey resident will spend over seven years in prison for his role in a New York based commodities fraud scheme. Attorney Preet Bharara in Manhattan announced Tuesday that Alex V. Ekdeshman, of Holmdel, New Jersey, has been sentenced to 87 months. He was chief executive officer of Paramount Management, LLC.
Source: The Associated Press
Hedge funds fight to save Puerto Rico investments

The announcement by Gov. Alejandro GarcĂ­a Padilla of Puerto Rico that the commonwealth may seek to delay debt payments has thrown hedge funds' strategies into turmoil.
Source: The New York Times | By: Michael Corkery and Alexandra Stevenson
Nike co-founder Knight will step down as chairman

NEW YORK- Nike Chairman Phil Knight plans to step down, and says he wants President and CEO Mark Parker to succeed him. Phil Knight co-founded Nike and has been a director of the footwear and athletic apparel and equipment maker since 1968. Parker has been Nike's president and CEO since 2006.. The directors of the company will be Knight himself, Parker, and Nike...
Source: The Associated Press
Oklahoma court rules earthquake victim can sue oil companies

WASHINGTON, June 30- An Oklahoma woman who was injured when an earthquake rocked her home in 2011 can sue oil companies for damages, the state's highest court ruled on Tuesday, opening the door to other potential lawsuits against the state's energy companies. Oklahoma, home to major energy companies including Chesapeake Energy Corp., Devon Energy Corp., and...
Source: Reuters | By: Yeganeh Torbati
Nike's Phil Knight recommends Mark Parker for Chairman  

Nike has started the process of looking for a chairman to succeed Phil Knight, reports CNBC's Dominic Chu.
Source: CNBC.com
Ruling allows Oklahoma earthquake lawsuit to go to trial

An Oklahoma woman can pursue a jury trial after she was injured when her fireplace crumbled in an earthquake she claims was caused by saltwater waste pumped into the ground, the Oklahoma Supreme Court ruled Tuesday. Tuesday's decision overturns a lower court judge's ruling in the case of Sandra Ladra, whose knee was injured Nov. 5, 2011, during a 5.0 magnitude...
Source: The Associated Press
UPDATE 1-Apple conspired to fix e-book prices -U.S. appeals court

NEW YORK, June 30- A divided federal appeals court on Tuesday said Apple Inc orchestrated a conspiracy with five publishers to increase e-book prices, in a victory for the U.S. Justice Department. By a 2-1 vote, the 2nd U.S. Circuit Court of Appeals agreed with a lower court judge that the conspiracy violated federal antitrust law, and that the judge acted properly in...
Source: Reuters | By: Nate Raymond and Jonathan Stempel
UPDATE 1-N.Y. financier ordered to pay ex-employee $18 mln in harassment case

NEW YORK, June 29- A federal jury on Monday ordered the chief executive officer of a Manhattan investment firm to pay $18 million in damages to a former employee for sexual harassment and defamation. Benjamin Wey, who heads up New York Global Group, was accused of using his power to coerce Hanna Bouveng, 25, into having sex, firing her when she refused further...
Source: Reuters | By: Joseph Ax
Sysco pulling out of US Foods buyout after FTC move

NEW YORK- Sysco is scrapping its proposed $3.5 billion buyout of US Foods after a Federal Trade Commission legal victory that temporarily blocked the deal to combine the two food-service companies. It will pay $300 million to US Foods and $12.5 million to another company, Performance Foods Group, in breakup fees. Performance Foods had a deal to buy 11 US Foods...
Source: The Associated Press
CORRECTED-FCA US recalls SUVs over suspension component

NEW YORK, June 28- FCA US LLC, formerly Chrysler Group LLC, said on Sunday it was recalling a small number of new Chrysler sport utility vehicles that may have been equipped with improperly heat-treated suspension components. FCA said it had advised around 65 U.S. owners of new Grand Cherokee and Dodge Durango SUVs to stop driving their vehicles, and that around...
Source: Reuters