Court hears arguments in "light" smokes case

(Reuters) - The hearing before the U.S. Court of Appeals for the Second Circuit is the latest development in a closely watched case filed by smokers, who say tobacco companies defrauded them into thinking "lights" were safer. Last year a federal judge certified the case as a class action, prompting tobacco companies to appeal.




During the hearing in Manhattan, a three-judge panel asked lawyers whether it could be presumed that smokers who bought "light" cigarettes believed they were safer or whether that had to be worked out on a case-by-case basis.


Read more at Reuters.com Government Filings News

NETeller founder pleads guilty in gambling case

(Reuters) - Stephen Lawrence, 47, during a hearing before U.S. District Judge P. Kevin Castel in Manhattan, also agreed to cooperate with the government.




Lawrence, who is also a former chairman of the company, faces a maximum sentence of five years on the conspiracy charge for his role in the operation of the payment processor.


Read more at Reuters.com Business News

Consolidated Edison Restores Power After Scattered New York City Outages

(Bloomberg) -- Consolidated Edison Inc., owner of
New York City's utility, said it restored power after scattered
failures in parts of Manhattan and the Bronx.

New York City transit resumed service around 4:30 p.m. on
trains that run on Manhattan's east side. Three Manhattan police
precincts reported that they lost power, said a spokesman for the
department, Detective Kevin Czartoryski.


Read more at Bloomberg Energy News

AT&T, Verizon support Cablevision's remote DVR plan

(Reuters) - Several trade bodies and lobby groups, including USTelecom,
which represents AT&T Inc. jointly filed an Amicus
brief in support of Cablevision's appeal against a ruling that
prohibits the launch of the service.




The brief was filed on Friday at the 2nd U.S. Circuit Court
of Appeals in Manhattan.


Read more at Reuters.com Government Filings News

UPDATE 1-Amaranth seeks to dismiss San Diego lawsuit

(Reuters) - The San Diego Employees Retirement Association
sued Amaranth in March for $150 million in the first and so far
only investor lawsuit over the biggest hedge fund collapse
ever. The suit claimed Amaranth violated its investment
mandates by not maintaining proper portfolio diversity or risk
controls.




Greenwich, Connecticut-based Amaranth, which is in the
process of liquidating assets now valued at about $400 million,
said in Thursday's court filing in Manhattan that its offering
documents do not require it to maintain investment diversity as
the San Diego fund claimed. The case is being closely watched
in the hedge fund industry.


Read more at Reuters.com Mergers News