FTC and 23 states target sham loan modification consultants
Federal Trade Commission and 23 states filed 189 actions against loan modification consultants accused of bilking homeowners. The sweep targets 21 individuals and 14 companies, including Irvine's U.S. Homeowners Assistance and Orange County's U.S. Foreclosure Relief Corp, seeking civil penalties and restitution. A Newport Beach man was arrested for impersonating government agencies.
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Drugmakers settle claims for 5.4 million
Merck & Co and Schering-Plough will pay 5.4 million to settle civil claims by 35 states and the District of Columbia. They allegedly hid unfavorable cholesterol drug study results, violating consumer protection laws. Merck and Schering-Plough will cover investigation costs without admitting wrongdoing.
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Fugit ive New York broker captured after manhunt
Federal authorities say former Wall Street broker Julian Tzolov, charged in a securities fraud case, was captured after an international manhunt that followed his disappearance before a June Brooklyn trial.
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Inflation Rises 0.7 Percent in June as Gasoline Soars
US inflation quickened in June by 0.7 percent led by a 7.4 percent jump in energy and a 17.3 percent rise in gasoline. Core inflation rose 0.2 percent while year over year prices fell 1.4 percent, reflections of a deep recession. Industrial output declined 0.4 percent as manufacturing sagged, yet some signs point to easing recession.
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