Ernst & Young to pay $15 million settle IRS tax shelter case
Ernst & Young LLP agreed to pay 15 million dollars and let tax agents examine its books after an IRS probe into shelters sold to wealthy clients. The agency praised the settlement as a model for future cases while EY deny wrongdoing and vow continued guidance. The deal requires EY to create a Quality and Integrity Program and grants IRS access to verify compliance.
MENTIONED IN THIS ARTICLE
Washington
Ernst & Young LLP
Internal Revenue Service
Ernst & Young
Kenneth Kerrigan
IRS
Mark Everson
Charles Grassley
Iowa
Grassley
Mark Weinberger
Tax Services
Treasury Department
Iks
Friedman to lead Collinwood development group
Brian Friedman, development head of the South Lorain Community Development Corp, will soon take the helm of Collinwood's development group. He notes progress in housing redevelopment and mural repainting, while acknowledging ongoing challenges and a longer-term goal of broader impact and stronger resources.
MENTIONED IN THIS ARTICLE
Lorain
Brian Friedman
South Lorain
Oakwood Plaza
South
Friedman
Pearl Avenue
Danny Martinez
SLCDC
Cleveland
Ohio General Assembly
Safety Service
Craig Miller
Collinwood
Miller
Joe Rizk
Rainbow Bakery
Rizk
Brian
Dan Harkins
Dharkins
Chronicletelegram
Judge dismisses Merrill Lynch fund misrepresentation suit
A federal judge in New York tossed a class action filed by investors who accuse Merrill Lynch of misleading research reports affecting a technology focused mutual fund. The suit covered investors who contributed between October 1999 and October 2002.
MENTIONED IN THIS ARTICLE
New York
Merrill Lynch
Goodyear exec defends new contract offer
Goodyear Tire executive Jon Rich defends a Friday contract offer that raises wages pensions and medical benefits while requiring worker and retiree cost sharing. Union officials say the proposal ignores job security for 16,000 members and omits two plants. Share value rose modestly as talks continue.
MENTIONED IN THIS ARTICLE
Cleveland
Goodyear Tire & Rubber Co
Jon Rich
North American Tire Unit
Goodyear
Rich
United Steelworkers of America
Market climbs as factory orders boost stocks on hopes
Investors push stocks higher after May factory orders rose 0.4 percent, led by gains for Starbucks and Merrill Lynch. The Dow up 101.89 to 9142.64, Nasdaq 1678.77, S&P 500 at 993.75 as traders await second-quarter earnings and unemployment data.
MENTIONED IN THIS ARTICLE
New York
Starbucks
Merrill Lynch
Lynn Reaser
Banc of America Capital Management
Dow
Standard & Poor
Ters
Wall Street
Michael Sheldon
Spencer Clarke LLC
Microsoft
Jefferies Group
Wachovia Securities
Jefferies
Yen gains on Tankan boost Japanese stocks and dollar dip
The Bank of Japan Tankan survey showing improved sentiment pushed the Nikkei 225 up 3.4 percent to clear 9500, fueling yen strength as the dollar slid below 118 yen and the euro weakened against the dollar amid thin pre Independence Day trading and ahead of Thursday U.S. jobs data.
MENTIONED IN THIS ARTICLE
New York
Dow Jones/AP
Bank of Japan
Tankan
U.S
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Chicago
Kpmg LLP
BDO Seidman LLP
Chris Chudzewski
Eric Michaud
Boston
Dunlop Tires
Goodyear Exec
Chuck Sinclair
North American Tire
New York Stock Exchange
Ohio
Virginia
North Carolina
Illinois
Alabama
Nebraska
Wisconsin
Kansas
Texas
Tennessee
Bridgestone-Firestone
Michelin
Baxter International
Health Products and Services
Japan
Europe
Britain
France
Germany
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