Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.law From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: law Tue, May 19 1992 Date: Tue, 19 May 92 05:21:11 EDT Message-ID: 05-19 0000 DECISIONLINE: Business Law USA TODAY Update May 19, 1992 Source: USA TODAY:Gannett National Information Network KEY CASES UNRESOLVED: Many key cases remain before the Supreme Court as it heads into the final six weeks of its term. High-profile issues left undecided range from abortion to smoking to religion. The justices convened Monday to release four decisions - none of the most-awaited cases were among them - and then adjourned until next Tuesday. The court meets most Mondays and several other days through the end of June. (For more, see special Court package below.) TRADE TENSIONS GROW: Japanese auto executives meeting with their U.S. counterparts Monday outside Chicago warned that if the U.S. Congress passes legislation limiting sales of Japanese cars in the USA, trade tensions between the countries will escalate. But U.S. executives say Japan risks the restrictions if it doesn't open its markets faster for U.S. cars and buy more U.S. auto parts. U.S. EXECS WANT PROMISES KEPT: U.S. auto executives Monday warned leaders of Japanese auto companies that legislation limiting sales of Japanese cars in the USA could gain support if Japan stalls on promises made at their summit in Tokyo in January. The Japanese had agreed to double purchases of U.S.-made car parts to by 1994. Nissan Chairman Yutake Kume said "we are firmly opposed ... to arbitrary restrictions." TAYLOR SEES FEWER FAILURES: Fewer banks are likely to fail this year than previously expected, William Taylor, head of the Federal Deposit Insurance Corp. said Monday. Bank failures will probably fall below the 200 the FDIC forecast six months ago, but the average size of troubled banks remains large. He says he isn't ready to cut the $80 billion estimate for total assets in banks expected to fail in 1992. STRIKERS PREVENT PUBLICATION: A strike by drivers at Pittsburgh's two daily newspapers prevented publication of Monday's The Pittsburgh Press and limited distribution of the Post-Gazette. The Post-Gazette won't publish Tuesday. About 600 drivers, who have been without a contract since Jan. 1, for the Pittsburgh Press Co. walked out late Sunday to protest a move that will result in the loss of about 450 jobs. SHEARSON, TRADER TO PAY FINES: Shearson Lehman Brothers will pay a $500,000 fine and Shearson trader Peter DaPuzzo will be suspended for four months and pay a $100,000 fine for allegedly manipulating the stock price of ConAgra, the Associated Press reports. The New York Stock Exchange has been investigating whether DaPuzzo ordered an improper trade to boost the chances of a November 1990 stock offering. GARAMENDI ANNOUNCES ARRESTS: California Insurance Commissioner John Garamendi Monday announced the arrest of a woman who allegedly embezzled almost $27,000 from a workers compensation insurance claims processing firm, and the man who was the recipient of the stolen money. Brenda Sue McCornell is accused of funneling money to William Whitehead from the account of McCornell's employer, Associated Risk Services. COGNOS, TYMLABS SETTLE: Cognos Inc. announced Monday that it has finalized a new business agreement with Tymlabs Corp. in which Cognos will now license Tymlabs to incorporate the attributes of Cognos QUIZ software into Tymlabs PDQ software product. Also, the two companies have agreed to dismiss the lawsuits pending between them for copyright infringement without any admission of liability. CLASS ACTION CERTIFIED: A nationwide class action involving 15 manufacturers of silicone gel breast implants has been certified by the U.S. District Court in Cincinnati, it was announced Monday. The court defined the class to include all women, and the spouses of women, who have had silicone gel breast implants placed in their bodies. Trial is scheduled to begin in June 1993 in Cincinnati. SPECIAL PACKAGE ON COURT: COURT UPHOLDS AWARD: A $21.5 million award won by Diane Mason, of Wichita, Kan., against Texaco Inc. was left intact by the Supreme Court Monday. Diane Mason's husband, Otis Mason, who worked with engine oils and carcinogen benzene, died of lukemia. A year before he died, Mason sued Texaco and others, saying they didn't provide adequate risk warnings. STOCKBROKERS AWAIT DECISION: Stockbrokers who lined the halls of the Supreme Court Monday were awaiting a decision in a New Jersey case on whether cigarette pack warning labels should protect manufacturers from being sued by those who suffer smoking-related illnesses. Richard Daynard, who heads the Tobacco Products Liability Project, predicts a loss for cigarette makers could make stock prices dip by as much as 10%. COURT TO REVIEW TAX CASE: The Supreme Court Justices said Monday they will review a Virginia case in which retired federal employees hope to recover up to $400 million in pension taxes that were collected unlawfully. Billions of dollars are at stake in similar cases in other states. (End of package.) Business Law Editor: Jason P. Smith. (919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution violates federal law. This article is copyright 1992 Gannett News Service. 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