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, Jul 21 1992 Date: Tue, 21 Jul 92 06:06:53 EDT Message-ID: 07-21 0000 DECISIONLINE: Business Law USA TODAY Update July 21, 1992 Source: USA TODAY:Gannett National Information Network JAPAN'S WATCHDOG CRITICIZED: Japan's first securities watchdog, the Securities and Exchange Surveillance Commission, is already facing criticism after its first day. The SESC is part of the Ministry of Finance, which was assailed for not preventing several securities and banking scandals last summer. Critics say an independent office, such as the U.S. Securities and Exchange Commission, is needed to watch the SESC. MAXWELL FINED $793 MILLION: Kevin Maxwell, the youngest son of the late media tycoon Robert Maxwell, was ordered to pay $793 million for his alleged role in removing assets from Maxwell pension funds. England's High Court said Monday the younger Maxwell failed to perform his duties as director of Bishopsgate Investment Management, which ran Maxwell's pension funds. An estimated $878 million was taken from the funds. FDA WANTS HISMANAL WARNINGS: The Food and Drug Administration Monday asked Janssen Pharmaceutica to inform doctors of the risks of the prescription antihistamine drug Hismanal. The FDA said it may cause deadly irregular heartbeats or heart attacks if taken in more than the recommended dose. Side effects can occur after taking as few as two tablets a day. The recommended dosage is one. GREENSPAN MESSAGE LOOKS SOMBER: Many analysts say they expect Federal Reserve Chairman Alan Greenspan to deliver a somber forecast of the economy to the Senate Banking Committee Tuesday, predicting the recovery will strengthen but economic growth will remain anemic, at rates less than half of what is normal in a typical upturn. Greenspan will release the Fed's midyear report on the economy and monetary growth targets. WOMAN SUES MULTIMEDIA: Janece Hall of Gulfport, Miss., has filed a $200,000 lawsuit against Multimedia, which produces The Sally Jessy Raphael Show,charging fraud and emotional distress. She says the show lured her last year by saying she'd be reunited with her estranged daughter and grandchildren. Once there, Hall says she found the topic was family disputes involving child custody. NORTHWEST, KLM PLANNING DEAL: Northwest Airlines and KLM Royal Dutch Airlines are planning a partnership that, under a proposed new U.S. aviation policy, could make KLM the first foreign carrier to have access to any U.S. city. Under a proposed open skies policy, which the U.S. Department of Transportation hopes to issue soon, foreign airlines would no longer have to negotiate rights to fly to individual U.S. cities. CONGRESS CONSIDERS OVERTIME: Congress is debating whether to exempt businesses from paying overtime to bosses, professionals and other salaried workers whose pay can be docked if they take part of a day off. The 1938 Fair Labor Standards Act requires any worker treated as an hourly employee for time taken off to be treated the same for any time worked beyond 40 hours a week. SAFETY RULES ARE TOO WEAK: Federal safety experts say U.S. truck safety regulations aren't tough enough to keep tankers from exploding or spilling hazardous chemicals in rollover accidents. The National Transportation Safety Board is pressuring the U.S. Department of Transportation to conduct tests to find out what new rollover protection equipment should be required. NTSB says the DOT's requirements aren't enough. TRUCK REGULATIONS CRITICIZED: Safety experts say as many as half of the heavy trucks rolling on U.S. highways have brake problems so serious they should be ordered off the roads. The experts say the U.S. Department of Transportation is moving too slowly to enact federal requirements to improve the rigs' brakes and stopping performance. Experts also blame powerful industry groups who have fought some requirements. NATIONAL MEDICAL FILES SUIT: Hospital operator National Medical Enterprises filed a suit Monday alleging that Travelers Cos., Massachussetts Mutual and Mutual of Omaha have failed to pay $45 million in health-insurance claims the company has submitted. The company said it may seek damages in addition to the $45 million. JUDGE HALTS DU PONT LAWSUIT: A Delaware judge halted action Monday in a lawsuit by Du Pont over claims on its Benlate fungicide until an Iowa judge rules on a related suit. Both suits arose from claims by growers who think their crops were damaged by the use of Benlate. CABOT ASKS FOR DELAY: Cabot Corp. asked a Delaware judge Monday to halt the transfer of its technology to a Thailand company, only to find out the request may be too late. A lawyer for Thai Tantalum said equipment using the technology was already being shipped, Bloomberg Business News reports. PRICE PLAN CONFIRMED: Price Communications Corp. said the U.S. Bankruptcy Court for the Southern District of New York confirmed its reorganization plan Monday, Bloomberg Business News reports. President Robert Price said approval of the plan enabled the company to move ahead with a new capital structure designed to benefit all shareholders. Business Law Editor: Kate Coughlin. (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. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM