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Bank of America Corporation’s (NYSE:BAC) former municipal bond marketer Doug Campbell testified before a federal grand jury on Monday, that he had conspired with four former members of the municipal derivatives group to rig bids and fabricate work on transactions. Campbell had been a senior marketer in the municipal reinvestment and municipal hedging group at the bank from 1998 to 2002, and said that he worked with employees at UBS to make sure that Bank of America would win bids, commenting that, “Generally, it was a conspiracy to allocate and rig bids in the municipal reinvestment market.”. He also said that “I did not turn down the offer”, when UBS employees first approached him regarding an arrangement through which he would obtain bid information in advance.
Cisco Systems, Inc. (NASDAQ:CSCO) sees new threats to its profit margins arising from a new type of software that assists customers in their handling of data traffic with fewer switches and routers, according to Bloomberg.
Chevron Corporation’s (NYSE:CVX) crude distillation unit at its Richmond, California refinery could be offline for at least four to six months following last week’s fire, the industry intelligence group IIR Energy reported to Reuters.
EI DuPont de Nemours & Co. (NYSE:DD) is among a group of companies including ButamaxTM Advanced Biofuels, LLC, BP Corporation North America Inc. and BP Biofuels North America LLC, and BP p.l.c. (NYSE:BP), who face a lawsuit brought by Gevo, Inc. (NASDAQ:GEVO) that seeks a judicial determination that a recently issued Butamax U.S. Patent No. 8,241,878 is invalid and thus Gevo does not infringe on it. The latter’s Executive Vice President and General Counsel Brett Lund commented that , “We believe Butamax’s patent is invalid and will be filing a Request for Reexamination with the U.S. Patent and Trademark Office. We can make this claim for many reasons, including the fact that we already have an issued patent covering this technology and we invented it before Butamax filed its patent application. Butamax’s ’878 Patent covers only two Dihydroxy-Acid Dehydratase, or DHAD, enzymes, unlike Gevo’s patented technology in U.S Patent No. 8,232,089 that covers dozens of DHADs, including the two DHADs claimed in Butamax’s ’878 Patent. Gevo has advanced well beyond the research and development stage. We are now operating commercially. We believe this action is an attempt by Butamax and its corporate parents to impede our progress. They are trying to use the courts to compensate for their lack of progress.”
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