Bank of America Corp. and its subsidiaries have received subpoenas and requests for information from state and federal governmental agencies on auction-rate securities.
Since February, the auctions that set the rates for most of the securities have failed.
BofA faces several class-action lawsuits contending the bank misled investors about the nature of the securities and their market.
In addition, according to a company filing with the Securities and Exchange Commission, BofA has received subpoenas from the attorneys general of a number of states “requesting documents and information regarding municipal derivatives transactions from 1992 through the present.”
In its filing, BofA says its recently acquired subsidiary, Countrywide Financial Corp., faces a formal investigation by the SEC.
BofA says it is cooperating with regulators.
The Charlotte, N.C.-based bank (NYSE:BAC) purchased Countrywide last month in a $2.5 billion deal that made BofA the country’s largest mortgage lender.
According to the filing, the SEC probe follows media reports that Countrywide is subject to an investigation by the FBI in connection with its mortgage-business practices.
Countrywide has also responded to subpoenas from the SEC, the filing states.
State attorneys general in California, Florida and Illinois have filed suits against California-based Countrywide, accusing the company of engaging in deceptive advertising and unfair competition faxless payday loans. They say the company put borrowers into mortgages they couldn’t afford or loans with rates and penalties that were misleading.
BofA is the third-largest bank in metro Atlanta, holding 12 percent of the market with 163 offices and $13 billion in deposits. In total, it has more than 59 million consumer and small business customers with more than 6,100 retail banking offices.
The Belmont University School of Pharmacy has launched of the school's first research study.
The project will investigate the stability of liquid forms of several drugs previously only available in solid dosage forms such as tablets, capsules.
The study is possible because of $157,000 contract grant with Galipot, the manufacturer of SyrSpend SF, the sugar-free syrup suspension agent for the drug's active ingredients.
The research project will involve Belmont pharmacy faculty members in evaluating 71 different drugs over the next two years.
Liquid forms of drugs are vital to the treatment of infants, children and patients whose illnesses prevent swallowing.
The process of testing the 71 drugs involves mixing the active ingredients into the liquid suspension agent.
"I'm excited that our first research project as a school will serve patients who are often most in need: young children and patients with cancer, stroke or other devastating conditions who have lost their ability to swallow," says Dr paydayloans.com. Phil Johnston, dean of the School of Pharmacy in a news release.
The school recently bought high-level equipment which enables the scientists to measure how much of the drug remains active in the solution over time.
It will seat its first class of 75 students in August.
Hawaii's statewide average price of gas has dropped 5 cents in less than a week.
The average price of gas fell from a record high of $4.50 on Thursday to $4.45 on Monday, the same average from a month ago and up $1.17 from $3.28 a year ago.
Honolulu-area gas prices were steady at $4.37, compared to $4.35 a month ago and $3.17 a year ago, according to AAA.
In Hilo, gas is $4.48, the same as a month ago and up from $3.29 a year ago.
Wailuku gas prices hit $4.72. Fuel there is up from $4.70 a month ago and $3.60 a year ago.
The nationwide average for a gallon of gas is $3.88, down 23 cents since hitting the record high of $4.11 July 17 http://abc-cashadvance.com.
The average price of a gallon of gas is most expensive in Alaska, where it costs $4.64. Gas is cheapest in Oklahoma, at $3.61.
Save Mart Supermarkets of Modesto, which operates 71 Lucky stores in the Bay Area, has started a program it hopes will raise up to $4.5 million a year for schools and other community organizations.
Shoppers at Lucky stores, as well as the company's stores with the Save Mart, S-Mart and FoodMaxx banners, will be able to make charitable donations of up to 3 cents on every dollar spent on qualified purchases to the organization of their choice.
The company will be issuing cards called S.H.A.R.E.S. — or Support Humanities, Arts, Recreation, Education and Sports — that customers can swipe in machines at check stands to make contributions.
Individual schools, arts groups, sports organizations or other eligible organizations will be able to benefit from the program and can request cards for their members.
"The current economic climate makes fundraising more challenging," John Kelly, vice president of marketing for Save Mart Supermarkets, said in a statement payday loans. "The S.H.A.R.E.S. Program makes it possible for our customers to support their schools, churches, clubs or organizations without feeling the pinch."
The company will distribute donations on a quarterly basis, with its Lucky stores contributing up to $2 million annually or $500,000 each quarter to Bay Area schools, clubs and other organizations.
Save Mart operates a total of nearly 250 stores throughout Northern California and Northern Nevada.
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Affymetrix Inc.’s product for in vitro gene expression diagnostic testing has been given regulatory clearance by the U.S. Food and Drug Administration, the company said Thursday.
Santa Clara-based (NASDAQ:AFFX) said the microarray system was granted clearance along with the Pathwork Tissue of Origin Test from Sunnyvale-based Pathwork Diagnostics Inc., which analyzes a tumor’s gene expression profile to aid in diagnosing the source of hard-to-identify tumors.
Pathwork is a member of the Powered by Affymetrix program, which includes 11 leading diagnostic companies.
"Together Affymetrix and Pathwork have developed and now bring to market a very powerful tool to potentially improve cancer diagnostics and subsequent treatment planning and outcome," said Kevin King, president of Affymetrix credit reports. "The Pathwork Tissue of Origin Test is supported by extensive analytical and clinical validation data. This not only expands the menu on our diagnostic platform, but opens the door for other gene expression-based diagnostic tests that are currently being developed by Affymetrix and our PbA partners on the GCSDx platform."
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