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             Case number two involves several suits filed be Owens Corning against firms that represented asbestos claimants. The suits are being filed in order to reclaim the funds paid out as asbestos claims settlement program that the company joined in 1998, and drove them into chapter 11 two years ago. The company also wants its biggest shareholders to return the 62 million dollars in dividends that were paid out. The Bank of America Corp. is being targeted by Owens Corning. Corning is trying to recover the 133 million dollars they paid to Bank of America, in order to payoff their loans to stockholders of the former Fibreboard Corp., which had huge asbestos liabilities when Owens Corning bought it for $55 a share. My interpretation of this lawsuit is that businesses, while often being the target of big business lawsuits, also have the ability to bring on their own. Something that struck me about this case, as quoted from the Wall Street Journal Online, on October 3, is that the Toledo-based building supply maker filed for bankruptcy protection in October 2000 because of rising costs from asbestos lawsuits, however, it stopped selling insulation that contained asbestos 25 years ago. So basically it is being charged with things that occurred a quarter century ago. This also shows me that in the business world, your actions and practices now can, and will, affect you in the extreme long term. .
             The third case I have chosen to highlight comes from the October 8th edition of Wall Street Journal Online. It deals with the effects and repercussions of accounting fraud. BDO accounting firm settled with the Securities and Exchange Commission for fraud in the auditing of ACLN ltd. Company. BDO Cyprus, and two partners, gave in to the settlement without admitting or dismissing any wrongdoing. The SEC has, in effect of the lawsuit, frozen over 45 million dollars of BDO's accounts in the Netherlands, Denmark, Luxembourg, and Monaco.


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