Saturday, July 10, 2004

Business digest

Two former executives sue Dayton utility

Staff/Wire reports

DAYTON - Two former executives of a utility company have filed a lawsuit, saying they were denied compensation and benefits they were entitled to after they resigned following a critical report of top management and procedures.

Peter H. Forster and Caroline E. Muhlenkamp filed the lawsuit Thursday in Florida against DPL Inc., Dayton Power and Light Co., and MVE Inc.

Forster was the former chairman of the companies, and Muhlenkamp was the companies' former interim chief financial officer and president of MVE, the subsidiary that managed DPL's investments.

Oak Hill bank profits rise in second quarter

JACKSON, Ohio - Oak Hill Financial Inc. Friday reported a 9 percent rise in second-quarter profits. The parent of Oak Hill Banks earned $3.25 million, or 57 cents a share, up from $2.98 million, or 53 cents a share, during the same period in 2003.

It had strong growth in business and home-equity lending and lower expenses.

Oak Hill operates nine branches in the Cincinnati/Dayton area.

Former union leaders get prison terms

HOUSTON - Two former presidents of a Cleveland-based union were sentenced to two years in prison Friday on conspiracy charges for extorting money and valuables from attorneys doing business with the group.

Byron Boyd Jr., 57, of Seattle, and Charles Little, 68, of Leander, Texas, of the United Transportation Union, accepted plea agreements with the government.

The union, which was created in 1969, has about 125,000 members nationwide in the railroad, bus, mass transit and airline industries.

MCI wants ex-CEO to pay back loan

NEW YORK - MCI Inc. is suing its former CEO, Bernard Ebbers, saying he must repay $408 million the company loaned him over two years.

The suit, filed Friday in U.S. Bankruptcy Court for the Southern District of New York, also seeks to void Ebbers' resignation agreement, which promised him $1.5 million in annual pension payments, an office and computer, and use of the company jet.

Ebbers is charged with fraud and conspiracy connected to the massive accounting fraud at MCI that is now estimated at $11 billion. He has pleaded not guilty.

Hacking suspect found at Microsoft

SEATTLE - A man accused of hacking into search-engine company AltaVista's systems two years ago is now employed by Microsoft Corp., reportedly working on search technology.

Laurent Chavet, 29, was arrested by FBI agents a week ago in Redmond, Wash., acting on a warrant issued in San Francisco.

Federal prosecutors allege that Chavet hacked to obtain source code and recklessly caused damage to AltaVista's computers.

Commodity regulator to lead NYMEX

WASHINGTON - The head of the federal agency that regulates the nation's commodity exchanges is resigning to take a top job at the New York Mercantile Exchange, it was announced Friday.

James Newsome, who was appointed by President Bush, has been chairman of the Commodity Futures Trading Commission since December 2001 and was acting chairman for most of that year. His term does not expire until June 2006.

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