Flying Low: The parent company of American Airlines Inc. is filing for Chapter 11 bankruptcy, Bloomberg reports. The move comes after the company was unable to get cost-cutting labor deals.
Bye Bye Barney: Rep. Barney Frank (D-Mass.) will not seek reelection in 2012 after serving 16 terms in the House, The Boston Globe reports. The newspaper says he would have faced a difficult battle to keep his seat.
Cain Allegations: A woman from Atlanta said she had a consensual affair for several years with Republican presidential candidate Herman Cain, The Washington Post reports. Cain denied the allegations made by Ginger White.
Rejection: A federal judge in Manhattan on Monday rejected a $285 million agreement Citigroup Inc. reached with the U.S. Securities and Exchange Commission to settle civil fraud charges the agency brought against the company, The Wall Street Journal reports. U.S. District Judge Jed Rakoff said the deal was "neither fair, nor reasonable, nor adequate, nor in the public interest."
Questioning DOJ: Sen. Lisa Murkowski (R-Alaska) is urging the U.S. Justice Department inspector general and Office of Professional Responsibility to investigate why the DOJ decided not to pursue a teen sex case against a key government witness in the failed public corruption case against former Sen. Ted Stevens and prevented her state from prosecuting him, the Anchorage Daily News reports. The DOJ declined to comment on the matter concerning former Veco Corp. Chairman Bill Allen.
Coming to America: A former Crowell & Moring counsel who fled to Asia after he was accused of stealing millions of dollars from client escrow funds will return to New York to face charges stemming from the misappropriation of funds, the New York Law Journal reports. The lawyer, Douglas Arnsten, was arrested in Hong Kong.