Watched: The Washington Post reports Rep. Spencer Bachus (R-Ala.), the chairman of the House Financial Services Committee, is under investigation for possible insider-trading violations. Bachus has long been a frequent trader on Capitol Hill. The Office of Congressional Ethics is leading the probe. Bachus said he welcomes "this opportunity to present the facts and set the record straight."
Renewed: The National Law Journal reports on the continued spat between Lincoln Memorial University Duncan School of Law and the American Bar Association. Attorneys for the law school want a federal judge to reconsider his denial of the school's request for an injunction against the ABA. The bar association earlier denied Duncan's request for provisional accreditation.
Scrutinized: The Mississippi Supreme Court on Thursday examined the constitutionality of the pardons former Gov. Haley Barbour issued in his last days in office. The hearing centered on ten pardons, but The New York Times said a ruling in favor of the state could jeopardize the nearly 200 pardons Barbour issued.
Concluded: Two former Bear Stearns hedge fund managers have reached a deal with the U.S. Securities and Exchange Commission over allegations they misled investors amid the crisis in the mortgage market, The New York Times reports. The deal is subject to court approval. Former Bear executives Ralph Cioffi and Matthew Tannin were scheduled for trial Monday in Brooklyn federal district court.
Misled: U.S. District Judge Jed Rakoff says the federal government may have misled the U.S. Supreme Court about policies on helping deported immigrants return to the United States, The Wall Street Journal reports. Rakoff is forcing the Justice Department to disclose by Monday internal e-mails in which government lawyers discussed the claim that was pitched to the high court.
Threatened: A man who made threatening comments about the creators of the television show "South Park" has pleaded guilty in Alexandria federal district court. The man, Jesse C. Morton, admitted his defunct "Revolution Muslim" web site was a source for al-Qaida propaganda.