Legal Briefing: Race and College Admissions

In 2003, the U.S. Supreme Court held in Grutter v. Bollinger that race could be a "plus factor" considered in school admissions. On Tuesday, the 5th Circuit Court of Appeals will hear arguments in the first case to ask precisely what that means.

Authorities to Investigate Companies Related to Gulf Oil Disaster

Federal officials plan to investigate at least three companies involved in the Gulf oil spill as a part of a criminal probe that will determine if their relationship with federal regulators contributed to the disaster, The Washington Post reported. A team of investigators known as the "BP squad" will focus on BP (BP), Transocean (RIG), which leased the Deepwater Horizon rig to BP, and Halliburton (HAL), which finished cementing the well less than 24 hours before the rig exploded. It will also investigate if regulators went easy on the companies in exchange for money or other inducements. The Washington Post did not name its sources.

WSJ: Federal Criminal Probe Looks Into Goldman Trading

Federal prosecutors are conducting a criminal investigation into whether Goldman Sachs or its employees committed securities fraud in connection with mortgage trading, The Wall Street Journal reports. The Manhattan U.S. Attorney's Office is heading the preliminary investigation.

HP Investigated for Possible Bribery

Hewlett-Packard executives in Germany are being investigated for allegedly paying bribes to win a contract in Russia. The amounts of the bribes could be in the millions of dollars.