Current Events

Chrysler Group says it is investigating complaints about an array of electronic glitches, including potentially dangerous engine stalling, that could afflict millions of its most-popular models.

Vehicles that could be involved include Chrysler and Dodge minivans, Jeep Grand Cherokee SUVs and Ram pickups made since the company adopted a new electronic control module in 2007.

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Bank of America's $16.65 billion settlement with the Department of Justice over selling toxic mortgage securities in the years before the nation's financial crisis is the largest in history for an individual compay. But watchdog groups say the agreement is undercut by what it doesn't include.

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Automobile powerhouse General Motors is expected to pay up to $600 million to compensate victims of a flawed ignition switch that is said to be tied to at least 13 deaths.

The problem with the ignition switch caused vehicles to shut off while driving, disabling important safety features such as air bags, anti-lock brakes, and power steering. Furthermore, GM admitted that it knew about the ignition problem for nearly 10 years.

According to reports, General Motors recalled 2.6 million cars for defective switches starting in February 2014, touching off a recall crisis at the company that has increased to nearly 29 million recalled vehicles. However, only owners of the original 2.6 million recalled vehicles are eligible for compensation through a fund set up by General Motors.

In the first days of General Motors' (GM) compensation fund for victims of its faulty ignition switch, 135 claims have been filed, with almost half of the claims for alleged deaths.

Sixty-five of the claims are for deceased claimants, Camille Biros, a spokeswoman for fund manager Kenneth Feinberg, wrote in an email to CBS MoneyWatch. Another 70 claims are for physical injuries, although the fund is "not in a position at this time" to provide additional insight about how many of those claims are eligible for compensation, she added.

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(Reuters) - Pharmaceutical giant Pfizer is facing a mounting wave of lawsuits by women who allege that the company knew about possible serious side effects of its blockbuster anti-cholesterol drug Lipitor but never properly warned the public.

In the past five months, a Reuters review of federal court filings shows, lawsuits by U.S. women who say that taking Lipitor gave them type-2 diabetes have shot up from 56 to almost 1,000.

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After months of low-ball offers and heels dug in, it took 24 hours for Bank of America to suddenly cave in ton the government, agreeing to largest single federal settlement in the history of corporate America.

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In the saga of General Motors' (GM) ignition-switch recall, there's yet another faulty product, and this time it's the recall website itself.

In an emailed statement to CBS MoneyWatch, GM said it's working on a fix for its ignition switch recall site, with the goal of having the problem fully ironed out this week. The ignition switch defect has been linked to at least 13 deaths, and has prompted Senate hearings and a record $35 million fine.

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Has a law designed to speed drug approvals resulted in excessive safety issues?

A new study finds that after the Prescription Drug User Fee Act was passed in 1992 – in which drug makers agreed to pay fees to help fund the FDA and the agency agreed to accelerate approvals – the number of safety warnings and product withdrawals was higher than before the law was passed.

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TAHLEQUAH, Okla. - A military man through and through, Raymond Spear served 20 years in the United States Air Force.

He was a Vietnam veteran and a loving husband to his wife and three daughters.

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Johnson & Johnson, which has come under withering criticism for its response to problems with some of its medical devices, won cautious praise from critics on Thursday for its decision to withdraw three products used in uterine surgery because of a risk of spreading cancerous tissue, only months after the safety issue became widely known.

Some experts continued to debate the medical value of the devices. A handful of other, smaller companies sell similar products.

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The Food and Drug Administration announced on Thursday that it would start regulating medical laboratory testing, saying that tests used to make important treatment decisions must be vetted and validated before they go into use.

The decision, long in coming, has been fiercely opposed by some laboratories and pathologists, who have said that regulation by the agency is unnecessary and would significantly increase the cost and time needed to develop tests, stifling innovation and depriving patients of some vital tools.

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