Goodyear official resignsafter being charged
AKRON -- A member of Goodyear Tire & amp; Rubber Co.'s board of directors, who was charged with perjury last week in a matter unrelated to company, has resigned.
James Zimmerman, the former chairman and chief executive of Federated Department Stores Inc., is accused of lying under oath in an investigation of antitrust issues.
His resignation from the Goodyear board is effectively immediately, the company said in a news release Friday. He had been a member since June 2001.
"It's Jim's decision," Goodyear spokesman Chuck Sinclair said. "He elected to resign and the board regretfully accepted the resignation."
Guilty plea is expected
PHILADELPHIA -- A former executive at J.P. Morgan Securities Inc. will plead guilty to wire fraud in connection with a federal probe of municipal corruption in Philadelphia, prosecutors said Friday.
Charles LeCroy had been scheduled to go on trial next week over allegations that he falsified an invoice so that a friend and adviser of Philadelphia Mayor John F. Street could be paid $50,000 for work he never performed.
Prosecutors said LeCroy was trying to curry favor with the administration in the hopes that J.P. Morgan could gain a bigger and more lucrative role in assisting in the sale of municipal bonds.
Vindicator wire services