U.S. investors barred from private Facebook offering

Goldman Sachs Group Inc. has barred U.S. investors from participating in a private offering expected to raise up to $1.5 billion for social networking site Facebook, citing widespread media coverage that could run afoul of securities guidelines.

The investment bank said Monday it decided to restrict the fund to prospective shareholders in Asia and Europe because it determined that the news coverage could be inconsistent with the laws that govern private placements.

Goldman Sachs said it made the decision on its own and “believes this is the most prudent path to take.”

The Securities and Exchange Commission has guidelines that regulate the amount of solicitation and publicity that is allowed in connection with a private placement.

WikiLeaks obtains records of tax schemes by wealthy

A former Swiss banker on Monday supplied documents to WikiLeaks that he alleges detail attempts by wealthy business leaders and lawmakers to evade tax payments.

Rudolf Elmer, an ex-employee of Swiss-based Bank Julius Baer, said there were 2,000 account holders named in the documents, but he refused to give details of the companies or individuals involved.

He has previously offered files to WikiLeaks on financial activities in the Cayman Islands, and faces a court hearing Wednesday in Zurich on charges of coercion and violating Switzerland’s banking secrecy laws.

“As a banker I have the right to stand up if something is wrong,” said Elmer, who addressed reporters at London’s Frontline Club alongside WikiLeaks founder Julian Assange.

Assange said that with WikiLeaks focused on other issues – such as the publication of its cache of about 250,000 diplomatic cables – it could be several weeks before Elmer’s latest files are reviewed and posted on the organization’s website.

Companies renew battle over Bratz doll copyright

It’s Round 2 in the legal fight between toy giant Mattel Inc. and rival MGA Entertainment Inc. over the right to make and market Bratz dolls – the sassy line that flew off the shelves when it was introduced in 2001, gaving Barbie a run for her money.

Two years ago, a federal jury awarded Mattel $100 million and found that Bratz designer Carter Bryant had developed the concept for the Bratz dolls while working for Mattel. An appeals court later overturned the verdict, and the case was sent back for a retrial.

Now, the archrivals are set to present opening statements today in Santa Ana, Calif., involving Mattel’s original copyright infringement allegations along with MGA’s counterclaim of unfair business practices and Mattel’s accusation of theft of trade secrets by its competitor.