Fidelity's top lawyer resigns to be full-time law teacher

Fidelity Investments' top lawyer for its fund management business, Eric Roiter, has quit to take up full-time teaching of law, according to the world's biggest mutual fund company. Roiter, senior vice president and general counsel of Fidelity Management & Research Co, left the firm May 31 and has been succeeded by Scott Goebel, a senior attorney with Fidelity, company spokesman Vin Loporchio said. "Eric has accepted appointments from both Harvard Law School and Boston University Law School as an adjunct professor, beginning in the fall," Loporchio said. (Reuters)

The Food and Drug Administration warned patients that using large amounts of a Johnson & Johnson foot ulcer medication could heighten their risk of dying from cancer. The FDA added its most serious warning to the company's cream Regranex, which is prescribed to treat severe foot and leg ulcers in diabetics. The new boxed warning states that patients who used three or more tubes of Regranex were five times more likely to die of cancer. When patients used lower amounts, the FDA said their chances of developing cancer were no higher than patients who never used the drug. The findings come from a long-term study comparing 1,600 patients who used Regranex with 2,800 patients who did not, according to the FDA. A J&J spokeswoman said the company cooperated on the new labeling. (AP)

Amazon.com Inc.'s website started working again after the world's largest Internet retailer experienced service interruptions for about two hours. Amazon.com spokeswoman Patty Smith said the US site went down about 1:25 p.m. International sites and the retailer's Web services division were unaffected, she said. "We're not commenting as to the cause," Smith said. She wasn't able to say the last time the site failed. (Bloomberg)

T-Mobile USA Inc. sued Starbucks Corp. saying the coffee chain breached a contract by allowing AT&T Inc. to supply in-store customers with free Wi-Fi Internet access using T-Mobile's lines and equipment. T-Mobile, which said it agreed to provide Wi-Fi service at Starbucks in 2002, accused the largest US coffee chain of "secretly" developing a plan to let AT&T provide free Internet service at more than 7,000 US Starbucks stores. "Our goal is to ensure Wi-Fi access at all Starbucks locations, a benefit offered to our Starbucks Card Rewards members as well as AT&T subscribers, and steps are being taken to ensure that this access continues," said a Starbucks spokeswoman. (Bloomberg)

MGA Entertainment Corp. had "no reason" to hide the identity of the designer of its Bratz dolls, even though Carter Bryant was working on the hit franchise while still under contract to Mattel, MGA chief executive Isaac Larian said. In a federal trial in Riverside, Calif., over whether MGA or rival Mattel Corp. owns the copyright to the $1 billion doll line, Larian testified that he was satisfied after checking with Bryant's lawyer and having MGA staff make inquiries, that the designer owned the concept for the big-headed, pouty-lipped dolls. (Reuters)

A US panel will review the safety of a chemical widely used in plastic products after lawmakers and researchers questioned whether it can lead to health complications. The panel of outside advisers to the Food and Drug Administration will hold a public meeting on the safety of bisphenol A, found in food and beverage containers, the agency said. The panel will deliver its findings before year-end, according to the FDA. Bisphenol A is a component of polycarbonate plastic and has been used in baby bottles and water bottles popular with hikers. The National Toxicology Program, a US health agency, in April said studies in animals may raise concerns that the chemical affects human development. (Bloomberg)