Court fines billionaire for insider trading

American billionaire financier and philanthropist George Soros was convicted of insider trading Friday and fined $2.2 million by a French court. Soros said he was “astounded and dismayed” and vowed to appeal.

The 72-year-old Soros denied having inside information about a pending takeover attempt of French bank Societe Generale when he traded its shares 14 years ago.

The court judgment said Soros had inside knowledge of the takeover bid because the financiers behind it asked him to participate. Soros declined, but then bought 160,000 bank shares for his Quantum Fund and gained $2.28 million from their sale in 1988, the court said.

Kansas City, Mo.: H&R Block names chief to lead tax operations

H&R Block Inc. has picked a former Pepsico Inc. executive to head its U.S. tax operations.

Nana Mensah will become president of H&R Block Tax Services Inc. on Jan. 6, the Kansas City, Mo.-based tax preparer announced this week.

Mensah succeeds Tom Zimmerman, who retired in July.

H&R Block in November reported a loss of $37.3 million or 21 cents per share in the second quarter, reflecting both its typical earnings pattern and the recent settlement of a Texas lawsuit.

Energy: Court reverses ruling against Exxon Mobil

The state Supreme Court reversed a record $3.5 billion judgment against Exxon Mobil on Friday, ruling in a gas royalty dispute that a confidential legal opinion written for the energy giant should never have been admitted as evidence.

The ruling did not address the size of the judgment, which Exxon argued in its appeal from Montgomery, Ala., County circuit court was excessive and unwarranted. But it reversed the judgment and sent the case back for a possible retrial.