A FORMER head of sales at Computer Associates, the US software maker, pleaded guilty last night to conspiracy to commit securities fraud and obstruction of justice. David Rivard is the latest executive to face trial after the long-running investigation into the software company’s accounting procedures.

Putnam reaches settlement

PUTNAM INVESTMENTS has reached a settlement worth $110 million (£60 million) over allegations of improper mutual fund trading at the US investment house. Putnam admitted that it had allowed managers and clients to break certain internal rules. The deal comes in the wake of an industry-wide investigation.

Air Canada protection

AIR CANADA has been granted leave from creditors after a judge in Ontario, Canada, extended the period of court protection from April 15 to May 21. The judge also backed a move to give a larger role in its rescue to Ernst & Young, the accountant.