Ambac sues Bank of America over mortgages September 29, 2010 AMBAC Financial Group has sued Bank of America Corp, alleging a “massive fraud” that caused it several hundred million dollars of losses from insuring mortgage securities that went sour. In a complaint filed Tuesday in the New York State Supreme Court in Manhattan, Ambac said the bank’s Countrywide mortgage unit misled it about loan quality [...]
Nicholls to kick off the last day with big double March 17, 2011 PAUL Nicholls started the 2011 Cheltenham Festival with a bang thanks to Al Ferof’s victory in the Supreme Novices’ Hurdle and he could end it in style this afternoon. The champion trainer won the Triumph Hurdle in 2008 with Celestial Halo and he holds outstanding claims this afternoon with SAM WINNER, Zarkandar and Brampour. Ruby [...]
Court ruling ends badly for Vodafone September 8, 2010 India’s tax department has jurisdiction over tax bills in cross-border mergers, a court ruled yesterday, dismissing a petition by Vodafone and setting a precedent for foreign firms looking to buy into Indian companies. The Bombay High Court ruling came as foreign firms show renewed interest in acquiring Indian companies, lured by growth prospects in the [...]
Fed loses bank disclosure appeal August 23, 2010 The Federal Reserve will have to appeal to the Supreme Court if it wants to avoid having to disclose details of its emergency lending programmes to banks bailed out with taxpayer money during the financial crisis. The US Court of Appeals denied the Fed’s motion on Friday to rehear the case in which Bloomberg, the [...]
Fed loses bank disclosure appeal August 23, 2010 The Federal Reserve will have to appeal to the Supreme Court if it wants to avoid having to disclose details of its emergency lending programmes to banks bailed out with taxpayer money during the financial crisis. The US Court of Appeals denied the Fed’s motion on Friday to rehear the case in which Bloomberg, the [...]
Focus on EMI trial November 4, 2010 JUDGE JED RAKOFF Jed Rakoff provoked the ire of Wall Street when he rejected Bank of America’s $33m attempt to settle a dishonesty probe last year, describing such offers as “half-baked justice at best”. He redeemed himself in the eyes of one American bank yesterday, though his merciless courtroom treatment of long-winded witnesses gained him [...]
Lloyds Group tops ombudsman’s list for most complaints September 14, 2010 LLOYDS Banking Group topped the list of financial services companies that consumers have registered complaints with the Financial Ombudsman Service (FOS) about in the last six months, its latest figures revealed yesterday. Government-backed Lloyds TSB, was the subject of some 12,750 complaints during the six-month period. That was almost 5,000 more than Barclays Bank, which [...]
Hurd sued by HP over Oracle job September 7, 2010 MARK HURD, the former chief executive of Hewlett-Packard (HP), is being sued by the computer company over his move to join rival Oracle. Hurd was appointed as co-president and director of Oracle, the world’s third-largest software maker, yesterday and just one month after he resigned from HP. HP has alleged that Hurd’s move to Oracle [...]
Tories aided by Monaco hedge fund August 23, 2010 CONTROVERSIAL hedge fund manager Jon Wood handed the Conservative party a £500,000 donation two days before the general election in May. Wood, who runs the Monaco-based SRM Global investment firm, was the Tories’ second most generous corporate supporter during the campaign, data from the Electoral Commission revealed yesterday. News of the gift from one of [...]
Hands set for day in court over EMI deal October 17, 2010 AN explosive court case brought by Guy Hands, founder of buyout house Terra Firma, against Citigroup over indebted record label EMI opens in Manhattan today. Hands is suing Citigroup for up to £7bn in damages to cover equity lost since it bought EMI for £4.2bn in 2007, alleging that David Wormsley, a senior Citigroup banker [...]