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 [...]
Class action hopes quashed by ruling October 5, 2010 FAEGRE & BENSON Since the financial crisis of 2008, shareholders in several companies including RBS, Northern Rock, Lloyds, BP and Porsche have pursued the possibility of suing for fraud in the American courts, where class actions are far easier. But a recent Supreme Court decision could scupper these plans. The verdict in Morrison v National [...]
Bewitching homes for beautiful living October 28, 2010 WHILE few sane people would relish the idea of cohabiting with a ghost or other supernatural presence, Britain is an old country and has its fair share — perhaps more than its fair share — of spooky residences. We have more graveyards than you can shake a stick at, and plenty of people have died [...]
Privacy laws offer City folk protection September 21, 2010 WARREN Buffet once said: “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently”. A professional reputation, much like a brand or business reputation, also takes many years to build and demands considerable further investment to nurture and grow. Such a reputation, [...]
FRESH APPEAL FOR CONRAD BLACK June 24, 2010 THE US Supreme Court yesterday put strict new limits on prosecutors’ abilities to charge white collar criminals. The ruling opens a window of opportunity for two convicted former executives who are currently in prison: Conrad Black of Hollinger International (above) and Jeffrey Skilling, Enron’s former chief executive. The Court said both cases could be reviewed [...]
FRESH APPEAL FOR CONRAD BLACK June 24, 2010 THE US Supreme Court yesterday put strict new limits on prosecutors’ abilities to charge white collar criminals. The ruling opens a window of opportunity for two convicted former executives who are currently in prison: Conrad Black of Hollinger International (above) and Jeffrey Skilling, Enron’s former chief executive. The Court said both cases could be reviewed [...]
Australian bank investors lose US court case June 24, 2010 FOREIGN investors who bought shares of National Australia Bank on an overseas stock exchange cannot sue in a New York court over large writedowns related to the bank’s onetime US mortgage unit, the Supreme Court ruled yesterday. The justices upheld a ruling by a US appeals court that dismissed the lawsuit on the grounds that [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 22, 2010 THE SUNDAYS The Sunday Telegraph TESCO TO OPEN DRIVE-THRU STORE It has moved into banking, pet insurance and telecoms, but Tesco will expand its reach further this week with the launch of the UK’s first ever “drive-thru” supermarket. The service will allow customers to pick up their weekly shop without leaving their car. LIDL SET [...]
AstraZeneca pays $198m to drug victims August 9, 2010 AstraZeneca yesterday agreed to pay $198m (£124m) to settle 17,500 cases brought by patients claiming side effects from its anti-psychotic drug Seroquel. The Anglo-Swedish drugs giant faces ongoing litigation over claims its best-selling drug, which is used to treat schizophrenia and bi-polar disorder, also carries an increased risk of passing on diabetes. Seroquel, which last [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 29, 2010 FINANCIAL TIMES M&A ACTIVITY LACKLUSTRE DESPITE STRENGTH IN EMERGING MARKETS Europe’s sovereign debt crisis and turbulent financing markets rattled the confidence of corporate dealmakers across the globe in the first half of the year to damp already lacklustre mergers and acquisition activity. The volume of deals worldwide rose 2.9 per cent to $828.9bn during the [...]