Floyd Mayweather’s manager Al Haymon faces $300m lawsuit from Oscar De La Hoya’s Golden Boy promotions May 6, 2015 With the fallout from the biggest boxing "fight of the century" still unfolding, another bout between two of the sport's biggest players has been announced not for the ring but for the courtroom. Golden Boy Promotions is suing boxing Floyd Mayweather Jr's manager/advisor Al Haymon and his backers for $300m (£197m) for allegedly breaching antitrust [...]
Mark Zuckerberg is selling £1.4bn Facebook stake December 2, 2015 Facebook chief executive Mark Zuckerberg is to sell 41.4m of his shares in the company, worth around $2.3bn (£1.4bn). That's part of an offering of 70m Class A common shares, according to a SEC filing. We expect that the majority of the net proceeds Mr. Zuckerberg will receive upon such sale will be used to [...]
News you can celebrate: Happy Birthday is now officially in the public domain and free for all to sing December 9, 2015 One of the most performed and well-known songs in the world is finally free as a two-year legal battle over who owns the copyright to Happy Birthday to You comes to an end. Music publisher Warner/Chappell, part of Warner Music Group, has settled a class-action lawsuit for an undisclosed sum, with multiple artists who wanted to have fees they [...]
Morgan Stanley possible target for lawsuit over OW Bunker float March 5, 2015 MORGAN Stanley is one of the banks that could be sued by the Danish Shareholders’ Association (DSA) over the disastrous initial public offering (IPO) of OW Bunker in March 2014. The Danish marine fuel company, which was originally valued at $1bn (£656m), was rocked by scandal in November 2014 when it revealed it was facing [...]
Electrolux share price tumbles on $3.3bn General Electric appliances merger cancellation December 7, 2015 Shares in Swedish appliance manufacturer Electrolux tumbled 14 per cent this morning, after it emerged the company won't buy General Electric's appliance business – thanks to interference from the US Department of Justice (DoJ). In a sheepish update this morning, the company said it had been notified by GE that it had terminated the $3.3bn takeover agreement, [...]
Aer Lingus loses passengers but wins EU lawsuit February 5, 2015 BOTH Aer Lingus and rival EasyJet have posted disappointing passenger numbers for the first month of 2015. The Irish flag carrier said mainline passenger numbers fell 4.5 per cent year-on-year in January to 546,000. Aer Lingus, which is subject to a potential takeover bid from British Airways owner International Airlines Group (IAG), said its long-haul [...]
Bank of China smacked with daily contempt fines in the US December 2, 2015 The Bank of China is facing a daily fine of $50,000 (£33,191) from the US, unless it complies with a court request to hand over the details of customers who have been accused of selling fake luxury products. The fine follows a court ruling made in Manhattan yesterday, in which District Judge Richard Sullivan said the bank [...]
RBS share price dives to lowest level since 2012 as it announces £2bn provision for fines and £498m write-down for Coutts private banking January 27, 2016 The Royal Bank of Scotland (RBS) has announced a £2.5bn hit on its profits, thanks largely to a £1.5bn provision for claims in the US relating to mortgage-backed securities. The bank's share price was down 3.72 per cent to 251.2p just after markets opened this morning – its lowest since 2012. The bank will make a loss in 2015: [...]
Caddies launch £33m lawsuit in PGA bib row February 4, 2015 CADDIES have launched a £33m lawsuit against the PGA Tour, claiming they should be entitled to compensation for being made to don sponsor-branded bibs while working alongside golf stars. The 81 caddies behind the action allege they were threatened with expulsion if they refused to wear the bibs at events on the Tour, America’s top [...]
Tesco’s share price rises after supermarket agrees $12m US settlement over profits blackhole November 26, 2015 Tesco's share price climbed this morning, on the back of news that it has agreed to pay $12m (£8m) to settle a US class action lawsuit brought against it over the £263m profits blackhole discovered last year. The supermarket denied wrongdoing, but agreed to pay the all-cash settlement, according to documents filed at the US District Court [...]