RBS to pay $275m to settle US mortgage lawsuit February 19, 2014 RBS has agreed to pay $275m (£164m) in cash to settle a US class action lawsuit brought by pension funds accusing it of misleading investors in the sale of mortgage-backed securities (MBS). The case was brought in 2008, and concerned the packaging and sale of 14 MBS deals known as “Harborview”. The lender was accused [...]
Tinder CEO and co-founder Sean Rad is out as boss of IAC’s star startup November 4, 2014 The chief executive and co-founder of hugely successful dating app Tinder has been removed by majority owner IAC. Sean Rad will stay on as president and remains on the board. He will stay on until a new chief executive is found. Rad was ousted from the position after a call last month from IAC’s Sam [...]
Philips’ spotlight on €103m loss as technology giant releases disappointing results October 20, 2014 Technology giant Philips released disappointing third quarter results yesterday, showing a net loss of €103m (£103.76m), compared to a net income of €281m in 2013’s third quarter. “We are not satisfied with our overall performance in the third quarter,” chief executive Frans van Houten said. He went on to cite market softness and a jury [...]
Facebook faces lawsuit over float December 18, 2013 Facebook chief executive Mark Zuckerberg and dozens of banks involved in the social network’s public offering in 2012 will face a lawsuit accusing them of misleading investors about the company’s health prior to its $16bn float. A US federal judge said that investors would be able to pursue claims that Facebook should have disclosed internal [...]
Uber’s German ban just got overturned September 16, 2014 A judge in Germany has reversed a country-wide ban on Uber, the taxi app. The service had been told it could no longer operate in the country, but after an appeal Frankfurt Regional Court Judge Frowin Kurth decided the original complainants – other taxi companies in the country – had waited too long before they [...]
Banking Standards Review Council: Ethics panel for banks on the brink October 20, 2014 A plan for banks to police their own behaviour risks flopping before it even launches, with several large investment banks considering not taking part. No foreign bank has yet committed to the Banking Standards Review Council (BSRC), which was set up by UK banks after several scandals – and a substantial minority are sceptical of it. The [...]
BP share price plummets as judge raises Deepwater Horizon fine to $18bn September 4, 2014 BP's share price dived more than five per cent in late afternoon trading, after a US district court ruling made it liable for a fine of up to $18bn (£11bn) in relation to the Gulf of Mexico disaster in 2010. The court found BP acted with "gross negligence" and "wilful misconduct" when the Deepwater Horizon [...]
Apple agrees US ebook price-fixing settlement out of court June 17, 2014 Apple has agreed to settle an ebook price fixing lawsuit in the US. The tech giant avoided a trial and an estimated $840m payout in damages by agreeing to settle the lawsuit out of court. Consumers and legal representatives from 33 US states filed the civil lawsuit against the iPhone-maker and five book [...]
McGinley: Beware of vengeful USA September 22, 2014 EUROPE team captain Paul McGinley has warned his players to beware of a wounded beast when the 40th Ryder Cup commences on Friday at Gleneagles. USA succumbed to a second successive Ryder Cup defeat in 2012, with Europe – inspired by former world No5 Ian Poulter in particular – clawing back a four-point deficit on [...]
Uber to be driven off track in Germany after court ban September 2, 2014 Worldwide cab firm Uber yesterday vowed to fight on in Germany after a court issued a temporary injunction against the app-based service, saying its drivers lacked the necessary commercial licences to pick up passengers. The ruling by Frankfurt regional court last week came after a challenge brought by the German taxi industry for non-compliance with [...]