Goldman faces fresh legal suit over its SEC disclosures April 26, 2010 GOLDMAN Sachs faces fresh legal action after shareholders filed a suit against the bank over its investigation by the US Securities and Exchange Commission (SEC). The class action, which was filed yesterday in the Southern District of New York Federal Court, accuses the bank of failing to notify shareholders that the SEC had issued Goldmans [...]
Wal-Mart in case setback April 26, 2010 ASDA owner Wal-Mart suffered a blow yesterday when a US court ruled a sex-discrimination lawsuit against the retailer can proceed as a class-action case covering more than one million female employees. Wal-Mart , the world’s largest retailer, had asked the Ninth Circuit Court of Appeals in San Francisco to undo class-action certification in what could [...]
Bangalore blasts will concern ICC April 20, 2010 THE blasts in Bangalore at the weekend were not only a worry for Indian Premier League chiefs, but will also be pretty disturbing for the ICC ahead of next year’s World Cup on the sub-continent. Bangalore is historically a very friendly town, but so anxious are the IPL, they have been forced to move this [...]
Charles Schwab’s legal settlement almost wipes out first quarter profit April 20, 2010 US Brokerage Charles Schwab yesterday agreed to pay $200m to settle a federal class-action lawsuit related to a money-losing bond mutual fund, erasing nearly all of its first quarter profit. Schwab in March 2008 became the target of litigation and regulatory probes focused on its YieldPlus Fund, a short-duration bond fund that plunged in value [...]
Rickie’s return just misses the mark April 15, 2010 Film CEMETERY JUNCTION Cert: 15 HAVING proved he can make it in Hollywood, Ricky Gervais has brought a whole load of Tinseltown gloss back with him for this tale of small-town kids in the Seventies. Written and directed by Gervais and old mucker Stephen Merchant, the film is polished, conventional and formulaic to the degree [...]
Banks avoid facing class action suits as Financial Services Bill passes into law April 14, 2010 BANKS have walked away from potentially paying out billions of pounds in class action settlements, after a clause in the Financial Services Bill surrounding the matter was struck before the bill passed though parliament. The Financial Services Bill, which reached Royal Assent during the wash-up period last week, saw clauses 18 to 25 struck out [...]
Bullock is Miss Sentimentality in her apple pie Oscar role March 25, 2010 Film THE BLIND SIDE Cert: 12A IT’S certainly a remarkable story. “Big Mike” Oher, a poor black kid from the Tennessee projects abandoned by his junkie mother, became a major star in American football after being rescued by rich housewife, Leigh Anne Tuohy. She and her millionaire husband (Tim McGraw) adopted him as a teenager, [...]
City workers slam class war Budget March 24, 2010 THE City was left unconvinced by yesterday’s Budget, slamming Darling for failing to provide a clear outline on how the government was planning to reduce its huge deficit. Banks were being sent a contradictory message, critics said, pointing out that Darling has asked nationalised banks such as Lloyds and the Royal Bank of Scotland to [...]
Reforms required to make India world class March 21, 2010 CITYA.M. readers struggling with the end of the UK winter won’t want to hear I am in India. My business on your behalf is strengthening ties with India’s financial services community, but the hot topic with locals on the street is the Indian Premier League. The remarkable success of this cricket tournament, which only got [...]
REVOLUTIONISING the runabout March 16, 2010 OFTEN it’s the least exciting cars that are the most surprising. Testing an eco model from the most traditionally conservative car segment – the Supermini or B segment – promises to be, if not dull, then certainly a pedestrian experience. Yet, in a difficult car market, the Supermini segment is where all of the action [...]