Class action vs BoA rejected in US September 5, 2013 A lawsuit accusing Bank of America of reneging on promises to help distressed homeowners modify their mortgage loans, and instead driving them into foreclosure, cannot proceed as a class action, a federal judge ruled yesterday. While saying borrowers’ claims “may well be meritorious,” US district judge Rya Zobel said they were too different to justify [...]
US Airways hit by shutdown and merger costs but revenue rises October 23, 2013 US AIRWAYS reported lower third-quarter profit yesterday as it set aside more money for taxes. The carrier, which hopes to fend off a US Justice Department lawsuit challenging a proposed merger with American Airlines parent AMR, had a higher-than-expected profit excluding merger costs, as the average airfare rose and revenue jumped to a record level. [...]
Verizon plans bond to finance Vodafone deal September 8, 2013 VERIZON could begin marketing the sale of up to $25bn (£16bn) in new bonds this week as part of its efforts to finance the purchase of Vodafone’s stake in Verizon Wireless. Verizon last week agreed to buy Vodafone’s 45 per cent stake in Verizon Wireless for $130bn, half of which will be financed by $61bn [...]
JP Morgan set to face charges over pre-crash mortgage bonds September 23, 2013 JP MORGAN could face another legal suit as the US Justice Department plans to sue the bank over mortgage bonds sold in the boom years, it emerged last night. It comes less than a week after the bank paid $920m (£573m) to settle with regulators on both sides of the Atlantic over the London Whale [...]
Hundreds join iPhone lawsuit against Google January 28, 2013 HUNDREDS of British iPhone users yesterday piled into a class action lawsuit against Google that claims the company bypassed Apple security measures to track web habits. Law firm Olswang is bringing the case against the web company, claiming that Google illegally installed tracking files – known as cookies – on products that use Apple’s Safari [...]
Romanian firms face lawsuit over 100 per cent horse lasagne February 10, 2013 THE SCANDINAVIAN arm of frozen food giant Findus yesterday said it would sue one of its suppliers after one of its beef lasagnes was found to contain 100 per cent horse meat, unleashing a wave of lawsuits over the growing scandal. Environment secretary Owen Paterson said the substitution of horse meat for beef was “either [...]
What the other papers say this morning – 20 November 2013 November 19, 2013 FINANCIAL TIMES Investors attack BoA settlement Bank of America’s plan to pay $8.5bn to compensate 22 institutional investors for soured mortgage-backed securities is a “Frankenstein settlement”, and should be rejected, a lawyer for a dissenting group of investors told a New York judge Tuesday. The claim came as lawyers for investors locked in combat over [...]
The unlikely bedfellows driving a cab revolution November 24, 2013 Annabel Palmer talks taxis with Russell Hall and Ron Zeghibe, two of the founders behind Hailo IN 1639, a licence was granted to the Corporation of Coachmen, allowing its members to compete with the then-dominant licensed sedan chairs. Today, there are over 23,000 licensed taxi drivers in London. They’ve become a British institution – described [...]
What the other papers say this morning – 15 October 2013 October 14, 2013 FINANCIAL TIMES Twitter aims to sell ads on other sites Twitter is planning to mine data about its users to help sell advertising on other mobile apps or websites, as it tries to find new sources of revenue in the run up to a stock market listing that could value the company at $15bn. Moscow [...]
Black banned from directorships August 15, 2013 Former press baron Conrad Black has been banned from acting as a director of a US company and must pay $4.1m (£2.62m) in restitution in a settlement with the US securities regulator that ends a long-standing lawsuit over Black’s dealings as the head of the Hollinger media empire. In its heyday, Hollinger International operated a [...]