Blackstone to settle flotation case for $85m August 29, 2013 BLACKSTONE, the co-owner of the city’s Broadgate estate, will pay $85m (£54.8m) to settle a longstanding lawsuit surrounding its 2007 initial public offering, it emerged yesterday. The Wall Street firm, established by legendary dealmaker Steve Schwarzman in the 1980s, will avoid a potentially fraught courtroom showdown scheduled for 16 September after agreeing to settle with [...]
SocGen loses bonuses lawsuit December 19, 2012 Societe Generale has lost a high-profile lawsuit against a fired London-based investment banker that could cost France’s second-largest bank up to €20m (£16.3m). The UK Supreme Court ruled yesterday that Belgian banker Raphael Geys, SocGen’s former managing director of European fixed income sales in London, had been sacked without proper notice in 2007. “The bank [...]
Vestas ousts its chief executive as losses mount August 21, 2013 TROUBLED wind farm manufacturer Vestas axed its chief executive yesterday after he struggled to stem losses or win back investors. Shares in the Danish company jumped five per cent after it revealed that Ditlev Engel will leave immediately, to be replaced by Ericsson veteran Anders Runevad on 1 September. Engel, who had been with the [...]
US Airways shares take a tumble as US Justice Department says no to merger August 13, 2013 Source: Yahoo The US Justice Department has filed a lawsuit to challenge the merger between US Airways and American Airlines on the grounds it would violate US antitrust law and lead to less competition in the industry. The Justice Department said a merger would remove the inventive for US Airways to offer lower prices and [...]
Goldman and LME face metal monopoly suit August 4, 2013 WALL Street titan Goldman Sachs and the London Metal Exchange (LME) were yesterday forced to deny allegations they rigged aluminium prices by slowing deliveries of the crucial metal to businesses. Both have been named as co-defendants in a lawsuit brought by US manufacturer Superior Extrusion over allegations of “anticompetitive and monopolistic behaviour” in warehousing the [...]
Apple adds products to lawsuit November 25, 2012 Apple has asked a federal court to add six more products to its patent infringement lawsuit against Samsung Electronics, including the Samsung Galaxy Note II, in the latest move in an ongoing legal war between the two companies. The case is one of two patent infringement lawsuits pending in the US District Court in San [...]
US sues Bank of America for alleged fraud August 6, 2013 THE US government yesterday filed two civil suits against the Bank of America for an alleged fraud against investors, involving $850m (£553.5m) of mortgage-backed securities. The Justice Department and the US Securities and Exchange Commission filed the parallel suits in US district court in Charlotte, according to the court filings. The securities date to about [...]
Stagecoach JV hit by lawsuit over US buses December 12, 2012 THE NEW York attorney general has complained that Stagecoach’s tourist bus services are anti-competitive. Twin America, a joint venture half-owned by Stagecoach, has been hit with an antitrust lawsuit brought by attorney general Eric Schneiderman and the US Department of Justice. The lawsuit alleges that the hop-on hop-off bus tour company has raised prices 10 [...]
UBS draws line under 2008 state bailout with toxic fund buyback July 30, 2013 UBS SAID yesterday it will buy back a fund set up to purge the Swiss bank of toxic assets, drawing a line under a humiliating state bailout in 2008 and raising the prospect of an early increase in dividends. Switzerland’s largest bank by assets has overhauled itself following the financial crisis and a series of [...]
Vodafone sues Telecom Italia for over €1bn August 4, 2013 VODAFONE Group is suing Telecom Italia for abusing its dominant position in Italy, seeking damages of more than €1bn (£868m). A Vodafone spokeswoman said the civil action in Milan stated that Telecom Italia committed a series of abuses from 2008 to 2013 “with the intention and effect of impeding growth in competition in the Italian [...]