Judge throws out AIG lawsuit November 19, 2012 A LAWSUIT by AIG’s former chief executive Hank Greenberg alleging the Federal Reserve Bank of New York broke the law during the 2008 government bailout of the failing insurance company was yesterday dismissed. Starr International, once a large shareholder in AIG, argued the US acted unconstitutionally when it took 80 per cent of AIG’s equity. [...]
Obama reverses import ban on Apple products August 4, 2013 THE Obama administration has overturned a US trade panel’s ban on the sale of some older iPhones and iPads, reversing a ruling that had favoured Samsung Electronics over Apple in their long-running patent battles. The US International Trade Commission in June banned the import or sale of the iPhone 4, iPhone 3GS, iPad 3G and [...]
Dell founder agrees last minute $25bn deal and postpones record date and vote August 2, 2013 Michael Dell and private equity firm Silver Lake have sweetened their Dell buyout deal even further (despite saying their last offer would be best and final), keeping the price at $13.75 (£9.08) per share but offering a 13-cent-per-share special dividend. In exchange Michael Dell and Silver Lake would receive the voting modifications they asked for, [...]
Three big auditors are slapped with lawsuits over past work November 29, 2012 AUDIT firms Deloitte and KPMG are among the firms named in a US lawsuit brought by a disgruntled investor in Hewlett-Packard, though both firms distanced themselves from the troubled deal yesterday. The case, filed in California, claims the auditors missed numerous red flags about Autonomy, which HP bought last year. The tech firm has since [...]
Bumi takes first steps towards separation from Bakrie Group July 18, 2013 TROUBLED miner Bumi yesterday took the next step in its separation from the Bakrie Group by agreeing to sell its stake in Jakarta-listed Bumi Resources to the Indonesian conglomerate for $501m (£329m). The FTSE 250-listed firm, which has been embroiled in an arduous tug-of-war between its founder Nat Rothschild and the Bakrie family, said that [...]
What the other papers say this morning – 06 September 2013 September 5, 2013 FINANCIAL TIMES Acxiom under transparency fire An effort to bring transparency to the shadowy world of consumer data brokers has backfired, as privacy advocates slam industry leader Acxiom for a new service that for the first time lets consumers glimpse what it knows about them. “Secrecy is never a good strategy,” Scott Howe, chief executive [...]
Monster shares hit by lawsuit October 22, 2012 ■ Monster Beverage shares fell 14 per cent yesterday after news that it is being sued by the family of a 14-year-old girl who died after drinking two cans of its Monster Energy drink. US-listed Monster said it does not believe its drinks are “in any way responsible” for the girl’s death last December.
New York Report: S&P notches a third record close in a row July 22, 2013 THE S&P 500 notched a third consecutive record closing high yesterday and other major indexes rose, though disappointing McDonald’s earnings kept the Dow from making significant gains. Banks and health shares were the day’s best performers, with financials advancing for the 10th time in the past 12 sessions. Bank of America led the group, while [...]
Ecclestone: New £410m lawsuit over Formula One sale is absurd November 19, 2012 FORMULA One boss Bernie Ecclestone hit out last night after an American company filed a £409m lawsuit against him and private equity firm CVC over the 2006 takeover of the motorsport series. Investment firm Bluewaters Communications Holdings, which made a bid to buy a controlling stake in F1 in 2005 from German bank BayernLB, filed [...]
Ecclestone: New £410m lawsuit over Formula One sale is absurd November 19, 2012 FORMULA One boss Bernie Ecclestone hit out last night after an American company filed a £409m lawsuit against him and private equity firm CVC over the 2006 takeover of the motorsport series. Investment firm Bluewaters Communications Holdings, which made a bid to buy a controlling stake in F1 in 2005 from German bank BayernLB, filed [...]