S&P agency faces suit over ratings February 4, 2013 RATINGS giant Standard & Poor’s yesterday said it faced a civil lawsuit from the US Department of Justice (DOJ) over grades it gave prior to the credit crunch. Shares in McGraw-Hill, S&P’s parent company, collapsed 13.8 per cent to hit $50.30, their worst fall since the October 1987 crash. Shares in rival Moody’s also fell [...]
MF Global UK debtors boosted February 13, 2013 Unsecured British debtors of failed brokerage MF Global are set to receive an interim payment of 40p in the £1, according to KPMG who are winding up the business. Further payments could be made, depending on the outcome of lawsuits involving the US arm of the business.
“We’ve never been stronger” – Tim Cook says Apple is at top of its game February 12, 2013 APPLE chief executive Tim Cook sounded a bullish note at a Goldman Sachs event yesterday, reassuring investors that “limit” was not a word in his vocabulary, and that the firm remained a “centre of innovation”. Speaking ahead of the bank’s annual technology and internet conference, Cook acknowledged the lawsuit brought against the firm by David Einhorn’s [...]
Cotton lawsuit hits Louis Dreyfus July 2, 2012 COMMODITY trading giant Louis Dreyfus has been sued by a former senior trader at rival Glencore, who alleges that Dreyfus illegally cornered the cotton market last year as prices tumbled from record highs. The trader, Mark Allen, accused Dreyfus of violating antitrust law by artificially inflating prices of Intercontinental Exchange cotton futures contracts expiring in [...]
US sues to block $20bn AB Inbev takeover of Mexico’s Modelo January 31, 2013 THE US government yesterday filed a lawsuit in a bid to stop Anheuser-Busch InBev (AB InBev) from buying the half of Mexican brewer Grupo Modelo that it does not already own, saying the $20.1bn deal could mean higher US beer prices. AB InBev said it will fight back in federal court, calling the Justice Department’s [...]
Mastercard and Visa settle $7bn retailer lawsuit July 15, 2012 VISA, Mastercard and banks that issue their credit cards have agreed to a historic $7.25bn (£4.65bn) settlement with US retailers in a lawsuit over the fixing of credit and debit card fees. The settlement agreed over the weekend, if approved by a judge, would be the largest antitrust settlement in American history and resolve dozens [...]
US will forgive cheat Lance, says Johnson January 20, 2013 DISGRACED cyclist Lance Armstrong will be forgiven by the American public within “a few months” now that he has admitted cheating his way to seven Tour de France wins, says former sprinter and fellow doper Ben Johnson. Armstrong ended years of vehement denials last week when he confessed to chat show host Oprah Winfrey that [...]
BlackRock in US iShares row February 3, 2013 TWO US pension funds have filed a lawsuit against BlackRock, alleging that the world’s biggest asset manager had “looted” securities-lending revenues from iShares exchange-traded funds investors, and breached its fiduciary duties. In the suit, filed in Tennessee, the pension funds allege that several iShares ETFs spent funds on “grossly excessive compensation” to agents affiliated with [...]
Analysts argue lawsuits from Libor are unlikely to succeed July 4, 2012 LAWSUITS against Barclays linked to Libor-fixing are unlikely to succeed based on yesterday’s evidence to the Treasury select committee, analysts have said. Barclays’ finance boss has told analysts that the bank has “not suffered any deposit flight as a result of recent events” during a conference call. And number crunchers at Espirito Santo Investment Bank [...]
Dell appoints Evercore Partners to find alternative buyout offers January 21, 2013 DELL, the US personal computer manufacturer which is currently negotiating a private buyout deal, has appointed advisory firm Evercore Partners to find out if a better offer can be found, according to reports. Dell is believed to be close to a deal led by buyout firm Silverlake Partners, which is being supported by founder and [...]