Julius Baer in talks for BAML wealth division June 19, 2012 JULIUS Baer is in talks with Bank of America about buying Merrill Lynch’s non-US wealth management unit, valued at up to $2bn (£1.3bn), in what would be a massive deal for the acquisition-hungry Swiss private bank. Consolidation in the wealth management industry has been a major theme since the 2008 financial crisis, as an increase [...]
Facebook settlement on ad case June 21, 2012 FACEBOOK has agreed to allow users more control over how their personal information is used in its “Sponsored Stories” ad feature, part of a deal to resolve litigation against the social networking company. The value to Facebook members resulting from the changes is about $103m, in the opinion of one economist hired by the plaintiffs. [...]
Facebook claims could top $100m May 24, 2012 Claims by four of Wall Street’s main market makers against Nasdaq over Facebook’s botched IPO are likely to exceed $100m, as they and other traders continue to deal with thousands of problems with customer orders. The exchange operator is facing lawsuits from investors and threats of legal action from brokers. Four of the top market [...]
RAPID RESPONSES July 3, 2012 The firing line There is no doubt that an inquiry is called for in the Libor manipulation saga, but the fines should be targeted at the dealers and the management, not the banks. Shareholders did not have a say in the internal dirty dealings, nor did they share much of the loot. Bonuses mostly went [...]
NY judge rejects DSK immunity May 1, 2012 ■ A New York judge rejected former International Monetary Fund chief Dominique Strauss-Kahn’s claim of diplomatic immunity yesterday, ruling a lawsuit filed by the hotel maid who accused him of sexual assault can move forward. The court’s decision means Nafissatou Diallo can continue to press claims for monetary damages.
NY judge rejects DSK immunity May 1, 2012 ■ A New York judge rejected former International Monetary Fund chief Dominique Strauss-Kahn’s claim of diplomatic immunity yesterday, ruling a lawsuit filed by the hotel maid who accused him of sexual assault can move forward. The court’s decision means Nafissatou Diallo can continue to press claims for monetary damages.
JPMorgan sued over employee retirement plan losses in the US May 23, 2012 JP MORGAN Chase & Co has been hit with a lawsuit brought on behalf of employees whose retirement holdings fell in value after the largest US bank revealed a surprise $2bn (£1.3bn) trading loss earlier this month. The complaint, filed in the US District Court in Manhattan, also names individual defendants, including chief executive Jamie Dimon [...]
BlackBerry outage nightmare not over as lawsuits hit RIM October 27, 2011 Consumers in the US and Canada have sued Research in Motion (RIM) for a days-long service outage on its BlackBerry devices that rippled across the world earlier this month. The system-wide failure of the service left tens of millions of frustrated BlackBerry users on five continents without email, instant messaging and browsing. The firm apologised [...]
BlackBerry outage nightmare not over as lawsuits hit RIM October 27, 2011 Consumers in the US and Canada have sued Research in Motion (RIM) for a days-long service outage on its BlackBerry devices that rippled across the world earlier this month. The system-wide failure of the service left tens of millions of frustrated BlackBerry users on five continents without email, instant messaging and browsing. The firm apologised [...]
A leaner firm already looks like a better takeover target than its rebellious Russian oil subsidiary June 5, 2012 BP has been saying for years that it wants to be a smaller, leaner firm. Lopping off its occasionally combative but always lucrative Russian arm is nevertheless a radical way to streamline. TNK-BP accounted for 29 per cent of BP’s production and 16 per cent of its 2011 profits. And when its “noisy, not dysfunctional” [...]