Ferrero sets aside $3m for law suit April 29, 2012 Italian confectionery group Ferrero has agreed to set aside $3m to settle a class-action lawsuit championed by a Californian mother after she discovered the group’s Nutella chocolate spread packed more calories than jam or syrup. Notices of class action settlements said Ferrero USA, the group’s US division, would pay up to $4 for every jar [...]
Oil firms face Brazil spill charges March 22, 2012 A Brazilian federal prosecutor filed charges against 17 Chevron and Transocean employees for an oil spill last year in Rio de Janeiro, in the latest problem for Chevron in Latin America. Prosecutor Eduardo Santos de Oliveira, who has already filed an $11bn (£7bn) civil lawsuit against the companies for the spill, has added the threat [...]
BP sues Argentinian firm Bridas April 23, 2012 ● BP yesterday sued Argentina’s Bridas Corp over a collapsed $7.06bn (£4.37bn) asset sale, saying it is willing to pay a $700m breakup fee so long as it will not face fraud claims arising from its conduct. The lawsuit stemmed from the November 2011 collapse of BP’s plan to sell its 60 per cent stake [...]
BP gets upper hand in Russian director lawsuit October 12, 2011 A RUSSIAN court is likely to throw out a $2.8bn (£1.8bn) lawsuit brought by a shareholder against two BP executives on the board of the oil major’s Russian joint venture, TNK-BP, after a judge denied the claimant more time to gather the necessary shareholder support. Andrey Prokhorov, a minority shareholder in TNK-BP, filed a claim [...]
TNK-BP may join lawsuit for damages against BP October 18, 2011 BP’S RUSSIAN joint venture TNK-BP said it may join a $13bn (£8.2bn) lawsuit brought by a minority shareholder over the oil major’s failed alliance with state-controlled Rosneft. TNK-BP Holding, the main subsidiary of TNK-BP, said it would “consider the question of whether or not to join the lawsuit being put forward by one of its [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 26, 2012 FINANCIAL TIMES Global role for Citi’s Asia consumer head Citigroup has underlined Asia’s growing importance to the bank by naming its consumer banking head in Hong Kong as global head of retail banking, according to an internal email seen by the Financial Times. Jonathan Larsen has been given the task of bringing all of Citi’s [...]
Spitzer reforms fail to prevent IPO squabbles May 23, 2012 WHEN former New York prosecutor Eliot Spitzer led his assault on Wall Street investment banks in the wake of the dot com crash, his brief was to separate analysts from the bankers selling a deal like Facebook. Whereas pre crash, analysts used to join a company’s management during a share sale roadshow and get subsumed [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 18, 2012 FINANCIAL TIMES Sants: City’s status under threat London’s position as a global financial centre is under threat because the UK financial sector is not rethinking its business models quickly enough in the face of a new political atmosphere and regulatory change, says Hector Sants, the departing chief executive of the FSA. Sants warned that banks, [...]
Barclays chair was right to resign over scandal July 1, 2012 IT took a few days too long but the Libor scandal has finally claimed its first senior scalp. Marcus Agius, Barclays’ chairman since January 2007, has quit, in a bid by the firm to show senior staff are taking responsibility for the rate-rigging scandal. That was the right thing for Agius to do: the Libor [...]
MF Global trustee to sue staff April 12, 2012 The trustee liquidating MF Global’s broker-dealer said yesterday he may bring civil lawsuits against some of the company’s employees in connection with a massive shortfall in customer funds created in the days leading up to its collapse. Trustee James Giddens said he may assert claims for breach of fiduciary duty and for violating rules governing [...]