Shareholder group rejects new directors at shamed Olympus April 10, 2012 THE RECOVERY effort at scandal-hit technology firm Olympus suffered another blow yesterday when a major shareholder advisory firm urged investors to reject the appointment of the proposed new chairman and president. ISS Proxy Advisory Services said would-be president Hiroyuki Sasa lacked the right qualifications and Yasuyuki Kimoto, lined up to be head of the board, [...]
Shareholder group rejects new directors at shamed Olympus April 10, 2012 THE RECOVERY effort at scandal-hit technology firm Olympus suffered another blow yesterday when a major shareholder advisory firm urged investors to reject the appointment of the proposed new chairman and president. ISS Proxy Advisory Services said would-be president Hiroyuki Sasa lacked the right qualifications and Yasuyuki Kimoto, lined up to be head of the board, [...]
New York Mets in Madoff settlement March 19, 2012 OWNERS of the New York Mets baseball team have agreed to pay $162m (£101.9m) to settle a lawsuit by the trustee seeking money for victims of Bernard Madoff’s fraud, just before a trial was scheduled to begin. The settlement was announced in Manhattan federal court by US district judge Jed Rakoff yesterday. Payments by the [...]
Reform, not a bailout, will save Italy June 20, 2012 WITH Greece on life support from the European Union and Spain squirming in the financial vice grip of its insolvent banks, talk of an Italian bailout is nigh. Without a growing economy to generate wealth, Italy is having a hard time convincing current and prospective bondholders that it can pay its debts. But throwing money [...]
Ofcom deepens probe into BSkyB’s broadcast licence April 26, 2012 OFCOM has stepped up its probe into whether BSkyB remains “fit and proper” to hold a broadcast licence, it emerged yesterday. The investigation into whether News Corp is an appropriate dominant shareholder of the satellite broadcaster has focused so far on publicly available information, such as from newspaper reports and the Leveson inquiry. But last [...]
Lehman executives in bid to settle a $90m lawsuit August 25, 2011 FORMER Lehman Brothers executives including ex-chairman and chief executive Dick Fuld are to settle a lawsuit brought by investors in the bank with a $90m (£54.7m) insurance payout, court records show. Investors alleged that Lehman’s executives were to blame for losses incurred on the bank’s shares and bonds, claiming they materially misled shareholders about the [...]
BNY Mellon profit dips following forex woes April 18, 2012 BANK of New York Mellon yesterday said its first-quarter profit declined slightly while its foreign exchange revenue slid 21 per cent and legal expenses surged as it battled clients’ claims of overcharging on currency trades. BNY Mellon’s forex business has been the subject of several lawsuits in which the bank has been accused of overcharging [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 22, 2012 FINANCIAL TIMES Non US banks hope for reprieve on swaps US regulators are exploring ways to give large foreign banks and overseas subsidiaries of US lenders a reprieve from stringent new derivatives rules, potentially alleviating one of the biggest concerns facing global finance institutions. Chesapeake discloses chief’s $661m payments for wells Aubrey McClendon, the chief [...]
BofA case wins class-action status February 6, 2012 Shareholders suing Bank of America have won class-action status for their lawsuit, which accuses the bank and various executives of fraudulently misleading them about the 2008 takeover of Merrill Lynch and the size of Merrill’s losses and bonus payouts.
BP shares rise after agreement over compensation with Gulf spill victims March 5, 2012 SHARES in BP rose almost two per cent yesterday after the oil giant reached a settlement with businesses and individuals affected by the Gulf of Mexico oil spill worth an estimated $7.8bn (£4.9bn). Some analysts said the expected payout was less than they had forecast, reduced legal uncertainty and suggested the final settlement with BP’s [...]