Morgan Stanley takes a $1.8bn hit in MBIA case December 13, 2011 MORGAN Stanley and MBIA have agreed a settlement that will remove some risky derivative contracts from the bank’s books and end lawsuits the parties had filed against one another. The deal, announced yesterday, will result in a $1.8bn (£1.16bn) charge for Morgan Stanley in the fourth quarter. After a tax credit, the bank will lose [...]
BP calls on Halliburton to shoulder Gulf spill costs January 3, 2012 BP has called on its contractor Halliburton to pay all costs and expenses the oil major incurred to clean up the 2010 Gulf of Mexico oil spill, according to a court filing by BP’s lead trial attorney. BP has spent $14bn in the Gulf Coast region in its response to the spill and set aside [...]
BP calls on Halliburton to shoulder Gulf spill costs January 3, 2012 BP has called on its contractor Halliburton to pay all costs and expenses the oil major incurred to clean up the 2010 Gulf of Mexico oil spill, according to a court filing by BP’s lead trial attorney. BP has spent $14bn in the Gulf Coast region in its response to the spill and set aside [...]
Venezuela ignores World Bank rule on Exxon case January 8, 2012 VENEZUALAN president Hugo Chavez said yesterday that his country would not recognise a ruling by a World Bank tribunal in a multibillion-dollar arbitration case with Exxon Mobil. Exxon took Venezuela to the World Bank’s International Center for Settlement of Investment Disputes, or ICSID, seeking as much as $12bn (£7.8bn) in compensation after Chavez ordered the [...]
Greenberg firm sues government November 21, 2011 A company run by former American International Group (AIG) chief executive Maurice “Hank” Greenberg is suing the US government for $25bn (£16bn), calling the 2008 federal takeover of the insurer unconstitutional. The lawsuit marks an unusual effort to force the government to pay shareholders, who have seen AIG’s stock price tumble 98 per cent since [...]
Greenberg firm sues government November 21, 2011 A company run by former American International Group (AIG) chief executive Maurice “Hank” Greenberg is suing the US government for $25bn (£16bn), calling the 2008 federal takeover of the insurer unconstitutional. The lawsuit marks an unusual effort to force the government to pay shareholders, who have seen AIG’s stock price tumble 98 per cent since [...]
Revenues down at Tullett as BGC lawsuit drags on May 12, 2011 INTERDEALER broker Tullett Prebon said “unsettled” markets and office closures pulled revenue down for the first four months of the year, adding that it was pushing ahead with legal action against rival BGC Partners. London-based Tullett said yesterday that trading this year to April was flat on last year, leading to a three per cent [...]
Apple loses its battle for iPad trademark in China December 7, 2011 APPLE yesterday lost a lawsuit in which it claimed infringement of its iPad trademark by Taiwanese-owned company Proview Technology. Proview registered the name IPAD for use in mainland China in 2001, and in several other areas including the EU between 2000 and 2004. In 2006 it agreed to sell the “global trademark” to Apple, but claims [...]
TNK-BP will not join suit against BP October 24, 2011 THE BOARD of TNK-BP Holding, the Russian energy venture half owned by BP, yesterday voted against an initiative to join a minority shareholder in a lawsuit against the British oil major, a spokesman for BP in Moscow said. “The board of directors voted against joining the lawsuit at its meeting,” Vladimir Buyanov said, confirming a [...]
Internet domains ending in .xxx now available to general public December 6, 2011 WEB domain names ending in .xxx were made available for purchase by the general public yesterday despite ongoing legal efforts to foil the move. Until now the .xxx pages, of which around 100,000 have been sold, were reserved for big brands. The first sites went live in September. Stuart Lawley, chief executive of ICM Registry, said: [...]