Goldman sued for mortgage bonds August 9, 2011 Goldman Sachs was sued by US federal regulators yesterday for allegedly violating federal and state laws over the sale of mortgage-backed securities to now-failed corporate credit unions. The National Credit Union Administration filed suit against the investment bank for damages in excess of $491m, the fourth in a series of lawsuits aimed at recovering almost [...]
FTSE tumbles on bank fears September 5, 2011 THE FTSE shed £49bn yesterday after slumping to a loss of nearly four per cent, with investors spooked by a barrage of bad news. RBS dragged the index down, falling 12 per cent on the news it is being sued by the US Federal Finance Housing Agency (FHFA) over allegations it misled buyers of mortgage portfolios [...]
Tycoon ends £1.5bn case against bank September 19, 2011 VINCENT Tchenguiz has settled his £1.5bn lawsuit against collapsed Icelandic bank Kaupthing in a confidential deal he branded “mutually acceptable”. It is understood the property tycoon will regain control of assets put forward as securities for a series of loans, which had been effectively frozen by the bank’s administrators. He is now likely to press [...]
Tycoon ends £1.5bn case against bank September 19, 2011 VINCENT Tchenguiz has settled his £1.5bn lawsuit against collapsed Icelandic bank Kaupthing in a confidential deal he branded “mutually acceptable”. It is understood the property tycoon will regain control of assets put forward as securities for a series of loans, which had been effectively frozen by the bank’s administrators. He is now likely to press [...]
Cable to reveal copyright change August 1, 2011 Business secretary Vince Cable is expected to unveil reforms to UK copyright laws tomorrow, freeing up those who make copies of their own music and film collections for personal use from potential lawsuits. In the UK, it is still illegal to make personal copies of bought content. Cable is expected to say he will abolish [...]
MPs want answers from Morgan August 4, 2011 FORMER Daily Mirror editor Piers Morgan has “very serious questions” to answer about his newspaper’s role in the hacking scandal, according to media select committee chair John Whittingdale. However, the committee has no plans to call Morgan in for a grilling unless more evidence emerges. Heather Mills has alleged the Mirror hacked her phone. Meanwhile, News [...]
MPs want answers from Morgan August 4, 2011 FORMER Daily Mirror editor Piers Morgan has “very serious questions” to answer about his newspaper’s role in the hacking scandal, according to media select committee chair John Whittingdale. However, the committee has no plans to call Morgan in for a grilling unless more evidence emerges. Heather Mills has alleged the Mirror hacked her phone. Meanwhile, News [...]
Judge rejects Oracle $1.3bn verdict against SAP after copyright dispute September 1, 2011 A FEDERAL judge rejected a jury award of $1.3bn (£1.15bn) to Oracle in a copyright infringement lawsuit against SAP, paving the way for a possible new trial in a years-long legal dispute. In a ruling released yesterday, US District Judge Phyllis Hamilton found that Oracle had proven actual damages of only $272m. She called for [...]
$625m Russia payout for BP September 25, 2011 THE BOARD of Russia’s third-largest oil producer, TNK-BP, has approved an additional $1.25bn (£806m) dividend payout to shareholders, a spokesman said last night. A source familiar with the situation said the additional payout for the first half of 2011 was approved at a board meeting in Cyprus on Friday. “On top of $4.2bn already paid [...]
$625m Russia payout for BP September 25, 2011 THE BOARD of Russia’s third-largest oil producer, TNK-BP, has approved an additional $1.25bn (£806m) dividend payout to shareholders, a spokesman said last night. A source familiar with the situation said the additional payout for the first half of 2011 was approved at a board meeting in Cyprus on Friday. “On top of $4.2bn already paid [...]