Trustee for Thornburg Mortgage sues five of its banks for $2.2bn May 3, 2011 THE trustee for home loan provider Thornburg Mortgage is suing Goldman Sachs, Barclays and other banks for a total of $2.2bn (£1.3bn), blaming them for the company’s bankruptcy. The trustee filed four separate lawsuits, one of which blames a “collusive scheme” by units of JPMorgan Chase, Citigroup, Royal Bank of Scotland, Credit Suisse and UBS [...]
Trustee for Thornburg Mortgage sues five of its banks for $2.2bn May 3, 2011 THE trustee for home loan provider Thornburg Mortgage is suing Goldman Sachs, Barclays and other banks for a total of $2.2bn (£1.3bn), blaming them for the company’s bankruptcy. The trustee filed four separate lawsuits, one of which blames a “collusive scheme” by units of JPMorgan Chase, Citigroup, Royal Bank of Scotland, Credit Suisse and UBS [...]
Cairn Energy starts drilling off coast of Greenland despite green protestors June 3, 2011 OIL explorer Cairn Energy started drilling two wells off the coast of Greenland, it said yesterday, a day after environmental protesters were removed from its rig in the Arctic. Cairn said earlier in the week that Greenpeace activists who suspended themselves from the Leiv Eiriksson drilling rig for four days had not delayed its schedule. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 14, 2011 FINANCIAL TIMES FEARS RAISED AS “LACK OF CAUTION” FUELS COMMERCIAL PROPERTY VALUES Commercial real estate values have been spurred by a “lack of caution” on the back of an “astonishing” rebound in lending to the sector, according to one of the largest global fund managers. LaSalle Investment e, which manages $45bn (£27bn) of real estate [...]
Barclays goes it alone on PPI compensation June 13, 2011 BARCLAYS surprised its rivals yesterday by promising to settle customer complaints about its mis-selling of insurance with “no questions asked”. The decision means that the bank is likely to pay out the £1.1bn it has earmarked for the costs of wrongly selling payment protection insurance (PPI) far quicker than other banks will spend their provisions. [...]
JP Morgan faces lawsuits over mortgage foreclosure November 9, 2010 JPMORGAN Chase faces two possible class action lawsuits, including fraud, related to its decision to halt foreclosures, the US bank said in a regulatory filing yesterday. The suits allege “common law fraud and misrepresentation, as well as violations of state consumer fraud statutes,” JPMorgan said, adding to the chorus of major banks facing legal action [...]
Tchenguiz spends £2m a month on legal bills June 2, 2011 VINCENT Tchenguiz, the property tycoon arrested as part of a Serious Fraud Office (SFO) investigation into the collapse of Icelandic bank Kaupthing, says his legal fees are now costing him £2m a month. Tchenguiz is fighting three lawsuits: the criminal case being built against him, for which he has not been charged; and two parallel [...]
Samsung sued by Apple over phones April 18, 2011 APPLE has sued rival Samsung Electronics claiming that Samsung’s Galaxy line of mobile phones and tablet “slavishly” copies the iPhone and iPad, according to court papers. Galaxy products use Google’s Android operating system, the lawsuit says, which directly competes with Apple’s mobile software. However, Apple’s claims against Samsung focus on Galaxy’s design features, such as [...]
US regulators sue traders in new blitz on oil price manipulation May 24, 2011 US regulators launched one of the biggest ever crackdowns on oil price manipulation yesterday, suing two well-known traders and two trading firms owned by Norwegian billionaire John Fredriksen for allegedly making $50m by squeezing markets in 2008. The Commodity Futures Trading Commission (CFTC) said traders James Dyer of Oklahoma’s Parnon Energy, and Nick Wildgoose of [...]
Carnival suing BP over oil spill April 27, 2011 Cruise company Carnival is suing BP and Transocean over the Gulf of Mexico oil spill a year ago. The cruise operator is seeking unspecified damages with interest, punitive damages and the cost of litigation. The lawsuit, filed in the US, cites negligence by all operators of the Deepwater Horizon Rig, including Cameron, BP, Transocean, and [...]