Eaton sued for gender bias April 5, 2011 Two New Jersey women filed a $150m (£92m) lawsuit accusing their former employer Eaton Corp of gender discrimination in pay and promotions. Yesterday’s complaint, filed in the US district court in Manhattan against Eaton and three male managers contends that the century-old maker of industrial products promotes a “culture of gender hostility”, especially in its [...]
AmEx sees up to $500m more in legal losses February 28, 2011 Credit card lender American Express has said it may face up to $500m (£310m) of additional losses from lawsuits and governmental examinations on top of the capital it has currently reserved. AmEx did not name its total liability from legal proceedings but it now estimates a potential loss range of “zero to $500m in excess [...]
BP partners cause chaos April 11, 2011 THE CHAIRMAN of Rosneft stepped down yesterday, creating further uncertainty for BP and its plans for a £10bn share swap and exploration deal with the Russian state-owned oil giant. Igor Sechin, who is also Russia’s deputy prime minister, announced his resignation at a shareholder meeting yesterday as part of a country-wide removal of politicians from [...]
Madoff trustee has won $9.8bn March 8, 2011 THE trustee seeking money for investors hurt by Bernard Madoff’s Ponzi scheme said he hopes to begin distributing money “in the near future” but that lawsuits challenging his efforts are causing delays. Irving Picard, the trustee, said he has won $9.8bn (£6bn) in recoveries since the fraud was uncovered in December 2008. But most of [...]
Citigroup in Madoff row February 22, 2011 CITIGROUP tried to pass on its exposure to Bernard Madoff to other banks just months before his epic fraud was revealed, the Madoff trustee said in a lawsuit accusing a second major US bank of unsavoury dealings with the financier. Trustee Irving Picard said red flags about Bernard L. Madoff Investment Securities were apparent to [...]
Heritage Oil in buyback worth $100m April 26, 2011 UK OIL explorer Heritage Oil is planning a share buyback worth $100m (£60m), following a difficult few months for the company, which has seen its share price plummet and rival Tullow Oil launch a £313m lawsuit. Explorers rarely engage in buybacks because their business model usually involves spending their cash on finding new fields. “The [...]
Facebook may roll out new targeted ads April 17, 2011 FACEBOOK, the world’s most popular social networking site, is preparing to roll out a new wave of highly targeted adverts using data uploaded onto its users’ pages. The site has been testing software that allows ads to read in real-time information uploaded onto status updates and wall posts. Facebook is home to unprecedented volumes of [...]
Unison launches NHS lawsuit August 24, 2010 Unison has launched legal action against the government, claiming the public wasn’t properly consulted over plans to substantially overhaul the NHS. The union has applied for a judicial review of the proposed shake-up, calling Andrew Lansley’s review of the public health service a “sham”.
JP Morgan settles $1.2bn case March 7, 2011 JPMorgan Chase has settled a lawsuit accusing it of defrauding bond investors out of at least $1.2bn (£741m) through bad record keeping, court records show. Investors had accused JPMorgan of deleting records on $46.8bn of bonds from roughly 6,500 bond issues that had not been cashed in, and then covering up its mistakes. “Any party [...]
JP Morgan settles $1.2bn case March 7, 2011 JPMorgan Chase has settled a lawsuit accusing it of defrauding bond investors out of at least $1.2bn (£741m) through bad record keeping, court records show. Investors had accused JPMorgan of deleting records on $46.8bn of bonds from roughly 6,500 bond issues that had not been cashed in, and then covering up its mistakes. “Any party [...]