Barclays deal with Lehman cleared in US February 23, 2011 BARCLAYS is in line for an estimated £500m windfall after winning a legal battle with the bankruptcy estate of Lehman Brothers. Lehman’s creditors were attempting to extract $11bn (£6.8bn) from the bank on the grounds that it had improperly snapped up assets during a fire sale following Lehman’s collapse. But the bank’s lawyers fended off [...]
E&Y sued over Lehman audit December 21, 2010 NEW YORK prosecutors started a civil lawsuit against accountancy firm Ernst & Young yesterday over the company’s audits of Lehman Brothers ahead of the bank’s collapse. It is the first government-led legal action to be brought against those involved in Lehman’s bankruptcy in September 2008, which sparked the global credit crisis. New York attorney general [...]
Diabetes drug disputes cost Glaxo £2.2bn January 17, 2011 DRUG producer GlaxoSmithKline (GSK) yesterday revealed a record £2.2bn charge to settle legal disputes linked to past sales practices and regulatory fines. The sum is an estimate set aside by the group in its fourth quarter to settle several long-running disputes, and will reduce to £1.8bn after tax deductions. A significant part of the charge [...]
Porsche sales in China jump by 63 per cent January 26, 2011 Porsche yesterday announced it has smashed its sales record in China, shifting almost 15,000 vehicles in 2010, an increase of 62.7 per cent on a year earlier. The German carmaker’s four-wheel-drive Cayenne model was the most popular, selling nearly 9,000 units. Sales of sports cars including the iconic 911 and the newer Boxster model rose [...]
Porsche sales in China jump by 63 per cent January 26, 2011 Porsche yesterday announced it has smashed its sales record in China, shifting almost 15,000 vehicles in 2010, an increase of 62.7 per cent on a year earlier. The German carmaker’s four-wheel-drive Cayenne model was the most popular, selling nearly 9,000 units. Sales of sports cars including the iconic 911 and the newer Boxster model rose [...]
Carlyle Group faces $1bn lawsuit over failed fund July 7, 2010 CARLYLE Group is being sued by the liquidators of a failed mortgage-securities fund that was set up by the private equity group, a spokesman for the liquidators said. The lawsuit, which is being filed in the United States and Europe, alleges that Carlyle Group and the former directors of the mortgage-securities fund, Carlyle Capital Corp, [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 21, 2011 FINANCIAL TIMES HEDGE FUNDS TOLD TO ACCEPT HIGH TAXES AS THE PRICE OF LONDON LIFE Hedge funds should accept higher taxes as the cost of doing business in London and stop threatening to move elsewhere, according to one of the world’s best-known copper traders. Michael Farmer, a Conservative party donor who runs the near-$1bn Red [...]
Madoff’s friend gives back $7bn December 19, 2010 THE MAN assigned to recover money for Madoff’s victims won his biggest settlement yet — an agreement by the estate of longtime Madoff friend Jeffry Picower to return $7.2bn (£4.6bn) from the epic fraud. The settlement significantly boosts the recovery pot to close to $10bn, capping a weeks-long flurry of settlements and lawsuits around the [...]
McDonald’s faces suit in US over toys December 15, 2010 A US consumer group yesterday sued McDonald’s to stop the world’s largest hamburger chain from using Happy Meal toys to lure children into its restaurants. The Center for Science in the Public Interest is representing a Sacramento mother of two in the lawsuit, which alleges unfair marketing and other violations of California’s consumer protection law. [...]
BP faces legal action over Rosneft deal January 27, 2011 RUSSIAN billionaires involved in BP’s Russian venture TNK-BP yesterday took legal action to block BP’s $16bn (£10bn) share-swap with Russia’s state-owned oil group Rosneft. The four partners in TNK-BP, who operate through a group named Alfa-Access-Renova, claim that BP’s deal with Rosneft might breach earlier agreements that give TNK first refusal on any BP activity [...]