UBS may face lawsuits in US May 16, 2010 UBS could face lawsuits in the United States if the Swiss parliament fails to agree to a deal passing data on the bank’s US clients to US tax authorities, Switzerland’s finance minister said. Hans-Rudolf Merz told the newspaper SonntagsBlick he hoped parliament, which will vote on the measure in June, would approve the agreement, though [...]
What the other papers say this morning February 8, 2011 FINANCIAL TIMES BRUSSELS URGED TO END BIG FOUR DOMINANCE Four international accountancy networks have taken the unusual step of jointly calling for changes to the audit market in Europe and arguing that regulatory intervention is needed to dilute the power of the profession’s biggest operators. BDO International, RSM International and Grant Thornton International, the world’s [...]
Top lawyer: US has a strong case against E&Y December 22, 2010 A FORMER New York state attorney has said the lawsuit filed against Ernst & Young (E&Y) for allegedly assisting Lehman Brothers’ financial fraud is likely to be based on strong evidence and have a high chance of success. Attorney general Andrew Cuomo’s office “will have made sure they have a slam dunk for a settlement [...]
Top lawyer: US has a strong case against E&Y December 22, 2010 A FORMER New York state attorney has said the lawsuit filed against Ernst & Young (E&Y) for allegedly assisting Lehman Brothers’ financial fraud is likely to be based on strong evidence and have a high chance of success. Attorney general Andrew Cuomo’s office “will have made sure they have a slam dunk for a settlement [...]
BP set to sell Pakistan unit for $775m December 14, 2010 BP agreed to sell virtually all of its oil and gas assets in Pakistan to Hong Kong-listed United Energy Group for $775m (£491m) as it raises cash to pay for the Gulf of Mexico oil spill. BP said the Pakistan sale has brought to $21.8bn the amount that the firm has raised in recent months. [...]
Pfizer chief executive Kindler in shock resignation after share price tumbles December 6, 2010 PFIZER chief Jeffrey Kindler has resigned, it was unexpectedly announced late Sunday night. Kindler, 55, cited personal reasons for stepping down, yet close sources believe he was pushed after major hits to the company’s prospects. As patents on Pfizer’s blockbuster drugs expire, several new drugs have been scrapped from the development process, observers say. Next [...]
Pfizer chief executive Kindler in shock resignation after share price tumbles December 6, 2010 PFIZER chief Jeffrey Kindler has resigned, it was unexpectedly announced late Sunday night. Kindler, 55, cited personal reasons for stepping down, yet close sources believe he was pushed after major hits to the company’s prospects. As patents on Pfizer’s blockbuster drugs expire, several new drugs have been scrapped from the development process, observers say. Next [...]
Ex-car czar Rattner sued by NY November 18, 2010 Steven Rattner, the former Obama administration auto industry czar, was yesterday sued by New York’s attorney general Andrew Cuomo for allegedly paying kickbacks to win investments from the state’s public pension fund. Rattner separately settled a related US Securities and Exchange Commission (SEC) civil lawsuit, agreeing to pay $6.2m (£3.9m) and accept a two-year ban [...]
Ex-car czar Rattner sued by NY November 18, 2010 Steven Rattner, the former Obama administration auto industry czar, was yesterday sued by New York’s attorney general Andrew Cuomo for allegedly paying kickbacks to win investments from the state’s public pension fund. Rattner separately settled a related US Securities and Exchange Commission (SEC) civil lawsuit, agreeing to pay $6.2m (£3.9m) and accept a two-year ban [...]
Morgan Stanley sues Peak Ridge November 8, 2010 Morgan Stanley yesterday sued Peak Ridge Capital Group’s commodities hedge fund, alleging that the fund failed to cover more than $40m in losses stemming from bad bets on natural gas. Morgan Stanley contends it suffered the losses in connection with the Peak Ridge Commodities Volatility Master Fund, after Peak Ridge failed to maintain proper margin [...]