The UK will pay for US net neutrality rules December 22, 2010 THE US Federal Communications Commission (FCC) announced on Tuesday that it would enforce the controversial principle of net neutrality in the US. The issue of whether or not it has the legal mandate for this statement will no doubt bring on a multitude of lawsuits, as Republican federal communications commissioner Robert McDowell said over the [...]
Astaire Securities sold off to Canada’s Northland Capital Partners for £2.45m October 17, 2010 EMBATTLED stockbroker Astaire on Friday agreed to divest itself of its main Astaire Securities division for £2.45m, bringing to a close a tumultuous period for the group which included the failed takeover of rival Hoodless Brennan, directors’ resignations and a lawsuit against the firm. Astaire sold the securities unit to Canadian group Northland Capital Partners [...]
BGC sues Tullett for theft November 9, 2010 BGC Capital Markets has accused its fellow inter-dealer broker Tullett Prebon, run by Terry Smith, of stealing proprietary pricing data and began a lawsuit yesterday to recover the resulting profit. BGC filed a complaint at the New York supreme court yesterday that centred around US Treasury data that BGC supplies to Tullett Americas for use [...]
BA wins appeal in cargo case November 18, 2010 BRITISH Airways (BA) yesterday won a high court battle to prevent hundreds of air cargo customers suing it in a US-style class action lawsuit. Two UK flower importers that sued BA in 2008 cannot represent all direct and indirect customers of the carrier, because there was no way to know if they had the same [...]
UBS is sued in $2bn case by Madoff truste UBS is sued in $2bn case by Madoff truste November 24, 2010 THE trustee seeking to recover money for defrauded Bernard Madoff investors has sued UBS for more than $2bn (£1.2bn), accusing it of collaborating in the imprisoned swindler’s massive Ponzi scheme. UBS was accused of sponsoring foreign feeder funds that sent client money to the once-respected money manager, lending them “an aura of legitimacy” while shielding [...]
Baugur tycoon faces $2bn lawsuit from Glitnir team May 12, 2010 JÓN Ásgeir Jóhannesson, the Icelandic retail tycoon who once held stakes in House of Fraser and Hamleys, has been served with a $2bn (£1.3bn) lawsuit by the liquidators of failed bank Glitnir. Jóhannesson, who owned swathes of the UK high street through his now-collapsed firm Baugur, is accused of conspiring with Glitnir’s chief executive and chairman [...]
AIG forced to defend suit over subprime exposure September 27, 2010 A JUDGE yesterday refused to dismiss a securities fraud lawsuit accusing American International Group (AIG)?of misleading investors about its exposure to subprime mortgages, which led to a liquidity crisis and $182.3bn of federal bailouts. The ruling by US district judge Laura Taylor Swain allows the case to go forward and could pave the way for [...]
Bank of New York Mellon outlines its disappointment at lawsuit from Cuomo May 12, 2010 BANK of New York Mellon is “disappointed” that New York attorney general Andrew Cuomo sued its Ivy Asset Management unit, claiming it kept clients in the dark about investing with Bernard Madoff, BNY Mellon’s chief financial officer said at a conference yesterday. The bank cooperated fully with Cuomo’s office and was disappointed the attorney general [...]
What the other papers say this morning January 10, 2011 FINANCIAL TIMES BUY-OUT GROUP GAINS CONTROL OF MADEJSKI’S LARGEST PROJECT Sir John Madejski, the property and publishing tycoon, has sold control over one of Britain’s largest commercial developments to a private equity consortium in the latest debt-driven property transaction. Benson Elliot, the private equity real estate firm, has teamed up with UK developer Stanhope to [...]
Hicks halts Reds sale October 13, 2010 LIVERPOOL owners Tom Hicks and George Gillett last night dramatically halted the sale of the club at the 11th hour by obtaining a temporary restraining order from a Texan court over what they called an “epic swindle”. In the same lawsuit Hicks and Gillett also claimed damages of more than £1bn from the rest of [...]