UBS pledges not to pursue its former bosses and apologises for huge losses October 14, 2010 UBS has apologised for huge losses suffered during the US sub-prime crisis that forced a bailout of the Swiss bank, but refused to take legal action against former executives and board members. UBS lost billions of dollars during the global economic crisis and the confidence of many investors during a long tax row with Washington. [...]
ebay defeats Tiffany in court September 13, 2010 eBay won a dismissal of a Tiffany & Co lawsuit accusing the auctioneer of deceiving customers by allowing the sale of counterfeit Tiffany jewellery on its website yesterday. The case is seen as a challenge in the United States to internet companies such as eBay, Google and others that host services that other people provide, [...]
Dallas Mavericks owner accused of insider dealing September 21, 2010 A federal appeals court yesterday revived the US Securities and Exchange Commission’s insider trading lawsuit against Mark Cuban, the billionaire and owner of the Dallas Mavericks basketball team. The US Fifth Circuit Court of Appeals said a lower court erred in dismissing the case, in which the SEC accused Cuban of acting on non-public information [...]
Hands set for day in court over EMI deal October 17, 2010 AN explosive court case brought by Guy Hands, founder of buyout house Terra Firma, against Citigroup over indebted record label EMI opens in Manhattan today. Hands is suing Citigroup for up to £7bn in damages to cover equity lost since it bought EMI for £4.2bn in 2007, alleging that David Wormsley, a senior Citigroup banker [...]
Hands set for day in court over EMI deal October 17, 2010 AN explosive court case brought by Guy Hands, founder of buyout house Terra Firma, against Citigroup over indebted record label EMI opens in Manhattan today. Hands is suing Citigroup for up to £7bn in damages to cover equity lost since it bought EMI for £4.2bn in 2007, alleging that David Wormsley, a senior Citigroup banker [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 30, 2010 FINANCIAL TIMES KPMG HIRES NON-EXECUTIVE DIRECTORS FOR NEW OVERSIGHT BODY KPMG Europe has hired three non-executive directors to sit on a new oversight body in a move that highlights the differing ways big audit firms are complying with regulatory changes in the UK. The directors are: Sir Steve Robson, a retired senior civil servant at [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 12, 2010 FINANCIAL TIMES CREDIT SUISSE TO ISSUE COCOS EARLY Credit Suisse’s chief executive said he hoped to begin issuing billions of dollars in contingent-capital bonds in the next year to help shore up the bank’s financial strength well ahead of new Swiss regulations. Brady Dougan also defended Credit Suisse’s decision to award one-off payments to about [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 12, 2010 FINANCIAL TIMES CREDIT SUISSE TO ISSUE COCOS EARLY Credit Suisse’s chief executive said he hoped to begin issuing billions of dollars in contingent-capital bonds in the next year to help shore up the bank’s financial strength well ahead of new Swiss regulations. Brady Dougan also defended Credit Suisse’s decision to award one-off payments to about [...]
Guy Hands loses $2bn Citi trial November 5, 2010 FINANCIER Guy Hands yesterday lost his “irresponsible” $2bn (£1.25bn) fraud case against Citigroup linked to his purchase of struggling music group EMI. A New York federal court jury took four hours to decide unanimously last night that David Wormsley, one of Citigroup’s top bankers, did not lie to Hands during his £4.2bn bid for the [...]
Icap revenue up as trading activity rises September 30, 2010 THE WORLD’S largest inter-dealer broker Icap expects first-half sales to come in nine per cent stronger than last year as trading activity picked up again following the financial crisis. Icap yesterday said the active high frequency markets had boosted its post trade business and electronic broking division, which in September pioneered first electronic market for [...]