Hedge fund sues banks for $1.2bn loss linked to subprime mortgages July 12, 2010 A HEDGE fund is taking aim at the world’s biggest banks in an effort to recoup $1.2bn it lost on subprime mortgages, entering a legal fight where so far Wall Street has largely been unscathed. The lawsuit by Cambridge Place Investment Management against Morgan Stanley, Goldman Sachs and about 10 other banks, is one of [...]
Hedge fund sues banks for $1.2bn loss linked to subprime mortgages July 12, 2010 A HEDGE fund is taking aim at the world’s biggest banks in an effort to recoup $1.2bn it lost on subprime mortgages, entering a legal fight where so far Wall Street has largely been unscathed. The lawsuit by Cambridge Place Investment Management against Morgan Stanley, Goldman Sachs and about 10 other banks, is one of [...]
Madoff trustee files fresh suit July 21, 2010 ATHE trustee overseeing the liquidation of Bernard Madoff’s financial advisory firm has sued 43 new defendants affiliated with a hedge fund firm that fed money to the now-imprisoned swindler. The trustee is seeking more than $3.6bn (£2.4bn) of damages in the lawsuit. Walter Noel, a co-founder of Fairfield Greenwich Group, was among those added to [...]
Madoff trustee files fresh suit July 21, 2010 ATHE trustee overseeing the liquidation of Bernard Madoff’s financial advisory firm has sued 43 new defendants affiliated with a hedge fund firm that fed money to the now-imprisoned swindler. The trustee is seeking more than $3.6bn (£2.4bn) of damages in the lawsuit. Walter Noel, a co-founder of Fairfield Greenwich Group, was among those added to [...]
Investor fury over Syke’s mining role September 19, 2010 THE former chairman of Glaxo Smith Kline, Sir Richard Sykes, faces the possibility of being “blackballed” by the City in a row over a disputed African mining deal. Several investors are believed to be angry with Sykes over his role as senior independent director of Eurasian Natural Resources (ENRC). One City insider said there were [...]
Patents the smart option in mobile skirmishes October 12, 2010 IN the past few days Motorola has announced that it is suing Apple under several of its smartphone patents. Normally, a clash of such technology titans might raise eyebrows, but not in this market, and not now. In recent months there has been a spate of patent lawsuits between the big players, which was kicked [...]
BP hit by record US fine August 12, 2010 BP will pay a record $50.6m (£32.5m) fine for continuing safety problems at its Texas City refinery, where an explosion in 2005 killed 15 workers and injured around 180. The energy giant, still reeling from the Gulf oil spill, has settled 270 of the 709 cases brought against it by the US Operational Safety and [...]
Google raided by South Korea over privacy August 10, 2010 SOUTH Korean police said they raided Google’s Seoul office yesterday on suspicion that the internet giant had illegally collected data on users. Google has been preparing since late last year to launch its Street View service in the country and the data collection was related to the launch, police said. The probe in one of [...]
Madoff trustee could sue 1,000 July 26, 2010 THE trustee overseeing the liquidation of Bernard Madoff’s investment firm might sue about 1,000 victims whom he believes profited improperly from doing business with the now-imprisoned Ponzi schemer. Irving Picard, the court-appointed trustee, “could sue” about half of the estimated 2,000 former Madoff clients whom he considers “net winners,” a spokesman said. Picard has until [...]
Transocean payout on hold after oil spill August 15, 2010 TRANSOCEAN, the company that leased the rig at the centre of the oil disaster in the Gulf of Mexico, has been blocked from paying shareholders a $1bn (£640.7m) dividend. A Swiss regulatory body has rejected plans by Transocean, which leased the Deepwater Horizon rig from BP, to pay shareholders a dividend of 82 cents per [...]