Goldman Sachs is sued by hedge fund over subprime mortgage deal June 9, 2010 AN Australian hedge fund is suing Goldman Sachs over an investment in a subprime mortgage-linked security that hastened the fund’s demise in 2007. The lawsuit, filed yesterday, accuses Goldman of misrepresenting the value of the notorious Timberwolf collateralised debt obligation. Basis Yield Alpha Fund is suing Goldman to recoup the $56m it lost on the [...]
Cuomo sues Bank of NY Mellon unit May 11, 2010 NEW YORK attorney general Andrew Cuomo sued a Bank of New York Mellon Corp unit and two of its former senior officers yesterday, claiming that they kept clients in the dark about problems they learned about involving Bernard Madoff’s investment firm. The lawsuit claims that Ivy Asset Management knew that Madoff was not investing client [...]
EasyJet to launch volcano claims suit May 31, 2010 BUDGET airline easyJet is planning to launch a class action lawsuit to claim compensation for lost revenue during the Europe-wide flight ban. EasyJet, which lost up to £75m during last month’s closure of European airspace is hoping to group together with a number of airlines to make a legal claim. Chief executive Andy Harrison said [...]
Wal-Mart in case setback April 26, 2010 ASDA owner Wal-Mart suffered a blow yesterday when a US court ruled a sex-discrimination lawsuit against the retailer can proceed as a class-action case covering more than one million female employees. Wal-Mart , the world’s largest retailer, had asked the Ninth Circuit Court of Appeals in San Francisco to undo class-action certification in what could [...]
BP in £470m battle with Transocean June 27, 2010 BP AND Transocean, owner of the Deepwater Horizon rig, look set to enter into a legal bloodbath after the oil major has given notice that it will issue a £470m claim against the rig’s insurance policy. The two are set to go head to head over who will cover costs linked to the tragic Gulf [...]
Google wins trademark April 29, 2010 A federal judge yesterday dismissed a trademark infringement lawsuit filed by language software maker Rosetta Stone against Google. In a suit first filed in 2009, Rosetta claimed Google profits by allowing rivals that pirate its technology to buy the top “sponsored link” ad on search results pages. Consumers who search for “Rosetta Stone” on the [...]
Glaxo thought to have paid $1bn on lawsuits over Paxil December 14, 2009 DRUGMAKER GlaxoSmithKline is understood to have paid out around $1bn (£698m) to resolve lawsuits over the antidepressant Paxil after it introduced the drug in 1993. Around $390m is thought to have been paid out on cases related to suicides and attempted suicides, $200m to settle addiction claims and birth defects resulting from the drug, and [...]
Goldman to work on defence plan for possible BP takeover June 6, 2010 GOLDMAN SACHS is understood to be preparing a defence strategy for BP in the event that a rival oil company makes a takeover approach. The investment bank, which is a regular adviser to BP, is thought to be compiling a strategy to fend off a potential bid as takeover speculation in the market built up [...]
Swiss pass US banking treaty June 17, 2010 THE Swiss parliament finally backed a treaty yesterday to give the US government details of clients UBS helped dodge taxes, ending nearly a year of uncertainty that threatened the Swiss bank’s recovery. The two houses of parliament agreed not to hold a referendum on the treaty after crisis talks yesterday, so Swiss tax authorities should [...]
Swiss pass US banking treaty June 17, 2010 THE Swiss parliament finally backed a treaty yesterday to give the US government details of clients UBS helped dodge taxes, ending nearly a year of uncertainty that threatened the Swiss bank’s recovery. The two houses of parliament agreed not to hold a referendum on the treaty after crisis talks yesterday, so Swiss tax authorities should [...]