Setback in Galleon case April 5, 2010 US District Judge Jed Rakoff refused to approve an agreement by a trading company tied to the Galleon Group hedge fund insider trading case to pay about $763,000 (£500,000) to settle a US Securities and Exchange Commission (SEC) securities fraud lawsuit. The refusal came six days after the trading company, Schottenfeld Group LLC, won approval [...]
Lloyd’s firms launch BP legal action May 26, 2010 BP’S woes worsened yesterday when syndicates in the Lloyds of London insurance market launched legal action to stop the oil giant claiming against its Gulf of Mexico spill. The FTSE 100 oil major is trying to claim up to $700m (£487m) for cleanup costs and damage lawsuits resulting from the crude haemorrhaged by its Deepwater [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 15, 2010 FINANCIAL TIMES CREST ADVISERS SHUN £350M HORIZON BID A £350m offer for Crest Nicholson was in jeopardy on Thursday night after advisers to the debt-burdened housebuilder told its lender-owners to reject the bid as too low. A steering committee representing Crest’s creditors, which took control of the housebuilder following a £630m debt-for equity swap last [...]
EX-CITI BANKER CLAIMS UNFAIR DISMISSAL – FOR BEING GORGEOUS June 2, 2010 WE’VE all heard of lawsuits being fired back and forth due to foxy females being sexually harassed at work, but bringing a legal complaint because managers insist a lady is too attractive to wear her normal office attire? That’s got to be a new one. Latino bombshell Debrahlee Lorenzana has filed a lawsuit in New [...]
Astaire ditches buyout strategy May 26, 2010 STOCKBROKER Astaire yesterday stunned the market after it announced a U-turn in strategy and the resignation of its senior management team. Edward Vandyk – the broking veteran who took the helm last year following a bitter takeover battle and changed the firm’s name from Blue Oar to Astaire – stepped down as chief executive of [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 24, 2010 FINANCIAL TIMES AIA CHIEF IN THREAT TO QUIT OVER PRU DEAL AIA’s chief executive has told friends and industry executives that he would quit if the UK’s Prudential succeeded in its $35.5bn (£24.6bn) takeover of the Asian businesses of AIG. Mark Wilson has said he would step down once the deal closed because the proposed [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 24, 2010 FINANCIAL TIMES AIA CHIEF IN THREAT TO QUIT OVER PRU DEAL AIA’s chief executive has told friends and industry executives that he would quit if the UK’s Prudential succeeded in its $35.5bn (£24.6bn) takeover of the Asian businesses of AIG. Mark Wilson has said he would step down once the deal closed because the proposed [...]
Tullett files US lawsuit against BGC October 25, 2009 TULLETT Prebon has filed a $1bn (£609.4m) lawsuit against arch-rival BGC Partners in the US, just days after a legal action between the pair opened in the High Court in London. Documents filed by Tullett at the district court of New Jersey allege that BGC poached 81 brokers from its New Jersey and New York [...]
Goldman Sachs director in probe April 15, 2010 PROSECUTORS are examining whether Goldman Sachs director Rajat Gupta gave inside information about the bank to Galleon hedge fund founder Raj Rajaratnam, the Wall Street Journal reported yesterday. “Mr. Gupta is unaware of any examination of any such issue and has done nothing wrong,” a spokeswoman for Gupta said in a statement. Rajaratnam has pleaded [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 7, 2010 FINANCIAL TIMES ENERGY-FOCUSED HEDGE FUNDS FEEL HEAT OF MARKET VOLATILITY Hedge funds focused on energy markets have suffered a rocky start to the year, hit by volatile commodity prices and the Gulf of Mexico oil spill disaster. Many funds have been left nursing double-digit percentage losses over the first six months of the year. The [...]