Hedge funds sue Porsche January 25, 2010 FOUR US hedge funds have sued luxury carmaker Porsche and two of its former executives, accusing them of a $1bn (£615m) fraud during the luxury carmaker’s failed takeover bid for Volkswagen in 2008. The lawsuit – filed by Elliott Associates, Glenhill Capital Management, Glenview Capital Management and Perry Capital – was lodged in a Manhattan [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 7, 2010 THE SUNDAYS The Sunday Telegraph NORTHERN ROCK £400M LOSS Northern Rock made multi-million pound losses for a third year running in 2009, the nationalised lender will reveal this week. The bank will report pre-tax losses of about £400m, analysts believe, a marked improvement on the £1.36bn of losses in 2008. Since the Government bailed it [...]
Resort owners sue Credit Suisse for $24bn over luxury property schemes January 4, 2010 Credit Suisse has been sued by property owners who said the Swiss bank schemed to defraud investors in four luxury resort communities, including the bankrupted Yellowstone Club. The lawsuit filed in federal court in Boise, Idaho, seeks $24bn (£15bn) of damages against Credit Suisse and commercial real estate firm Cushman & Wakefield, and class-action status [...]
Resort owners sue Credit Suisse for $24bn over luxury property schemes January 4, 2010 Credit Suisse has been sued by property owners who said the Swiss bank schemed to defraud investors in four luxury resort communities, including the bankrupted Yellowstone Club. The lawsuit filed in federal court in Boise, Idaho, seeks $24bn (£15bn) of damages against Credit Suisse and commercial real estate firm Cushman & Wakefield, and class-action status [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 1, 2010 FINANCIAL TIMES TOYODA APOLOGY TOUR IN BEIJING Akio Toyoda, chief executive of Toyota Motor, apologised to Chinese consumers yesterday during a visit to Beijing, as he extended his effort to repair Toyota’s image to the biggest-volume car market in the world. Toyoda flew to China from the US where he had received tough criticism from [...]
Goldman to fight bonus fury in court December 15, 2009 INVESTMENT bank Goldman Sachs is being sued for billions of dollars in compensation after an institutional shareholder accused it of blindly “looting” the firm’s coffers by paying out rich rewards to its employees. The lawsuit, which has been filed with the New York Supreme Court by the Security Police and Fire Professionals of America Retirement [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 22, 2010 THE SUNDAYS THE SUNDAY TELEGRAPH TORIES’ ENERGY PAPER MONTHS LATE The Conservatives’ flagship energy paper may not appear until April – six months after its original planned publication – leading to industry fears of policy disagreements in the run-up to the election. One senior figure who has seen a draft of the paper said that [...]
CITY’S NON-EXEC ALSATIANS ARE LET OFF THE LEASH February 10, 2010 TO THE Plaisterers Hall on London Wall last night for the annual Non-Executive Director Awards, hosted by broker KBC Peel Hunt. Top of the honours list was former Cadbury chairman Roger Carr – who must have been relieved that, for once, the accolade had nothing to do with chocolate and everything to do with his [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 17, 2010 FINANCIAL TIMES DISEASE SENDS SALMON PRICES LEAPING Salmon prices are jumping after the collapse of the Chilean industry through fish disease caused a sharp decline in global supply. Wholesale prices for Norwegian-produced Atlantic salmon have risen 20.6 per cent since the start of the year , says Statistics Norway. That has extended a year-long rally [...]
Travelzest is undeterred by libel lawsuit May 25, 2009 TOUR operator group Travelzest is pressing ahead with its investigation into the alleged theft of company money, despite a defamation lawsuit filed by founder and former chief executive Chris Mottershead. Mottershead launched libel proceedings last week, almost a month after the group announced it had suspended him pending the outcome of an investigation into “a [...]