Government told to face up to failings over Equitable Life at the High Court July 21, 2009 THE GOVERNMENT was yesterday told it can not “evade reality” over its obligations to victims of the Equitable Life crisis. The criticism, made by a group of policyholders who lost out due to the near-collapse of the firm, came at the start of a landmark High Court case. The Equitable Members Action Group of 21,000 [...]
Government told to face up to failings over Equitable Life at the High Court July 21, 2009 THE GOVERNMENT was yesterday told it can not “evade reality” over its obligations to victims of the Equitable Life crisis. The criticism, made by a group of policyholders who lost out due to the near-collapse of the firm, came at the start of a landmark High Court case. The Equitable Members Action Group of 21,000 [...]
Google wins UK libel case July 20, 2009 The High Court ruled yesterday that Google is not liable for defamatory comments that appear in its search results. In a landmark ruling Mr Justice Eady said its search engine was not responsible for comments relating to Metropolitan International Schools, a distance learning business. The court said Google was a “facilitator” and not a publisher [...]
Calpers sues credit rating agencies over poor gradings July 15, 2009 CALPERS, the biggest US public pension fund, has sued the three largest credit rating agencies for giving perfect grades to securities that later suffered huge subprime mortgage losses. The California Public Employees’ Retirement System said in a lawsuit filed last week in California Superior Court in San Francisco that it might lose more than $1bn [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 12, 2009 THE SUNDAYSThe Sunday TelegraphFOCUS DIY CHAIN FACES TOUGH CREDIT REVIEWA review of Focus DIY’s financial position will be delivered by Ernst & Young (E&Y) to the group’s lenders this Friday to help them to decide whether to continue backing the DIY retailer. Although the lenders, GMAC and HBOS, have agreed in principle to renew a [...]
Keydata CEO made personal loan July 12, 2009 The chief executive of Keydata, the collapsed specialist investment firm, made personal loans worth several million dollars to the man behind the investment vehicles that Keydata is blaming for a £103m shortfall in client funds. Court documents show that Stewart Ford lent $3.25m to David Elias, who managed funds that Keydata sold on to its [...]
FSA secures bankruptcy order July 9, 2009 City watchdog the Financial Services Authority (FSA) has secured a bankruptcy order in the High Court against former East London mortgage broker Sadia Nasir for non-payment of a £129,000 financial penalty levied on her by the FSA for mortgage fraud. This is the first time the FSA has taken bankruptcy proceedings for an unpaid financial [...]
Welsh RFU faces High Court date July 6, 2009 RUGBY UNION: Wales’ first autumn Test encounter with New Zealand on 7 November is likely to be the subject of a High Court hearing after a row broke out over player release. Wales coach Warren Gatland wanted his Test stars available for national team duty despite the four regions – the Ospreys, Dragons, Llanelli Scarlets [...]
Welsh RFU faces High Court date July 6, 2009 RUGBY UNION: Wales’ first autumn Test encounter with New Zealand on 7 November is likely to be the subject of a High Court hearing after a row broke out over player release. Wales coach Warren Gatland wanted his Test stars available for national team duty despite the four regions – the Ospreys, Dragons, Llanelli Scarlets [...]
The property boss who can see the light at the end of the tunnel July 5, 2009 The airy offices of Knight Frank chairman Nick Thomlinson are as good a place as any to survey the wreckage of the property market over the last two years. So it can only be good news that the head of the UK’s largest privately-owned property business shows no sign of panic as he holds court [...]