United States/Americas
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SAC Lawyers Met Prosecutors to Argue Against Charges
By Reuters
05/23/2013 5:38:13 PM ET
EDITOR'S NOTE: This story has been updated throughout.
NEW YORK (Reuters)—Steven A. Cohen's lawyers made their best case argument a month ago to federal prosecutors about why the hedge fund billionaire and his SAC Capital Advisors should not be charged with criminal wrongdoing in a long-running insider trading investigation.
ISS Settles U.S. SEC Charges Over Voting Data Breach
By Reuters
05/23/2013 5:27:04 PM ET
EDITOR'S NOTE: This story has been updated throughout.
WASHINGTON (Reuters)—Institutional Shareholder Services has settled civil charges by U.S.
CME Vows Not to Sway Membership Prices After MF Global Sales
By Reuters
05/23/2013 3:20:57 PM ET
CHICAGO (Reuters)—CME Group Inc. will never influence the price of its memberships, Executive Chairman Terry Duffy said on Wednesday [May 22] after seats formerly owned by bankrupt broker MF Global Holdings Ltd.
Goldman Unveils Checks on Conflicts in Bid to Fix Image
By Reuters
05/23/2013 2:53:24 PM ET
SALT LAKE CITY (Reuters)—After dozens of meetings with executives and regulators, 100,000 hours of employee training and an immeasurable amount of public grief, Goldman Sachs Group Inc. CEO Lloyd Blankfein claimed success in putting his bank and his legacy back on track.
Ally to Pay $2.1 Billion to Settle ResCap Litigation
By Reuters
05/23/2013 2:26:04 PM ET
EDITOR'S NOTE: This story has been updated throughout.
NEW YORK (Reuters)—Ally Financial Inc. agreed on Thursday [May 23] to pay $2.1 billion to settle legal claims tied to its bankrupt Residential Capital LLC unit, nearly triple the amount it initially offered to creditors of the subprime mortgage business.
RLPC: Icahn Lining Up $5.2 Billion Loan For Rival Dell Bid
By Reuters
05/23/2013 12:42:33 PM ET
NEW YORK (Reuters)—Activist investor Carl Icahn and Southeastern Asset Management Inc. have initiated talks with banks and asset managers to begin syndicating a $5.
Elpida Seeks U.S. Court Approval For Sale to Micron
By Reuters
05/22/2013 1:02:42 PM ET
WILMINGTON, Del. (Reuters)—Japan's Elpida Memory Inc asked U.S. Bankruptcy Court in Delaware on Wednesday [May 22] to enforce its reorganization plan sale to Micron Technologies Inc.
Pressured By Elliott, NetApp Speeds Up Share Buyback
By Reuters
05/22/2013 12:13:11 PM ET
SUNNYVALE, Calif. (Reuters)—Data storage equipment maker NetApp Inc., under pressure from activist shareholder Elliott Management, said it would spend about $1 billion in the next four months to buy back shares.
Sony to Assess Loeb Plan; Cuts Camera, Smartphone Targets
By Reuters
05/22/2013 12:03:41 PM ET
TOKYO (Reuters)—Sony Corp cut its sales targets for digital cameras, smartphones and tablets by 13 percent to 17 percent for the year to end-March 2015, but said there were "encouraging" signs of a revival in its electronics business.
CEO Kazuo Hirai told a press briefing on Wednesday [May 22] that Sony would assess a proposal from its biggest shareholder, billionaire Daniel Loeb's Third Point LLC hedge fund, that the group should sell up to a fifth of its music and movies business, which includes artists such as Adele and hit franchises like "Spider-Man.
U.S. CFTC Watchdog Faults Gensler For MF Global Probe Recusal
By Reuters
05/21/2013 5:46:10 PM ET
WASHINGTON (Reuters)—The chairman of the U.S. derivatives regulator made a questionable call when he chose to distance himself from probing the demise of futures broker MF Global, the agency's internal watchdog said in a report released on Tuesday [May 21].
Oaktree Founders Could Reap Up to $80 Million Each in Stock Sale
By Reuters
05/21/2013 5:03:47 PM ET
NEW YORK (Reuters)—Oaktree Capital LLC, the world's largest distressed debt investor, said its two founders could each receive as much as $79.9 million in a secondary offering of its shares if the firm clears net proceeds of $367.
E.U. Oil Probe Seeks Market Abuse Evidence Since 2010
By Reuters
05/21/2013 3:48:57 PM ET
EDITOR'S NOTE: This story has been updated with the European Commission's list of requests for information.
LONDON (Reuters)—The European Commission is asking oil traders across the continent to provide evidence of market abuse to determine whether companies sought to manipulate prices reported to leading price-setting agency Platts.
U.S. Appellate Court Studies Wiretaps in Gupta's Insider Case
By Reuters
05/21/2013 3:03:06 PM ET
NEW YORK (Reuters)—Lawyers for former Goldman Sachs Group Inc. board member Rajat Gupta sought to reverse his insider-trading conviction on Tuesday [May 21], arguing that wiretap evidence used by the prosecution should not have been introduced at trial.
MF Global Trustee Liquidates Its CME Group Memberships
By Reuters
05/21/2013 12:23:55 PM ET
CHICAGO (Reuters)—The trustee liquidating MF Global has sold a collection of the bankrupt broker's CME Group memberships for amounts below recent selling prices, according to a list of transactions published by the exchange on Monday [May 20].
Eighteen months after MF Global collapsed, Trustee James Giddens last week sold a variety of memberships owned by the firm that bestow different trading rights on the holders.
Under Pressure, JPMorgan Gives Up Vote Information
By Reuters
05/21/2013 12:03:56 PM ET
NEW YORK (Reuters)—JPMorgan Chase & Co., under pressure from New York officials, gave shareholders information about an upcoming vote that would increase oversight of Chairman and Chief Executive Jamie Dimon.
Martoma: U.S. Impedes Defense in Fraud Case
By Reuters
05/21/2013 11:33:51 AM ET
NEW YORK (Reuters)—Former SAC Capital Advisors portfolio manager Mathew Martoma said the government is impeding his ability to defend against criminal insider trading charges by trying to link him to an alleged long-running conspiracy for which it has only "vague" details.
In papers filed on Monday [May 20] night in U.
Activist Wants Alere to Explore $2.5 Billion Unit Sale
By Reuters
05/21/2013 11:09:24 AM ET
NEW YORK (Reuters)—An activist investor in Alere Inc. wants the health diagnostics and services company to explore a sale of its drug testing business, which it believes could fetch as much as $2.
Credit Suisse Replaces Morgan Stanley as No. 2 Asia Prime Broker
By Reuters
05/21/2013 10:53:00 AM ET
HONG KONG (Reuters)—The Asian prime brokerage unit of Credit Suisse has replaced Morgan Stanley as the second largest firm servicing the region's $148 billion hedge funds industry, a survey showed.
The annual survey by industry tracker AsiaHedge, released this week, found that Goldman Sachs remains Asia's top prime broker with 179 clients and total assets under management of $24.
Dish's Ergen Eyes LightSquared Spectrum
By Reuters
05/21/2013 10:46:03 AM ET
MERIDIAN, Colo. (Reuters)—Charlie Ergen, the chairman of U.S. satellite company Dish Network Corp., has offered to buy bankrupt broadband company LightSquared Inc.
Biggest Traders Helping E.U. Oil Probe, Not In It
By Reuters
05/20/2013 2:59:35 PM ET
LONDON (Reuters)—European investigators have asked top trading houses Glencore, Vitol and Gunvor to help with a probe into oil price manipulation, while not suggesting they are under investigation, industry sources said on Monday [May 20].
Last week, European Commission authorities raided the London bureau of pricing agency Platts and the offices of oil majors Statoil, Royal Dutch Shell and BP in the biggest cross-border action since the probe into rigging of LIBOR benchmark interest rates.
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