Empire State Building investors on December 24 filed a class-action lawsuit in a Manhattan state court against the New York skyscraper's managers. The said investors claim they were deprived of $410 million in profit in Empire State Building's initial public offering.
Legal & Regulatory
Arbitration panel orders Wells Fargo & Co to repurchase auction rate debt
A Financial Industry Regulatory Authority arbitration panel ordered the San Francisco-based brokerage unit of Wells Fargo & Co to buy back auction rate securities amounting to $94 million from its investors.
BofA's legal costs rise because of Countrywide deal- report
The Los Angeles Times reported that the legal costs of Bank of America could continue to rise, mostly due to its ill-fated acquisition of Countrywide Financial Corp in 2008.
Chinese mobile makers asks regulators to ensure Nokia takeover will retain patent fees - sources
Huawei Technologies Co and ZTE Corp have asked regulators to make sure that Microsoft's takeover of Nokia's handset business will not result to increased patent fees in wireless technology, according to sources who talked to Bloomberg.
Apple asks court to ban sales of Samsung Electronics smartphones, tablets in the US
Apple Inc has asked a US District Court in California to ban the sales in the US of more than 20 smartphones and tablets of its rival Samsung Electronics, Bloomberg reported.
Latest News
The problems of Britian-based insurer RSA is a reminder that politicians, regulators and the general public should also put the spotlight on insurance companies and not just banks.
LightSquared is proposing a new bankruptcy exit plan with financing from Fortress Investment Group and other backers, as the U.S. wireless communications company seeks to avoid a sale to highest bidder Dish Network Corp.
A total of 11 companies, including a subsidiary of online retail giant Alibaba obtained approval from Chinese authorities to be able to purchase mobile services from major providers and repackage them to offer to end users, the Ministry of Industry and Information Technology (MIIT) said on Thursday.
Mizuho Financial Group Inc will be seeing its chairman, Takashi Tsukamoto, leaving its post after its lending unit received penalties the second time within a three-month period due to loans it extended to crime groups.
UK Sinha, Chairman of Securities and Exchange Board of India or Sebi, said firms can be creative in their advertisements to attract investors to their IPOs but they must contain all required disclosures.
Sources said Japan is preparing to introduce guidelines for institutional investors known as the Japanese Stewardship Code, which would improve returns, transparency and corporate governance, Reuters reported.
The Fair Trade Commission of Taiwan slapped a TW$20 million fine on Apple Inc for violating the country's fair trade laws when it restricted the prices of local telecom carriers for iPhone contracts.
The American Bankers Association, a group that represents mostly community banks, has filed a complaint challenging the final version of the Volcker Rule, Bloomberg reported.
Dubai Islamic Bank said on Wednesday it would increase its foreign ownership limit to 25 percent from 15 percent.
