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Jul 19, 2012

U.S. court upholds Pfizer’s Lyrica patent protection

July 19 (Reuters) – Pfizer Inc beat back a challenge from
generic drugmakers to a patent that protects its pain medicine
Lyrica, its second-best selling drug when a federal judge ruled
in its favor on Thursday.

Judge Gregory Sleet of the U.S. District Court in Delaware
issued an order preventing the manufacture of generic versions
of Lyrica before its patent protection expires in 2018. Some
generic drugmakers had hoped to launch their versions as soon as
this year.

Jul 16, 2012

U.S. judge declines to grant lead role in Wal-Mart suits

WILMINGTON, Del (Reuters) – A Delaware judge refused to choose which of two large pension funds would lead a lawsuit against the board of Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research, Stock Buzz) for allegedly allowing bribery to flourish in Mexico.

The chief judge of Delaware’s Court of Chancery, Leo Strine, encouraged the public pension funds from California and New York to investigate the allegations more thoroughly and find a way to work together.

Jul 16, 2012

Analysis: Wall Street may face Libor legal threat from small banks

By Tom Hals

(Reuters) – The thousands of community banks have often said their much larger counterparts have trampled on them. Now some hope the latest Wall Street scandal could give them ammunition to strike back.

Big banks’ alleged manipulation of interest rates has become the subject of a deepening global investigation by regulators. It has also led one small bank in Wisconsin to file a lawsuit accusing JPMorgan Chase & Co, Bank of America Corp, Citigroup Inc and other major banks of colluding to set rates artificially low.

Jul 16, 2012

Wall St may face Libor legal threat from small banks

July 16 (Reuters) – The thousands of U.S. community banks
have often said their much larger counterparts have trampled on
them. Now some hope the latest Wall Street scandal could give
them ammunition to strike back.

Big banks’ alleged manipulation of interest rates has become
the subject of a deepening global investigation by regulators.
It has also led one small bank in Wisconsin to file a lawsuit
accusing JPMorgan Chase & Co (JPM.N: Quote, Profile, Research), Bank of America Corp
(BAC.N: Quote, Profile, Research), Citigroup Inc (C.N: Quote, Profile, Research) and other major banks of colluding
to set rates artificially low.

Jul 11, 2012

Delaware judge takes novel approach to settlement objectors

July 11 (Reuters) – In a legal version of “put up or shut
up,” a Delaware judge solved a problem of plaintiffs who opposed
a settlement struck on their behalf: Let them keep a lawsuit
alive if they provide money to ensure other plaintiffs get the
payout they expect.

The ruling by Judge Travis Laster of Delaware Chancery Court
in a little-noticed case could have broader reach in the realm
of shareholder and investor litigation. Corporate defendants
often choose to settle lawsuits to get certainty and move on,
but they could face additional legal headaches if small groups
of plaintiffs find creative ways to press ahead with cases even
after an accord with a larger group has been reached.

Jul 6, 2012
via Breakingviews

Barclays can’t easily divorce BarCap

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By George Hay

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Barclays will find it tough to undo Bob Diamond’s handiwork. The UK bank’s recently departed chief executive spent over 15 years building the firm’s investment bank, Barclays Capital, into one of the biggest of its kind in the world. Now the unit’s strategic contribution is in doubt following its role in the Libor scandal. But even if Diamond’s replacement wanted to get shot of his pride and joy, it would be hard to do.

Jul 4, 2012

Investors may shun big Libor lawsuit and go it alone

By Tom Hals

(Reuters) – The stakes are rising in lawsuits against big banks over allegations they rigged benchmark interest rates, as some large investors may opt out of a massive class action and strike out on their own.

Competing lawsuits could drive up the legal costs for the banks, which are accused of colluding to manipulate the global benchmark Libor rate that sets prices on $350 trillion (224 trillion pounds) of derivatives and other financial products.

Jul 3, 2012

Analysis: Investors may shun big Libor lawsuit and go it alone

By Tom Hals

(Reuters) – The stakes are rising in lawsuits against big banks over allegations they rigged benchmark interest rates, as some large investors may opt out of a massive class action and strike out on their own.

Competing lawsuits could drive up the legal costs for the banks, which are accused of colluding to manipulate the global benchmark Libor rate that sets prices on $350 trillion of derivatives and other financial products.

Jul 3, 2012
via Breakingviews

Diamond’s exit leaves Barclays at a crossroads

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By George Hay

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Bob Diamond has left the building. One day after penning an epic 1,900 word letter to staff pledging to stay at Barclays, the interest rate fixing scandal has forced the UK bank’s chief executive to quit. His is a hard act to follow. And in replacing Diamond, the board faces a critical strategic decision.

Jun 29, 2012
via Breakingviews

Would the ECB downgrade France?

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By George Hay

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

The European Central Bank rightly wants to loosen the grip of ratings agencies. That is why it’s considering the use of its own internal ratings system for the collateral that banks can swap in its liquidity operations. But like any do-it-yourself solution, this could easily end in a botch job.

    • About George

      "George Hay writes about the banking and property sectors. He joined from Thomson Financial News, where he was a companies correspondent. Before that he worked at United Business Media, where he was news editor of Building Magazine. He has a first in English Literature from Edinburgh University, and was nominated in two categories at the 2009 Business Journalist of the Year Awards."
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