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Sep 2, 2014

Abercrombie resolves CEO pay lawsuit, to tighten governance

By Jonathan Stempel

(Reuters) – Abercrombie & Fitch Co’s (ANF.N: Quote, Profile, Research, Stock Buzz) board agreed to make governance changes to resolve a lawsuit objecting to its awarding longtime Chief Executive Officer Michael Jeffries more than $140 million of compensation since 2007.

The negotiated settlement, which requires court approval and includes no monetary payment to shareholders, was disclosed on Friday, less than an hour after the underlying lawsuit was filed in the U.S. District Court in Columbus, Ohio.

Sep 2, 2014

Photos of alleged 9/11 ’20th hijacker’ can stay classified: court

NEW YORK (Reuters) – A federal appeals court on Tuesday said photos of a Saudi national imprisoned at Guantanamo Bay who U.S. officials have said intended to be the “20th hijacker” in the September 11, 2001 attacks should stay classified, in the interest of protecting national security.

The 2nd U.S. Circuit Court of Appeals in New York said the government plausibly showed that releasing images of Mohammed al-Qahtani, who was subject to interrogation techniques that a government official likened to torture, could endanger military personnel, diplomats and workers in Afghanistan and elsewhere.

Aug 30, 2014

Microsoft will not hand over overseas email, despite order

NEW YORK (Reuters) – A judge on Friday lifted a suspension on her order directing Microsoft Corp (MSFT.O: Quote, Profile, Research, Stock Buzz) to turn over a customer’s emails stored overseas to U.S. prosecutors, but the software company said it would not release any emails while it appeals the ruling.

Chief Judge Loretta Preska of the U.S. District Court in Manhattan had on July 31 upheld a magistrate judge’s ruling on the emails, which have been held in a data center in Ireland.

Aug 30, 2014

U.S. judge throws out aluminum price-fixing suit against banks

NEW YORK, Aug 29 (Reuters) – A U.S. judge on Friday
dismissed antitrust litigation accusing Wall Street banks and
commodity merchants including Goldman Sachs Group Inc and
Glencore Plc of conspiring to drive up aluminum prices
by reducing supply.

In an 85-page decision, U.S. District Judge Katherine
Forrest in Manhattan said there was no indication the defendants
intended to manipulate prices, though it was clear that their
actions affected the aluminum marketplace.

Aug 29, 2014

U.S. judge dismisses aluminum price-fixing litigation

NEW YORK (Reuters) – A U.S. judge on Friday dismissed nationwide antitrust litigation accusing banks and commodity companies of conspiring to drive up aluminum prices by reducing supply.

The plaintiffs had accused Goldman Sachs Group Inc, JPMorgan Chase & Co, the large mining company Glencore Plc, and various commodity trading, metals mining and metals warehousing companies of having colluded since May 2009 to manipulate prices by hoarding inventory.

Aug 29, 2014

U.S. judge lifts suspension on Microsoft overseas email seizure

NEW YORK (Reuters) – A judge on Friday lifted a suspension on her order directing Microsoft Corp to turn over a customer’s emails stored overseas to U.S. prosecutors.

Chief Judge Loretta Preska of the U.S. District Court in Manhattan had on July 31 upheld a magistrate judge’s ruling on the emails, which have been held in a data center in Ireland.

Aug 29, 2014

United Therapeutics soars 28.5 pct on drug patent ruling

Aug 29 (Reuters) – United Therapeutics Inc shares
soared 28.5 percent on Friday after the company won a court
ruling in a patent dispute that blocks Novartis AG
from selling a generic version of its best-selling Remodulin
hypertension drug.

Shares of United Therapeutics closed up $26.14 at $117.83 on
the Nasdaq, boosting the company’s market value by about $1.24
billion to $5.57 billion. The shares had earlier risen to a
record $118.76.

Aug 29, 2014

United Therapeutics wins drug patent ruling, stock soars

Aug 29 (Reuters) – United Therapeutics Inc shares
soared on Friday after the company won a court ruling in a
patent dispute that blocks Novartis AG from selling a
generic version of its best-selling Remodulin hypertension drug.

In afternoon trading, United Therapeutics’ shares were up
$24.56, or 26.8 percent, at $116.25, after earlier rising as
much as 28.7 percent to a record $118.00. United Therapeutics’
market value had been $4.33 billion as of Thursday’s close.

Aug 29, 2014

Oracle loses bid to restore $1.3 billion SAP verdict, could get new trial

By Jonathan Stempel and Dan Levine

(Reuters) – Oracle Corp failed to revive a $1.3 billion jury verdict in its long-running copyright dispute with German software company SAP SE as a U.S. appeals court said Oracle must choose to accept a lower amount or face a new trial.

In a ruling on Friday, the 9th U.S. Circuit Court of Appeals in San Francisco said jurors used “an undue amount of speculation” in awarding $1.3 billion in damages in 2010.

Aug 28, 2014

Ford, IBM win dismissal of 12-year lawsuit over apartheid abuses

NEW YORK, Aug 28 (Reuters) – A Manhattan federal judge has
dismissed a 12-year-old lawsuit accusing Ford Motor Co and
IBM Corp of encouraging human rights abuses in
apartheid-era South Africa, reluctantly concluding that the case
does not belong in U.S. courts.

U.S. District Judge Shira Scheindlin on Thursday said the
black South Africans who brought the case did not show “relevant
conduct” by Ford and IBM within the United States to justify
holding the companies liable.

    • About Jonathan

      "I cover legal and regulatory matters, and am based in New York. I have covered banking, finance, Warren Buffett and corporate bonds."
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