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Jan 27, 2015

Renowned architect Hadid settles defamation lawsuit with critic

NEW YORK, Jan 27 (Reuters) – Renowned architect Zaha Hadid
has settled her lawsuit accusing the New York Review of Books
and architecture critic Martin Filler of defaming her in a
recent book review, for which both have apologized.

Both sides agreed to end the case on Jan. 23, according to a
filing in the New York State Supreme Court in Manhattan.

Jan 27, 2015

Berkshire’s NetJets defeats $500 million IRS tax claim

NEW YORK, Jan 27 (Reuters) – NetJets Inc, the private
jet-sharing company owned by Warren Buffett’s Berkshire Hathaway
Inc, has defeated a U.S. Internal Revenue Service
lawsuit attempting to recoup more than $500 million of unpaid
taxes, penalties and interest.

U.S. District Judge Edmund Sargus in Columbus, Ohio, said on
Monday that the IRS was bound by guidance it gave a NetJets
predecessor in 1992 over when to collect federal transportation
excise taxes, and could not impose more taxes retroactively.

Jan 27, 2015

U.S. securities class action lawsuits shrink in size

NEW YORK, Jan 27 (Reuters) – The size of federal class
action lawsuits accusing companies of securities fraud has
dropped significantly, new studies show, as the bull market in
stocks approaches its sixth birthday.

Losses claimed by shareholders, measured by how much stock
prices fell when alleged frauds were disclosed, shrank 45
percent in 2014 to an eight-year low of $57 billion, a study
released Tuesday by Cornerstone Research and Stanford Law School
showed.

Jan 26, 2015

Former Marsh executives’ lawsuit over severance dismissed after bid-rigging probe

NEW YORK, Jan 26 (Reuters) – A lawsuit by two former Marsh &
McLennan Cos managing directors seeking severance pay
and stock awards after they were exonerated in a bid-rigging
probe was dismissed by a judge on Monday.

U.S. District Judge Paul Oetken said William Gilman and
Edward McNenney did not show that their employment contracts
entitled them to the awards, even accepting their claim that
Marsh fired them in 2004 “to appease” then-New York Attorney
General Eliot Spitzer, who was investigating the company.

Jan 26, 2015

U.S. charges three in alleged Russian spy ring in NYC

NEW YORK, Jan 26 (Reuters) – The U.S. government on Monday
unveiled criminal charges against three men for their alleged
involvement in a Russian spy ring operating in New York City.

Evgeny Buryakov, Igor Sporyshev and Victor Podobnyy
conspired to gather economic intelligence on behalf of Russia,
including alleged information about U.S. sanctions against the
country, and to recruit New York City residents as intelligence
sources, U.S. Attorney General Eric Holder said in a statement.

Jan 23, 2015

New York billionaire sues Canadian designer for defamation amid Bahamas feud

NEW YORK (Reuters) – The billionaire hedge fund manager Louis Bacon has filed a $50 million defamation lawsuit against the Canadian fashion designer Peter Nygård, escalating a long-running battle between the owners of neighboring properties in an exclusive gated community in the Bahamas.

A spokeswoman for Nygård called the latest allegations “completely without merit.”

Jan 23, 2015

NY billionaire sues Canadian designer for defamation amid Bahamas feud

NEW YORK, Jan 23 (Reuters) – The billionaire hedge fund
manager Louis Bacon has filed a $50 million defamation lawsuit
against the Canadian fashion designer Peter Nygård, escalating a
long-running battle between the owners of neighboring properties
in an exclusive gated community in the Bahamas.

A spokeswoman for Nygård called the latest allegations
“completely without merit.”

Jan 23, 2015

SkyMall, known for in-flight catalogs, lands in bankruptcy

Jan 23 (Reuters) – SkyMall, whose in-flight shopping
catalogs have long been a staple of airline travel, has filed
for bankruptcy protection, blaming changing consumer habits and
the loss of contracts from two major carriers, Delta and
Southwest.

Xhibit Corp, SkyMall’s parent, on Friday said it
hoped to sell its main assets, including the SkyMall online
retail business, in April through a court-supervised auction,
and then complete an “orderly wind-down” of its affairs.

Jan 23, 2015

Regions Financial reaches $125 mln settlements over funds’ collapse

NEW YORK, Jan 23 (Reuters) – Regions Financial Corp
has agreed to $125 million of settlements to resolve lawsuits
accusing it of mismanaging three Morgan Keegan bond mutual funds
that collapsed in 2007 after investing heavily in subprime
mortgages and other risky debt.

The preliminary settlements call for $110 million of cash to
be paid to investors in Morgan Keegan’s Short Term Bond, Select
Intermediate Bond and Select High Income funds, and $15 million
of cash to go directly to the funds, less any legal fees.

Jan 22, 2015

Ex-Galleon trader seeks to void insider trading conviction

NEW YORK, Jan 22 (Reuters) – A former Galleon Group hedge
fund trader on Thursday said he will ask a federal judge to
throw out his conviction and 10-year prison sentence, one of the
longest imposed in a broad U.S. government probe into insider
trading.

In court papers, Zvi Goffer, 38, said the jury instructions
at his trial were tainted, leading to his June 2011 conviction.

    • 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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