Thursday, a unit of HSBC Holdings said it will pay $1.575 billion in order to end a 14-year old shareholder class action lawsuit. The lawsuit stems from questionable mortgage lending undertaking more than a decade ago from the Household International consumer finance business that HSBC bought in 2003, according to an article by Jonathan Stempel for Reuters. In the second quarter, the company …
The largest auto maker settlement to date may not be enough to buy back the trust of some drivers. On June 28, Volkswagen VOW, +4.15% submitted a settlement plan worth $14.7 billion to a federal judge following the company’s admission in September of cheating emissions tests by placing a “defeat device” in 11 million of its diesel vehicles world-wide. The settlement gives about 475,000 diesel …
St. Jude Medical Inc has reached a $39.25 million class action settlement with shareholders to resolve claims it downplayed the possible dangers associated with a product used to connect implantable defibrillators to patients’ hearts. The preliminary settlement, disclosed Thursday with the U.S. District Court in Minneapolis, requires a judge’s approval. It resolves claims that St. Jude inflated …
European owners of nearly three million tainted Volkswagen AG cars may go empty-handed despite the agreement in the U.S. on a near $15 billion settlement to resolve the German auto maker’s emissions-cheating scandal. Volkswagen, Europe’s leading car maker by sales, has agreed to pay up to $14.7 billion to settle legal emissions-cheating claims with regulators and owners of nearly 500,000 …
Oracle is set to appeal a decision which, if it stands, will require Big Red to make a US$3 billion contribution to HPE’s top line. HP launched the action in Oracle’s 2011 decision to quit developing software for Intel’s Itanium processors. Oracle believed there was no future in the Itanium architecture, but HP pressed ahead (it still uses the architecture in its Integrity Superdome family).
Hewlett Packard Enterprise has been awarded $3 billion in a lawsuit it brought against Oracle five years ago over a now largely forgotten Intel processor. The two sides had been fighting over Oracle’s decision to stop developing versions of its software for Intel’s Itanium, a server chip that never found much success in the market. After the jury verdict Thursday, Oracle said it planned to appeal.
The record $15.3 billion settlement in the Volkswagen diesel-emissions cheating scandal will affect nearly 30,000 vehicles sold in Illinois, as well as thousands of owners who went from brand loyalists to betrayed. Some owners can’t wait to sell their cars back to VW, ending a nightmare that turned their beloved and peppy “clean diesel” cars into a source of driveway shame. Others have mixed …
Boston Retirement System, the public pension fund for Boston municipal employees, filed the first bondholders proposed class action against Volkswagen AG (VOWG_p.DE) related to the company’s diesel emissions scandal, law firm Labaton Sucharow LLP said. The lawsuit, which also names as defendants Volkswagen Group of America Inc and Volkswagen Group of America Finance Inc, claims that “false and …
A group of bondholders on Tuesday sued Puerto Rico’s government as debt negotiations fell apart less than two weeks ahead of what would be the largest default in the island’s history. The suit filed in New York by holders of general obligation bonds seeks to invalidate a debt moratorium and fiscal emergency law passed in early April as the island struggles to restructure $70 billion in public …
Banking giants have been through tough times over the past decade or so owing to the global economic meltdown but HSBC has lurched from one controversy to the next with alarming regularity. The fallout from …