0 results for 'Deutsche Bank'
Sometimes a court ruling is almost as noteworthy for its dicta as for its holding. That's the case for a ruling this week in Assured Guaranty's $1 billion RMBS suit against UBS, in which a federal judge took a jab at the "immorality" of our "win at any price society."
The National Credit Union Administration has sued a UBS unit for allegedly making misrepresentations in the sale of more than $1 billion in mortgage-backed securities to two credit unions that failed. The suit, filed on Thursday in Kansas federal district court, is the latest by the NCUA against financial institutions that sold mortgage-backed securities to now-defunct corporate credit unions.
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Judge Rejects 'Worthless' Deal
A New York federal judge has rejected a shareholder class action settlement and request for $200,000 in plaintiffs' attorney fees, calling the deal virtually worthless to shareholders. The case stemmed from the 1998 purchase of London insurance broker Willis Corroon Group P.L.C. by an investor group led by Kohlberg Kravis Roberts & Co. (KKR).SPACs: an emerging exit strategy
The struggling initial public offering market and the credit crunch have limited the exit strategies for portfolio companies. A new entrant emerging in this environment is the special purpose acquisition company (SPAC) — an entity whose assets consist entirely of cash and cash equivalents. A SPAC is a publicly traded blank check company, formed for the purpose of effecting a business combination with an unidentified operating business. The merger of a private operating company with a SPAC is a method for the private company to go public. Recent high-profile offerings and offerings underwritten by top-tier investment banks have brought legitimacy to and focus on the SPAC market.On Thursday a federal district court judge in Brownsville, Texas, ordered Grupo Mexico to transfer 260 million shares of a Peruvian mining company to Terrell's client. The take: a cool $6 billion. That's a lot of pesos!
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