Elan Corporation, plc (ADR) (NYSE:ELN) shareholders filed a law suit seeking nearly $1 billion against SAC Capital for alleged insider trading on the Irish drug maker by the hedge-fund. Why SAC Capital Is Sued? According to a report in New York Post, the law suit alleges Cohen’s SAC Capital traded on tips about a failed Elan drug trial, allowing the hedge fund to earn $720 million besides selling Elan shares worth nearly $500 million. Cohen...
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Apple Inc. (NASDAQ:AAPL) won’t quit going after Samsung. The Cupertino-based tech company recently added the new Samsung Galaxy S4 to their patent infringement lawsuit. The list includes a total of twenty-two Samsung products like Galaxy Note products, Galaxy S II, and Galaxy S III. Apple Inc. (NASDAQ:AAPL) hopes to banish all products from stores and online retailers. Just mere weeks ago, Samsung launched the Galaxy S4 and it’s essentially just a revamped version of the...
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Porsche Automobil Holding SE (ETR:PAH3) (FRA:PAH3) is being sued by a number of hedge funds—again. It was announced in December that a state appeals court dismissed a suit filed by a group of hedge funds over what they say was a short squeeze that occurred when Volkswagen AG (ETR:VOW) (FRA:VOW) merged with Porsche. The judge decided that the funds did not have the jurisdiction needed to sue Porsche in a New York State Court....
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As the patent battle between Apple Inc. (NASDAQ:AAPL) and Samsung Electronics Co., Ltd. (LON:BC94) (KRX:005930) begins round two, Apple Inc. (NASDAQ:AAPL) is making a concerted effort to go after Google Inc (NASDAQ:GOOG) with claims that it must have access to source code information that is at the heart of its dispute with Samsung, given that Google is responsible for Android. According to Bloomberg, Apple Inc. (NASDAQ:AAPL) lawyer Mark Lyon said that it is a “question of transparency,” and...
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Bank of America Corp (NYSE:BAC) and MBIA Inc. (NYSE:MBI) reached an agreement to settle a dispute for $1.7 billion over who will pay for faulty mortgage backed securities issued during the housing boom, eliminating legal questions for both companies. MBIA has sued Bank of America for improper lending practices related to its acquisition of Countrywide Financial. The talks to reach a pact have been ongoing for six months, and the deal was reached over...
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Microsoft Corporation (NASDAQ:MSFT) is facing a patent infringement lawsuit filed by Secure Web Conference Corporation, a subsidiary of Copytele Inc (OTCBB:COPY), a company that specializes in patent monetization and patent assertion. Secure Web Conference Corporation alleged that Microsoft Corporation (NASDAQ:MSFT) violated its patents in encryption technology, which were used in the Skype Video Conferencing service of the software giant. Microsoft acquired Skype for $8.5 billion in 2011 and currently has more than 250 million active...
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Two leading U.S. rating agencies settled their lawsuits sending their shares significantly higher in morning trading. Moody’s Corporation (NYSE:MCO) shares were up 10.5 percent while Mcgraw-Hill Companies Inc (NYSE:MHP) that owns Standard & Poor’s Rating Services rose by 4.5 percent. Both the rating firms said they have settled two long-running lawsuits seeking to hold them responsible for misleading investors about the safety of risky debt vehicles that they had rated. The confidential settlement was with...
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New York City filed a lawsuit against BP plc (NYSE:BP) (LON:BP) claiming that the beneficiaries of the city’s pension fund suffered more than $39 million losses due to its “misconduct and fraudulent behavior” in connection with the Deep Horizon oil spill in 2010. The city filed its complaint against the oil company at the Southern District Court of New York on Friday. New York City alleged that BP plc (NYSE:BP) (LON:BP) failed to reveal significant...
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Apple Inc. (NASDAQ:AAPL) was recently docked with a hefty fine of $118,000 over a copyright breach in China. The tech giant will have to pay three writers for selling their books online without consulting the authors first. According to China Daily, Beijing No 2 Intermediate People’s Court took the side of the authors and are now forcing Apple to pay up the massive fine. Feng Gang, the presiding judge for this particular case, explained...
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A seller registered with eBay Inc (NASDAQ:EBAY) has filed a suit against a buyer, for giving a negative feedback and also declining to withdraw the comment. Amy Nicholas posted her negative feedback on the eBay Inc (NASDAQ:EBAY) seller site Med express because she had to pay $1.44 postage charge, which she didn’t expect, and according to her, was not informed by the seller beforehand. Amy Nicholas bought a microscope part from the Med Express in February....
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Nomura Holdings, Inc. (ADR) (NYSE:NMR) (TYO:8604), a Japanese investment bank, lost assets worth €1.8 billion when they were seized by Italian authorities. The assets are linked to a probe related to allegations that the bank supported Banca Monte dei Paschi di Siena SpA (BIT:BMPS) in hiding massive losses from regulators and shareholders. Seizure of the assets will definitely have a huge adverse impact on the business of Nomura Holdings, Inc. (ADR) (NYSE:NMR) (TYO:8604). There has...
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