Tag Archives: shareholder

Chinese group becomes biggest shareholder of Deutsche Bank as investors revolt

Conglomerate HNA has upped its stake in the bank to 9.92 percent as a result of a voting rights announcement and share package worth £2.8billion (€3.4bn).

The Chinese have replaced the ruling family of Qatar al-Thani as the largest Deutsche Bankshareholder.

The bank’s British CEO John Cryan is attempting to rebuild Deutsche after tearing up his turnaround strategy after 17 months.

Read on.

Wells Fargo CEO John Stumpf has to go, shareholder says

Wells Fargo shareholder wants Stumpf out

Wells Fargo Chairman and CEO John Stumpf continues to blame everyone else for the opening of unauthorized accounts and he absolutely has to go, shareholder rights activist Gerald Armstrong said Monday.

Armstrong also wants to see a shake-up of the board of directors.

“I think it should be rejuvenated, reactivated and made into a very intense entity that is monitoring the managing of the corporation. That is a board’s duty,” he said in an interview with CNBC’s “Closing Bell.”

Armstrong has a “significant” personal investment in the company.

Read on.

HSBC : to Pay $1.58 Billion to Settle Shareholder Suit — Update

A unit of British bank HSBC Holdings PLC has reached a preliminary agreement to pay $1.58 billion to settle a shareholder class-action complaint over securities fraud tied to the bank’s U.S. subprime lending.

The proposed settlement — which would cover those who owned Household International stock anytime between March 23, 2001, and Oct. 11, 2002 — is subject to court approval. HSBC estimated it would book a $585 million charge, before taxes, in the second quarter.

The London-based bank, Europe’s largest by assets, had previously estimated the financial exposure from the shareholder claims at around $3.6 billion.

A tentative agreement was reached on June 6, just hours before jury selection was to start, said Mike Dowd and Dan Drosman, partners with Robbins Geller Rudman & Dowd LLP and lead trial lawyers for the plaintiffs, including one-time investment firm Glickenhaus & Co., PACE Industry Union Management Pension Fund, and the International Union of Operating Engineers Local No. 132 Pension Plan.

Read on.

Boost to Tax-Recovery Suit by AIG Shareholder

WASHINGTON (CN) – AIG’s major Swiss shareholder received a boost from a federal judge in its fight to recover $38 million in taxes it paid the U.S. government.
The dispute stems from a statute that taxes a foreign corporation’s dividend income at a rate of 30 percent, by statute, if the income is deemed sufficiently connected to business activity in the United States.
Treaties that the United States maintains with various countries, including Switzerland, could lower this rate, but the secretary of the U.S. Treasury refused to grant such benefits to Swiss-domiciled Starr International Co., which was once AIG’s largest shareholder.
Starr filed its $38 million tax-refund suit – amounting to half of its withholdings on AIG dividends in 2007 – after the Internal Revenue Service denied its petition for discretionary benefits under the U.S.-Swiss tax treaty.

Read on.

SEC to allow shareholder vote on Wal-Mart independent chairman

(Reuters) – Wal-Mart Stores Inc shareholders will vote in June at the company’s annual meeting on electing an independent board chairman, after U.S. regulators rejected a request by the retailer to block the proposal.

Efforts the past two years were unsuccessful to unseat current board Chairman Rob Walton, scion of the billionaire family that founded the world’s largest retailer.

Because the Walton family controls more than 50 percent of the retailer’s shares, outside proposals generally have little chance of passing.

Wal-Mart had argued that the proposal, submitted by the International Brotherhood of Teamsters General Fund, should be omitted because it was vague in its standard of independence.

Read on.

Shareholder Proposal To Break Up Bank Of America Wins SEC Approval: EXCLUSIVE

The Securities and Exchange Commission is giving the go-ahead to a shareholder proposal that seeks to break up the mighty Bank of America. Bartlett Naylor, the financial policy adviser for the consumer-rights advocacy group Public Citizen who filed the proposal, said it could be a matter “of galactic proportions for the bank.”

The nonbinding referendum is unlikely to lead to major shakeups when shareholders consider it at the next Bank of America shareholder meeting later this year. But the SEC’s ruling signals an important shift at the agency, and a strong showing from shareholders in support of the proposal could invite pressure from other activist investors and a larger public broadly in favor of downsizing financial titans.

The proposal marks the first time the SEC has supported a shareholder vote on splitting up a major bank. A round of shareholder breakup bids from labor groups in 2013 failed to win SEC support, as did proposals Naylor submitted to a trio of banks last year. At least seven such proposals have been filed since 2009.

Read on.


NEW YORK, NY — (Marketwired) — 10/10/14 — Pomerantz LLP has filed a class action lawsuit against Ocwen Financial Corporation (“Ocwen” or the “Company”)(NYSE: OCN) and certain of its officers. The class action, filed in United States District Court, Southern District of Florida, West Palm Division, and docketed under 14-cv-81064, is on behalf of a class consisting of all persons or entities who purchased Ocwen securities between May 2, 2013 and August 11, 2014, inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased Ocwen securities during the Class Period, you have until October 14, 2014 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.

Read on.

Judge: Chase Shareholder Can’t Sue Jamie Dimon

MANHATTAN (CN) – A JPMorgan Chase shareholder jumped the gun in filing a derivative lawsuit against CEO Jamie Dimon in connection with “six recent, high-profile settlements with government agencies and private litigants arising out of allegations of egregious misconduct,” a federal judge ruled Wednesday.
Shareholder Chaile Steinberg accused Dimon and 14 other current and former board members and corporate officers of an “unprecedented course of reckless and unlawful conduct in order to increase their own personal fortunes.”
U.S. District Judge Paul Crotty summarized the six settlements that Steinberg’s lawsuit cited in a 10-page opinion dismissing that case

Read on.


Barclays Board Face Angry Shareholders At AGM

Barclays Board Face Angry Shareholders At AGM

Senior management of Barclays bank have faced angry shareholders at the bank’s annual general meeting, with its chairman forced to defend its bonus payments.

Sir David Walker told shareholders there would have been an exodus of top executives if it did not raise bonus levels.

The meeting, held at London’s Royal Festival Hall and attended by 840 people, was the scene of successive hostile questions and jeering from the audience.

Laughter erupted after one angry investor told the board of directors: “We’re paying for Manchester United but we are getting Colchester United.”

Outside the venue, protesters took potshots at the board over bonuses and alleged tax haven support.


Delaware Supreme Court weighs whether former Countrywide shareholders can pursue lawsuit

Delaware Supreme Court weighs whether former Countrywide shareholders can pursue lawsuit

DOVER, Del. — The Delaware Supreme Court is considering whether former shareholders of Countrywide Financial Corp. should be allowed to pursue a federal lawsuit filed against leaders of the former mortgage lending giant before it was acquired by Bank of America in a hastily arranged buyout in 2008.

The court held a hearing Wednesday following a request by the Ninth U.S. Circuit Court of Appeals asking the Delaware justices to clarify whether, under a “fraud exception” in Delaware law, the former Countrywide shareholders can revive a 2007 lawsuit filed in California federal court.