Tag Archives: shareholder

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.

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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.

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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.

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Shareholder wants Bank of America to investigate ex-employees’ lawsuit claims

Shareholder wants Bank of America to investigate ex-employees’ lawsuit claims

From the SEC website, here is the letter from the shareholder:

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

NOTICE OF EXEMPT SOLICITATION

 

  1. Name of the Registrant:

BANK OF AMERICA CORPORATION

 

2.   Name of the person relying on exemption:

FINGER INTERESTS NUMBER ONE, LTD.

 

3.   Address of person relying on exemption:

520 Post Oak Blvd., Suite 750, Houston, TX 77027

 

  4. Written Materials. Attach written material required to be submitted pursuant to Rule 14a -6(g)(1).

Dear Institutional Shareholders and Board of Directors:

Our firm, Finger Interests Number One, Ltd. is a long term holder of Bank of America and is interested in seeing Bank of America (BAC:NYSE) managed to maximize the long term value for all shareholders. In 2009, we were activist shareholders prior to the annual shareholder meeting, and encouraged shareholders to separate the Chairman & CEO position (successful), and to vote against three directors (all no longer serving).

WE ARE WRITING TO ENCOURAGE THOSE SHAREHOLDERS WITH ACCESS TO MANAGEMENT AND THE BOARD OF DIRECTORS TO:

(I) READ THIS ARTICLE AND RELATED LAWSUIT WITH AFFIDAVITS ( çsee link);

AND

(II) CONTACT MANAGEMENT AND THE BOARD OF DIRECTORS REGARDING THEIR COMMITMENT TO DEVELOPING AN ETHICAL CORPORATE CULTURE CONSISTENT WITH MAXIMIZING THE VALUE OF THE BANK OF AMERICA BRAND AND ITS COMMON STOCK.

Recent Allegations in Massachusetts Lawsuit – Not Just Another Lawsuit

On its face, the recent class action lawsuit filed in the U.S. District Court of Massachusetts in front of the Honorable Judge Rya W. Zobel looks like many of the other lawsuits that have been filed against Bank of America for its (and Countrywide’s) failures to properly service

 

  

 

 

     

Page 1

  Finger Interests Number One, Ltd.

 


mortgage loans. From a legal standpoint, Judge Zobel recently denied BAC’s request for dismissal, meaning BAC will have to respond to certain borrower’s claims in their respective state courts. From a business / shareholder perspective, one can say that these cases will ultimately get settled at some dollar cost.

But the case, and more importantly, the affidavits attached from former employees say volumes about the failures of senior management and the board of directors to materially change the corporate culture that has long existed at Bank of America prior to Brian Moynihan’s ascendance or (most of) this Board of Directors’ inauguration.

BAC and Brand Value

The concept of “brand value” is something that most companies serving consumers understand. Major brands like Coca Cola, Proctor & Gamble, American Express, and even General Motors understand the importance of developing a reputation for product quality, value and fairness when dealing with their customers. These companies actively manage their products and corporate image to develop the value of their brand in the marketplace, cultivating customer loyalty and in turn creating long term franchise value for shareholders. This lies at the essence of what Warren Buffet refers to when he invests in high quality, brand name companies. (Although Buffet invested in BAC in 2011, we believe he did so because he got such great terms. Note that he has not added to his BAC position since inception, but he has repeatedly increased his WFC position, as recently as Q1 2013.)

Bank of America’s Board and Management Just Don’t Get It

Bank of America was recently accused in six affidavits filed in a lawsuit alleging that bank employees were rewarded for delaying and denying Home Affordable Modification Program (“HAMP”) modifications so that Bank of America could generate more fees and steer existing borrowers to more profitable in house products. Additionally, attorneys general from North Carolina and New York are looking into BAC’s compliance with the recent industry-wide $25 BN global servicing settlement, adding credence to these allegations. If true, the recent allegations outlined in a story on NBC news (June 17, 2013) about Bank of America’s systematic denial of mortgage modifications for borrowers that qualified under HAMP is demonstration that Bank of America’s management and board of directors do not understand this concept of developing long term franchise value by building a reputation for quality, value and fairness. Fairness includes honesty and integrity. The recent allegations also show that nothing has really changed at Bank of America under Brian Moynihan and the Board of Directors led by Charles Holliday.

If true, the six affidavits filed by former employees of Bank of America in the Massachusetts case are damning, and evidence of unethical behavior and, more importantly point to a corporate culture of not just “short termism”, but of outright corruption and a disregard for

 

  

 

 

     

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  Finger Interests Number One, Ltd.

 


laws, regulation, and of course, customers. If false, then we have to question why former employees would want to risk their personal credibility and expose themselves to penalties of perjury for false statements. Regardless of whether you believe in the fairness of the HAMP programs to the 90% of borrowers in America that pay their mortgages on time, as a long term shareholder and owner of Bank of America, we are deeply concerned that this corporate culture of deceit has continued to exist under Brian Moynihan and Charles Holliday’s Board of Directors. Where Ken Lewis and his predecessor had created a culture of “yes” men and women, and intimidated (and fired) employees that had the courage to express dissent or question any course of action dictated by the CEO, based on statements from management, we frankly had expected much more from this new leadership.

Read more: http://www.sec.gov/Archives/edgar/data/70858/000119312513267693/d557453dpx14a6g.htm

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Jamie Dimon is Back… Unleashed

Jamie Dimon is Back… Unleashed

But now that Dimon has prevailed over the shareholder initiative to demote him last month, he appears to have a new renewed appetite for the spotlight. In his first major public appearance since that vote, Dimon on Tuesday fielded investor questions with 55 minutes of rapid-fire patter and occasional profanity about the industry, his bank and that lingering Whale affair.

“Embarrassing! Terrible! Sorry!” he said at one point, in the briefest possible summary of all theexplanations and apologies he has made since a London trader lost some $6.2 billion in JPMorgan’s chief investment office last year.

A few minutes later Dimon became even more vehement in his defense of the bank: “There was no lying, there was no bull—-ing, period,” he told investors at a Morgan Stanley (MS) conference.

During his remarks, Dimon held forth on the housing market (“Housing has turned the corner in every way, shape or form”); the future of interest rates (“We would all applaud a normalization of rates”); and his plans for M&A, or lack thereof (regulatory limits mean JPMorgan won’t be able to buy another big bank in the United States, “and overseas I’d rather grow organically”)

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Norway Oil Fund voted in 2012 to separate Chairman-CEO job for JP Morgan Chase and Wells Fargo

Norway Oil Fund voted in 2002 to separate Chairman-CEO job for JP Morgan Chase and Wells Fargo

Here is 2012 proxy votes by Norges Bank Investment Management on JP Morgan Chase and Wells Fargo:

 

JPMorgan Chase & Co 15.05.2012 Annual 1 Directors Related Elect Directors For

JPMorgan Chase & Co 15.05.2012 Annual 2 Directors Related Elect Directors For

JPMorgan Chase & Co 15.05.2012 Annual 3 Directors Related Elect Directors For

JPMorgan Chase & Co 15.05.2012 Annual 4 Directors Related Elect Directors For

JPMorgan Chase & Co 15.05.2012 Annual 5 Directors Related Elect Directors For

JPMorgan Chase & Co 15.05.2012 Annual 6 Directors Related Elect Directors Against

JPMorgan Chase & Co 15.05.2012 Annual 7 Directors Related Elect Directors For

JPMorgan Chase & Co 15.05.2012 Annual 8 Directors Related Elect Directors For

JPMorgan Chase & Co 15.05.2012 Annual 9 Directors Related Elect Directors For

JPMorgan Chase & Co 15.05.2012 Annual 10 Directors Related Elect Directors For

JPMorgan Chase & Co 15.05.2012 Annual 11 Directors Related Elect Directors For

JPMorgan Chase & Co 15.05.2012 Annual 12 Routine/Business Ratify Auditors For

JPMorgan Chase & Co 15.05.2012 Annual 13 Non-Salary Comp. Approve Remuneration Report For

JPMorgan Chase & Co 15.05.2012 Annual 14 SH-Other/misc. Report Political Contrib/Acts Against

JPMorgan Chase & Co 15.05.2012 Annual 15 SH-Routine/Business Separate Chairman and CEO Positions For

JPMorgan Chase & Co 15.05.2012 Annual 16 SH-Corp Governance Company-Specific-Governance-Related Against

JPMorgan Chase & Co 15.05.2012 Annual 17 SH-Other/misc. Report Political Contrib/Acts Against

JPMorgan Chase & Co 15.05.2012 Annual 18 SH-Soc./Human Rights ILO Standards Against

JPMorgan Chase & Co 15.05.2012 Annual 19 SH-Dirs’ Related Provide Right to Act by Written Consent For

JPMorgan Chase & Co 15.05.2012 Annual 20 SH-Compensation Stock Retention/Holding Period Against

 

Wells Fargo & Co 24.04.2012 Annual 1 Directors Related Elect Directors Against

Wells Fargo & Co 24.04.2012 Annual 2 Directors Related Elect Directors For

Wells Fargo & Co 24.04.2012 Annual 3 Directors Related Elect Directors For

Wells Fargo & Co 24.04.2012 Annual 4 Directors Related Elect Directors For

Wells Fargo & Co 24.04.2012 Annual 5 Directors Related Elect Directors For

Wells Fargo & Co 24.04.2012 Annual 6 Directors Related Elect Directors For

Wells Fargo & Co 24.04.2012 Annual 7 Directors Related Elect Directors Against

Wells Fargo & Co 24.04.2012 Annual 8 Directors Related Elect Directors For

Wells Fargo & Co 24.04.2012 Annual 9 Directors Related Elect Directors For

Wells Fargo & Co 24.04.2012 Annual 10 Directors Related Elect Directors For

Wells Fargo & Co 24.04.2012 Annual 11 Directors Related Elect Directors Against

Wells Fargo & Co 24.04.2012 Annual 12 Directors Related Elect Directors For

Wells Fargo & Co 24.04.2012 Annual 13 Directors Related Elect Directors For

Wells Fargo & Co 24.04.2012 Annual 14 Directors Related Elect Directors Against

Wells Fargo & Co 24.04.2012 Annual 15 Directors Related Elect Directors For

Wells Fargo & Co 24.04.2012 Annual 16 Non-Salary Comp. Approve Remuneration Report For

Wells Fargo & Co 24.04.2012 Annual 17 Routine/Business Ratify Auditors For

Wells Fargo & Co 24.04.2012 Annual 18 SH-Routine/Business Separate Chairman and CEO Positions For

Wells Fargo & Co 24.04.2012 Annual 19 SH-Dirs’ Related Restr or Provide for Cumulative Vtg For

Wells Fargo & Co 24.04.2012 Annual 20 SH-Dirs’ Related Proxy Access For

Wells Fargo & Co 24.04.2012 Annual 21 SH-Corp Governance Company-Specific-Governance-Related Against

 

http://www.nbim.no/Global/Documents/Ownership/2012/Voting_S_U_12.pdf

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JPMorgan Chase & Co. : Norway Oil Fund Voted to Separate J.P. Morgan Posts

JPMorgan Chase & Co. : Norway Oil Fund Voted to Separate J.P. Morgan Posts

OSLO–The leadership of Norway’s $740 billion oil fund voted at J.P. Morgan Chase’s (JPM) annual meeting to separate the roles of chief executive and chairman at the bank, Norges Bank Investment Management chief executive Yngve Slyngstad said Friday.

After facing some criticism in national media for keeping his voting secret on whether Jamie Dimon should remain as both CEO and chairman of the U.S. company, Mr. Slyngstad Friday revealed the vote of the Government Pension Fund Global, which is managed by NBIM.

The fund owned 0.71% of the bank at the end of 2012.

“It’s no secret how we voted in this case,” Mr. Slyngstad told the NRK radio channel. “If you go to our webpage you can see there that already last year, we voted for separating the roles of chief executive and chairman.”

Asked what the fund voted this year, he confirmed that the fund had not changed its view.

“We voted to separate these roles, of course. We think it’s very important in international banks, not the least those that are system-critical, that there is a balance between chief executive and chairman,” Mr. Slyngstad told the NRK.