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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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New York Medical Malpractice Lawyers at Fitzgerald & Fitzgerald Win $1,700,000.00 Birth Injury Case

Category : World News

The New York Medical Malpractice Lawyers at Fitzgerald & Fitzgerald, URL http://www.lawfitz.com, Have Won a $1.7 Million Verdict in a Birth Injury Lawsuit

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Lady Gaga sues Lloyd’s syndicates

Category : World News

Lady Gaga’s production company and two concert promoters file a lawsuit against three Lloyd’s of London insurance syndicates.

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Activist investor David Einhorn drops ‘iPrefs’ lawsuit against Apple

Category : Business

CEO Tim Cook had called attempt to force tech giant to redistribute $137bn cash reserves ‘a silly sideshow’

The activist investor David Einhorn has dropped a lawsuit against Apple that the company’s CEO repeatedly called “a silly sideshow”. Einhorn, however, had already won his point and is likely to continue to put pressure on Apple to release its $137bn (£91bn) pile of cash, much of which is held overseas. 

The story of the lawsuit is a circuitous trip through the sometimes complicated, often public disputes that activist shareholders have to wage in order to change companies. Activist investors, including Einhorn, usually use these methods to boost a company’s stock. Apple stock has lost about 30% of its value in only six months, and Einhorn hopes that returning cash to shareholders will help Apple win goodwill and reverse the damage.

“I don’t like it either,” Tim Cook, the Apple chief executive, said earlier this week of the company’s share price. “Neither does the board or management… but we’re focused on the long term.”

Einhorn is pushing Apple to reduce its $137bn cash pile by issuing a form of stock to its investors known as “permanent preferred”, which Einhorn has dubbed “iPrefs”. The iPrefs would pay shareholders $2 a year in dividends, as long as the company is in business. 

Preferred shares are stock that has some of the characteristic of bonds. Unlike most big companies, Apple does not issue debt or sell bonds. The company does not need the money, but some investors believe that going bond-free leaves Apple out of a booming market for corporate finance. 

Einhorn used the lawsuit as a temporary measure to stop an Apple shareholder vote, known as Proposal 2, that would have placed the decision on iPrefs in the hands of Apple shareholders. Shareholder battles are expensive and can take months. It is key to Einhorn’s battle to be able to put pressure on the company’s management. Apple had plans to let its shareholders vote to on any decisions on issuing preferred shares. Einhorn insisted that management should make the decision instead. Apple included the question on a ballot with four other decisions. Einhorn wanted them to be separate. 

A federal judge granted Einhorn a victory last week in his lawsuit, issuing a preliminary injunction against the company that forced shareholders to ignore Proposal 2. At Apple’s shareholder meeting on Tuesday, Proposal 2 never came up for an official vote. The powerful California pension fund Calpers, which disagreed with Einhorn’s crusade, contended that unofficial numbers showed that the vote would have carried the day. On Thursday, the judge suggested that the lawsuit had accomplished its purpose and should be discarded. 

Apple has said it will consider options for its large store of cash, but repeatedly dismissed Einhorn’s lawsuit. In the past two weeks, has Cook called the lawsuit a “silly sideshow” and suggested that Einhorn should give the money he spent on the lawsuit to charity instead.

VIDEO: Drinkers sue over ‘watered-down’ Bud

Category : Business, World News

Beer drinkers in the US have filed a $5m (£3.3m) lawsuit accusing Anheuser-Busch of watering down its beer.

Original post: VIDEO: Drinkers sue over ‘watered-down’ Bud

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US firm sues Armstrong for $12m

Category : World News

Texas company SCA Promotions files lawsuit on Thursday to recoup $12m from disgraced cyclist Lance Armstrong.

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Miami Accident Lawyers at Bernstein & Maryanoff Settle Lawsuit Arising From Car Accident

Category : Stocks

The Florida Injury Lawyers at Bernstein & Maryanoff, Whose URL is http://www.bernsteinandmaryanoff.com, Have Settled a Lawsuit for an Injured Client

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Toyota settles fatal crash case

Category : World News

Toyota settles a wrongful death lawsuit following a fatal crash involving sudden acceleration, in what could be the first of hundreds of such cases.

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MRV Announces Preliminary Settlement of Stock Option Derivative Litigation

Category : Stocks

CHATSWORTH, CA–(Marketwire – Jan 16, 2013) – MRV Communications, Inc. (OTCQB: MRVC) (“MRV” or the “Company”), a leading provider of optical communications network infrastructure equipment and integration and managed services, today announced that it has signed a memorandum of understanding (“MOU”) with plaintiffs and all defendants in the derivative class action lawsuits that were filed in 2008 related to the Company’s past stock option granting practices. The MOU sets forth the agreement in principal among the parties including terms upon which a Stipulation of Settlement would be filed with the federal court in which the case has been pending within the next month to dismiss with prejudice the litigation and release all claims between the plaintiffs, MRV, and the individual defendants named in the litigation. The proposed settlement is preliminary and is subject to agreement in good faith upon a Stipulation of Settlement setting forth the terms described in the MOU. The settlement must then be approved by the federal court in which the federal derivative lawsuit is pending.

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AIG will not sue US government

Category : Business, World News

Insurer AIG says it will not join a $25bn (£16bn) lawsuit against the US government, which alleges that the terms of its rescue deal were unfair.

Excerpt from: AIG will not sue US government

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Samsung drops Europe Apple case

Category : World News

Samsung says it will drop its lawsuit seeking to ban the sale of some of Apple’s products in Europe.

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