Article: McDermott Can’t Ditch CB&I Merger Suit, Texas Judge Says

Article - Media, Publications

McDermott Can’t Ditch CB&I Merger Suit, Texas Judge Says

Craig Clough, 14 April 2021

A Texas federal judge explained Wednesday that McDermott International Inc. must face a securities fraud suit over its acquisition of Chicago Bridge & Iron Co., denying its motion to dismiss and finding that stockholders sufficiently pled that proxy statements from McDermott were made “with actual knowledge that they were misleading.”

U.S. District Judge George C. Hanks Jr. already denied McDermott’s motion to dismiss on March 31 in a one-page order, and issued his full opinion behind the order on Wednesday that said McDermott cannot escape the allegations it concealed material problems with the integration of CB&I’s business and the likelihood that its projects would incur higher-than-expected costs. Continue reading “Article: McDermott Can’t Ditch CB&I Merger Suit, Texas Judge Says”

Article: Barclays guilty of market manipulation

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Barclays guilty of market manipulation

moneyweek, 27 June 2012

Barclays Bank is to pay a 290 million pound fine following an investigation by UK and US regulators into manipulation of inter-bank lending rates.

The bank’s top executives, including Chief Executive Bob Diamond, have agreed to waive their bonuses this year as a result. City watchdog, the Financial Services Authority (FSA), said Barclays’ regulation breaches were “serious, widespread and extended over a number of years”.

It accused the bank of having inadequate systems and controls in place until June 2010 and of failing to review its systems and controls at a number of appropriate points. Continue reading “Article: Barclays guilty of market manipulation”