Bench Division News
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JPMorgan Chase & Co. sued state-owned Portuguese companies running the Lisbon and Oporto metro rail services, as well as the country’s strategic oil reserves, to enforce derivative contracts worth at least 455 million euros ($587 million).
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Stichting Vestia Groep, a Dutch affordable-housing provider that nearly collapsed as a result of losses on derivatives, asked a London court to void 700 hundred million euros ($924 million) in interest-rate swaps after it was sued by Credit Suisse Group AG.
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Goldman Sachs Group Inc. was able to avoid paying as much as 20 million pounds ($31 million) in U.K. taxes as the government fought to shield Chancellor of the Exchequer George Osborne from political embarrassment, an advocacy group said at a London trial.
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Alexander Vik went to Deutsche Bank AG’s London office in October 2008 to meet account managers who congratulated the Norwegian entrepreneur on how well his Sebastian Holdings Inc. investment fund was doing.
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Deutsche Bank AG said it wasn’t to blame for 2008 losses on currency trades by Alexander Vik’s Sebastian Holdings Inc. that the Norwegian entrepreneur described in a phone call as his “worst nightmare.”
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BSG Resources Ltd., a company controlled by Israeli billionaire Beny Steinmetz, is suing its former communications adviser FTI Consulting LLP over what it said was a campaign linked to George Soros seeking to strip BSGR of rights to an iron ore project.
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Citigroup Inc. ’s Citibank, Bank of America Corp. ’s Merrill Lynch unit and five other banks were sued by the trustee liquidating Bernard Madoff’s firm to recover more than $1 billion for the con man’s defrauded customers.
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Tullett Prebon Plc , the London-based inter-dealer broker, sued rival GFI Group Inc. ’s London unit for hiring its oil options broker Alan Newman before his contract expired.
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More than 100 bankers claim Commerzbank AG broke a pledge by Dresdner Bank, which it bought in 2009, to set aside about $516 million for bonuses and are asking a U.K. court this week to order that they be paid.
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Kweku Adoboli, the UBS AG trader arrested in London yesterday, admitted to causing losses while the bank’s risk-control officers were examining his trades, a person with knowledge of the matter said.
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