Casablanca Capital LP, the activist hedge fund pressing Cliffs Natural Resources Inc. to spin off its foreign assets, said it’s backing Lourenco Goncalves as chief executive officer of the largest U.S. iron-ore producer.
Ronald Perelman’s MacAndrews & Forbes Holdings Inc. was ordered by a jury to pay $16 million to Perelman’s ex-lieutenant, Donald Drapkin, after jurors found the billionaire’s firm breached a separation agreement.
Donald Drapkin, the longtime associate of billionaire Ronald Perelman, told a jury that he never thought his colleagues at Perelman’s MacAndrews & Forbes Holdings Inc. would try to cheat him out of $16 million.
Royal Bank of Scotland Group Plc asked a U.K. judge to block a $100 million lawsuit filed by Highland Capital Management LP in Texas that accuses the lender of fraud and unjust enrichment over a failed collateralized-debt obligation.
R. Allen Stanford, standing trial on allegations he led a $7 billion investment fraud, appeared in an October 2008 video shown to jurors in which he decried “damn greed” on Wall Street as the financial crisis deepened.
PharmAthene Inc. ’s former chief executive officer testified Siga Technologies Inc. officials “guaranteed” it would get manufacturing rights to a drug designed to fight smallpox outbreaks linked to terrorist attacks.
The 50 state attorneys general probing U.S. foreclosure practices will first settle with the five largest loan servicers, including Bank of America Corp. and JPMorgan Chase & Co. , Iowa Attorney General Tom Miller said.