Max Berger has won billions in settlements in shareholder lawsuits involving Bank of America, Lehman Brothers, Merrill Lynch, Wachovia and Washington Mutual, according to The New York Times. Sometimes viewed in a harsh light, plaintiff’s lawyers are look better when their results are compared to the smaller settlements the government tends to command.
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A month ago, in the face of proposed tax hikes on French millionaires, we offered Manhattan as a superior shelter to Brussels, Geneva or London—and indeed, the dodge looks all the better now that European vacations ended and the region has resumed falling apart.
Well, France’s new tax law is no longer just an unappealing prospect (e.g. the lawsuit to end foie gras production in New York state), but a cold reality (the recent ban in California), as Socialist President Françoise Hollande announced a new budget today, placing a 75 percent on million-euro earners. The Wall Street Journal has some details:
European Central Bank President Mario Draghi won wide support from his board for a plan to buy the sovereign debt of euro zone countries. Rates on Spanish 10-year bonds promptly fell to levels last seen in May, and the corresponding Italian bond fell to its lowest since April.
LightSquared, the wireless broadband company backed by Harbinger Capital founder Phil Falcone, is battling with creditors over control of the firm’s bankruptcy, according to Bloomberg. LightSquared has asked a judge to extend a deadline to file a Chapter 11 plan; the creditors say, “Having nothing to lose, Mr. Falcone wants to pursue a high-risk, high-return strategy.”