Because it is cheaper to settle than it’s to go to court, and because the city wants this story to go away.
The deal, subject to approval by a federal judge in Indiana where the cases had been consolidated, would end nationwide litigation claiming that as a result of drivers were required to make use of firm-branded vans, uniforms and scanners, FedEx was their employer under federal and state laws. The other defendants are Barclays Plc, BNP Paribas SA, Credit Suisse Group AG, Deutsche Bank AG , Goldman Sachs Group Inc, HSBC Holdings Plc , Morgan Stanley, Royal Bank of Scotland Group Plc and UBS Group AG. The case is In re Vivendi Universal SA Securities Litigation, U.S. District Court, Southern District of New York, No. 02-05571.
JPMorgan has resolved related litigation over mortgage offerings from the previous Washington Mutual Inc, which the New York-primarily based financial institution also purchased in 2008. It nonetheless faces litigation over a few of its own mortgage offerings. The largest U.S. financial institution, which bought Bear in 2008, can pay roughly $500 million to investors led by a gaggle of pension funds, an individual conversant in the matter said on Friday. The particular person requested anonymity because the phrases have not been made public. Bank of America, Citigroup and JPMorgan, which the criticism stated management 40 p.c of the CDS market, declined to comment. Much of this litigation targeted lenders, but some targeted trustees that oversaw the securities’ efficiency.
In different phrases as a result of an arbitrator wasn’t willing to observe the legislation and apply the legitimate criminal charge I had no strategy to force full fee. Until 2011, FedEx contracted instantly with impartial contractors, allowing the Memphis, Tennessee-based mostly company to save lots of on taxes, fringe benefits, well being care costs, pensions and different employees’ prices. Thursday’s accord resolved claims that Vivendi and officials including former Chief Executive Jean-Marie Messier made false or deceptive statements that concealed liquidity problems after the 2000 combination of Vivendi, Seagram Co and Canal Plus.
The banks denied wrongdoing. Their settlements were reached with help from Kenneth Feinberg, a mediation specialist who previously oversaw funds to compensate victims of the Sept. eleven, 2001, attacks and the 2010 Gulf of Mexico oil spill. Tera Group Inc accused the banks of coordinating a boycott of its seven-yr-previous TeraExchange platform by refusing each to ship it any CDS transactions, and to clear and settle any CDS trades that prospects wished to deal with there. It resolves claims by investors whose monetary advisers purchased Vivendi’s American depositary shares on their behalf from Oct. 30, 2000 to Aug. 14, 2002, in accordance with courtroom papers. Lawyers for Tera didn’t immediately reply to requests for comment. Tera Group relies in Summit, New Jersey, whereas TeraExchange relies in New York.