17 October, 2014 by The TZ Newswire Staff Comments Off on Delaware high court says GM loan documents valid despite error
Delaware high court says GM loan documents valid despite error
The court was responding to a question from a New York federal appeals court relating to a dispute between creditors of General Motors (GM.N) before its 2009 bankruptcy and its former lender, JPMorgan Chase & Co (JPM.N). The issue relates to GM’s insolvency, in which its healthy assets were sold to the new General Motors Co, while the rest were liquidated for the benefit of unsecured creditors. GM’s unsecured creditors’ committee claimed JPMorgan and other holders of a syndicated $1.5 billion term loan extinguished their lien on GM’s assets, freeing up the assets to unsecured creditors.
17 October, 2014 by The TZ Newswire Staff Comments Off on Obama signs order to tighten security for federal credit cards
Obama signs order to tighten security for federal credit cards
President Barack Obama signed an executive order on Friday to beef up security measures for federal credit cards, and urged banks and retailers to follow suit in an effort to combat the growing threat of identity fraud. The order, which Obama signed before a lively, packed crowd of regulators at the Consumer Financial Protection Bureau, will add microchips and PIN numbers to government credit cards and debit cards starting in January.
17 October, 2014 by The TZ Newswire Staff Comments Off on Mass Mutual sues JP Morgan over ‘smart’ retirement trademark
Mass Mutual sues JP Morgan over ‘smart’ retirement trademark
MassMutual said discussions on Friday over its RetireSmart brand and the bank’s SmartRetirement trademark had failed, prompting it to immediately file a lawsuit in Massachusetts federal court. The insurer is asking for a declaration that it is not infringing on JPMorgan’s trademark.
17 October, 2014 by The TZ Newswire Staff Comments Off on Morgan Stanley profit jumps as trading activity rebounds
Morgan Stanley profit jumps as trading activity rebounds
The results show that even though Morgan Stanley has been focusing on its wealth management business since the financial crisis, its traditional investment banking operation can still have a big impact on its earnings. Morgan Stanley, which worked on Alibaba Group’s (BABA.N) record $25 billion initial public offering, topped the list of IPO underwriters globally in the first nine months of 2014, the busiest period for stock offerings since 2007.
17 October, 2014 by The TZ Newswire Staff Comments Off on GM’s top lawyer, hammered during recall hearing in Congress, to retire
GM’s top lawyer, hammered during recall hearing in Congress, to retire
General Motors Co’s (GM.N) top lawyer will retire early next year, months after his department was heavily criticized for how it handled the automaker’s defective ignition switch that has been linked to at least 27 deaths. Michael Millikin, 66, informed GM of his decision, and the company will immediately begin an external search for his replacement, the No. 1 U.S. GM has faced criticism this year for waiting 11 years to recall millions of cars with ignition-switch problems that were linked to fatalities. GM declined to make Millikin available to comment, and he could not be reached.
17 October, 2014 by The TZ Newswire Staff Comments Off on Kudlow: Oil’s decline is a bad thing? Nonsense!
Kudlow: Oil’s decline is a bad thing? Nonsense!
One of the absolutely stupidest things I have heard in recent weeks is that the recent drop in oil prices is bad, says Larry Kudlow.
