Judge Katherine Forrest dismissed the lawsuit filed by investors led by two pension funds against UBS, which accused the bank of fraud regarding the latter's risk management practices, Bloomberg said.
Legal & Regulatory
OTC exchange access now extended to SMEs in China
On Saturday, the Chinese State Council said that it has instructed the China Securities Regulatory Commission to life the approval restrictions on small and medium-sized companies with less than 200 shareholders.
Aereo versus broadcasters could reach US Congress - report
The fight between Pay-television companies and major US broadcasters, and TV over Internet startup Aereo would most likely see intervention from the US government, according to a report on Investors Business Daily today.
Multinational companies line up to hike stakes in Indian subsidiaries -India Times
The Reserve Bank of India recently announced that multinational companies can hike their stakes in Indian arms without its approval. Many MNCs are now looking to increase their stakes, go for a merger or de-list their local units.
China securities regulators unveils new details on IPO resumption
The China Securities Regulatory Commission or CSRC revealed new plans on public share sales as initial public offerings are set to resume in January next year, Reuters reported.
Latest News
According to the South China Morning Post, the growing popularity of the Bitcoin has also led to a boom of sorts in bitcoin software for smartphones, the South China Morning Post reported.
A letter written by state securities regulators asked US Securities and Exchange Commission Chair Mary Jo White not to erode their power to police smaller public offerings, Reuters reported.
A US Bankruptcy Court gave its approval to Savient Pharmaceuticals to sell all substantially all its assets to Crealta Pharmaceuticals, a firm backed by private equity company GTCR.
Intellectual Ventures has settled a lawsuit it brought against chipmaker Altera Corp, according to court filings in litigation against a group of semiconductor companies filed by the firm, which has purchased billions of dollars worth of patents.
Investbank, Smolenksy and Project Finance Bank had been stripped off of their operating licenses due to dubious activity and payment issues with creditors and depositors, the Russian central bank said in separate statements on Friday.
GLG Partners, a London-based hedge fund, agreed to settle claims that it overvalued the purchase of a mining asset in 2008 in a deal worth about $9 million, Bloomberg reported.
Despite releasing the local assets back to Nokia Oyj, the Delhi High Court clarified that the Finnish company will still be liable to any remaining tax bills from the local mobile phone plant that Microsoft will be acquiring.
Saputo Inc., Canada's biggest dairy company, has extended its bid for Warrnambool Cheese and Butter Factory Co. by a week to next Friday. Saputo is up against Murray Goulburn Co-operative Co. Ltd. and Bega Cheese Ltd. for the Australian dairy firm, according to a Reuters report.
Bitcoins suffered a blow in Norway as the government declared that it was not real money. It will be treated as an asset and be subject to a capital gains tax, Bloomberg reported.
