City Moves for 28 August – Who’s switching jobs at Oaknorth, King & Wood Mallesons and Baker McKenzie? August 28, 2019 Today’s City Moves includes Oaknorth, King & Wood Mallesons and Baker McKenzie. Oaknorth OakNorth, the next-generation credit platform, has appointed Tiffany Teng as chief of staff, and Bloomberg veteran Jeremy Payne as director of data product. Tiffany was previously at JP Morgan, where she worked on the launch of several products, including Chase Pay and [...]
Purdue to settle for up to $12bn in opioid lawsuits August 27, 2019 Oxycontin-maker Purdue Pharma is set to cough up between $10bn (£8bn) and $12bn to settle more than 2,000 lawsuits over its role in America’s opioid crisis, according to reports. Last week, at least 10 state attorneys general met with lawyers for the Sackler family, which controls the firm, to discuss a deal, NBC reported, citing sources. [...]
Links of London owner Folli Follie hires advisers to weigh up possible sale August 26, 2019 The owner of Links of London has confirmed that it has drafted in advisers to weigh up a sale of the troubled jewellery group. Read more: Laura Ashley drops into the red amid tough retail conditions Folli Follie, the Greek owner of the retail chain, said today that it has told Deloitte and Savigny Partners [...]
Links of London hoping for rescue offer as it rushes to find a buyer August 22, 2019 The future of Links of London is reportedly hanging in the balance this week as the British jewellery chain rushes to find a buyer. The embattled group’s owner is on the hunt for a rescue offer by next week, according to Sky News, with sources telling the broadcaster that it was “almost inevitable” any sale [...]
British Steel buyout: Questions linger as Turkish military pension fund swoops in August 18, 2019 Government officials will this week start exclusive talks with their preferred buyer for stricken industrial firm British Steel. Ataer Holdings, a subsidiary of the Turkish military’s pension fund which is known as Oyak, reached a provisional deal to buy the firm out of insolvency at the end of last week. Read more: British Steel’s collapse [...]
General Electric ‘is insolvent’ amid $38bn accounting fraud, claims whistleblower August 15, 2019 General Electric (GE) has been hit by claims of an accounting fraud “far more serious” than historic US cases at both Enron and Worldcom. The US industrial conglomerate’s shares fell sharply on Wall Street after a whistleblower said the company’s financial filings were hiding $38.1bn potential losses (£31.5bn), and claimed its cash situation was far [...]
Deloitte sued for £20m over collapse of storage firm August 11, 2019 A Yorkshire-based businessman is suing big four accountant Deloitte and international law firm Clyde & Co over allegations that Barclays bank exerted “informal control” over the financial giants during the winding down of his firm. Jason Schofield, a businessman who ran Leeds’ based storage firm Rhino Enterprises, is suing two joint administrators at Deloitte and [...]
Office set to close up to half its 100 UK stores August 9, 2019 Shoe retailer Office is planning to close up to half of UK stores at it reckons with the decline of business on the high street. The footwear chain is working on plans to close dozens of its 100 stores as their leases expire during the next few years, according to a report by Sky News. [...]
Listed litigation funders scramble to avoid Burford contagion August 8, 2019 Listed litigation funders have distanced themselves from Burford Capital today, after a short seller attack yesterday sent Burford’s shares on a rollercoaster ride. Manolete Partners and Litigation Capital Management (LCM) today pointed out how their models differ to Burford’s after their shares fell steeply yesterday in reaction to the short-seller attack on Burford. Activist Muddy [...]
Philip Day tables bid to avoid Jack Wills administration August 5, 2019 British billionaire Philip Day is taking on rival bidder Mike Ashley to keep struggling retailer Jack Wills out of administration. Day’s Edinburgh Woollen Mill Group’s (EWM) offer for the “preppy” fashion brand would seek to avoid a pre-pack administration, it was revealed as the bidding war between the two retail tycoons entered its final hours. [...]