Public Figures To Private Equity

HSBC lawsuits and federal security law

HSBC has to pay 2.46 billion after a class action lawsuit claiming it violated federal securities laws.Lawyers for the plaintiff said this lawsuit included $1.48 billion in damager and nearly $1 billion in prejudgement interest. This is the biggest settlement ever following a securities fraud class action trial. HSBC formerly Household International is Europe's biggest bank by market value. In the lawsuit there were three plaintiffs represented by James Glickenhaus of Glickenhaus & Co. My Glickenhaus said that the judgment, "shows that the fraud committed by Household International and the individual defendant officers will not go unpunished, and we look forward to having the judgment affirmed on appeal." The lawsuit claimed that the company fraudulently misled investors on numerous cases including, predatory lending practices, quality of loans, and its financial accounting. HSBC's U.S. shares dropped $0.08 on Thursday and are up less than 2% for the year.

http://aclassasset.blogspot.com/2013/10/hsbc-lawsuits-and-federal-security-law.html

Obamacare Band-Aid: President to allow insurers to keep health plans an extra year

(Photo: Mandel Ngan / AFP - Getty Images)

After a furor over canceled health policies, president announces adjustment allowing insurers to offer the option to renew their 2013 plans in 2014 without change.

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England is the only country in the developed world where the generation approaching retirement is more literate and numerate than the youngest adults, according to the first skills survey by the Organisation for Economic Co-operation and Development.

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This morning, leading digital telecommunications manufacturer Qualcomm Inc (NASDAQ:QCOM) is coming under some selling pressure. The stock is trading l…

This morning, leading digital telecommunications manufacturer Qualcomm Inc (NASDAQ:QCOM) is coming under some selling pressure. The stock is trading lower by 0.63 cents to $68.94 a share. Day traders can watch for intra-day support around the $68.51, and $68.00 levels. Both support levels can give the stock a small bounce during today’s trading session. Nicholas Santiago InTheMoneyStocks.com

SanDisk Corp (NASDAQ:SNDK) is a leading flash storage technology company that is coming under some selling pressure during today’s trading session. SN…

SanDisk Corp (NASDAQ:SNDK) is a leading flash storage technology company that is coming under some selling pressure during today’s trading session. SNDK stock is trading lower by 0.95 cents to $61.34 a share. Day traders should watch for important intra-day support around the $60.45 level. This is a level where the stock could stage a near term bounce. Nicholas Santiago InTheMoneyStocks.com

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Lazard Earnings Rise 75% on Deals

BY MICHAEL J. DE LA MERCED

Lazard, via Associated PressKenneth M. Jacobs, Lazard’s chief executive.

An improving market for deals and cost-cutting bolstered Lazard’s third-quarter earnings, as the investment bank reported on Thursday a 75 percent increase in profit from the period a year earlier.

The firm said it earned $62 million in adjusted profit for the quarter, amounting to 46 cents a share. On average, analysts had been expecting a profit of 35 cents a share, according to estimates compiled by Standard & Poor’s Capital IQ.

Lazard also reported a 10 percent rise in operating revenue, to $489 million.

“It was a solid quarter on both sides of the business,” Kenneth M. Jacobs, Lazard’s chief executive, said by telephone.

The improvement in Lazard’s results reflect, in part, a rise in markets, which has helped both the firm’s core financial advisory arm and its asset management business.

Its best-known operation, its mergers arm, reported a 3 percent rise in revenue, to $192 million. Assignments that the firm completed in the quarter included the sale of the Dutch coffee and tea company D.E. Master Blenders 1753 to Joh. A. Benckiser and the $2.8 billion sale of Ameristar Casinos to Pinnacle Entertainment.

Mr. Jacobs said he expected mergers activity to continue rising, given continued improvement in global economies and increased confidence in corporate boardrooms.

“The change in the last six to 12 months has generally been confidence,” he said. “That augurs well for deals.”

And Lazard’s asset management arm reported a 13 percent rise in revenue, to $248 million, as the firm’s assets under management rose to a record $176 billion thanks to increasing values and new client money.

The investment bank also disclosed that it held its adjusted compensation ratio at 60 percent, compared with 62.7 percent in the period a year earlier. Its ratio of noncompensation expenses to operating revenue fell to 19.7 percent from 21.5 percent.