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first_imgUBS Group AG has paid $445 million to settle National Credit Union Administration claims that the bank contributed to the collapse of corporate credit unions by selling them faulty mortgage-backed securities, the regulator said in a statement on Monday.NCUA said the settlement — which Zurich-based UBS agreed to without admitting or denying wrongdoing — closes a lawsuit filed in 2012 and is the latest in a series of deals struck with banks accused of improper sales to five corporate credit unions that failed. The agency had already recovered $79.3 million from UBS last year in a related claim.“With today’s settlement, another legacy matter has been resolved,” said Peter Stack, a UBS spokesman.The settlement is tied to losses at U.S. Central Federal Credit Union and Western Corporate Federal Credit Unions, institutions that provided loans and other services to customer-facing credit unions before they were taken into conservatorship in 2009 and later shuttered.In similar cases against a long list of big banks, NCUA has recovered almost $5 billion in settlements that have provided “a measure of accountability for the firms that sold faulty securities to the corporate credit unions,” NCUA Acting Board Chairman J. Mark McWatters said in a statement. continue reading » 8SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

first_img Swedish leaders warn Minister Shekarabi of channelisation consequences   May 6, 2020 Betsson outrides pandemic challenges as regulatory dramas loom July 21, 2020 Swedish CEOs challenge ‘unrealistic demands’ against threat of igaming becoming obsolete June 8, 2020 Stockholm-listed online gambling group Cherry AB is the subject of an of SEK 9.193bn (£802m) takeover offer from a consortium fronted by British private equity firm Bridgepoint, fronted by chairman Morten Klein and Betsson CEO Pontus Lindwall. The Independent Bid Committee established by Cherry, set up specifically to consider the takeover bid on the board’s behalf but excluding chairman Klein, has recommended that its shareholders accept the public offer of SEK87 (£7.59) per share submitted by European Entertainment Intressenter Bidco.EE Intressenter is a company jointly controlled by Bridgepoint Advisers, which is acting on behalf of a series of partnerships, namely Bridgepoint Europe VI Fund, Prunus Avium, Klein Group, Audere Est Facere, Pontus Lindwall, Berkay Reyhan and Can Yilanlioglu.The offer has been fully financed through a combination of equity provided by Bridgepoint and other consortium members, as well as debt financing provided by Ares Management. The acceptance period for the offer is expected to commence on December 20, expiring around January 23, 2019, subject to extensions. Mika Herold, a partner at Bridgepoint Advisers, commented on behalf of the consortium: “We have followed Cherry closely for a long time and have the highest regard for the success and impressive track record that Cherry and its divisional management teams have achieved through driving innovation in the iGaming sector.“However, we also believe that many of the opportunities and challenges facing Cherry and its subsidiaries are easier to approach in a private setting and with a more favourable capital structure.”One of the conditions of the takeover is the handover of at least 90 per cent of the total outstanding shares in Cherry to EE Intressenter. EE Intressenter does not currently possess any shares in Cherry at this present time, although its members currently possess a total of 50,100,368 shares, equating to approximately 47.4 per cent of the total number of shares and 37.9 per cent of the total number of votes in the company.In a statement, Cherry said that irrevocable undertakings to accept the offer have been received from shareholders who represent 12,298,332 shares, meaning the consortium holds shares – or have secured commitments to accept the offer – corresponding to 59.1 per cent of the capital and 66.5 per cent of the votes.The Independent Bid Committee’s recommendations emphasised a number of considerations in connection with the offer, most notably that the bid presents a premium of 20 per cent compared to the closing price of Cherry’s series B shares on Nasdaq Stockholm on December 17, the final trading day before the announcement of the offer.Herold added: “The changing regulatory environment together with necessary measures to defend and increase Cherry’s market share over time, will require significant investment. “We have presented a financially attractive offer for the shareholders, which is reaffirmed by the support received from some of Cherry’s largest shareholders.”EE Intressenter has said the consortium believes that Cherry will be able to “maximise value by focusing on driving the performance of the individual business units rather than managing the combined entity as a publicly listed company.”The news breaks as Cherry’s home market of Sweden prepares to launch its re-regulated igaming market on January 1. StumbleUpon Related Articles Share Share Submitlast_img read more