Connect with us

Lawyers Reach Settlement on Overseas Shipholding Group

Published

on

New York-based Overseas Shipholding Group, Inc. got hit with a US$ 31 million settlement on behalf of class members participating in a class action against the company. The lawsuit circles around Overseas Shipholding Group (OSG) executives misleading class members regarding the company’s tax liability. United States District Court Judge Shira A. Scheindlin granted approval of the settlement. Overseas Shipholding Group is a tanker company providing energy transportation services for crude oil and petroleum products. The company went through tough times, filing for Chapter 11 bankruptcy in the summer of 2014.

Purchasers of OSG 8.125% senior notes due 2018 issued or traceable to OSG’s US$ 300 million public offering on March 24, 2010 recovered 87% of the damages in the securities class action. Leading the charge on behalf of the class members was law firm Robbins Geller Rudman & Dowd LLP.

Material Misstatements

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Marina One and DUO Officially Open

Published

on

Khazanah Nasional Berhad and Temasek Holdings (Private) Limited announced the official opening of two major building projects, Marina One and DUO. Together the properties have a gross development value of 11 billion SGD. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

SWFI First Read, January 16, 2018

Published

on

BP Plans to Take $1.7 Billion Charge to End Legal Claims on Deepwater Horizon

BP Plc is planning to take a US$ 1.7 billion charge to end legal claims regarding the disastrous 2010 Deepwater Horizon spill in the Gulf of Mexico.

Ethereum Co-Founder Leaves Fenbushi Capital

Vitalik Buterin, a co-founder of Ethereum, which is a cryptocurrency, exited China-based Fenbushi Capital. Fenbushi Capital was formed in 2015. Buterin is retaining his role as an advisor of Fenbushi Capital. Buterin dropped out of the University of Waterloo in 2014 when he got a Thiel Fellowship. This permitted him to work on Ethereum full time.

Kingdom Holding Sells Four Seasons Beirut Hotel Stake

Saudi Arabia’s Kingdom Holding sold its position in the Four Seasons Hotel in Beirut for roughly US$ 100 million. Blominvest, a unit of Blom Bank, advised on the transaction. The Four Seasons will continue to manage the property.

Mercer Signs Deal to Buy BFC

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Deutsche Bundesbank to Slowly Add Renminbi into Foreign Reserve Mix

Published

on

Deutsche Bundesbank’s executive board made a decision to invest in Chinese renminbi in the summer of 2017 as part of its foreign currency reserves. The German central bank on January 15, 2018, confirmed it will start investing in Chinese renminbi and also consider investing in additional foreign currencies. The move mimics the European Central Bank (ECB), which already considers the Chinese renminbi as a reserve currency. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Popular

© 2008-2018 Sovereign Wealth Fund Institute. All Rights Reserved. Sovereign Wealth Fund Institute ® and SWFI® are registered trademarks of the Sovereign Wealth Fund Institute. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. No affiliation or endorsement, express or implied, is provided by their use. All material subject to strictly enforced copyright laws. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. SWFI is a minority-owned organization.