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Lawyers Reach Settlement on Overseas Shipholding Group

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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

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Funds and Ownership, KKR Partners with Shinhan Financial

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South Korean financial giant Shinhan Financial Group Co., Ltd. reached a preliminary agreement with KKR & Co. to form a series of global buyout funds that could raise up to 5 trillion KRW. KKR and Shinhan signed a Memorandum of Understanding (MoU) in Seoul in early October. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norwegian Government Recommends SWF Remains at Central Bank

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There was speculation that Norway Government Pension Fund Global (GPFG) could be managed outside of Norges Bank. The Norwegian government shot down this idea and recommended Norway’s GPFG remain in Norges Bank. This recommendation came in the form of a white paper submitted to the Norwegian Parliament, Stortinget.

Norway’s Minister of Finance Siv Jensen, commented in a press release, “The Government proposes a new and modernised governance structure for Norges Bank. Moving forward, this new structure lays the foundations for the sound management of the central bank and of the GPFG.”

Some Central Bank Recommendations

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Invesco Buys OppenheimerFunds for $5.7 Billion

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Invesco Ltd. signed a deal to acquire OppenheimerFunds, Inc. from Massachusetts Mutual Life Insurance Company (MassMutual). In turn, MassMutual and the OppenheimerFunds employee shareholders will receive a combination of common and preferred equity consideration, and MassMutual will become a significant shareholder in Invesco, with an approximate 15.5% stake. This strategic transaction will bring Invesco’s total assets under management (AUM) to more than US$ 1.2 trillion. The transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. The transaction gives Invesco access to more third-party distribution platforms.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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