reuters trust – Loro Dinapoli http://lorodinapoli.org/ Mon, 14 Mar 2022 08:34:08 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 http://lorodinapoli.org/wp-content/uploads/2021/07/icon-2021-07-06T154208.998-150x150.png reuters trust – Loro Dinapoli http://lorodinapoli.org/ 32 32 SoftBank has sold a $1 billion stake in Coupang http://lorodinapoli.org/softbank-has-sold-a-1-billion-stake-in-coupang/ Mon, 14 Mar 2022 07:10:00 +0000 http://lorodinapoli.org/softbank-has-sold-a-1-billion-stake-in-coupang/ The logo of SoftBank Corp is pictured during a news conference in Tokyo, Japan February 4, 2021. REUTERS/Kim Kyung-Hoon Join now for FREE unlimited access to Reuters.com Register TOKYO, March 14 (Reuters) – SoftBank Group Corp’s Vision fund (9984.T) sold $1 billion worth of shares in South Korean e-commerce company Coupang, a filing said, in […]]]>

The logo of SoftBank Corp is pictured during a news conference in Tokyo, Japan February 4, 2021. REUTERS/Kim Kyung-Hoon

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TOKYO, March 14 (Reuters) – SoftBank Group Corp’s Vision fund (9984.T) sold $1 billion worth of shares in South Korean e-commerce company Coupang, a filing said, in a context of falling value of the assets of the technology investment company.

Vision Fund sold 50 million Coupang shares for $20.87 each, according to a filing Friday with the U.S. Securities and Exchange Commission, leaving the investor with 461.2 million shares remaining.

SoftBank sold Coupang shares worth $1.69 billion for $29.69 each in September. The conglomerate first invested in Coupang in 2015 before the launch of Vision Fund which owns the stake.

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“They’re going to sell the winners,” said Redex Research analyst Kirk Boodry, who estimates SoftBank invested in Coupang at an average of $4.80 a share. “Selling at a loss will not be very well accepted in this market.”

Shares of the South Korean company are trading below their listing price as investors grow skeptical of losing startups littering SoftBank’s portfolio, which has also been hit by a slump in Chinese tech valuations.

SoftBank has trimmed its stakes in listed companies by prioritizing investments through the second Vision Fund and share buybacks under a $9 billion program. SoftBank shares have fallen nearly a fifth since the start of the year.

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Reporting by Sam Nussey; Editing by Kim Coghill and Muralikumar Anantharaman

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EXCLUSIVE Sri Lanka to start talks with IMF on debt restructuring-sources http://lorodinapoli.org/exclusive-sri-lanka-to-start-talks-with-imf-on-debt-restructuring-sources/ Fri, 11 Mar 2022 15:56:00 +0000 http://lorodinapoli.org/exclusive-sri-lanka-to-start-talks-with-imf-on-debt-restructuring-sources/ The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas Join now for FREE unlimited access to Reuters.com Register COLOMBO, March 11 (Reuters) – Sri Lanka will start talks next month with the International Monetary Fund (IMF) on a plan to help the crisis-hit country, […]]]>

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas

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COLOMBO, March 11 (Reuters) – Sri Lanka will start talks next month with the International Monetary Fund (IMF) on a plan to help the crisis-hit country, including help with debt restructuring and management of its currency shortage, three sources said on Friday.

Sri Lanka is facing its worst financial crisis in years. With foreign exchange reserves standing at $2.31 billion, the country is struggling to pay for essential imports including fuel, food and medicine. Read more

The decision to approach the IMF for help comes after months of resistance from Sri Lanka’s government and central bank, despite calls from opposition leaders and pundits for a recovery plan. rescue.

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Finance Minister Basil Rajapaksa will travel to Washington DC in mid-April to present Sri Lanka’s proposal to senior IMF officials, two sources familiar with the ongoing discussions told Reuters.

“We are taking our proposal and a plan,” said one of the sources, speaking on condition of anonymity because the discussions are confidential. “The government is serious about fixing things.”

The island nation must repay about $4 billion in foreign debt this year, including a $1 billion international sovereign bond maturing in July.

“We will discuss options based on our plans,” the source said.

Sri Lanka’s finance ministry and the IMF did not immediately respond to questions from Reuters.

‘HARD SITUATION’

A combination of historically weak public finances, poorly timed tax cuts and the COVID-19 pandemic, which has hit the country’s lucrative tourism industry and foreign remittances, has wreaked havoc on the economy from Sri Lanka. Read more

In a periodic review last week, the IMF called on the government to implement a “credible and coherent” strategy to repay debt and restore macroeconomic stability. Read more

“The country faces growing challenges, including public debt that has reached unsustainable levels, low international reserves and still large financing needs in the years to come,” the IMF said.

To find a way out of the crisis, the government will seek help for debt restructuring, foreign exchange crisis, boosting revenue generation and reforming state-owned enterprises, the source said.

“It’s a tough situation,” the source said, “We want to see what support we can get from the IMF.”

In recent weeks, the country of 22 million people has had to deal with continuous power cuts. Bakeries have run out of gas and many fuel pumps have run dry. Soaring oil prices added to the government’s woes. Read more

Late Monday, the Central Bank of Sri Lanka implemented a flexible exchange rate for the rupee, triggering a devaluation of around 30% and driving up the prices of many essential items.

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Reporting by Uditha Jayasinghe in COLOMBO and Devjyot Ghoshal in NEW DELHI; Editing by Toby Chopra and Hugh Lawson

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China February new bank loans fall more than expected, mounting pressure on c.bank http://lorodinapoli.org/china-february-new-bank-loans-fall-more-than-expected-mounting-pressure-on-c-bank/ Fri, 11 Mar 2022 10:14:00 +0000 http://lorodinapoli.org/china-february-new-bank-loans-fall-more-than-expected-mounting-pressure-on-c-bank/ Credit growth is below expectations February new loans 1.23 trln yuan against f’cast 1.49 trln yuan Money supply in February M2 +9.2% year on year, against an f’cast forecast of +9.5% February TSF 1.19 trln yuan, against f’cast 2.22 trln yuan C.bank maintains an accommodative policy to support growth BEIJING, March 11 (Reuters) – New […]]]>
  • Credit growth is below expectations
  • February new loans 1.23 trln yuan against f’cast 1.49 trln yuan
  • Money supply in February M2 +9.2% year on year, against an f’cast forecast of +9.5%
  • February TSF 1.19 trln yuan, against f’cast 2.22 trln yuan
  • C.bank maintains an accommodative policy to support growth

BEIJING, March 11 (Reuters) – New bank lending in China fell more than expected in February as general credit growth slowed, increasing pressure on the central bank to ease policy further. to support the slowing economy.

Chinese banks extended 1.23 trillion yuan ($195 billion) in new yuan loans in February, down sharply from a record 3.98 trillion yuan in January and below analysts’ expectations, the data showed. released Friday by the People’s Bank of China (PBOC). .

A pullback in loans in February was widely expected, as Chinese banks tend to preload loans at the start of the year to get better quality customers and gain market share.

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Analysts polled by Reuters had predicted new yuan lending would fall to 1.49 trillion yuan in February. But the final tally was also lower at 1.36 trillion yuan in February 2021, when the economy rebounded from a pandemic-induced crisis.

“General credit growth was much weaker than expected last month, reversing much of the acceleration of recent months,” Julian Evans-Pritchard of Capital Economics said in a note.

“This suggests that more easing measures will be needed to achieve the policy goals that were recently set out in the National People’s Congress.”

Household loans, mostly mortgages, suffered a rare contraction of 336.9 billion yuan in February from 843 billion yuan in January, indicating continued weakness in China’s property market, a major driver of economic growth.

Ting Lu, chief China economist at Nomura, said a contraction in medium- and long-term household lending was the first since the data was released in 2007, and matched a 40% drop in home sales. nine of the top 100 developers in January-February.

Corporate loans fell to 1.24 trillion yuan from 3.36 trillion yuan.

Ming Ming, chief economist at CITIC Securities, said February lending may reflect weakness in the housing sector and household demand, but could accelerate as earlier easing measures begin to wear off. to be smelled.

“With the implementation of a series of policies such as the promotion of favorable monetary and investment policies to stabilize the economy, March data would be better than February data,” he said.

FURTHER RELAXATION STEPS EXPECTED

To spur growth, the central bank cut interest rates and the reserve requirement ratio (RRR) for banks, with further easing measures expected. Read more

The PBOC could give markets more clues about its liquidity and rate plans as early as next Tuesday, when its medium-term lending facility (MLF) matures.

“We continue to expect a 50 basis point cut in the RRR and a 10 basis point cut in the policy rate by the end of the second quarter of this year, as the PBOC may need to do more to echo the State Council’s call for lower effective lending rates,” Goldman Sachs analysts said in a note. .

Chinese Premier Li Keqiang said on Friday he was confident of achieving the economic growth target of around 5.5 percent for this year despite headwinds, pledging to provide more political support over the course of the year. a politically sensitive year. Read more

But many economists say that target is ambitious given the challenges, including the housing downturn, growing outbreaks of COVID-19 and an uncertain global recovery.

China said it would keep money supply and total social finance growth essentially in line with nominal economic growth this year.

M2 broad money supply rose 9.2% from a year earlier, central bank data showed, below Reuters poll estimates of 9.5%. It increased by 9.8% in January.

Outstanding yuan loans rose 11.4 percent year-on-year, compared with 11.5 percent growth in January. Analysts were expecting growth of 11.5%.

Growth in the total stock of social finance (TSF), a broad measure of credit and liquidity in the economy, slowed to 10.2% in February from a year earlier and 10.5% in January.

The TSF includes forms of off-balance sheet financing that exist outside of the conventional bank lending system, such as initial public offerings, trust company loans, and bond sales.

In February, TSF fell to 1.19 trillion yuan from 6.17 trillion yuan in January. Analysts polled by Reuters had expected a February TSF of 2.22 trillion yuan.

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Editing by Raju Gopalakrishnan and Kim Coghill

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UK seeks to speed up sanctions process to increase pressure on Russia http://lorodinapoli.org/uk-seeks-to-speed-up-sanctions-process-to-increase-pressure-on-russia/ Mon, 07 Mar 2022 03:34:00 +0000 http://lorodinapoli.org/uk-seeks-to-speed-up-sanctions-process-to-increase-pressure-on-russia/ LONDON, March 6 (Reuters) – Britain will seek to speed up its sanctions process on Monday via new legislation aimed at allowing ministers to tighten restrictions on Russian businesses and wealthy individuals. The Economic Crimes (Transparency and Enforcement) Bill is before Parliament next week as Britain attempts to punish those with links to Russian President […]]]>

LONDON, March 6 (Reuters) – Britain will seek to speed up its sanctions process on Monday via new legislation aimed at allowing ministers to tighten restrictions on Russian businesses and wealthy individuals.

The Economic Crimes (Transparency and Enforcement) Bill is before Parliament next week as Britain attempts to punish those with links to Russian President Vladimir Putin in response to his invasion of Ukraine.

“Punitive sanctions are meaningless until they are properly implemented, and these changes will allow us to prosecute Putin’s allies in the UK with the full backing of the law, without doubt or legal challenge. “said Prime Minister Boris Johnson.

Britain has already sanctioned some individuals, banks and businesses, but has been criticized by opposition activists and politicians who say it has moved too slowly to crack down on Russian oligarchs and businesses.

Among the technical changes made to the bill is the creation of a legal power to sanction individuals or companies already subject to sanctions by allies such as the European Union, the United States and Canada.

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Reporting by William James in London and Akanksha Khushi in Bangalore; Editing by Kevin Liffey and Pravin Char

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Russia offers accelerated bankruptcy for companies leaving http://lorodinapoli.org/russia-offers-accelerated-bankruptcy-for-companies-leaving/ Fri, 04 Mar 2022 08:08:00 +0000 http://lorodinapoli.org/russia-offers-accelerated-bankruptcy-for-companies-leaving/ The skyscrapers of the Moscow International Business Center, also known as ‘Moskva-City’, are seen just after sunset in Moscow, Russia July 12, 2018. REUTERS/Christian Hartmann/Files Join now for FREE unlimited access to Reuters.com Register MOSCOW, March 4 (Reuters) – Foreign companies wishing to leave Russia will receive fast-track bankruptcy protection or be able to sell […]]]>

The skyscrapers of the Moscow International Business Center, also known as ‘Moskva-City’, are seen just after sunset in Moscow, Russia July 12, 2018. REUTERS/Christian Hartmann/Files

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MOSCOW, March 4 (Reuters) – Foreign companies wishing to leave Russia will receive fast-track bankruptcy protection or be able to sell their shares to local executives until they return to Russia, the first deputy said on Friday. -Prime Minister Andrei Belousov.

Western sanctions imposed on Russia as punishment for its invasion of Ukraine prompted dozens of global companies to suspend operations in the country and some, including energy majors BP and Shell (SHEL.L ), said they would leave the country altogether. Read more

The fast-track bankruptcy plan “will support the employment and social welfare of citizens so that bona fide entrepreneurs can keep businesses running efficiently,” the government said in a statement on Telegram.

Foreign companies could also simply stay in Russia, Belousov added.

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Reuters Editing reporting by David Goodman

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Aston Martin sales increase thanks to higher prices and more profitable cars http://lorodinapoli.org/aston-martin-sales-increase-thanks-to-higher-prices-and-more-profitable-cars/ Wed, 23 Feb 2022 08:16:00 +0000 http://lorodinapoli.org/aston-martin-sales-increase-thanks-to-higher-prices-and-more-profitable-cars/ An Aston Martin logo is pictured at the factory in Saint Athan, Wales, Britain December 6, 2019. REUTERS/Rebecca Naden Join now for FREE unlimited access to Reuters.com Register Operating loss 2021 76.5 million stg against 323 million loss 2020 Sales jumped more than 80% to nearly 6,200 vehicles DBX707 and V12 Vantage will be launched […]]]>

An Aston Martin logo is pictured at the factory in Saint Athan, Wales, Britain December 6, 2019. REUTERS/Rebecca Naden

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  • Operating loss 2021 76.5 million stg against 323 million loss 2020
  • Sales jumped more than 80% to nearly 6,200 vehicles
  • DBX707 and V12 Vantage will be launched this year

LONDON, Feb 23 (Reuters) – Aston Martin (AML.L) pared its 2021 full-year loss as sales surged and the company said on Wednesday it expects further improvements this year as it launches new models more profitable and planning to increase prices across its model range.

The British luxury carmaker said it expects to see sales increase again in 2022, despite continued global supply chain disruptions that have accompanied the COVID-19 pandemic.

The company said last month that its 2021 base revenue was affected by delays in shipments of its limited-edition Valkyrie sports car. Read more

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It said Wednesday that it plans to ship between 75 and 90 Valkyries in 2022.

The automaker added that it plans to launch its first all-electric vehicle in 2025 and from 2026 all new car lines will have an electric option.

Fictional secret agent James Bond’s car brand of choice has fallen on hard times since its launch in 2018, failing to meet expectations and burning cash, prompting it to bring in new investment from the billionaire Lawrence Stroll in 2020, who is now the company’s executive chairman. .

“We have successfully transitioned our operating model to that of an ultra-luxury performance brand, with customer demand far exceeding supply,” Stroll said in a statement. “Our core business is solid and delivered as planned, with significantly improved profitability.”

The first two new vehicles produced by Aston Martin’s new management – the DBX707, a luxury SUV, and the V12 Vantage, a powerful sports car – will be launched this year “with improved profitability compared to previous models”, the company said.

Aston Martin said it had started to bring in technology from shareholder Mercedes-Benz (MBGn.DE), which increased its stake in the struggling carmaker in 2020, but added it was “not currently no plans to issue additional shares” to the German automaker until early 2023.

This deal in 2020 expanded an existing supply deal to give Aston Martin access to key Mercedes technology, including hybrid and electric drive systems.

Aston Martin posted an operating loss of 76.5 million pounds ($104 million) for 2021, compared to 323 million pounds the previous year, as sales jumped 82% to nearly 6,200 units.

($1 = 0.7359 pounds)

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Reporting by Nick Carey Editing by Emelia Sithole-Matarise and Mark Potter

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Allianz records $4.2 billion hit in investment fund deal, says more may come http://lorodinapoli.org/allianz-records-4-2-billion-hit-in-investment-fund-deal-says-more-may-come/ Thu, 17 Feb 2022 19:35:00 +0000 http://lorodinapoli.org/allianz-records-4-2-billion-hit-in-investment-fund-deal-says-more-may-come/ The problem cast a shadow over the company Expects settlement with major investors shortly Discussions with other investors, DOJ, SEC ongoing Expects other expenses related to the case Provision leads to a loss in the fourth quarter FRANKFURT, Feb 17 (Reuters) – German insurer and asset manager Allianz (ALVG.DE) said on Thursday it would set […]]]>
  • The problem cast a shadow over the company
  • Expects settlement with major investors shortly
  • Discussions with other investors, DOJ, SEC ongoing
  • Expects other expenses related to the case
  • Provision leads to a loss in the fourth quarter

FRANKFURT, Feb 17 (Reuters) – German insurer and asset manager Allianz (ALVG.DE) said on Thursday it would set aside 3.7 billion euros ($4.20 billion) to meet investigations and legal proceedings resulting from the collapse of a multi-billion dollar company. set of investment funds.

The provision resulted in a net loss attributable to shareholders of 292 million euros in the fourth quarter, the company said. Analysts expected a profit.

Allianz said the outcome of various investigations and lawsuits “cannot be reliably estimated” and that it “expects to incur additional expenses before these matters are ultimately resolved.”

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The problem concerns Allianz funds which used complex options strategies to generate returns but racked up massive losses when the spread of COVID-19 triggered wild stock market swings in February and March 2020.

Investors in the so-called Structured Alpha fund set have sought some 6 billion euros in damages for losses in a host of cases filed in the United States. The US Department of Justice and the Securities and Exchange Commission also investigated the matter. Read more

The case has cast a shadow over Allianz, one of Germany’s most valuable companies. It is also one of the largest fund managers in the world with 2.5 trillion euros in assets under management through bond giant Pimco and its Allianz Global Investors, which managed the funds at the center of the investigations.

Allianz said it expects a settlement with major investors “shortly,” but discussions with other investors, the DOJ and the SEC “are continuing.”

The quarterly loss compares to a profit of 1.8 billion euros a year ago. Profit for the full year at 6.6 billion euros was the lowest since 2013.

Reuters Charts

“Despite the challenges in 2021, Allianz has proven its resilience and adaptability,” Chief Executive Oliver Baete said.

The $15 billion Structured Alpha funds were aimed in particular at normally conservative American pension funds, from those of factory workers in Alaska to teachers in Arkansas to subway workers in New York.

After the coronavirus sent markets crashing in early 2020, the value of Allianz funds fell, in some cases by 80% or more. The investors alleged that Allianz deviated from its stated strategy in their lawsuits.

Allianz has publicly disclosed the SEC and DOJ investigations. He had previously said he intended to defend himself “vigorously” against the investors’ allegations. Baete said that “all was not perfect in the management of the funds”.

($1 = 0.8804 euros)

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Reporting by Tom Sims Editing by Kirsten Donovan

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No class action on Liberty’s adjustment of totaled cars – 9th Circ http://lorodinapoli.org/no-class-action-on-libertys-adjustment-of-totaled-cars-9th-circ/ Sat, 12 Feb 2022 01:24:00 +0000 http://lorodinapoli.org/no-class-action-on-libertys-adjustment-of-totaled-cars-9th-circ/ Smashed cars litter the scene of a previous multi-car and truck pile-up on the Pennsylvania Turnpike near the Bensalem Interchange in Pennsylvania. REUTERS/Tom Mihalek Join now for FREE unlimited access to Reuters.com Register Law firms Related documents The names of companies and law firms listed above are auto-generated based on the text of the article. […]]]>

Smashed cars litter the scene of a previous multi-car and truck pile-up on the Pennsylvania Turnpike near the Bensalem Interchange in Pennsylvania. REUTERS/Tom Mihalek

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The names of companies and law firms listed above are auto-generated based on the text of the article. We are improving this feature as we continue to test and develop in beta. We appreciate feedback, which you can provide using the feedback tab on the right side of the page.

(Reuters) – Owners of totaled vehicles cannot bring a class action lawsuit against Liberty Mutual or its appraisal contractor for using a vague “condition adjustment” to reduce the amount it offers to pay on a claim, said a federal appeals court on Friday in a case with implications for other insurers facing similar lawsuits.

The 9th US Circuit Court of Appeals said a class action lawsuit against Liberty and CCC Intelligent Solutions would be “unmanageable” because each individual plaintiff would have to prove they received less than the value of their vehicle.

The decision upholds a victory in the lower court for Liberty, represented on appeal by Ted Boutrous Jr of Gibson Dunn & Crutcher et al., and CCC Intelligent Solutions Inc, which provides claims assessment services and software to the insurance industry. insurance, represented by the former American lawyer. General Gregory Garre and a team from Latham & Watkins.

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9th Circuit says Tacoma District Court judge correctly applied ‘old basketball phrase, ‘no harm, no foul” to deny class action status to breach of contract lawsuit and Unfair Business Practices, filed by Hagens Berman Sobol Shapiro on behalf of Leeana Lara and Cameron Lundquist.

“If there was no injury, there was no breach of contract or unfair trade practice,” and “determining whether each plaintiff was injured would be an individualized process,” the judge wrote. homer Ryan Nelson for the 9th homer.

Lara and Lundquist had argued that a class action lawsuit was appropriate because the undetailed condition adjustments violated Washington state insurance regulations.

“But it’s an argument for the Washington Insurance Commissioner,” Nelson wrote, joined by circuit judges Ronald Gould and Mark Bennett.

Hagens Berman’s John DeStefano, who argued the appeal for Lara and Lundquist, said Friday they were “evaluating options” but had no further comment.

Boutros referred requests for comment to Liberty Mutual, which declined to discuss the litigation.

In a joint statement, attorneys for CCC in Latham called the decision “particularly impactful in light of numerous putative class action lawsuits – all involving similar claims against CCC and its insurer clients – which are still ongoing.”

The 9th Circuit suspended three of those actions — against CCC, Allstate, Geico and USAA — last summer pending its decision in the Liberty Mutual case, the Latham team said.

The case is Lara et al. v. First National Insurance Co et al., 9th US Circuit Court of Appeals, No. 21-35126.

For Lara et al: Steve Berman, Robert Carey and John DeStefano III of Hagens Berman Sobol Shapiro

For First National et al. : Theodore Boutrous and Bradley Hamburger of Gibson, Dunn & Crutcher; James Morsch of Saul Ewing Arnstein & Lehr; John Silk by Wilson Smith Cochran Dickerson

For CCC: Gregory Garre, Marguerite Sullivan and Jason Burt of Latham & Watkins

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Bankruptcy watchdog challenges legal shield in Boy Scouts abuse deal http://lorodinapoli.org/bankruptcy-watchdog-challenges-legal-shield-in-boy-scouts-abuse-deal/ Tue, 08 Feb 2022 01:40:00 +0000 http://lorodinapoli.org/bankruptcy-watchdog-challenges-legal-shield-in-boy-scouts-abuse-deal/ The Cushman Watt Scout Center, headquarters of the Boy Scouts of America for the Los Angeles Area Council, is pictured in Los Angeles, California October 18, 2012. The Boy Scouts of America, acting by court order, released thousands of files which detail allegations and admissions of child sexual abuse within the organization between 1965 and […]]]>

The Cushman Watt Scout Center, headquarters of the Boy Scouts of America for the Los Angeles Area Council, is pictured in Los Angeles, California October 18, 2012. The Boy Scouts of America, acting by court order, released thousands of files which detail allegations and admissions of child sexual abuse within the organization between 1965 and 1985. REUTERS/Fred Prouser (UNITED STATES – Tags: CRIME LAW)

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  • US Trustee Says Shield Not Allowed Under Bankruptcy Law
  • The official Survivors Committee has yet to weigh in

The names of companies and law firms listed above are auto-generated based on the text of the article. We are improving this feature as we continue to test and develop in beta. We appreciate feedback, which you can provide using the feedback tab on the right side of the page.

(Reuters) – The U.S. Justice Department’s bankruptcy watchdog on Monday objected to the Boy Scouts of America’s proposed reorganization plan and underlying $2.7 billion sexual abuse settlement, claiming that it offers impermissible legal protections to insurers and local councils of the bankrupt youth organization, among others.

The U.S. trustee said in a court filing that nondebtor releases provided to insurers and others, who have not filed for Chapter 11, in exchange for settlement contributions are not permitted under bankruptcy law.

“The plan lacks even a superficial discussion of why the nondebtor releases are necessary,” the U.S. trustee said in Monday’s filing, while noting that the releases were so broadly drafted that it doesn’t It was unclear who was covered by them.

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BSA filed for bankruptcy in February 2020 to resolve allegations by former Scouts spanning decades that they were abused by troop leaders as children. Since then, more than 82,000 abuse claims have been filed in bankruptcy.

The plan aims to resolve all of these claims through the $2.7 billion settlement, which will be funded by insurers, local councils (which are independent legal entities) and the BSA itself, among others. Insurers, local councils, committees that represent survivors of abuse, current and former BSA officers and employees, and organizations that have chartered Scouting units and activities will be among those covered by non-debit releases. . Anyone who has personally committed or been accused of committing abuse is not protected.

The U.S. administrator also opposed these types of releases in the Chapter 11 case of OxyContin maker Purdue Pharma LP. In December, a federal judge overturned a bankruptcy court’s approval of those releases for members of the Sackler family who own Purdue. Purdue appealed that decision, but it, the Sacklers and several states also initiated mediation to reach an amended settlement of the opioid litigation.

BSA won the support of 73.57% of abuse survivors who voted on the plan, but this figure is lower than the 75% sought. Under the plan, survivors would receive compensation based on the severity of the abuse they suffered, among other factors.

The official committee representing victims of bankruptcy abuse, which has long opposed the deal, has yet to file documents outlining its views on the plan. He has previously argued that the payouts the plan offers to survivors who have filed claims are too low. However, a BSA lawyer said last week that “significant progress” had been made in providing more support to survivors.

BSA representatives did not immediately respond to a request for comment.

The case is In re Boy Scouts of America, US Bankruptcy Court, District of Delaware, No. 20-10343.

For the Boy Scouts: Jessica Lauria, Mike Andolina, Matt Linder and Laura Baccash of White & Case; and Derek Abbott and Andrew Remming of Morris, Nichols, Arsht & Tunnell

For the US Administrator: David Buchbinder and Hannah McCollum

Read more:

Boy Scouts lawyer touts ‘significant progress’ toward sexual abuse settlement

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Maria Chutchian

Maria Chutchian reports on corporate bankruptcies and restructurings. She can be reached at maria.chutchian@thomsonreuters.com.

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EXCLUSIVE Lebanese banks oppose government’s draft financial plan proposals http://lorodinapoli.org/exclusive-lebanese-banks-oppose-governments-draft-financial-plan-proposals/ Mon, 07 Feb 2022 20:27:00 +0000 http://lorodinapoli.org/exclusive-lebanese-banks-oppose-governments-draft-financial-plan-proposals/ BEIRUT, Feb 7 (Reuters) – Lebanon’s banking association said on Monday it opposed proposals set out in a draft government plan reported by Reuters last week to tackle the financial crisis, saying they would lead to a long loss of confidence in the financial sector. Responding to written questions from Reuters, the Association of Banks […]]]>

BEIRUT, Feb 7 (Reuters) – Lebanon’s banking association said on Monday it opposed proposals set out in a draft government plan reported by Reuters last week to tackle the financial crisis, saying they would lead to a long loss of confidence in the financial sector.

Responding to written questions from Reuters, the Association of Banks in Lebanon (ABL) said it had not seen an official version of the plan.

A Lebanese government source told Reuters the plan had not yet been finalized and was being discussed with the IMF.

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The project aims to fill a huge hole in the financial system and expects to return only $25 billion out of a total of $104 billion in hard currency deposits to US dollar savers. L1N2UD1JU

Lebanese banks have been a major lender to the government for decades, helping fund a wasteful and corrupt state that descended into financial collapse in 2019.

The collapse meant that depositors were largely deprived of their savings and the local currency lost more than 90% of its value.

“This hypothetical draft plan indicates that it can eliminate so-called ‘losses’ in order to balance the books. This approach … is a liquidation approach and will lead to a continuing loss of confidence for generations to come,” said declared the ABL. in their written responses.

“Apart from what has been published and reported in the media, we have not seen any official draft plan prepared by the government,” he said, adding that he had not participated in the project development.

According to the plan, the majority of dollar deposits would be converted into Lebanese pounds at several exchange rates, including one that would erase 75% of the value of some deposits. It estimates financial sector losses at $69 billion and sets a 15-year deadline for reimbursing all depositors.

ABL approval is not required for the government to adopt and start implementing a plan, but experts say support from the banking sector could help resolve the crisis.

“If true, this reported approach to dealing with losses in the financial sector is not at all acceptable and will certainly not reverse the downward spiral of the economy,” the ABL said.

BAIL-IN

The ABL said it would not endorse a plan that would lead to a “nominal haircut on customer deposits” or eliminate equity altogether, but was willing to take some losses from the restructuring of euro- bonds and loans to the private sector.

The government began talks with the IMF in January as part of efforts to secure a bailout seen as crucial to start charting a course out of the crisis. A viable financial plan is key to this process. A previous plan drawn up under one government in 2020 was rejected by banks, the central bank and powerful political parties, ending talks with the IMF at the time.

An IMF spokesman said last week he could not comment on reports that the fund rejected aspects of the government’s plan during talks that began in January.

An official Lebanese source told Reuters that the IMF had asked Lebanese officials to “work on some parts of the plan”.

As part of efforts to plug the $69 billion hole in the financial system, the draft plan calls for a large depositor bailout of $12 billion, or 72% of banking sector stocks, reducing shareholders and creditors less than one third.

The ABL said any bailout should be assessed on a case-by-case basis for each bank and should only occur after “we reach a consensual and comprehensive agreement with the government, and after the government has fulfilled its legal obligation to restore Central Bank Solvency”.

The ABL also noted its “strong objection” to a proposal for banks’ shareholders to retain majority stakes in the sector in return for an injection of $1 billion in fresh capital.

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Reporting by Timour Azhari, Laila Bassam and Tom Perry; Editing by William Maclean and Nick Macfie

Our standards: The Thomson Reuters Trust Principles.

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