Commercial banks
Scott & Scott LLC, a Connecticut-based law firm, has commenced a class action lawsuit against Boston Scientific Corp. (NYSE:BSX) on behalf of all purchasers of the company's stock during a specific period in 1998. The lawsuit alleges that Boston Scientific Corp. engaged in accounting irregularities, resulting in
Commercial banks
A class action lawsuit has been filed on behalf of investors who purchased BankAmerica common stock between August 4, 1998, and October 13, 1998. The lawsuit alleges that BankAmerica and its executives concealed the company's exposure to investments or loans to hedge funds, which was disclosed on October
Commercial banks
Scott & Scott LLC, a Connecticut-based law firm, has initiated class actions against various corporations for alleged securities law violations. The firm represents shareholders who purchased specific stocks during certain periods, including BankAmerica Corp. (NYSE:BAC), FirstPlus Financial Group (NYSE:FP), Zapata Corp. (NYSE:ZAP), HealthSouth Corp. (NASD:HRC), and
Commercial banks
BankAmerica Corporation, a multinational banking company, has been hit with a lawsuit filed by shareholders in the United States District Court for the Southern District of New York. The lawsuit, filed on behalf of shareholders who acquired new BankAmerica common stock following the merger with NationsBank, alleges that the company
Commercial banks
The Tucson Airport Authority, Inc.'s special facility revenue bonds (Learjet, Inc.) have been rated highly by Fitch IBCA, reflecting the strong support provided by NationsBank, N.A. in the form of a transferable, irrevocable direct-pay letter of credit (LOC). This LOC guarantees payment of principal, interest, and purchase
Commercial banks
As the internet continues to revolutionize the way people invest in the stock market, a growing number of individuals are taking control of their financial decisions by using online trading platforms. According to an article in the November issue of Money magazine, by the end of 1998, 28 percent of
Commercial banks
The Seagram Co. has secured a $6.5 billion credit facility from a group of lenders, led by Chase Manhattan, Citibank, BankAmerica, and Bank of Montreal. The deal was well over-subscribed, with lenders initially seeing their allocations scaled back. Managing agents ABN AMRO and others were scaled back to zero,
Commercial banks
Banks from around the world are actively engaged in large-scale loan transactions, as highlighted by recent reports of a $100 million credit facility provided by BankBoston for APP Paper Trading, a sales arm of Asia Pulp & Paper Company Ltd. This secured revolving credit facility, which garnered a 22% oversubscription
Commercial banks
Citigroup's recent merger has brought severe financial consequences, particularly in the bond trading division of its subsidiary, Salomon Smith Barney. The investment bank suffered a staggering $1.33 billion loss in just three months of this year, largely due to problems in the bond markets. This loss severely
Commercial banks
Law firm Scott & Scott LLC has announced the commencement of two class action lawsuits against BANKAMERICA CORP. and Healthsouth Corp. The lawsuits allege misrepresentations and insider trading, with the BANKAMERICA action focusing on international loan losses and loss exposure to an investment firm. The Healthsouth action claims violations of
Commercial banks
The merged bank, created from NationsBank and Bank of America, released its first quarterly earnings report since the merger, which contained a plethora of bad news, mainly attributed to the old Bank of America. The new entity reported operating profits 50% below last summer's levels, with third-quarter earnings
Commercial banks
NationsBank, a leading US bank, has awarded a major contract to Expersoft Corporation for the development and implementation of component-based middleware. This contract marks a significant milestone in the deployment of distributed object computing technology in the enterprise. Expersoft's CORBAplus product line will be used to create a
