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"In light of last year's Department of Justice investigation, Sotheby's is pleased to have largely satisfied its settlement liabilities in the first half of the year," he said.
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The £130m settlement covers liabilities dating back as far as 2005, with the majority relating to a period before Osborne's diverted profits tax came into force.
Five out of the 11 quantitative metrics used by Audit Integrity to evaluate Federal-Mogul were directly impacted by the significant gains, expenses and balance sheet adjustments required to be recorded under US GAAP by companies emerging from Chapter 11, including the restatement of our balance sheet to fair value and mandatory recognition of income resulting from settlement of liabilities.
BP may well prefer a negotiated settlement for liability and damages under those statutes to a long and costly trial.
Settlement of liability claims, which could be the biggest wild card, will depend on what sort of dispute resolution process is used.
BP is making good progress on resolving its strategic uncertainties with the Rosneft agreement announced in October and the Department of Justice settlement on criminal liabilities in November.
But the latter figure would only apply if BP is found guilty of gross negligence in the civil case and the settlement of criminal liabilities suggests that it may not.
The Swiss-based electrical engineering group, working to get a vital settlement of asbestos liabilities for a U.S. unit as a key element of attempts to return to financial health, says it would submit detailed Chapter 11 plans in the next few days.
The hospital and other defendants agreed to the settlement without acknowledging liability.
In addition to Avandia, the charge partly resulted from the settlement of product liability and antitrust litigation relating to Paxil, a drug for anxiety and depression for which the company had been fighting a rival, Apotex, over a generic competitor.
Drugmaker Eli Lilly said Thursday that it slid to a second-quarter loss from year-ago profit due to a recent product liability settlement over Zyprexa, its top selling anti-psychotic treatment.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com