Meanwhile, slow sales in a semiconductor subsidiary caused Siemens to issue a warning just a day after it listed its shares on the New York Stock Exchange; it claimed that it was as surprised by the chip slowdown as anyone.
In Milwaukee, a Suez subsidiary caused 107 million gallons of untreated sewage to be discharged into streams and Lake Michigan, a 2002 state audit found.
The importance of the definition is that an insolvency proceeding by the subsidiary would cause a default at MBIA.
But when asked if he would clean up Bhopal, where the drinking wells of 20,000 people have been poisoned by chemicals abandoned by Dow's subsidiary Union Carbide, causing an epidemic of cancers and hundreds of children to be born malformed and with brain damage, Liveris replied, "We don't feel this is our responsibility".
In one class-action suit, Ammend et al v. BioPort, the plaintiffs claimed that the Emergent subsidiary BioPort caused them to "suffer extreme pain and suffering" through its carelessness and negligence.
The first trial, scheduled to begin May 28, will hear arguments from the state of Oklahoma demanding damages from Purdue Pharma, Johnson & Johnson, Allergan, Janssen Pharmaceuticals, Teva Pharmaceuticals, and several of their subsidiaries for causing a rash of opioid overdoses in the state.
Could you please explain your role when you were on the board of Harken... in the sale of 1989 of its Aloha Petroleum subsidiary, which later caused the S.E.C. to require Harken to restate its earnings?
In Sinclair Oil v. Levien (1971), a parent corporation caused its subsidiary to pay large cash dividends on a pro rata basis to the shareholders.
In that agreement, International is the guarantor of any breach of warranty claim brought by the Barclays in connection with the sale, promises to cause the subsidiaries to perform their duties under the agreement, and stands to receive payments from claims belonging to the subsidiaries.
In its settlement with the S.E.C., Janus agreed that its Janus Capital Management subsidiary, known as J.C.M., would "cause the Janus funds to operate" in accordance with governance policies that would prevent such violations in the future.
