The escalating costs to U.S. Gypsum, a USG subsidiary, from legal settlements with victims of asbestos-related diseases prompted USG to announce last month that it might file for reorganization under Chapter 11 of the bankruptcy code.
Knight/Trimark Group nite, a market maker with many clients among Internet brokerages, rose sharply after the company said it would clear and settle all of its securities transactions through Broadcort Capital, Merrill Lynch's mer clearing and settlement subsidiary.
DealBook » UBS Unit Is Said to Be Close to Guilty Plea in Rate-Rigging Scandal | Under the settlement, a UBS subsidiary in Japan would agree to plead guilty to a criminal charge.
Mr Bernhard famously restructured an ailing business at DaimlerChrysler.Administrators at Parmalat secured a euro160m ($197m) settlement from a subsidiary of Italy's Banca Intesa for a disputed bond sale.
So the settlements have a nonoperating subsidiary bear the consequences of the conviction while the parent stays in business.
LONDON — Rupert Murdoch's British newspaper subsidiary reached a new batch of settlements on Wednesday in the hacking scandal that has convulsed parts of the British press, police and political establishment, according to lawyers.
The settlement will allow the subsidiary, Dynegy Holdings, to proceed with its bankruptcy process.
UBS has become the new focus of attention for Libor manipulation; it recently paid a $1.5 billion settlement, and its Japanese subsidiary pleaded guilty to fraud.
ABB Ltd. said yesterday that the United States Court of Appeals in Philadelphia had denied its bid for a partial rehearing of a $1.2 billion asbestos-claims settlement by its Combustion Engineering subsidiary.
In the settlement, a Walt Disney Company Internet subsidiary will pay Toysmart, which is majority-owned by Disney, $50,000, and the toy company will destroy the records.
