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...EY is facing an avalanche of lawsuits from former Wirecard investors, as well as its administrator, demanding billions of euros in damages....
...Their claim contradicts earlier findings of the company’s insolvency administrator and statements by Signa’s management and shareholders, which have so far pinned blame for the luxury property conglomerate...
...The damages sum awarded makes Reckitt the latest European company in danger of falling foul of the US’s mass tort litigation system, following Bayer and its glyphosate lawsuits, and Boehringer Ingelheim...
...Lawyers acting for Thomson told the court at the start of the proceedings last month that he denied “every claim against him”....
...EY could also have faced unlimited liability for claims of damages from Wirecard’s administrator and former shareholders....
...In December, Kevin Hollinrake, minister for enterprise and markets, said that the Redundancy Payment Service had submitted a claim to Greensill Capital’s administrators in April last year....
...Joachim Kühne, a lawyer working for Greensill Bank’s German administrator, told the Financial Times that the administrator was assessing IAG’s allegations....
...The claim alleges a “presumably deliberate” lack of transparency from Signa Development in the run-up to its insolvency....
...Signa Development creditors have also formally petitioned for an independent administrator to take control of the company....
...The administrator for the bank claims that it has failed to receive the monies owed, which it says is an insured loss under the lender’s policy with Zurich....
...FTX’s administrators have since abandoned plans to revive the defunct exchange....
...Signa Development’s administrator said the company had received €2.3bn of claims, of which €1.5bn were recognised. A return of 30 per cent is also predicted for those creditors....
...FTX is on track to repay its customers up to two-fifths more than the initial value of their claims as administrators for the collapsed exchange capitalise on surging prices of cryptocurrency and artificial...
...“All claims are being examined. The [recoverable] amount will depend on the result of negotiations about the restructuring plan,” said Stapf....
...The risk for 3M has been that the “mass tort” system in place would drag out jury trials, perhaps for decades....
...Administrators at René Benko’s collapsed European property empire are seeking €350mn from investors to forestall a painful fire sale of assets in the coming weeks....
...The private equity firm ranks as a secured creditor in the administration after The Body Shop took out a series of loans from the private equity firm, meaning Aurelius would have a claim of several of its...
...In Vienna on Monday, the administrator for the group’s central company, Signa Holding, said it alone was facing €3.5bn more in claims from creditors than previously disclosed....
...It also became a significant creditor after The Body Shop took out a series of loans from Aurelius, pledging some of the company’s most valuable assets in return, meaning Aurelius would have a claim over...
...“Mallinckrodt is a particularly poignant example that the record of mass tort bankruptcies is not as strong as restructuring lawyers often claim”, said Melissa Jacoby, a law professor at the University of...
...The company said on Tuesday that it would contribute $5bn in cash and $1bn in stock over a five-year period to resolve one of the largest mass torts in US history....
...Zurich and Marsh and a spokesperson for Greensill Bank’s administrator declined to comment....
...The move offers an alternative to nationalisation but will make it more difficult for investors to raise legal challenges against the regulator or the special administrator....
...That application was successful and Joint Administrators (“the Administrators”) were appointed on 9 April 2020....
...Meanwhile, the FCA on Thursday also found Woodford’s fund administrator, Link Fund Solutions, “failed to act with due skill, care and diligence”....
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