July 1, 1997 |
Bankers Trust of California said Monday that it has agreed to sell its commercial loan servicing unit to a Mellon Bank Corp. subsidiary, eliminating nearly three dozen jobs here. The price to be paid by Mellon Mortgage Co. wasn't disclosed. Under the agreement, Mellon Mortgage will obtain rights to service a portfolio of 1,843 commercial loans, as well as $7.9 billion in primarily commercial mortgage-backed securities.
April 26, 1997
Bankers Trust New York Corp. said it has agreed to acquire NationsBank Corp.'s $1.33-billion-asset institutional trust business. Terms of the definitive agreement were not disclosed. . . . International Business Machines Corp. said it plans to gradually dismantle a high-profile division formed two years ago for coordinating Internet strategy. IBM will eventually reassign the duties among various business units that make and sell the Internet products.
April 8, 1997 |
Bankers Trust New York Corp. agreed to purchase Alex. Brown Inc. for $1.64 billion in stock in one of the biggest acquisitions of a securities firm by a U.S. bank, sending brokerage stocks soaring. The acquisition further topples the walls that have separated banks from the brokerage industry since the Great Depression. The division crumbled last year when the Federal Reserve Board allowed banks to increase the revenue they get from securities underwriting and other non-lending businesses.
July 2, 1996 |
Bankers Trust Problems Blamed on Inadequate Oversight: An independent report on Bankers Trust New York Corp.'s derivatives business criticized the bank for years of poor management, weak controls and other problems that led to charges of deception by regulators and big customers. The report, ordered in 1994 by regulators, concentrates on an inability by senior executives of the nation's eighth-largest bank to assure its controls over traders and salesmen were enforced.
April 6, 1996 |
P&G Can't Claim Racketeering Against Bankers Trust in Suit: The Cincinnati-based consumer products giant will be blocked from pursuing racketeering claims when its $195-million lawsuit against Bankers Trust New York Corp. goes to trial next month. The ruling by U.S. District Judge John Feikens means Procter & Gamble Co. will have to wait until after the trial on the original fraud charges before it can pursue racketeering claims.
March 6, 1996 |
In a major victory for the press, a federal appeals court panel ruled Tuesday that a lower court judge erred in sealing documents in a corporate lawsuit and then barring BusinessWeek magazine from publishing details from the materials. The ruling, which BusinessWeek attorney Kenneth Vedder said includes language of "landmark stature and significance," could slow the efforts of judges and corporations to seal documents in civil cases such as this one.