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BUSINESS
August 5, 1998 | P.J. Huffstutter
Irvine-based Moss Micro Inc. said financial giant Bankers Trust Corp. in New York has agreed to purchase sales automation software from the company. The program, called ActiveSales, allows salespeople and account managers to track client information and internal office data more efficiently. The New York bank will start testing the system this year, and expects to roll out the software with all of its sales staff officially by next May.
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BUSINESS
September 19, 1997 | From Bloomberg News
Bankers Trust New York Corp. denied it is in sales talks after takeover speculation drove its stock up as much as 13% on Thursday. "Bankers Trust is not engaged in discussions or negotiations about a business combination with any firm," the nation's seventh-largest bank said in a statement. Bankers Trust shares, which rose $5.69, or 5%, to close at $124 on the New York Stock Exchange, had surged to $133.63 before being halted ahead of BT's announcement.
BUSINESS
March 14, 1989
N.J. Nicholas Jr., president and chief operating officer of Time Inc., will be elected a director of Bankers Trust New York Corp. and its principal subsidiary, Bankers Trust Co., at the banking firms' board meeting April 18. Bankers Trust made the announcement.
BUSINESS
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.
BUSINESS
January 9, 1995 | From Times Staff and Wire Reports
Bankers Trust to Increase Stake in Northwest Airlines: The Minneapolis-based airline said it has agreed to swap preferred stock held by Bankers Trust New York Corp. for common shares, increasing the bank's stake in the airline to 8% from 6%. The deal relieves Northwest of paying Bankers Trust $6.9 million a year in dividends on the preferred stock. Also, Northwest would have had to buy the preferred stock back from Bankers Trust for $86.35 million in six to eight years.
BUSINESS
October 28, 1994 | From Times Staff and Wire Reports
Suit Filed Over Derivatives: Procter & Gamble Co. filed the $130-million lawsuit against Bankers Trust New York Corp. over a derivative investment that turned into a huge loss for the consumer products giant. The suit, filed in federal court in Cincinnati, charges that Bankers Trust did not accurately and fully disclose the terms and risks of the investment it proposed to P&G.
BUSINESS
July 1, 1997 | JAMES S. GRANELLI, TIMES STAFF WRITER
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.
BUSINESS
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.
BUSINESS
April 8, 1997 | From Times Wire Services
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.
BUSINESS
July 2, 1996 | Times Staff and Wire Reports
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.
BUSINESS
April 6, 1996 | Times Staff and Wire Reports
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.
BUSINESS
March 6, 1996 | ELEANOR RANDOLPH, TIMES STAFF WRITER
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.
BUSINESS
September 28, 1995 | From Bloomberg Business News
The law firm representing Bankers Trust New York Corp. said it was the source of the documents provided to BusinessWeek magazine for a story that was withdrawn under court order. In testimony in U.S. District Court here Wednesday, Steven Holley, a partner at Sullivan & Cromwell and the lawyer who provided the papers to the magazine, said he was unaware they had been sealed by court order. The documents contain information pertaining to a lawsuit Procter & Gamble Co.
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