January 17, 2013 |
NEW YORK -- Investors sent Bank of America's stock 3.7% lower Thursday morning after the firm said legal costs dragged down earnings in the fourth quarter. BofA's stock fell 43 cents, or 3.7%, to $11.35 in midday trading on Wall Street. The bank, which has continued to struggle from mortgage woes and acquisitions it made during the financial crisis, said legal costs stemming from massive mortgage-related settlements pushed down fourth-quarter earnings by 63%. Net income was $732 million, or 3 cents a share, down from $2 billion, or 15 cents, in the fourth quarter in 2011.
November 3, 2010 |
SAP has reached an agreement to pay for all of Oracle Corp.'s legal costs in connection with the high-profile copyright-infringement battle between the two corporate-software rivals. Oracle, however, remains in a position to win billions of dollars in damages at trial, according to a person familiar with the matter. Under the agreement, Oracle would receive $120 million from SAP to cover legal costs while agreeing not to pursue punitive damages. Yet Oracle still would be able to pursue damages related to SAP's acknowledged copyright infringement, which could reach roughly $2 billion, the person said.
October 17, 2012 |
Bank of America Corp. eked out a $340-million profit for the third quarter after earmarking another $1.6 billion for legal costs, but revenue fell by 28%. The Charlotte, N.C., bank, sent reeling by its 2008 acquisition of Calabasas mortgage lender Countrywide Financial Corp., said the latest charges were for settling lawsuits stemming from its other big takeover target that year: Merrill Lynch & Co. Former BofA Chief Executive Ken Lewis engineered...
May 3, 2013 |
Herbalife Ltd. said its feud with billionaire hedge fund manager Bill Ackman has been more costly than it anticipated, prompting speculation that the company is bracing for potential government investigations. The Los Angeles nutritional products company estimates it will spend $25 million to $40 million this year on legal and advisory fees to defend itself against Ackman's allegations that the company runs a pyramid scheme in which most of its independent salespeople lose money.
CALIFORNIA | LOCAL
December 11, 1995
Once again, The Times has attacked me with a hard-hitting, negative editorial (Nov. 28). The editorial's overall viewpoint seems to be that taxpayer money should never have been used to resolve the sexual harassment charges brought against me, three male deputies and a female deputy (all of us in our 60s). If we're innocent (and we are and have been declared the same by a court of law) and we're accused of sexual harassment as employees of Los Angeles, who should pay for our defense?
April 19, 2008 |
Xerox Corp. had a $244-million first-quarter loss after settling a securities suit from 2000. Results excluding the legal costs met analysts' estimates. The net loss of 27 cents a share compared with net income of $233 million, or 24 cents, a year earlier, Norwalk, Conn.-based Xerox said. Without the 54 cents a share in legal costs, earnings would have been 27 cents. Xerox disclosed March 27 that it would take a charge of $491 million to cover the costs of a 2000 lawsuit and other pending securities-related cases.