he Guardian reports that Barclays' plan to pay executives and senior staff bonus awards in 'cocos' (contingent convertible bonds) has hit a snag, as institutional shareholdrs are said to have expressed concerns that the structure could end up being lucrative for the bankers, but cost investors too much money.
Shareholders are to vote on the pay change proposal at the bank's annual meeting next month, and it remains unclear whether any of the bank's largest shareholders are concerned enough to vote against the proposal.
In the meantime, Reuters reports that Lehman Brothers Holdings has sued Citigroup for $1.3bn, seeking to recover cash and assets which it claims Citi had no right to retain. Citi has said that the assets were set-off against other Lehman obligations. and describes the lawsuit as 'unjustified and without merit'. $1bn of the claim is said to relate to a deposit Citi demanded in the wake of Lehman's bankruptcy in September 2008 in return for continuing to provide FX settlement arrangements for the firm.
And the news agency also reports that Rajat Gupta, the former Goldman Sachs main board director who has been accused of leaking price sensitive information to Raj Rataratnam, has sued US regulator The Securities and Exchange Commission, claiming that the agency is trying to unfairly deprive him of a jury trial as it is merely pursuing an administrative, rather than a traditional court action against him.
Shareholders are to vote on the pay change proposal at the bank's annual meeting next month, and it remains unclear whether any of the bank's largest shareholders are concerned enough to vote against the proposal.
In the meantime, Reuters reports that Lehman Brothers Holdings has sued Citigroup for $1.3bn, seeking to recover cash and assets which it claims Citi had no right to retain. Citi has said that the assets were set-off against other Lehman obligations. and describes the lawsuit as 'unjustified and without merit'. $1bn of the claim is said to relate to a deposit Citi demanded in the wake of Lehman's bankruptcy in September 2008 in return for continuing to provide FX settlement arrangements for the firm.
And the news agency also reports that Rajat Gupta, the former Goldman Sachs main board director who has been accused of leaking price sensitive information to Raj Rataratnam, has sued US regulator The Securities and Exchange Commission, claiming that the agency is trying to unfairly deprive him of a jury trial as it is merely pursuing an administrative, rather than a traditional court action against him.
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