Bank

Warren Buffett’s Berkshire Hathaway Sells Nearly $1 Billion in Bank of America Shares, Boosting Cash Reserves Amid Major Stock Movements

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Omaha, Nebraska – Warren Buffett’s Berkshire Hathaway has continued to reduce its holdings in Bank of America, with sales nearing $1 billion in recent transactions. The latest disposals involved shedding almost 25 million shares over the past week. This move is part of a broader trend that started in July, when Berkshire began divesting its shares in the bank. Despite these substantial sales, Berkshire Hathaway remains a major shareholder in the Charlotte, North Carolina-based bank, maintaining control of nearly 12% of its stock. This consistent sell-off, however, points to a strategic reshaping of Berkshire’s expansive … Read more

Deutsche Bank Faces Criticism for ‘Low Ball’ Settlement Offer in Long-Running Postbank Acquisition Dispute

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Frankfurt, Germany — A legal battle that has spanned over a decade involving Deutsche Bank and its acquisition of the German retail giant Postbank is reaching another crucial juncture. The contention centers around allegations that Deutsche Bank significantly underpaid during its phased takeover of Postbank starting in the late 2000s. The dispute has persisted since 2010, attracting numerous lawsuits from both institutional and private investors. On Thursday, a settlement proposal of 36.50 euros ($40.12) per Postbank share was made by Deutsche Bank, according to Jan Bayer, a senior partner at the law firm Bayer Krauss … Read more

Jasper County Financial Feud: Treasurer Skinner Battles for Access to County Bank Accounts Amidst Legal Disputes

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Columbia, S.C. – In a rare instance of intra-governmental conflict, Jasper County has become the battleground for a legal tussle involving the elected county treasurer and top county administrators over the handling and access to the government’s financial accounts. Recently-appointed Jasper County Treasurer Michael Skinner initiated legal proceedings last month against the county administrator Andrew Fulgham and Kimberly Burgess, Director of Jasper County Administrative Services. Skinner claims he has been unjustly barred from full access to the county’s numerous bank accounts, which he alleges is essential for performing his statutory duties. The dispute arose when … Read more

Bank of America Faces Lawsuit for Failing to Refund Overdraft Fees During COVID-19 Hardship

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Oakland, California – Bank of America is facing a lawsuit after allegedly failing to honor its commitment to provide refunds for overdraft fees to customers suffering financial hardship due to the COVID-19 pandemic. U.S. District Judge Yvonne Gonzalez Rogers ruled in favor of the plaintiffs, stating that they had valid claims that the bank deceived them with false promises of assistance. The bank had quietly discontinued its “Client Assistance Program” on August 31, 2020, despite continuing to promote relief from overdraft and insufficient fund fees on its website and mobile app. The program was initially … Read more