​CalSTRS at forefront of hundreds of funds in latest VW lawsuit

first_imgThis figure can be extrapolated from the share price reactions in September 2015, but it also needs to account for general market movements.The case has been filed in the Braunschweig District Court (Landgericht Braunschweig) in the federal state of Lower Saxony, the home state of VW’s headquarters in Wolfsburg.It is being financed by Bentham Europe (BE), a third-party litigation funder.Jeremy Marshall, CIO at Bentham Europe, said: “Most investors have been upset about the arrogance of approach taken by VW – for instance, claiming they knew nothing about the fraud, then saying it wasn’t their fault.”But he said it had been difficult to find exactly who had been investing in VW, as some investors were reluctant to come forward.“Everybody believed VW was an environmentally friendly business, and investors now feel they have been made to look foolish,” he said. Bentham said the chances of reaching a settlement depended on whether VW could defend the charge of negligence in managing its business.He said: “We suspect it will be death by a thousand cuts – regulators, media, whistle-blowers – and there is going to be a point where people will start to go through the books, and the company will want to avoid that.”Brian Bartow, general counsel and chief compliance officer at CalSTRS, said: “Companies must be held accountable when they engage in such widespread deliberate deceit that destroys shareholder value, damages their reputation and harms the public.“As a long-term shareholder, CalSTRS has serious concerns about Volkswagen’s internal controls, governance and oversight by the Board.“This action seeks to recover not only CalSTRS’s economic losses to the pension fund but ultimately to implement much-needed corporate governance reforms going forward at Volkswagen.”Plans are afoot to file a further lawsuit against VW on behalf of other institutional investors, in late August; work to prepare the case in line with complexities of the German legal system is still in progress.A similar lawsuit was filed against VW in Brunswick by nearly 300 institutional investors, including CalPERS, last March.Bentham said: “The reason for the two groups is a function of market competition, and that this is what happens in the US. It is no bad thing, as there are so many active shareholders, and it doubles the impact of the lawsuits.”  Quinn Emanuel said the Braunschweig Appellate Court would be likely to consolidate the model case applications and select a so-called model plaintiff.Bentham Europe is inviting investors that wish to participate in the second wave of litigation to indicate their interest by 30 July 2016.Meanwhile, the Boston Retirement System has become the first institutional investor to file a bondholders’ class action against VW in the US.The lawsuit has been filed in the California Northern court by lawyers Labaton Sucharow and relates to bonds issued by VW between 23 May 2014 and 22 September 2015. Around 800 different funds, including the California State Teachers’ Retirement System (CalSTRS) and European pension funds, are backing a lawsuit filed in Germany against Volkswagen (VW) by lawyers Quinn Emanuel. The claims, estimated in total at €1.5bn-2bn, are for losses related to the material fall in share price experienced by VW shares on the German stock exchange during the week commencing Monday 21 September 2015, after the disclosure that the car manufacturer had used ‘defeat device’ software on thousands of diesel vehicles sold in the US, enabling them to violate emissions standards.Around €25bn was wiped off the company’s market capitalisation on German exchanges in two days following revelations of the fraud by US environmental agencies, with the share price plummeting from €160 to €100.The losses, however, are not simply based on the fall in share price but must reflect the risks associated with the scandal.last_img read more

Coronavirus cancels 4000-strong real estate conference

first_img Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58More from newsCOVID-19 renovation boom: How much Aussies are spending to give their houses a facelift during the pandemic3 days agoWhizzkid buys almost one property a month during COVID-197 days ago Organisers, Total Real Estate Training, made the postponement announcement Wednesday morning, citing risks associated with the coronavirus pandemic.No date has yet been set for the reschedule of the conference, which was to have been held in two months’ time on Sunday May 31 and Monday June 1.TRET general manager Nichola Byrne said the measure was prudent. Home buying intentions still strong: CBA MORE: Big sales despite virus concernscenter_img AREC has been held annually for 23 years. Picture: SOPHIE FOSTEROne of Australia’s largest and oldest real estate conferences is the latest mass gathering to bow to an unprecedented national campaign to beat the coronavirus threat.Over 4000 delegates have been offered refunds for the Australasian Real Estate Conference – which has been held annually on the Gold Coast for the past 23 years. “We believe this is prudent action to take in light of the World Health Organisations advice for governments and businesses to heighten their containment efforts and our own Federal Government’s banning gatherings of more than 100 people indoors,” she said.“The rescheduling of AREC-2020 will be announced once it is clear that the virus is contained. We will continue to actively monitor developments around COVID-19, as the health of our delegates and our speakers are of the utmost concern.” FOLLOW SOPHIE FOSTER ON TWITTERlast_img read more

Nordic supplier Skangas to deliver LNG to paper mill

first_imgImage courtesy of SkangasNordicNordic LNG company Skangas reached a deal with Metsä Tissue Corporation for the supply of liquefied natural gas to the latter’s paper mill for production process use.At the mill in Mänttä, Finland, LNG will replace liquefied petroleum gas (LPG) in the paper drying process.LNG will be delivered to the Mänttä mill by road tanker from the Skangas Pori LNG terminal, Skangas said in its statement, adding that before being used, the chilled fuel will be regasified at the mill.In cooperation with the technical services of its parent company, Gasum, Skangas will carry out the modification and equipment installation work relating to the fuel change.The Metsä Tissue Mänttä mill produces toilet tissues, household towels, handkerchiefs, industrial rolls and greaseproof paper for baking and cooking products.last_img read more

Anti-social media? Study links loneliness, social media

first_imgRadio NZ 6 November 2016Family First Comment: No real surprise, is it.A study has found the people who spend the most time on social media are also the most lonely.The Australian Psychological Society survey found two-thirds of women and half of men use social media several times a day.However, those who used social media the most were also the most lonely and experienced more negative emotions.People over 65 tended to have the highest rate of wellbeing, while those aged between 25 and 34 reported the lowest rate and being more lonely.Associate Professor Erica Frydenberg of the University of Melbourne said there was good and bad in social media.She said for example it could help people in rural communities overcome loneliness.The survey showed the biggest health issue for many was their sleep pattern – only one in five said they regularly got a good night’s sleep.http://www.radionz.co.nz/news/national/317419/anti-social-media-study-links-loneliness,-social-mediaKeep up with family issues in NZ. Receive our weekly emails direct to your Inbox.last_img read more

New South Wales legalizes abortion

first_imgThe legislation, which decriminalizes abortion, generated weeks of heated debate in New South Wales, Australia. GETTY IMAGES The law makes it legal for terminations to beconducted up to 22 weeks into a woman’s pregnancy – or later if two doctorsagree.(BBC) The legislation was passed 26-14 in thestate’s lower house after discussions about more than 100 possible amendments.It has already been approved by the upper house. AUSTRALIA – Abortion was decriminalized acrossAustralia after the last remaining state where it was illegal, New South Wales(NSW), voted to reform its laws.center_img Previously, abortions were possible in NSWonly if a doctor deemed there was “serious risk” to a woman’s health.     The bill on Thursday overturns a 119-year-oldlaw that generated weeks of heated debate.last_img read more

Valladolid house raid yields ‘drugs’

first_imgFive sachets of suspected shabu, asling bag, a cellphone, and drug paraphernalia were recovered from the house,the report added.      BACOLOD City – A former drugsurrenderer was arrested in a house raid in Barangay Tabao Proper, Valladolid,Negros Occidental.  Armed with a search warrant, officersof the municipal police station raided the house of 35-year-old Honorato TomacaJr. around 8:21 p.m. on Friday, a police report showed.center_img The suspect was detained in the lockupcell of the Valladolid police station, facing charges for violation of RepublicAct 9165, or the Comprehensive Dangerous Drugs Act of 2002./PNlast_img read more

Arsenal preparing to launch £20m bid for ‘next N’Golo Kante’

first_img The 21-year-old has enjoyed an impressive breakthrough season in Ligue 1, attracting interest from top clubs across Europe. The French outfit turned down a £16 million bid from the Foxes in January, but boss Brendan Rodgers has retained his interest in the youngster. According to the Daily Star, Arsenal and Sevilla have emerged as the frontrunners to sign Diallo for £20m in the next transfer window.Advertisement Loading… The Gunners are weighing up a potential bid for the defensive midfielder, who has represented France at youth level. The north London side have sent scouts to watch Diallo on multiple occasions this season as Mikel Arteta looks to bolster his options in midfield. The report states that the promising Frenchman would be interested in a move to the Emirates Stadium. read also:Lampard admits Chelsea missed Kante this season Arteta also faces a battle to keep hold of his top scorer Pierre-Emerick Aubameyang, who has been strongly linked with a move away from the club in the summer. FacebookTwitterWhatsAppEmail分享 Arsenal are preparing to rival Leicester City and Sevilla in the race for Brest midfielder Ibrahima Diallo, who has been billed as ‘the next N’Golo Kante’. Promoted ContentWhat Is A Black Hole In Simple Terms?7 Of The Wealthiest Universities In The WorldWhat Happens To Your Brain When You Play Too Much Video Games?Best & Worst Celebrity Endorsed Games Ever MadeWhich Country Is The Most Romantic In The World?Insane 3D Spraying Skills Turn In Incredible Street ArtYou’ve Only Seen Such Colorful Hairdos In A Handful Of Anime8 Superfoods For Growing Hair Back And Stimulating Its Growth8 Things To Expect If An Asteroid Hits Our Planet7 Universities Where Getting An Education Costs A Hefty Penny8 Little-Known Facts About Ancient Egypt That Will Puzzle YouThe Very Last Bitcoin Will Be Mined Around 2140. Read Morelast_img read more

Suso doubtful for Sevilla v Real Betis derby clash

first_img Loading… Read Also: Lionel Messi passed fit for La Liga restartAside from the 26-year old, Lopetegui should have a clean bill of health as Real Betis head for the Estadio Ramon Sanchez Pizjuan.However, Nemanja Gudelj miss out due to a one game suspension.FacebookTwitterWhatsAppEmail分享 The Spanish international has sat out a full week of training for Julen Lopetegui’s side after he aggravated a knee problem on their return to light training. According to reports from Marca, Lopetegui is likely to leave him out of the clash with their local rivals on June 11, due an intense run of games in the coming weeks.Advertisement Promoted Content10 Outrageous Ideas That Made People Ridiculously Rich7 Black Hole Facts That Will Change Your View Of The UniverseBest & Worst Celebrity Endorsed Games Ever MadeThe Highest Paid Football Players In The WorldWho Is The Most Powerful Woman On Earth?Top 7 Best Car Manufacturers Of All Time7 Universities Where Getting An Education Costs A Hefty Penny6 Ridiculous Health Myths That Are Actually TrueWhat Is A Black Hole And Is It Dangerous For Us All?Traditional Wedding Outfits In Different CountriesThe 90s Was A Fantastic Decade For Fans Of Action Movies7 Breathtaking Train Stations Around The Globecenter_img Sevilla midfielder Suso is in danger of missing their derby showdown with Real Betis this week due to a persistent injury. The Andalucians will now face Levante, Barcelona and Villarreal in the next 14 days, following La Liga’s fixture confirmation. Suso’s injury is not thought to be serious, and Lopetegui will be counting on the AC Milan loanee, after a solid start at the club following his arrival in January.last_img read more

$20,000 at stake in IMCA Cheesehead Triple Crown

first_imgFRANCIS CREEK, Wis. (June 17) – The richest week of IMCA Racing in Wisconsin takes Xtreme Motor Sports IMCA Modified drivers to 141 Speedway, Oshkosh SpeedZone Raceway and Shawano Speedway for the three installments of the Cheesehead Triple Crown.A top check of $10,000 is at stake at the June 22-23 Clash at the Creek. Both the June 24 Battle at the Zone at Oshkosh and the June 25 Fury at the Fairgrounds at Shawano pay $5,000 to win.All three features are Fast Shafts All-Star Invitational ballot qualifying events.Qualifying for the Clash starts Wednesday, June 22 at Francis Creek. IMCA Sunoco Stock Cars and Karl Chevrolet Northern SportMods race for $500 to win both days.Pit gates open at 2 p.m. and racing starts at 6 p.m. both days.  Pre-tech on Tuesday, June 21 starts at noon and an open practice session runs from 6-9 p.m. More information is available from promoter Scott Ratajczak at 920 360-5925.Stock Cars and Northern SportMods both race for $750 to win at Oshkosh on June 24.Gates open at 2 p.m. and the grandstand opens at 4 p.m. Hot laps are at 6 p.m. and racing starts at 7 p.m.Promoter Jeff Lemiesz has more information about the Battle at the Zone at 920 279-9096.Stock Cars race for $500 to win and Northern SportMods for $400 to win at Shawano. The pit gates open at 2 p.m. and the grandstand opens at 4 p.m. Hot laps are at 5:30 p.m. with racing to follow.Information about the Shawano special is available from Brad Luepke at 715 509-0057.All three events will be broadcast on IMCA.TV.Track websites are www.141speedway.com, www.oshkoshspeedzone.net and www.shawanospeedway.net.last_img read more

Gregory K. Parrett – Brookville

first_imgGregory K. Parrett, of Brookville was born on July 31, 1963 in Connersville, a son to Ernest Parrett and Judith Cummins Cooper.  He worked at Jake Sweeney Chevrolet as a service technician.  Greg attended First Baptist Church in Brookville and enjoyed many outdoor activities – fishing, hunting and camping.  Greg also loved cooking and canning.  On February 23, 2019 at the age of 55, he passed away at Reid Health in Richmond. Friends may visit with the family on Saturday, March 2, 2019 from 11 a.m. until 1 p.m. at Cook Rosenberger Funeral Home, 929 Main Street, Brookville.  Pastor Michael Holman will officiate the service at the funeral home at 1 p.m. and burial will follow in Big Cedar Cemetery. Those surviving who will cherish Greg’s memory include his children, Tanum (Jacob) Coffey of Shelbyville, Ariel Parrett (Justin Neuman) of Greensburg, Jessica Voegele of Milan, and Logan and Kole Parrett of Brookville; three sisters, Loretta Cooper of Brookville, Wilma Rapp of Rushville and Wanetta Cooper of Ohio; a brother, Phillip (Leona) Cooper of Lawrenceburg; four grandchildren, Connor Arnett, Lana Arnett, Evelyn Coffey, Katherine Voegele; baby Hunter on the way, as well as several nieces and nephews.  Besides his parents, he was preceded in death by a brother, Lowell Cooper, Jr., and step-father, Lowell Cooper, Sr.center_img Memorial donations can be directed to the American Cancer Society.  To sign the online guestbook or share memories please visit www.cookrosenberger.com.  The staff of Cook Rosenberger Funeral Home is honored to care for the family of Greg Parrett.last_img read more