Swiss banks pay the price in suit settlement
Article Abstract:
Credit Suisse Group and UBS AG have agreed to a settlement of $1.25 billion relating to dormant accounts and banks' activities during the World War II Holocaust. Class-action plaintiffs in the lawsuit filed against the Swiss central bank and other Swiss banks agreed to receive the settlement payment in installments over three years. The settlement was the result of a threat from city and state governments across the US that may place sanctions on their US-based operations and other Swiss banks according to analysts. Analysts also said that the settlement could deter the accumulation of legal and related expenses and possible multi-million damage awards.
Comment:
Agrees to a settlement of $1.25 bil w/ Credit Suisse Group relating to dormant accounts & banks' activities during World War II
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Novartis to change way it runs Systemix and GTI
Article Abstract:
Novartis AG, the Swiss drugs giant, will unveil plans to put most of the operations of its two US-based gene-therapy subsidiaries, Systemix Inc. of Palo Alto, CA, and Genetic Therapy Inc. of Gaithersburg, MD, under one management team. The combination, however, will not touch on each company's research unit, which will continue to operate separately. Paul Herrling, Novartis' research chief, said the research units should retain their autonomy because they work in two distinct research communities. The combination is expected to slash 90 jobs, or 20% of the companies' work force.
Comment:
Will combine most of its operations with Systemix
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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