Author Archives: Erik Larson

Photo by Matthew Busch (Bloomberg)

GM Is Accused of Derailing $1 Billion Accord With Plaintiffs 

GM Is Accused of Derailing $1 Billion Accord With Plaintiffs 

By Erik Larson, Bloomberg News  General Motors Co. was accused of secretly plotting to derail a $15 million settlement between the company’s bankruptcy trust and thousands of plaintiffs that would have forced it to contribute $1 billion in stock. In a letter filed Thursday in U.S. Bankruptcy Court in Manhattan, lawyers for the plaintiffs said

Photo by Craig Warga/Bloomberg

SEC Sues Ex-Bank Employee Over Tipping Friends About Deals

By Erik Larson, Bloomberg News A former employee of a large multinational bank passed nonpublic information on dozens of planned mergers and acquisitions to his girlfriend’s father and several friends who made millions of dollars trading on the tips, the U.S. Securities and Exchange Commission said in a lawsuit. Daniel Rivas, a technology project consultant

The General Motors Co. (GM) Renaissance Center. Photographer: Bryan Mitchell/Bloomberg

GM Accuses Bankruptcy Trust of Secret $1 Billion Stock Plot

General Motors Co. accused the trust set up to handle its bankruptcy claims of secretly plotting with plaintiffs’ attorneys to make it pay $1 billion in stock as part of a $15 million class-action settlement. The accord, revealed at a hearing Friday in federal court in New York, will pit GM against the “Old GM” General Unsecured Creditors Trust for

A man walks along a viewing platform in front of residential buildings in Chongqing, China, on Tuesday, May 31, 2016. The municipality of 30 million people's state-led development approach fueled growth of 11 percent last year, the fastest pace nationwide, with President Xi Jinping praising policy innovations that have included subsidized housing and relaxed residency rules that encourage labor mobility. Photographer: Qilai Shen/Bloomberg

ZTO Sued Over `Untrue Statements’ in Biggest U.S. IPO in 2016

By Erik Larson, Bloomberg News ZTO Express Inc., the Chinese delivery service that had the biggest U.S. initial public offering in 2016, was sued by an investor for allegedly inflating profit margins to exceed industry peers and lure investors. The Shanghai-based company, which gets most of its business from Alibaba Holding Group Ltd., uses a

Photographer: Andrew Harrer/Bloomberg

Flush With Cash, ACLU Now Trying to Deliver on Anti-Trump Agenda

By Erik Larson, Bloomberg News Florida nurse Kim Ambrose, who has a mixed- race teenage daughter and a Cuban-immigrant husband, said President Donald Trump’s treatment of minorities and women inspired her to sign up to pay $10 a month to the American Civil Liberties Union, despite her modest salary. “I’m very frightened about what’s happening

Photographer: Peter Foley/Pool via Bloomberg

Blue States Are Joining Forces in Court to Protect Obama Legacy

By Erik Larson, Bloomberg News Attorneys general from 16 states banded together to join a federal appeals court battle in defense of the 5 1/2-year-old Consumer Financial Protection Bureau, the latest sign of state-level Democrats combining resources to shield former President Barack Obama’s legacy. President Donald Trump has spoken out against the Dodd- Frank reforms