Here’s your Cheat Sheet to this week’s top financial industry business headlines:
Goldman Sachs Group (NYSE:GS): Current price $151.84
An appeal by the firm has been rejected by the United States Supreme Court concerning an investor lawsuit over mortgage-backed securities whose value fell sharply during the 2008 financial crisis, leaving intact an appeals court ruling that partially supported the NECA-IBEW Health and Welfare Fund, which is pushing the case. The question is whether NECA, which bought certificates from two of 17 disputed Goldman Sachs trusts, had legal standing to bring a suit on behalf of investors in the other 15 offerings.
Score another one for Goldman: The firm has poached the institutional foreign exchange sales Director Catherine Rich from Deutsche Bank, according to knowledgeable sources on Tuesday. Rich, who is based in Singapore, is presently on gardening leave, and will join Goldman’s Sydney office in the capacity of executive director, with a focus upon institutional sales to clients such as fund managers.
Annaly Capital Management (NYSE:NLY): Current price $15.65
Annaly announced Monday that, through a newly formed subsidiary, CXS Acquisition Corporation, it has begun an offer to acquire all the shares of CreXus Investment Corp. that it does not already own for a price of $13 per share, plus a sum approximating a prorated portion of the dividend the tendering stockholder would have received for to the quarter in which the offer expires, in cash net to the seller, but subject to any required withholding tax. The Offer will expire at 5:00 p.m. Eastern time on April 16th, unless it is extended.
The real-estate investment trust is proposing that it be managed by a separate company that would employ its current executives. Annaly’s board is currently requesting that shareholders approve at its annual meeting on May 23 a shift through which investing would be overseen by a new entity named Annaly Management Co. owned by its management, said a Tuesday regulatory filing with the Securities and Exchange Commission. If the board approves the change, Annaly would then have a management structure similar to it competitors such as American Capital Agency Corp., Invesco Mortgage Capital, and Two Harbors Investment Corp.
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