Bank of America Corporation (NYSE:BAC) has failed so far to complete any first-mortgage modifications that reduce loan balances for borrowers under the $25 billion agreement reached earlier in 2012, according to Joseph Smith, the official monitoring the agreement. However, five financial institutions which are a part of the settlement have provided $10.6 billion in relief for consumers from March 1st to June 30th, with $8.7 billion in the form of short sales through which customers sell their homes that are ‘under water’ for less than the value of the mortgage. Bank of America did produce $4.8 billion in short sales, which was the most of the five banks, according to the first report by the settlement monitor.
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Caterpillar Inc. (NYSE:CAT) faces a lawsuit brought by investors who allege that directors wasted corporate assets by not ensuring that executive-incentive plans would be tax-deductible. In addition, the suit alleges that board members wrongly enriched themselves by taking compensation that couldn’t be deducted, and that the firm made insufficient disclosures to stockholders, according to attorneys who represent a Philadelphia asbestos workers’ pension fund and the Lansing, Michigan, Police and Fire Retirement System in two lawsuits filed Tuesday in federal court in Wilmington, Delaware.
Chevron Corp. (NYSE:CVX): A Reuters evaluation of the weekly rig count data provided by oil service firms, future energy data output, and interviews with officials at firms that are involved in collecting and compiling it, shows that the information compiled may sometimes be an arbitrary and misleading gauge which is subject to revisions, according to Reuters.
EI DuPont de Nemours & Co. (NYSE:DD) DuPont Professional Products insecticide division will be purchased by Syngenta AG (NYSE:SYT). The acquired company is a top provider of innovative products for the home pest control, professional turf, and ornamentals markets. Through the terms of the $125 million transaction, Syngenta will acquire a world-scale business that includes established pest control brands Advion and Acelepryn along with other intellectual property, and a number of employees. The buyer will also have access to the related active ingredients and formulated products from DuPont through exclusive supply and licensing arrangements. The acquisition should close in the fourth quarter.
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