Citi Resolves $590 Million Lawsuit from Shareholder and 2 Other Hot Stocks to Watch
Citigroup Inc. (NYSE:C): Current price $52.99
On Thursday, United States District Judge Sidney Stein in Manhattan gave final approval to a $590 million resolution by Citigroup, settling a lawsuit brought by a shareholder accusing the bank of concealing several billion dollars of toxic mortgage assets. However, Stein had previously questioned the fairness of the settlement, and awarded substantially lower fees and expenses than were requested by the plaintiffs’ attorneys. The lead plaintiffs’ lawyers will get $73.6 million, rather than the roughly $100 million they had requested.
General Electric Co. (NYSE:GE): Current price $24.64
GE said Thursday that it has finalized its purchase of the aviation business of Avio S.p.A., a supplier of civil and military aviation components and systems based in Italy. The acquisition price was $4.3 billion, but GE did not buy Avio’s space division. Avio’s aviation arm has been renamed Avio Aero, a GE Aviation unit. Avio Aero will retain headquarters in Turino. The acquisition reinforces GE’s participation and expertise in the areas of mechanical transmission systems, low-pressure turbines, combustion tech, and automation systems.
Zynga Inc. (NASDAQ:ZNGA): Current price $3.02
This is a story that could not have been written, or even discussed, in the 1950s. Zynga has sued the manufacturer of the Bang With Friends casual sex Internet application, alleging that it infringes Zynga’s trademark for its “with friends” array of games. Bang With Friends Inc., which produces an application similar to Facebook for matching friends anonymously for casual sex, registered its Internet domain name in 2012, said the complaint filed Wednesday at federal court in San Francisco. The complaint also said that the company “selected the name ‘Bang With Friends’ for its casual sex matchmaking application with Zynga’s game trademarks fully in mind.”
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