Life insurer Standard Life has said that it is unable to keep its promise to make up the shortfall in its customers’ endowment mortgages.
Up to 600,000 investors may be affected by the insurer’s move. In 2000, the mutual said it would guarantee its endowment policies provided it met investment targets
A landmark legal complaint against British drug maker GlaxoSmithKline (GSK) over its Aids drug pricing and policies in South Africa will proceed after GSK dropped its public and repeated vows to appeal a decision allowing the case to go forward, according to AidsHealthcare Foundation (AHF).
Instead, GSK simply filed a required legal response to the complaint, AHF said.
The complaint was filed with South Africa’s Competition Tribunal in August by AHF, the US’ largest Aids organisation and several other South African Aids advocates
GlaxoSmithKline (GSK) is facing a US lawsuit alleging that it covered up negative research findings on its anti-depressant drug Paxil.
The lawsuits were filed on behalf of children and teenagers who were prescribed Paxil, known as Seroxat in the UK and Europe.
They claim GSK suppressed data showing that Paxil increased suicidal tendencies in young people
Four former senior executives at Equitable Life are to face disciplinary proceedings over the mutual insurer’s near-collapse four years ago.
The four are former managing directors Roy Ranson and Alan Nash, ex-chief executive Chris Headdon, and actuary Barry Sherlock.
The Institute of Actuaries has referred allegations of misconduct against the four to a tribunal
Oil giant Shell has agreed to pay more than £80m in penalties to settle inquiries by US and UK regulators into the firm’s restatement of reserves.
The company slashed its reserves by 20% in January, a move which cost three top executives their jobs.
News of the settlement came as the company unveiled second-quarter net income of $4bn (£2
One of UK’s leading gas and electricity suppliers, Powergen, has been fined £700,000 ($1.3m USD) for preventing more than 20,000 domestic energy customers from switching to new gas or electricity suppliers.
The penalty comes after a 10-month investigation by energy regulator Ofgem which consumer watchdog Energywatch has said was the biggest such fine
Former Shell chairman Sir Philip Watts who stood down after the firm’s oil reserves estimates were dramatically cut has received a £1m ($1.8m) pay-off.
Shareholders were highly critical of Sir Philip who headed exploration and production at the time when most of the reserves in question were booked
A Minnesota seniors group sued nine major pharmaceutical manufacturers on Wednesday, alleging that the companies have conspired to keep U.S. medicine prices artificially high by blocking Canadian imports
TRAGEDY struck at Afam in Oyigbo local government area of Rivers State Sunday as over 29 persons were killed in a fire outbreak at Shell oil well in the area.
A source told Daily Champion that the fire was caused by a disagreement among indigenes of the three communities in Afam over the sharing formula for “royalties” from the illegal bunkerers who have turned the Shell oil well head into an illegal bunkering.
The three communities had been contesting the ownership of the land on which the well head is sited with each insisting on taking the lion’s share of the booty
The city of New York has sued drug maker GlaxoSmithKline, claiming that the company engaged in “anticompetitive, fraudulent, and inequitable conduct,” when it acquired patents for its anti-depressant Paxil.
The suit, filed in federal court in Philadelphia, accuses the company of unfairly keeping generic versions of the drug off the market by obtaining more than a dozen “frivolous” patents on Paxil over the past decade.
The complaint accused the company of violating antitrust laws and seeks repayment of the millions of dollars the city has spent purchasing Paxil for New York residents through the Medicaid program