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Swiss banks pay the price in suit settlement

Article Abstract:

Credit Suisse Group and UBS AG have agreed to a settlement of $1.25 billion relating to dormant accounts and banks' activities during the World War II Holocaust. Class-action plaintiffs in the lawsuit filed against the Swiss central bank and other Swiss banks agreed to receive the settlement payment in installments over three years. The settlement was the result of a threat from city and state governments across the US that may place sanctions on their US-based operations and other Swiss banks according to analysts. Analysts also said that the settlement could deter the accumulation of legal and related expenses and possible multi-million damage awards.

Comment:

Agrees to a settlement of $1.25 bil w/ Credit Suisse Group relating to dormant accounts & banks' activities during World War II

Author: Moore, Stephen D.
Publisher: Dow Jones Publishing Co. (Europe)
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
Commercial Banks, Commercial Banking, Legal issues & crime, Germany, Switzerland, Credit Suisse Group, UBS AG

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Novartis to change way it runs Systemix and GTI

Article Abstract:

Novartis AG, the Swiss drugs giant, will unveil plans to put most of the operations of its two US-based gene-therapy subsidiaries, Systemix Inc. of Palo Alto, CA, and Genetic Therapy Inc. of Gaithersburg, MD, under one management team. The combination, however, will not touch on each company's research unit, which will continue to operate separately. Paul Herrling, Novartis' research chief, said the research units should retain their autonomy because they work in two distinct research communities. The combination is expected to slash 90 jobs, or 20% of the companies' work force.

Comment:

Will combine most of its operations with Systemix

Author: Moore, Stephen D.
Publisher: Dow Jones Publishing Co. (Europe)
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
United States, Strategy & planning, Research and Development in the Physical, Engineering, and Life Sciences, Genetic Engineering, Novartis AG, Systemix Inc. (Palo Alto, California), Genetic Therapy Inc.

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