Credit Suisse settles U.S. shareholder lawsuit over debt writedowns, disclosures

REUTERS

Credit Suisse Group AG  agreed to pay $15.5 million to settle a lawsuit accusing it of defrauding shareholders about its risk appetite and management before taking $1 billion of writedowns on souring debt, court filings on Friday show.

Investors led by four pension and retirement plans in New York, Illinois and Alabama claimed they lost money after the bank misled them by touting its “comprehensive” risk controls and “binding” limits on its exposure to risky and illiquid debt. read more »

How May Google Fight an Antitrust Case? Look at This Little-Noticed Paper

NEW YORK TIMES

A document sent by the search giant to Australian regulators argues that the company doesn’t control enough of the digital ad industry to overcharge customers or block competitors.

Google has largely stayed quiet about its conversations with federal investigators as the Justice Department has looked into whether the company abused its dominance of the online advertising market.

But a little-noticed 67-page document sent to Australian regulators in May by Google’s advisers may provide clues to how the Silicon Valley titan intends to beat back a legal challenge from the agency. read more »

Former Unaoil Managers Convicted in Britain of Iraq Bribery

REUTERS

Two former managers of Monaco-based energy consultancy Unaoil have been convicted in Britain of bribing Iraqi officials to clinch lucrative oil projects as the war-ravaged country tried to boost exports after the fall of Saddam Hussein in 2003.

The verdict marks a milestone in the British arm of a four-year, global inquiry into how Unaoil, once run by the prominent Ahsani family, helped major Western companies secure energy projects across the Middle East, Central Asia and Africa over two decades. read more »