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Litigation Costs

All articles tagged with #litigation costs

finance2 years ago•3 min saved

UBS and Credit Suisse face financial challenges amidst legal costs and rescue efforts.

UBS has set aside $665 million to cover litigation costs relating to past sales of US mortgage-backed securities, halving its profit for the first quarter just weeks before it expects to complete the emergency takeover of Credit Suisse. UBS CEO Sergio Ermotti acknowledged the enormity of the task of merging the two banks while continuing to serve customers on a daily basis. UBS expects the transaction to close in the current quarter, although fully integrating the two businesses is expected to take more than three years.

via CNN|

#credit-suisse #finance #litigation-costs

business2 years ago•1 min saved

Philips' Q1 Earnings Beat Expectations Despite Recall Provision and Litigation Costs

Dutch health technology company Philips reported better than expected Q1 results, with a 50% jump in core profit and 6% growth in comparable sales. The company also set aside €575m for litigation costs related to the recall of respiratory devices, which has caused a 70% drop in its market value since June 2021. Philips still needs to reach a settlement with the US Food and Drug Administration and is facing lawsuits from individual patients. While analysts see this as a positive update, they warn that litigation impact and market uncertainty remain.

via Reuters.com|

#business #litigation-costs #philips