Last modified on Tue 2 Feb 2021 00.12 EST
George Osborne, the former chancellor who orchestrated the austerity drive after the financial crisis, is dropping his portfolio career to become a full-time banker.
Osborne announced on Monday that he is giving up nearly all his current jobs to become a partner at the investment bank Robey Warshaw. The former Conservative MP is currently editor-in-chief of the Evening Standard and the chair of the Northern Powerhouse Partnership. He is also paid £650,000 a year for working one day a week as an adviser to the fund manager Black Rock.
It is unclear how much Osborne will be paid at Robey Warshaw, which has advised on some of the largest UK takeovers since it launched in 2013. However, filings at Companies House show that the highest paid partner at Robey Warshaw collected £10m in 2020 and £27.8m in 2019.
Part 26 of the Companies Act 2006 RSA Insurance Group plc ( RSA ) announces that at the Court Meeting and General Meeting held earlier today in connection with the recommended cash offer by Regent Bidco Limited ( Regent ) (a wholly-owned subsidiary of Intact Financial Corporation), pursuant to which Regent will acquire the entire issued and to be issued share capital of RSA (the Acquisition ) to be effected by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the Scheme ):
(A) the requisite majority of Scheme Shareholders voted to approve the Scheme at the Court Meeting; and
(B) the requisite majority of RSA Shareholders voted to pass the Special Resolutions to implement the Scheme, including the amendment to RSA s articles of association and the re-registration of RSA as a private limited company under the Companies Act 2006, at the General Meeting.
Agriculture
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January 15, 2021
Judge John R. Tunheim of the Minnesota District Court filed an Order on Wednesday granting preliminary approval to a $24.5 million settlement between JBS and members of the direct purchaser class in a putative class-action lawsuit claiming that members of the pork industry artificially raised prices. This settlement relates to plaintiffs who purchased pork directly from the plaintiff, there are other classes involved in the case including those who purchased pork at inflated prices from other companies.
The agreement between JBS and the plaintiffs also requires the defendant to cooperate with the plaintiffs. The judge said that the settlement agreement “falls within the range of possible approval.” Although the agreement is still subject to consideration at a fairness hearing, Judge Tunheim said it was “fair, reasonable, adequate, and in the best interests of the Settlement Class.”
Agriculture Giants
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December 30, 2020
Plaintiffs in a consolidated cattle antitrust lawsuit filed their third amended complaint on Monday in the District of Minnesota. The 226-page redacted complaint argued that the defendants “conspired to depress fed cattle prices” causing a price collapse in 2015 and are continuing to suppress the price for beef.
The defendants include Tyson Foods, JBS, Cargill, National Beef Packing Company, Swift Beef Company, and Marfrig Global Foods. The court dismissed the lawsuit on September 29, agreeing with the defendants that the plaintiffs had not given sufficient detail regarding the direct evidence and had not sufficiently supported their claims that the defendants participated in a price-fixing conspiracy.
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On December 10, 2020, the U.S. District Court for the Northern District of California held its Class Action Symposium. The symposium is as timely as ever. Food, beverage, and consumer product class actions are rocketing, with projected filings up 24 percent over 2019. The Northern District of California sees a substantial subset of these filings, earning it the nickname “the Food Court.”
The symposium featured distinguished speakers such as the Honorable Charles Breyer, Erwin Chemerinsky, and several of the nation’s leading class action litigators. In a matter of hours, the symposium packed in a variety of top-of-mind topics for practitioners: (1) guidance for class action settlements, (2) key developments in Ninth Circuit case law, and (3) predictions about class action cases at the Supreme Court.