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Six companies raised nearly $1 billion from initial public offerings late Thursday in a blitz of deals capping a busy week, including technology “unicorn” Cloudera Inc., which raised $225 million after pricing above range and promptly saw its shares rally in debut trading Friday.
General Motors LLC tried Thursday to use the Second Circuit’s recent Tronox ruling to shut down the onslaught of faulty ignition suits it’s been fighting for years, telling a New York federal court those claims would benefit all the creditors of its predecessor Old GM, and therefore only Old GM should be liable for them.
Avis and ACE Insurance have mutually agreed to dismiss a lawsuit alleging the insurer has improperly refused to provide coverage in two personal injury actions, including one case in which a jury returned a $23.5 million verdict against the car rental company, according to a stipulation filed in New Jersey federal court on Thursday.
The Federal Trade Commission on Thursday fired back at objections to the multibillion-dollar settlements between car owners, Volkswagen and Robert Bosch GmbH in Volkswagen’s emissions cheating scandal, saying that the money involved in the three deals at issue was properly allocated and free of any conflict.
Audi AG and its American subsidiary knowingly installed illegal so-called defeat devices in certain gasoline vehicles to cheat emissions tests, causing customers to overpay for the models, according to a lawsuit filed in California federal court Thursday by Audi owners and lessees.