Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Tom M who wrote (72362)	6/25/2001 9:25:57 PM
From: Box-By-The-Riviera™	Respond to of 116753

good question.

To: Tom M who wrote (72362)	6/25/2001 10:24:50 PM
From: long-gone	Read Replies (1) \| Respond to of 116753

<<What I haven't seen is anyone talking about the potential of shareholders not voting for it.>> As if, All but the last 2% of shareholders are deep under water currently, all they can see is, "WOW, I better jump at it & sell, this way I'll only be 70% down. Then I can go buy CSCO or AMZN before...".

To: Tom M who wrote (72362)	6/25/2001 11:14:05 PM
From: long-gone	Respond to of 116753

Monday June 25, 11:27 am Eastern Time FACTBOX-Sumitomo copper scandal LONDON, June 25 (Reuters) - A U.S. federal judge last week approved settlements in a class action arising from the 1996 copper scandal, that took the total settlement to near $150 million. The case followed Japanese trading house Sumitomo Corp's illegal trades carried out by senior trader Yasuo Hamanaka that cost it $2.6 billion and were uncovered in 1996. ADVERTISEMENT U.S. District Judge Milton Pollack in Manhattan said that settlements approved Thursday involved JP Morgan Inc and London-based metal broker Credit Lyonnais Rouse , which paid $10.8 million and $3.9 million, respectively. Earlier settlements in the class-action, which is now complete, saw Sumitomo pay $99 million, Merrill Lynch (NYSE:MER - news) $18.1 million, Morgan Stanley (NYSE:MWD - news) $1 million, and New York-based metals trading firm Global Minerals and Metals Corp $16.5 million. The following is a chronology of key events in the copper market scandal. NOVEMBER 1995 - LME starts investigation of copper market with Chief Executive David King seeking information on client positions and credit lines. DECEMBER 1995 - UK regulators start an investigation of market. US regulator Commodity Futures Trading Commission (CFTC) also looking at copper. 1996 JUNE 13 - Sumitomo reports losses of $1.8 billion on unauthorised trades and sacks Hamanaka. JUNE 14 - Serious Fraud Office (SFO) and London police called in to investigate. SEPT 19 - Sumitomo revises its losses to $2.6 billion, says it has liquidated most of the unauthorised positions, and accuses Hamanaka of forgery and plans to press criminal charges. OCTOBER 22 - Hamanaka arrested by Japanese prosecutors after Sumitomo files complaint that Hamanaka forged documents authorising copper trades. NOVEMBER 13 - Hamanaka served with second warrant accusing him of more serious charge of fraud. 1997 FEBRUARY 17 - Trial against Hamanaka opens in Tokyo. Hamanaka pleads guilty to charges of fraud and forgery. Charges carry maximum sentence of 15 years. APRIL 3 - U.S bank J. P. Morgan is reprimanded by U.S. banking regulators for its role in financing Hamanaka's activities. 1998 FEB 2 - Prosecutors ask for 10-year sentence for Hamanaka at latest hearing. MARCH 26 - Hamanaka jailed for eight years by Tokyo District Court. MAY 11 - Sumitomo agrees to pay a record $158 million to settle charges of illegal copper trading. It pays $125 million fine to the CFTC. It is the largest civil fine ever imposed by a U.S. agency. SEPT 18 - Sumitomo reaches agreement to settle two class action lawsuits in California. It will pay a total of $42.5 million to those bringing the lawsuits without admitting any wrongdoing or liability. SEPT 21 - Morgan Stanley and Co settles class action suit for $1 million. Six lawsuits alleging manipulation of copper prices by Sumitomo and Global between June 1994 and June 1996 were combined into one class action suit. With settlements by Morgan Stanley and Sumitomo, Global Minerals and Merrill Lynch are the the only defendants remaining in the suit. SEPT 30 - SFO ends its investigation, saying that there was insufficient evidence to justify criminal proceedings. 1999 MAY 21 - CFTC files complaint against Merrill Lynch and Global Minerals and Metals, charging them with taking part in manipulation scheme. Merrill is accused of providing financing and credit to Global and Sumitomo. JUNE 3 - Sumitomo files lawsuits against UBS and Chase Manhattan, saying they knowingly enabled Hamanaka to carry out off-the-books deals. Sumitomo is seeking $257 million from UBS in Tokyo court and $532 million from Chase in New York court. JUNE 30 - LME fines Merrill Lynch 6.5 million pounds. Merrill agrees to pay without admitting or denying it broke LME rules. This is the highest ever British regulatory fine. 2000 JAN 7 - LME fines Deutsche Sharps Pixley Metals 1.5 million pounds. Deutsche also agrees to pay without admitting or denying it breached LME rules. MARCH 1 - SFA (UK Securities and Futures Association) fines Rudolf Wolff 375,000 pounds and orders it to pay 125,000 pounds for breaching Financial Services Authority (FSA) principles. Former Wolff directors William Harker, John Wolff and Tadayoshi Tazaki also disciplined and fined. MAY 11 - LME fines Rudolf Wolff one million pounds plus costs for misconduct over its role. Between at least 1989 and 1996 Wolff had been instructed to carry out a substantial volume of cross trades by Sumitomo, which were not proper transactions. MAY 24 - Merrill Lynch pays Sumitomo $275 million to settle losses. Merrill admits no wrong-doing and Sumitomo releases the U.S. investment bank from any further claims stemming from losses from the unauthorised trading. 2001 MARCH 15 - Five former executives of Sumitomo will pay the company 430 million yen ($3.56 million) to settle a lawsuit brought by a shareholder. MAY 10 - Sumitomo agrees to pay $87.5 million to settle a U.S. civil case brought against it without any admission of wrongdoing. The case had been filed by 51 corporations that purchased copper and copper-based products during the period of 1986-1997. Sumitomo will now concentrate on the civil damage cases it has filed against UBS, Chase Manhattan Bank, JP Morgan Inc and Credit Lyonnais Rouse, which are worth more than $1.7 billion. JUNE 22 - A U.S. federal judge approves class action settlements by JP Morgan Inc and broker Credit Lyonnais Rouse , who pay $10.8 million and $3.9 million. Earlier settlements in the class-action saw Sumitomo pay $99 million, Merrill Lynch (NYSE:MER - news) $18.1 million, Morgan Stanley (NYSE:MWD - news) $1 million, and New York-based metals trading firm Global Minerals and Metals Corp $16.5 million. biz.yahoo.com