Traynham, Patterson & Traynham, Tallahassee, Fl, (submitted brief) for amici curiae Lisa Mays, Marianne Dalton, Edna Broyles, Danielle Saccone, and Cindy Van Lammeren. Toal, on the brief), for defendant-appellee Smith Barney Inc. Karp, Paul, Weiss, Rifkind, Wharton & Garrison, New York, NY (Joyce S. Linda Friedman, Stowell & Friedman, Ltd., Chicago, IL (Max Fischer, on the brief), for plaintiffs-appellees.īrad S. Kent Spriggs, Spriggs & Davis, P.A., Tallahassee, Fl, for plaintiffs-appellants Cara Beth Walker and Teresa Tedesco. Mione, Cara Beth Walker, and Teresa Tedesco and appellants Kent Spriggs and John Davis. Garrison, Garrison, Phelan, Levin-Epstein, Chimes & Richardson, New Haven, Ct, for plaintiffs-appellants Pamela K. The order denying the motion to enforce is vacated for failure to state adequately the reasons for the denial the order revoking counsels' pro hac vice status is vacated for failure to afford sufficient notice and opportunity to be heard and the judgment dismissing for lack of prosecution is vacated as exceeding the allowable discretion of the district court. SANFORD WEILL: Analysts say the turnaround artist is ready for a big comeback.Appeals from (1) an order of the United States District Court for the Southern District of New York (Constance Baker Motley, Judge) denying a motion brought by plaintiffs-appellants Walker and Tedesco to enforce a class action settlement agreement (2) an order revoking the pro hac vice admission of appellants Spriggs and Davis and imposing sanctions on them and (3) a judgment dismissing, for lack of prosecution, individual claims brought by plaintiffs-appellants Martens and Mione. Shearson has slightly more than 35,000 employees. He said the layoffs would be “firm-wide,” but he declined to disclose which departments would be most affected. Merrill Lynch has also said it is laying off several thousand employees.Ī Shearson spokesman said the termination notices would go out within the next few weeks. is expected to dump more than 5,000 workers into the contracting Wall Street job market. Most Wall Street firms have reduced their staffs, and the demise of Drexel Burnham Lambert Inc. The layoffs will contribute to the flood of unemployed securities industry workers. The firm said it also considering leaving or reducing its involvement in certain businesses. In announcing the layoffs, Clark told Shearson employees Wednesday that the firm was considering a broad range of options to improve its operating position, including the possibility of “entering strategic partnerships in certain markets.” Clark did not elaborate, however, on what form such partnerships might take. If Shearson were combined with Smith Barney, the resulting firm would employ more brokers than any other Wall Street house. Among those rumored to have rejected proposals are a Japanese concern, Nomura Securities International, and Salomon Bros. and foreign concerns about selling all or part of the giant brokerage. Wall Street sources said that since last summer, American Express has made clear that Shearson is for sale and has approached various U.S. But a spokesman refused to say how large the charge will probably be or whether Shearson expects to report a loss for the quarter. Clark Jr., Shearson’s new president and chief executive, said the layoffs and cost-cutting program would result in a “significant” one-time charge, which would have a negative impact on first-quarter earnings. Shearson also announced Wednesday that it will lay off 2,000 workers in the next few weeks as part of a cost-cutting program designed to save the firm about $400 million annually. The spokesman insisted Wednesday night that “no specific proposals were discussed.” Robinson III, chairman of American Express. Weill left American Express reportedly because he couldn’t get used to being second-in-command to James D. Weill is a former head of Shearson who built the firm into one of America’s largest brokerages before he sold it to American Express in 1981 for $930 million. Weill, chairman of Primerica Corp., the parent of Smith Barney. If some sort of merger were to occur, it would mark a dramatic comeback for Sanford I. The spokesman said he did not know if further discussions will take place. American Express confirmed Wednesday that it has held preliminary, exploratory talks about a possible merger or other business combination between its troubled brokerage unit, Shearson Lehman Hutton, and Smith Barney, Harris Upham & Co.Īn American Express spokesman said late Wednesday night that “very preliminary” discussions have been held but that no concrete proposals are on the table.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |