NASDAQ Increases Facebook Compensation [26th Jul 2012]
A plan for compensation for Facebook investors from NASDAQ is about to be revealed with insiders suggesting it could be £39 million more than was previously estimated. The announcement will be made next week, but sources have said that the amount being proposed is still significantly less than the amount which is thought to have been lost which is estimated at £225 million. The NASDAQ IPO system which trades stocks and shares was hit by a technical glitch on the day that the Facebook shares went on sale. This meant that brokers could not see how their shares were doing or even if they had bought or sold them. The problem was put down to an old system which was installed in 2006 which could not handle the demand from the Facebook sale. The financial industry is not happy with the compensation packages which have been revealed so far and have hinted that legal action may be on the cards. Related Stories: Nasdaq compensation for Facebook glitch up by £39 million - www.computerworlduk.com Lloyds Bank has set aside another £700 million to pay the compensation claims which are still coming to light due to the PPI mis-selling scandal. In addition the bank has posted a half year loss of £439 million. The chief executive Antonia Horta-Osorio has stated that the amount which is going towards the compensation has caused serious problems for the banking industry. The bank has also been subjected to intense scrutiny regarding a global interest rate rigging scandal with those inside the bank receiving subpoenas and requests for information. Lloyds has already put aside £3.2 billion and a further amount of £375 million to pay for PPI compensation claims, but this has proved to be not enough. Horta-Osorio has said that the banking industry was facing a crisis of confidence and trust and that the whole sector needs an overhaul. He believes that banks have a history of selling bad products to their customers and this must change. Related Stories: Lloyds chief admits crisis as PPI costs go over £4 bn - www.standard.co.uk Lloyds takes £439m hit in first half of 2012 - uk.news.yahoo.com The Association of British Insurers (ABI) and the Minister for Welfare have announced that newly diagnosed victims of asbestos poisoning will get help through a support scheme. Currently there are around 3,000 mesothelioma victims across the UK who are not entitled to compensation because they cannot trace their employer from when they were working with asbestos. The scheme will allow them to claim up to £300 million over the next ten years. It is thought that around 300 people are year fall into the category of not being able to find their employer or their employer's insurance company. The scheme is funded by insurers and will be in addition to the current £200 million which is paid out to those suffering with the disease. The ABI have said that the insurance industry wants to do all it can to make sure sufferers get all the support they need as soon as possible after diagnosis. They expect that the first payments will be made in 2014. DWP: £300m support for future mesothelioma vicitms - www.egovmonitor.com A man who injured his knee while out walking is claiming compensation after he says he injured himself and is in constant pain. Mick Dempsey who is 69, was walking his children to school in Essex when part of the pavement he was walking on collapsed under his feet. He was left with damage to his knee and can no longer run, which was his hobby. He was forced to have knee reconstruction surgery and has been told that he will not be able to run again. He was training for a marathon at the time and was running up to 15 miles a day. He says he will never achieve that dream. Despite the accident happening in 2009, Essex Council have been slow to respond to his calls for compensation. They say the road was inspected as was required by law. However Mr Dempsey points out that roads should not collapse and even if it was inspected, it was still shoddy workmanship. Related Stories: Runner compensation over Brook street road collapse - www.essexcountystandard.co.uk  |
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