TOKYO – Nissan filed a civil suit Wednesday seeking 10 billion yen ($91 million) in damages from the Japanese automaker's former Chairman Carlos Ghosn.
Nissan Motor Co. filed the case in Yokohama District Court to recoup some of the monetary damages suffered, it said, “as a result of years of misconduct and fraudulent activity” by Ghosn.
The claim was calculated by adding the costs from what Nissan called Ghosn's “corrupt practices,” such as rent for overseas property, use of corporate jets and payments to Ghosn's sister, as well as costs for the internal investigation into Ghosn's alleged wrongdoings.
Lincoln National stock buyback to continue
Lincoln National Corp. plans to continue its stock buyback program this year, reflecting a belief that the shares are under-valued, officials said during a recent conference call with analysts.
The Radnor, Pennsylvania-based financial services firm has been averaging $150 million in buybacks each quarter – or $600 million a year. Including dividends, Lincoln plans to return at least $900 million in capital returns to shareholders in 2020, said Randal Freitag, senior vice president and chief financial officer. Company officials have described Lincoln's 46% annual earnings decline for 2019 as something of a hiccup caused by a nearly $500 million charge taken in the third quarter related to interest rates assumptions for reserves and an under-performing investment.
Dennis Glass, president and CEO, said the overall financial report filed last week reflects Lincoln's “long-term track record of strong financial performance.”
SoftBank profit falls over WeWork concern
Japanese technology conglomerate SoftBank Group Corp. said its profit for the last quarter dropped amid worries about the perceived risk of its investments into companies like WeWork.
Tokyo-based SoftBank said Wednesday its profit for the October-December quarter stood at 55 billion yen ($500 million), down to less than a tenth of the 698 billion it earned over the three months in 2018.
In a bit of good news, a U.S. judge in New York on Tuesday rejected a challenge by a group of states to T-Mobile's $26.5 billion takeover of Sprint. SoftBank owns Sprint.
Barcelona tech fair cancels over virus
Organizers of the world's biggest mobile technology fair are pulling the plug over worries about the viral outbreak from China.
The annual Mobile World Congress show will no longer be held as planned in Barcelona, Spain, on Feb. 24-27. Wednesday's decision comes after dozens of tech companies and wireless carriers dropped out.
Tech analyst Tim Bajarin says the show lets many people in the mobile industry to meet in one place, and for that reason it's a significant loss.