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Thursday, March 26, 2015

Kinross settles shareholder lawsuit tied to Mauritania debacle, (NYSE: KGC)

Kinross Gold Corp has agreed pay $33 million to settle a shareholder lawsuit that had accused the Canadian gold miner of defrauding investors through an ill-advised mine acquisition in Mauritania that has resulted in over $6 billion in writedowns. According to documents filed with the U.S. District Court for the Southern District of New York late on Thursday, Kinross said it settled the matter to eliminate the burden and expense of continued litigation but denied any wrongdoing.The Toronto-based miner and the lead plaintiff, the City of Austin Police Retirement System, have asked the court to approve the preliminary settlement.Kinross had tried and failed to get the case dismissed two years ago.Shareholders led by the Texas pension fund accused Kinross of inflating its share price by misleading them about the quality of its due diligence for, and timetable to develop, the Tasiast mine that it acquired via its $7.1 billion acquisition of Red Back Mining Inc in 2010.

Kinross Gold Corporation (Kinross) is a Canada-based gold mining company. Shares of KGC fell by 4.07% or $-0.1/share to $2.36. In the past year, the shares have traded as low as $2.00 and as high as $4.47. On average, 11868300 shares of KGC exchange hands on a given day and today's volume is recorded at 10069819.



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Platinum Equity nears deal for Itochu's PrimeSource -sources, (NYSE: JPM)

Private equity firm Platinum Equity LLC is in advanced talks to purchase PrimeSource Building Products Inc, the largest distributor of screws and nails in the United States, from Itochu Corp, according to people familiar with the matter. A deal will likely value PrimeSource at between $800 million and $900 million, the people said on Thursday. An agreement may be reached as early as next week, though it is still possible that the negotiations will fall apart, the people added.The sources asked not to be identified because the negotiations are confidential. Platinum Equity declined to comment, while an Itochu spokesman did not respond to a request for comment.Reuters reported in November that Itochu, a Japanese trading house, had hired investment bank JPMorgan Chase & Co in an effort to sell PrimeSource for more than $1 billion.Based in Irving, Texas, PrimeSource distributes building materials for the residential, commercial and industrial construction markets. It has 42 distribution centers throughout the United States and Canada and more than 1,200 employees.

JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM fell by 0.12% or $-0.07/share to $59.54. In the past year, the shares have traded as low as $52.97 and as high as $63.49. On average, 18002700 shares of JPM exchange hands on a given day and today's volume is recorded at 14039131.



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BlackRock and First Reserve take $900 million stake in Mexico pipeline project, (NYSE: BLK)

Asset manager BlackRock Inc and U.S. private equity firm First Reserve have taken a joint stake worth around $900 million in the second phase of Mexico pipeline project Los Ramones, state-controlled oil company Pemex said on Twitter on Thursday.In a separate statement, Pemex said the joint stake was equivalent to 45 percent of the costs involved in the construction of the project. It represents BlackRock's first ever infrastructure investment in Mexico, Pemex added."The company has the intention of establishing a greater presence in Mexico," Pemex said in the statement.On Wednesday, Reuters reported that BlackRock Inc, the world's largest asset manager, was looking to invest in infrastructure projects in Mexico.

BlackRock, Inc. (BlackRock) is an investment management firm. Shares of BLK fell by 0.49% or $-1.77/share to $362.15. In the past year, the shares have traded as low as $292.20 and as high as $382.84. On average, 533677 shares of BLK exchange hands on a given day and today's volume is recorded at 417686.



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MOVES-Greeenhill & Co, Russell Investments, (NASDAQ: NTRS)

The following financial services industry appointments were announced on Thursday. To inform us of other job changes, email moves@thomsonreuters.com. NORTHERN TRUST CORPThe asset management company appointed Michael Wu to a newly created role of head of its Greater China region.The company also appointed David Burnett as head of its hedge fund services in Europe, the Middle East and Africa (EMEA).

Northern Trust Corporation (Northern Trust) is a financial holding company. Shares of NTRS traded higher by 1.12% or $0.77/share to $69.62. In the past year, the shares have traded as low as $58.30 and as high as $72.72. On average, 1180950 shares of NTRS exchange hands on a given day and today's volume is recorded at 1567300.



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LightSquared bankruptcy exit plan earns court approval, (NASDAQ: DISH)

Wireless venture LightSquared on Thursday concluded three years of litigation with creditors, securing U.S. Bankruptcy Court approval of a plan to end its Chapter 11 case and repay in full its largest creditor, Dish Network Corp Chairman Charles Ergen.The ruling ends one of the longest and most litigious bankruptcies in recent years, and will yield a hefty profit for Ergen, who other stakeholders portrayed as the villain for his unwillingness to take a haircut on his debt."I am excited to get back to work," LightSquared Chief Executive Officer Doug Smith said in a statement, calling the approval a "new day for the company."LightSquared's case has been closely watched because its main asset, wireless spectrum, is considered very valuable. Just how valuable it is, and what it can be used for, has been fiercely debated among stakeholders vying for control.

DISH Network Corporation, is a pay-television (TV) provider, with approximately 14. Shares of DISH fell by 0.61% or $-0.43/share to $70.33. In the past year, the shares have traded as low as $55.45 and as high as $80.75. On average, 1691780 shares of DISH exchange hands on a given day and today's volume is recorded at 717802.



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Canada's TD Bank eyeing small acquisitions in U.S. market, (NYSE: TD)

Toronto-Dominion Bank , Canada's second-largest lender, said on Thursday it is open to doing small acquisitions in the U.S. market that would allow it to accelerate its branch rollout, especially in the southeastern part of the country. "We open about 25 to 30 new branches in the U.S. every year right through our footprint, so if there was a smallish tuck-in opportunity in the U.S. Southeast, we would certainly look at it seriously, because it would accelerate our store build-out by a few years," said Chief Executive Bharat Masrani at a roundtable with media.TD, already one of the 10 largest banks in the United States with over 1,300 branches along the eastern coast stretching from Maine to Florida, sees no pressing need to do any transformative acquisitions at this time, said Masrani."I've learned never to say never, but the great thing is we don't need to do a big deal," he said. "If something compelling comes up, we will certainly look at it, but we are not compelled to do it because there is a strategic gap in our franchise."Masrani, who headed TD's U.S. banking operations before taking over as CEO in November, said that TD remains an "organic growth type of institution," but would look for other opportunities in the U.S. market too.

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (TD). Shares of TD fell by 0.25% or $-0.11/share to $43.05. In the past year, the shares have traded as low as $39.56 and as high as $53.49. On average, 1938940 shares of TD exchange hands on a given day and today's volume is recorded at 1086317.



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