Lindsay Lohan is suing E*Trade over a Super Bowl commercial where babies are chatting over a computer. One of the babies refers to his friend as “that milkaholic Lindsay.” Now The New York Post is reporting that Lohan is suing E*Trade for $50 million in exemplary damages and $50 million in compensatory damages for using her “name and characterization.” Lohan’s lawyer Stephanie Ovadia told The New York Post that “Many celebrities are known by one name only, and E-Trade is using that knowledge to profit.” [New York Post]
Amit Chowdhry | July 3, 2009 | 375 views | Comments Categorized under E*Trade
E*TRADE Financial Corporation (NASDAQ:ETFC) has successfully completed a debt exchange offer. E*TRADE received a commitment from creditors to swap $1.8 billion in debt for convertible bonds.
The conversion was accepted for the following reasons:
- The new bonds do not bear interest as zero coupons. Class A debentures can be converted into E*Trade’s stock at a rate of $1.034 per share.
- E*Trade’s largest shareholder Citadel had already commited to the deal which encouraged other investors.
- Creditors realized that because there are greater capital requirements on the horizon, this would be a good way to keep E*TRADE from buckling down their services.
E*TRADE is struggling to keep up the competition with Ameritrade and Charles Schwab. E*TRADE will be posting another loss this year. E*TRADE has applications built on the iTunes App Store and BlackBerry App World.
Amit Chowdhry | January 3, 2009 | 3,796 views | Comments Categorized under E*Trade
E TRADE Financial Corporation (NASDAQ:ETFC) was fined about $1 million for having inadequate procedures in handling trades that might be used for money laundering. Between January 2003 and May 2007, two of E*Trade’s units E*Trade Securities and E*Trade Clearing were the ones involved.
E*Trade analysts and employees manually checked for suspicious trades, but the company did not give them automated tools. This was the second fine against E*Trade within the last 6 months. Last July, E*Trade agreed to pay $1 million to settle claims made by the U.S. Securities and Exchange Commission for violating the Patriot Act’s money-laundering clauses. The identities of 65,000 customers were not properly identified.
“E*Trade upgraded its systems to provide an automated method to monitor for this particular activity, and those systems have been in place for over a year,” stated E*Trade spokeswoman Pamela Erickson.
