Financial Business Recap: White Mountains Sues Allstate, Citi Execs Stepping Down
White Mountains Insurance (NYSE:WTM) brings a lawsuit against Allstate Corporation (NYSE:ALL), which alleges that the latter inappropriately reduced the final price in its acquisition of Esurance. Allstate had agreed to make an estimated payment at the closing, linked to Esurance’s tangible book value, along with an adjustment afterwards to reconcile the actual book value to the estimate, but the plaintiff asserts that it missed the deadline by five months.
Citigroup Inc. (NYSE:C) announces that the senior risk manager in its CitiMortgage division, Jeffery Polkinghorne, and Donald Houghtalin, who serves as compliance officer at the business, are exiting the company subsequent to their being named by federal prosecutors earlier in 2012 in a mortgage-insurance fraud case that led to a $158.3 million settlement.
Purchasing stocks of firms having recently converted themselves into a real estate investment trust is a smart move, says dealReporter. If that remains to be true, Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) might be an interesting play following comments by the company’s chief executive on the most recent earnings conference call, which implied the possibility of conversion to a REIT in the future.
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