Berkshire Hathaway (NYSE:BRKA)(NYSE:BRKB) claims as much as $1 billion from the reinsurer Swiss Re (SSREF.OB) in a dispute in regards to a life insurance agreement between them in 2010, as was first reported on Monday by Insurance Insider. Swiss Re said in its third quarter earnings report that Berkshire Hathaway is “alleging damages of between $0.5 and $1 billion”, adding that the claim was without merit. Neither party was available for comments.
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Chief Executive John Stumpf of Wells Fargo & Co. (NYSE:WFC) has told investors that the firm most recently acquired the energy lending division from BNP Paribas, but “it’s probably fair to say there’s been a little less activity.” While there has been pressure on banks in Europe from regulators who want them to boost their capital, funding has been forthcoming and several potential deals have already been completed and thus are no longer available to Wells.
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