Ron Burgundy Posted November 3, 2016 Share Posted November 3, 2016 By Jonathan Stempel NEW YORK (Reuters) - Goldman Sachs Group Inc , JPMorgan Chase & Co and Morgan Stanley need not forfeit their estimated $100 million of profit from trading Facebook Inc stock soon after underwriting its May 2012 initial public offering, a federal appeals court said on Thursday. By a 3-0 vote, the 2nd U.S. Circuit Court of Appeals in Manhattan rejected a claim by Facebook shareholder Robert Lowinger that "lock-up" agreements forbade the sales because the banks and selling shareholders together formed a "group" owning more than 10 percent of the social media company's stock. View the full article Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.