Latest news with #WhiteOak
Business Mayor
21-05-2025
- Business
- Business Mayor
Marsh McLennan settles $143mn lawsuit over role in Greensill collapse
Unlock the Editor's Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Marsh McLennan, the world's biggest insurance broker, has settled a high-profile lawsuit in which it was accused of fraudulent conduct in its work for failed financing firm Greensill Capital. US private debt firm White Oak had been seeking $143mn in damages from Marsh through a London High Court claim, alleging that the broker made 'fraudulent misrepresentations' about insurance covering invoice-backed financial products that White Oak had bought from Greensill. Marsh has settled the claim for an undisclosed amount, the brokerage firm told the Financial Times on Wednesday. The settlement came after a trial began earlier this month in which some of Marsh's senior executives had to testify under oath about their dealings with the company's now disgraced founder Lex Greensill. A judgment in the case was not expected for several months. San Francisco-based White Oak had claimed that Marsh repeatedly assured it that crucial insurance policies it had brokered for Greensill were still in force, even after Marsh had learned that a key insurer had threatened to cancel its policy. Greensill Capital collapsed in March 2021, in large part because of a loss of a key insurance contract, sparking a sprawling financial scandal in which investors such as Credit Suisse lost billions of dollars. The lawsuit brought to light a series of embarrassing exchanges between executives at Marsh where they discussed the escalating financial crisis engulfing Greensill and its main insurer, Australia's Bond & Credit Co, in the run-up to Greensill's collapse. In an email exchange from 2020 that was shared with the court, a Marsh executive described the situation surrounding Greensill's insurance contracts as 'a frightening absence of corporate governance: this is fraud which may well be in breach of the Australian legal code as it applies to insurance companies'. In another exchange, a Marsh executive responded to a request from Lex Greensill to tell a key banking partner that the insurance policies remained 'in force and fully effective' by saying 'Lex, I can't send those words'. The Marsh lawsuit is just one piece of a raft of litigation relating to the collapse of Greensill working its way through courts in the UK, Australia and Germany. White Oak and other investors in Greensill's financial products are also pursuing lawsuits against Insurance Australia Group and Tokio Marine — the former owners of Bond & Credit Co — for refusing to pay out on insurance contracts. Marsh has also been dragged into these Australian proceedings, with IAG alleging that the broker should share in any liability if investors in the failed lender win a legal battle to recover their losses. The Australian insurance trial is not due to take place until August 2026, but other cases are scheduled to be heard in London's High Court sooner. This includes an attempt from a UK government agency to strike off Lex Greensill from being able to serve as a corporate director. Greensill is disputing the allegations against him and has sued the UK government in turn for alleged misuse of private information. Marsh said: 'We have reached a confidential settlement and are pleased that this matter has been resolved.' Read More Top Direct Line shareholders hold out for higher Aviva bid White Oak also confirmed the settlement, 'the terms of which are not being disclosed'. 'White Oak is continuing to pursue routes against other parties to recover additional amounts and maximise returns to investors,' it added.
Business Upturn
19-05-2025
- Business
- Business Upturn
Zaggle signs three-year contract with White Oak Investment for employee expense and benefits solutions
By Aditya Bhagchandani Published on May 19, 2025, 19:00 IST Zaggle Prepaid Ocean Services Limited has announced that it has entered into a significant agreement with White Oak Investment Management Private Limited. As per the regulatory filing on May 19, the partnership will span a duration of three years and involves Zaggle providing White Oak with its proprietary platforms—Zaggle Save and Zaggle Zoyer. The services to be provided include employee expense management and employee benefits solutions, aimed at streamlining and enhancing White Oak's internal financial operations and HR processes. According to the company, this is a domestic contract and not categorized under related-party transactions. Zaggle confirmed that there is no promoter or group company interest in the awarding entity, and the deal has been executed independently. This deal reinforces Zaggle's position in the B2B SaaS fintech segment, as it continues to expand its footprint in corporate partnerships across India. The company has not disclosed the financial size of the agreement but emphasized the strategic value of onboarding White Oak as a client. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
CBS News
17-05-2025
- General
- CBS News
Multiple fire crews called to two separate fires in McKeesport overnight
It was a busy night for firefighters in McKeesport as they were called to multiple fires, and a lot of the crews who were called ended up working into the early morning hours of Saturday. Along with crews from McKeesport, crews from White Oak and Glassport were also called to fight the fires. The first call came just after 1 a.m. for a fire a a home in the 500 block of Olive Street between Lincoln Street and Grant Street. Not long after that call, another call came in for a fire at a home in the 600 block of Shaw Avenue near Huey Street and Cornell Street. As of around 7 a.m., no injuries have been reported. At the Olive Street fire, the fire marshal is on scene investigating. The cause of both fires has yet to be determined.
Business Wire
09-05-2025
- Business
- Business Wire
NHC Reports First Quarter 2025 Earnings
MURFREESBORO, Tenn.--(BUSINESS WIRE)-- National HealthCare Corporation (NYSE American: NHC), the nation's oldest publicly traded senior health care company, announced today net operating revenues for the quarter ended March 31, 2025 totaled $373,697,000 compared to $297,176,000 for the quarter ended March 31, 2024, an increase of 25.7%. The increase in net operating revenues for the first quarter of 2025 compared to the first quarter of 2024 was due to an 8.5% increase in same-facility net operating revenues, as well as the August 1, 2024 acquisition of White Oak Management, Inc. ('White Oak'). The White Oak operations consist of 22 healthcare operations, which include 15 skilled nursing facilities, two assisted living facilities, four independent living facilities, and a long-term care pharmacy. For the quarter ended March 31, 2025, the reported GAAP net income attributable to NHC was $32,205,000 compared to $26,213,000 for the same period in 2024. Excluding the unrealized gains in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended March 31, 2025 was $24,838,000 compared to $15,386,000 for the same period in 2024, an increase of 61.4% (*). The GAAP diluted earnings per share were $2.07 and $1.69 for the quarters ending March 31, 2025 and 2024, respectively. Adjusted diluted earnings per share were $1.59 and $0.99 for the quarters ending March 31, 2025 and 2024, respectively (*). (*) - See the tables below that provide a reconciliation of GAAP to non-GAAP items. About NHC NHC affiliates operate for themselves and third parties 80 skilled nursing facilities with 10,329 beds. NHC affiliates also operate 26 assisted living communities with 1,413 units, nine independent living communities with 777 units, three behavioral health hospitals, 34 homecare agencies, and 33 hospice agencies. NHC's other services include Alzheimer's and memory care units, pharmacy services, a rehabilitation services company, and providing management and accounting services to third party post-acute operators. Other information about the company can be found on our web site at Non-GAAP Financial Presentation The Company is providing certain non-GAAP financial measures as the Company believes that these figures are helpful in allowing investors to more accurately assess the ongoing nature of the Company's operations and measure the Company's performance more consistently across periods. Therefore, the Company believes this information is meaningful in addition to the information contained in the GAAP presentation of financial information. The presentation of this additional non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Forward-Looking Statements Statements in this press release that are not historical facts are forward-looking statements. NHC cautions investors that any forward-looking statements made involve risks and uncertainties and are not guarantees of future performance. The risks and uncertainties are detailed from time to time in reports filed by NHC with the S.E.C., including Forms 8-K, 10-Q, and 10-K. All forward-looking statements represent NHC's best judgment as of the date of this release. Selected Operating Statistics Three Months Ended March 31 2025 2024 (unaudited) Skilled Nursing Per Diems: Medicare $ 612.13 $ 581.75 Managed Care 492.40 470.56 Medicaid 281.67 265.27 Private Pay and Other 337.04 307.84 Average Skilled Nursing Per Diem $ 360.14 $ 343.48 (1) Skilled Nursing Patient Days: Medicare 86,254 81,156 Managed Care 83,646 65,431 Medicaid 363,642 281,821 Private Pay and Other 184,594 157,443 Total Skilled Nursing Patient Days 718,136 585,851 (1) (1) NHC exited three skilled nursing facilities in Missouri on March 1, 2024. For the first quarter of 2024, the exited Missouri skilled nursing facilities had an average skilled nursing per diem of $275.64 and 20,267 patient days. The tables below provide reconciliations of GAAP to non-GAAP items (in thousands, except per share amounts): Three Months Ended March 31 2025 2024 (unaudited) Net income attributable to National Healthcare Corporation $ 32,205 $ 26,213 Non-GAAP adjustments Unrealized gains on marketable equity securities (10,982 ) (14,399 ) Gain on sale of unconsolidated company - (1,025 ) Stock-based compensation expense 1,027 793 Income tax provision on non-GAAP adjustments 2,588 3,804 Non-GAAP Net income $ 24,838 $ 15,386 GAAP diluted earnings per share $ 2.07 $ 1.69 Non-GAAP adjustments Unrealized gains on marketable equity securities (0.71 ) (0.93 ) Gain on sale of unconsolidated company - (0.07 ) Stock-based compensation expense 0.06 0.05 Income tax provision on non-GAAP adjustments 0.17 0.25 Non-GAAP diluted earnings per share $ 1.59 $ 0.99 Expand
Reuters
06-05-2025
- Health
- Reuters
US FDA names oncologist Vinay Prasad as top vaccine official
Sign is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020. REUTERS/Andrew Kelly/File Photo Purchase Licensing Rights , opens new tab Companies U.S. Food and Drug Administration Follow May 6 (Reuters) - The US Food and Drug Administration has named Vinay Prasad, an oncologist who has previously criticized COVID-19 restrictions, as the director of its Center for Biologics Evaluation and Research, an internal email seen by Reuters said on Tuesday. The US FDA's commissioner, Marty Makary, made the announcement in an email to staff. Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here. Prasad comes to the FDA from the University of California at San Francisco. Advertisement · Scroll to continue In March, Peter Marks, the FDA's former head of the division, which regulates vaccines and biologics, was pushed out of the agency. Scott Steele, an FDA insider for the past five years, had been serving as acting head of the division after Marks' exit. Reporting by Dan Levine in San Francisco, Manas Mishra and Sneha S K in Bengaluru; Editing by Shailesh Kuber Our Standards: The Thomson Reuters Trust Principles. , opens new tab Share X Facebook Linkedin Email Link Purchase Licensing Rights
