Pacific Northwest Washington Mutual should fire Chief Executive Officer Kerry Killinger and replace its board after an 85 percent stock-price...
Washington Mutual should fire Chief Executive Officer Kerry Killinger and replace its board after an 85 percent stock-price plunge in the past year, said David Dreman, the bank’s ninth-biggest shareholder.
The company must hold Killinger accountable for its $3 billion in subprime-related losses, Dreman said Friday. His Dreman Value Management owns a 2.7 percent stake valued at about $183 million.
WaMu spokesman Derek Aney said Killinger, as a director, received support of 88 percent of shareholders who voted at the company’s annual meeting in April.
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Research firm raises $9 million
Seattle-based Vaccsys, an early stage vaccine-research firm, raised $9 million from investors, said Web site Private Equity Hub, citing a regulatory filing.
Venture investors include Alta Partners of San Francisco and Versant Venture Capital of Menlo Park, Calif.
Getty Images sale gains approval
Shareholders on Friday approved Getty Images’ plan to sell itself to private equity group Hellman & Friedman of San Francisco.
Seattle-based Getty, the leading provider of stock photography and video, agreed to the $2 billion buyout offer in February.
San Diego judge: Microsoft must pay
A U.S. District Court judge in San Diego ruled that Microsoft must pay Alcatel-Lucent $511.6 million for infringing on two patents, marking the latest move in a 5-year-old patent scuffle between the two companies.
In April, a jury ordered Microsoft to pay Paris-based Alcatel-Lucent $357.7 million for infringing on a patent that covers how software users select a calendar date from a menu in certain programs. It also ordered Microsoft to pay $10.4 million for infringing on an Alcatel-Lucent patent related to the use of a stylus on a tablet computer.
Judge Marilyn Huff denied Microsoft’s request for reconsideration of that jury’s decisions late Thursday, and raised the amount of damages to include prejudgment interest meant to compensate for how long it took to resolve the matter.
“We are disappointed that Judge Huff denied our request for a new trial,” said Microsoft spokesman David Bowermaster, in an e-mailed statement.
Microsoft plans to appeal the rulings, he said.
Expeditors will provide records
Expeditors International said its U.K. unit was asked by the European Commission to provide records related to a probe of freight forwarders.
“Expeditors intends to cooperate,” the Seattle company said Friday.
Compiled from Bloomberg News, Seattle Times staff and The Associated Press