EverTrust Financial Group announced Tuesday that its board of directors has approved a three-for-two stock split. The Everett-based banking company said the split will be payable in mid-January, giving shareholders one additional share for every two shares held as of Jan. 2. The shares will be issued from authorized but unissued shares of EverTrust’s common stock. Anyone holding fractional shares created by the split will be paid in cash based upon the closing price of EverTrust’s stock. The bank’s stock ended Tuesday at $30.05 a share, down 15 cents.
The Canadian government criticized a U.S. trade ruling Tuesday that found tariffs on Canadian lumber are justified and needed to keep the American lumber business competitive. Softwood lumber imports from Canada “are subsidized and sold in the United States at less than fair value,” the United States International Trade Commission said. It’s the second time the ITC has ruled against the Canadian softwood lumber industry in a dispute over 27 percent duties imposed in 2001.
Billionaire investor Kirk Kerkorian’s lawsuit against DaimlerChrysler was put on hold Tuesday after his lawyers claimed the company suddenly gave them 61 pages of handwritten documents that could bolster their case. Judge Joseph Farnan Jr. recessed the trial while a special master for the court holds a hearing to determine “how we got in this mess.” The suit seeks $1 billion.
Putnam Investments has fired nine more employees for alleged improper trading, the fund company said Tuesday in a letter to shareholders announcing the results of its internal investigation into market timing. Chief executive Ed Haldeman said other employees were “strongly admonished” but not fired.
The nation’s largest pension fund is filing a class action lawsuit against the New York Stock Exchange and seven trading firms, alleging that fraudulent practices cost it millions of dollars in recent years. The $154 billion California Public Employees Retirement System, representing an estimated 1.4 million members, will seek to recover pension fund investment money it lost because of alleged fraud at the stock exchange, said California Treasurer Phil Angelides. The lawsuit names seven specialist trading firms that it claims defrauded the pension fund, which has $60 billion invested on Wall Street. The NYSE had no immediate comment.
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