Reported 1 day ago
Genworth Financial (GNW) shares surged nearly 9% on Friday following news of a favorable UK court ruling for AXA, which could lead to Genworth receiving $750 million in cash from AXA's losses related to payment protection insurance. The ruling allows AXA to make a valid claim against Santander for redress payments tied to complaints from over 650,000 customers. Genworth plans to utilize these recoveries for growth investment, share buybacks, and debt repayment.
Source: YAHOO