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☆ Details about Jane Street's top secret, $1 billion trade revealed in court
▼ + stars: | 2024-04-19 | by ( Alex Morrell | ) www.businessinsider.com time to read: +9 min

Lawyers also revealed that the trade earned Jane Street $1 billion last year and was on pace to earn even more for the firm this year. Jane Street worried about extinguishing the trade's viability, Brown said, intentionally leaving short-term profits on the table to maintain its long-term viability. But the company's profits from the strategy plummeted in the month after the traders joined Millennium, Jane Street says, falling 50% in March. Engelmayer denied the temporary restraining order, saying Jane Street did not establish irreparable harm. Jane Street may believe irreversible harm has already taken place, given its desire to keep details of the trade secret, including the country it operates in.

Persons: —, Jane Street, Paul Engelmayer, pilfered, Doug Schadewald, Daniel Spottiswood, Jane, Deborah Brown, Quinn Emanuel, Engelmayer, Brown, Spottiswood, Andrew Levander, Levander, Jane Street's, Rollo Baker, Elsberg Baker, Maruri, Judge Engelmayer, Baker Organizations: Service, Management, Business, Millennium, Jane Street, Bloomberg Locations: Manhattan, India, Schadewald

☆ What the collapse of a company owing $300 billion means for the world
▼ + stars: | 2024-02-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +8 min

AdvertisementImportantly, since the court order was made in Hong Kong, it's also unclear if mainland authorities will recognize and comply with the order. However, the company owes about $300 billion — a big shortfall, and there's a clear order of priority when it comes to repayments. How will the Evergrande collapse impact sentiment in China's economy and markets? Notably, the stock market sell-off came before Evergrande's liquidation order. Hong Kong's Hang Seng index ended up slightly higher the day the court order was made.

Persons: —, Kyle Rodda, Rodda, Alvarez, Marsal, Evergrande, it's, Baker McKenzie, Daniel Margulies, Margulies, Andrew Collier Organizations: Service, Business, Hong Kong Stock Exchange, Reuters, Deloitte, CSI, Orient Capital Research Locations: Hong Kong, China, Beijing, Asia

☆ There may be little to recover in the $300 billion Evergrande debt saga
▼ + stars: | 2024-01-29 | by ( Huileng Tan | Nidhi Pandurangi | ) www.businessinsider.com time to read: +5 min

Read previewChina Evergrande — the world's most indebted property developer — received a liquidation order from a Hong Kong court on Monday, but there may be little left to recover, said experts. Hong Kong-listed China Evergrande Group's stock price plunged 21% before the court hearing. But several experts BI spoke to prior to Monday's court order said Evergrande's liquidation will be challenging. AdvertisementIt's bad news for creditors, Mat Ng, the managing director at Grant Thornton, a professional services firm that specializes in restructuring, told BI. Despite the complications that could come with Evergrande's liquidation, there may be some upside in the longer run.

Persons: —, Evergrande, Liquidators, Linda Chan, Chan, Siu Shawn, Mat Ng, Grant Thornton, Ng, That's, John Bringardner, Bringardner, Daniel Margulies, Margulies, Andrew Collier Organizations: Service, Business, Evergrande, Reuters, Trading, Securities Times, Deloitte, Investors, Orient Capital Research Locations: China, Hong Kong, Evergrande, Asia

☆ FTC Investigates Exxon’s $60 Billion Deal for Pioneer
▼ + stars: | 2023-12-05 | by ( Dave Michaels | Collin Eaton | ) www.wsj.com time to read: 1 min

Exxon’s proposed takeover of Pioneer Natural Resources would make Exxon the largest oil producer in the Permian Basin of West Texas and New Mexico. Photo: Bloomberg NewsU.S. antitrust enforcers are investigating Exxon Mobil’s plan to acquire Pioneer Natural Resources , which would be the largest oil-and-gas deal in two decades, according to securities filings. The Federal Trade Commission has sought additional information from the companies about the deal, a step it takes when reviewing whether a merger could be anticompetitive under U.S. law, Pioneer disclosed in a filing Tuesday. Merger investigations on average take about 10 months to complete, according to data compiled by law firm Dechert.

Persons: Exxon’s Organizations: Pioneer Natural Resources, Exxon, Bloomberg News, Natural Resources, Federal Trade Commission Locations: West Texas, New Mexico

☆ Law firms accused of fueling Islamophobia, chilling free speech
▼ + stars: | 2023-11-14 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —A coalition of Muslim bar associations is accusing leading law firms of contributing to Islamophobia and a climate of fear in the legal community. In a letter to more than 100 of America’s top law firms, 13 national and regional bar associations called for the law firms to address Islamophobia and anti-Arab and anti-Palestinian hate. The new letter, sent Monday, went out to leading law firms including Davis Polk; Dechert; Kirkland & Ellis; Paul, Weiss; and Sullivan & Cromwell. It notes that while some law firms issued statements of support for Israel after the October 7th attacks, in the weeks since some firms “refused to even acknowledge the killing of thousands of innocent Palestinians” even though employees have loved ones killed in Gaza. “Everyone at our law firms is entitled to be treated with respect and be free of any conduct that targets their identity and is offensive, hostile, intimidating or inconsistent with their personal dignity and rights,” the letter said.

Persons: ”, Davis Polk, Ellis, Paul, Weiss, Sullivan, Cromwell, Dechert, “, ” “, Joe Shenker Organizations: New, New York CNN, Kirkland, Israel, American Muslim Bar Association, National Association of Muslim Locations: New York, Israel, Dechert, Gaza

Former Wall Street Journal reporter Jay Solomon poses for a photograph in front of a building in Bethesda, Maryland, U.S., September 28, 2022. REUTERS/Raphael Satter/File PhotoLaw Firms Dechert LLP FollowWASHINGTON, Aug 15 (Reuters) - Former Wall Street Journal reporter Jay Solomon has ended his lawsuit against Dechert LLP and two of its former partners, saying in a filing made public late on Monday that he was voluntarily dismissing his claims against the law firm. Dechert and its lawyers didn't return messages. Representatives for the other defendants in the suit, which is still active, didn't return messages. Dechert still faces other claims connected to the hiring of Indian hackers to win cases, including a lawsuit filed in New York last year by Solomon's former source, the aviation tycoon Farhad Azima.

Persons: Jay Solomon, Raphael Satter, Dechert, Solomon, Neil Gerrard, Farhad Azima, Bernadette Baum Organizations: Wall Street, REUTERS, WASHINGTON, Thomson Locations: Bethesda , Maryland, U.S, Philadelphia, India, Dechert, New York

☆ Billionaire Leon Black made a $158 million payment to Jeffrey Epstein. Senators want to know why
▼ + stars: | 2023-07-25 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

New York CNN —The Senate Finance Committee is looking into whether billionaire investor Leon Black’s $158 million payment to disgraced financier Jeffrey Epstein was part of a greater strategy to avoid paying over $1 billion in federal gift and estate taxes. “The payments were inexplicably large; well in excess of what Black paid any other financial advisors and far higher than the median compensation of Fortune 500 CEOs at the time,” Wyden said in a statement released Tuesday. “At every stage of the committee’s investigation, Black has refused to answer questions or provide any documents that could demonstrate how Epstein’s compensation for tax and estate planning services was determined or justified,” Wyden said in the statement. Black has cooperated extensively with the Committee, providing detailed information about the matters under review,” Whit Clay, a spokesman for Black, said in a statement to CNN. An internal Apollo investigation that documented his $158 million payment to Epstein following the New York Times’ reporting, however, found no wrongdoing.

Persons: Leon Black’s, Jeffrey Epstein, Epstein, Ron Wyden, Wyden, Dechert, ” Wyden, “, Black, Mr, Whit Clay, ” Epstein, Dechert didn’t, Joanna Rose, ” Organizations: New, New York CNN, Finance, Apollo Global Management, Oregon Democrat, Dechert LLP, Apollo, Fortune, CNN, New York Times Locations: New York

CNN —A number of high-profile Jewish groups are denouncing Democratic presidential contender Robert F. Kennedy Jr.’s false remarks that “Ashkenazi Jews and Chinese” people are “most immune” to Covid-19. “Covid-19 is targeted to attack Caucasians and Black people. While there are disproportionate rates of Covid-19 illness and death across different demographics, this has been attributed to racial disparities, not genetics. Black and Hispanic people also faced a higher risk of coronavirus infection and were more than twice as likely to be hospitalized. He also railed against the coronavirus vaccine and vaccine mandates.

Persons: Robert F, Kennedy Jr, ’, “, Kennedy, ” Kennedy, it’s, Covid, Kennedy’s, ” Rather, Doug Dechert, ” Dr, Marcella Nunez, Smith, Anthony Fauci, CNN’s KFile Organizations: CNN, Democratic, New York, American Jewish Committee, RFK Jr, Defamation League, New York Post, Centers for Disease Control, Equity, Force Locations: Covid, New York City, Central, Eastern Europe, United States

☆ An RFK press dinner in New York reportedly devolved into a farce
▼ + stars: | 2023-07-13 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +2 min

Long-shot Democratic presidential hopeful Robert F. Kennedy Jr. found himself in an unusual crisis. According to The New York Post, Kennedy Jr. was a dinner that descended into a farce. According to The New York Post, a recent dinner between long-shot Democratic hopeful Robert F. Kennedy Jr. and the press descended into a farce as two writers faced off on global climate change. Kennedy Jr., an environmentalist who has pivoted to dismissing vaccine science, was described as maintaining a "steady composure in the face of the crisis." And his father, Robert F. Kennedy, was in the thick of the federal response to defending civil rights protestors.

Persons: Robert F, Kennedy Jr, Doug Dechert, Anthony Haden, Haden, Dechert, John F, Kennedy, Guest, Doug Organizations: The New, Service, Democratic, Cuban Locations: The New York, Wall, Silicon

The hectic pace of activity comes after private credit funds targeting Asia jumped 76% last year to a record $11.2 billion, driven by both regional and India-dedicated strategies, according to Global Private Capital Association. As large global sponsors continue to invest into multi-billion dollar Asia-focused credit funds such as Apollo, Blackstone and KKR, the Asian private credit industry is set for further boom, Robert Wright, partner in law firm Baker McKenzie, said. The string of new private credit funds come against the backdrop of startups facing the threat of having down rounds. Nevertheless, alternative financing such as private credit does not come cheap, industry experts warned. Private credit firms usually arrange loans, with assets secured, on a floating rate basis.

Persons: GPCA, Singapore's SeaTown, Europe's 21yield, Nicholas Mairone, Robert Wright, Baker McKenzie, SeaTown, Rakshat Kapoor, Camille Krejci, Parthiv Rishi, Sidley Austin, Siew Kam Boon, Yantoultra Ngui, Sumeet Chatterjee Organizations: Asia, SINGAPORE, Global Private Capital Association . Industry, Silicon Valley Bank, Blackstone, KKR, Reuters Graphics, Bain Capital, India's, Mahindra Bank, Hong Kong's ADM, SoftBank Investment Advisers, Reuters, Prosus NV, Thomson Locations: Asia, India, Singapore, United States, North America, Silicon, Pacific, Japan, Hong Kong

☆ The Labor Department is suing a healthcare staffing agency, saying it made some workers sign contracts forcing them to repay part of their wages if they quit within 3 years
▼ + stars: | 2023-03-31 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

A company told workers they'd have to pay high fees if they quit within three years, the Labor Department said. In a lawsuit against the agency, the DOL said one nurse was asked to pay $24,000 in future profits. Lawyers for the agency, ACS, said the DOL's suit is "unsupported by either the facts or the law." The DOL likened employees' wages to a loan that they may have to repay to the company alongside interest and fees. "To be clear, ACS has never demanded – and no nurse has ever repaid – their earned wages to ACS. "

☆ Lawsuit alleges investor Leon Black raped a woman inside Jeffrey Epstein's home
▼ + stars: | 2022-11-28 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +4 min

New York CNN Business —Billionaire investor Leon Black has been sued by a woman alleging he “brutal[ly]” raped her at Jeffrey Epstein’s Manhattan townhouse in spring 2002. Wigdor filed Pierson’s complaint Monday under New York’s Adult Survivors Act. The firm’s Doug Wigdor helped advocate for the new law, which was passed in May and went into effect last week. After that he called again and asked to see her, according to the complaint, but Pierson refused to see him again. In 2008, Epstein pled guilty in Florida to two felony offenses: procuring a person under the age of 18 for prostitution and solicitation of prostitution.

Former Wall Street Journal reporter Jay Solomon poses for a photograph in front of a building in Bethesda, Maryland, U.S., September 28, 2022. REUTERS/Raphael SatterLaw firms Dechert LLP FollowWASHINGTON, Oct 15 (Reuters) - A former Wall Street Journal reporter is accusing a major U.S. law firm of having used mercenary hackers to oust him from his job and ruin his reputation. Azima - who filed his own lawsuit against Dechert on Thursday in New York - did not immediately return a message. read moreSolomon’s suit is the latest in a series of legal actions that follows Reuters’ reporting about hired hackers operating out of India. Reuters has reported that lawyers for Ras Al Khaimah’s investment agency – RAKIA – used the emails to help win a fraud lawsuit filed against Azima in London in 2016.

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