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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

☆ Elon Musk's go-to lawyer is facing possible sanctions over his behavior in the Tesla CEO's deposition
▼ + stars: | 2024-04-10 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

Alex Spiro faces potential sanctions over his behavior during Elon Musk's deposition. An opposing lawyer accused Spiro, Musk's go-to attorney, of acting "astonishingly unprofessional." At several points in the deposition, Spiro and Bankston traded barbs. "I've rarely met a lawyer with less decorum than you, if you could be called a lawyer," Musk said to Bankston. First of all, I know you're not a Texas attorney," Bankston said after Spiro told his client not to answer one of his questions in the deposition.

Persons: Alex Spiro, Elon, Spiro, Musk's, Musk, —, Ben Brody, Brody's, Mark Bankston —, Sandy, Alex Jones —, Bankston, he's, Quinn Emanuel Urquhart, Sullivan, HuffPost, he'd, Brody, we're, I've, Alex ., Neil Heslin, Scarlett Lewis, Sandy Hook, Jesse Lewis, Alex Jones, Jones Organizations: Nazi, Service, Bloomberg, New Locations: Texas, New York, Thailand

☆ Former Bowlero exec says company threatened to report him to FBI in proposed extortion, retaliation suit
▼ + stars: | 2024-04-09 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +11 min

Equal Employment Opportunity Commission alleging they were fired based on their age or out of retaliation, according to company securities filings and the proposed countersuit. Bowlero says that Tanase resigned and then had a change of heart when he realized he wouldn't get severance pay. Now, Tanase is seeking the court's permission to countersue Bowlero and the company's executive vice chairman, Brett Parker. I've told you this before," said Tanase, according to the transcript. He also claims Bowlero sued him to deter him from filing a complaint with the EEOC or serving as a witness in its investigation into Bowlero.

Persons: Bowlero's, Thomas Tanase, Bowlero, Tanase, Thomas Shannon, countersue Bowlero, Brett Parker, Parker, Daniel Dowe, he'd, haven't, I've, Alex Spiro, Quinn Emanuel, Elon Musk, Alec Baldwin, Spiro, Scott Pickus, Pickus, Shannon Organizations: Bowlero, U.S, AMF, Lucky, Federal, CNBC, FBI, Elon Locations: Virginia, North America, Bowlero

☆ Tesla to pay $42 million for employee crash that injured motorcyclist
▼ + stars: | 2024-03-15 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

The Tesla Inc. logo is captured on a sign of one of its shops in Zurich on Nov. 13, 2023. Tesla and the employee, Kyle Kaszuba, must pay more than $42 million in damages to the victim, Christopher Dugan, a Marion County jury said in a Wednesday verdict. The jury found that Dugan was 30% liable for the crash, reducing the award from $60 million to $42 million. The crash occurred while Kaszuba was operating a 2014 Ford vehicle owned by Tesla either with the permission of Tesla or while working in his capacity as a Tesla employee, Dugan alleged in his initial complaint. The gas station near where the crash occurred is located just outside of a ramp to I-465, the ring road that encircles Indianapolis.

Persons: Tesla, Kyle Kaszuba, Christopher Dugan, Dugan, Kaszuba, Quinn Emanuel, Nick Rowley, — CNBC's Lora Kolodny Organizations: Tesla, Ford, Ford Super, Inc, View Locations: Zurich, An Indiana, Marion, Indianapolis

☆ Elon Musk's lawyer is helping Adam Neumann as he tries to buy back WeWork
▼ + stars: | 2024-02-07 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Adam Neumann is trying to buy back WeWork, the now-bankrupt company he cofounded. He's being aided by lawyer Alex Spiro, who helped Elon Musk take over Twitter in 2022. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdam Neumann is trying to buy back WeWork – with the help of a lawyer close to Elon Musk.

Persons: Adam Neumann, He's, Alex Spiro, Elon Musk, Jay, Megan Thee, —, Neumann, Quinn Emanuel Urquhart, Sullivan who's, Musk, Spiro, Quin Emanuel, Tesla, Vernon Unsworth, Randeep Hothi, Jeanine Zalduendo, Zalduendo, Bobby Shmurda, Robert Kraft, Dinesh D'Souza, Thabo Sefolosha Organizations: Twitter, Service, New York Times, Bloomberg, Bloomberg Law, SpaceX, Securities and Exchange Commission, JPMorgan Chase, New England Patriots Locations: British, Alameda County, Los Angeles

General Motors' troubled robotaxi service Cruise on Tuesday endured a public lashing from a California judge who compared the company to the devious TV character Eddie Haskell for its behavior following a ghastly collision that wrecked its ambitious expansion plans. After a vehicle driven by a human struck a San Francisco pedestrian in early October, a Cruise robotaxi named “Panini” dragged the person 20 feet (6 meters) while traveling at roughly seven miles per hour (11 kilometers per hour). He also reminded Mason that Cruise could still face other repercussions beyond California, with both the U.S. Justice Department and U.S. Securities and Exchange Commission probing the robotaxi service's conduct. But Mason indicated that he is leaning toward letting the case continue through the entire hearing process rather than approving a settlement. Tuesday's hearing came less than two weeks after Cruise released a lengthy report reviewing how the company mishandled things after the pedestrian was hurt.

Persons: Motors, Cruise, Eddie Haskell, Haskell, ”, Robert Mason III, Panini ”, Panini, specter, Mason, Jerry Mathers, ” Mason, Craig Glidden, Glidden, ” Cruise, ” Glidden, didn't, Quinn Emanuel Urquhart, Sullivan, Cruise’s, Kyle Vogt Organizations: Administrative, California Public Utilities Commission, General Motors, Cruise, U.S . Justice Department, U.S . Securities, Exchange Commission Locations: California, San Francisco

Culture issues, ineptitude and poor leadership at General Motors' Cruise autonomous vehicle unit were at the center of regulatory oversights and coverup concerns that have plagued the company since October, according to the findings of a third-party probe. Results of the investigation, which reviewed whether Cruise representatives misled investigators or members of the media in discussing the incident, were published Thursday in a 105-page report. "This conduct has caused both regulators and the media to accuse Cruise of misleading them," the report stated. Quinn Emanuel, the business litigation firm that Cruise retained to conduct the three-month investigation, interviewed 88 Cruise employees and reviewed more than 200,000 documents, including emails, texts, Slack messages and more. The firm is known for representing high-profile celebrities and business owners, including Tesla CEO Elon Musk.

Persons: Cruise, Quinn Emanuel, Slack, John Potter, Quinn Emanuel Urquhart, Elon Musk Organizations: General Motors, Cruise, CNBC, Sullivan, Tesla Locations: Cruise, San Francisco

☆ GM’s self-driving car division is under investigation by DOJ and SEC after pedestrian dragging incident
▼ + stars: | 2024-01-25 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

In meetings with regulators after the October 2 incident, Cruise officials attempted to show a full video of the impact, shot from the car. Cruise commissioned the law firm of Quinn Emanuel Urquhart & Sullivan to investigate the incident and Cruise’s response to it. Immediately after the incident, Cruise employees were not, themselves, aware that the woman had been dragged, according to the report. Actually, the pedestrian was struck by a human-driven Nissan car first and that impact propelled her into the path of the Cruise car. The report attributed its failures in communication to a “myopic focus” in clearing Cruise of fault in the initial impact.

Persons: CNN — Cruise, Cruise, Quinn Emanuel Urquhart, Sullivan, ” Cruise, Mary Barra, veihicle, “ Organizations: CNN, Motors, Department of Justice, Securities and Exchange Commission, Cruise, GM, Nissan Locations: ”, California, United States

☆ Cruise Says Hostility Toward Regulators Led to Grounding of Its Autonomous Cars
▼ + stars: | 2024-01-25 | by ( Tripp Mickle | Cade Metz | ) www.nytimes.com time to read: +1 min

Cruise, the driverless car subsidiary of General Motors, said in a report on Thursday that an adversarial approach taken by its top executives toward regulators had led to a cascade of events that ended with a nationwide suspension of Cruise’s fleet. The roughly 100-page report was compiled by a law firm that Cruise hired to investigate whether its executives had misled California regulators about an October crash in San Francisco in which a Cruise vehicle dragged a woman 20 feet. The investigation found that while the executives had not intentionally misled state officials, they had failed to explain key details about the incident. The report is central to Cruise’s efforts to regain the public’s trust and eventually restart its business. Cruise has been largely shut down since October, when the California Department of Motor Vehicles suspended its license to operate because its vehicles were unsafe.

Persons: Cruise, Quinn Emanuel Urquhart, Kyle Vogt Organizations: General Motors, California Department of Motor Vehicles Locations: California, San Francisco, Sullivan

SAN FRANCISCO (AP) — General Motors is facing a U.S. Justice Department investigation into a gruesome collision that critically injured a pedestrian and derailed its self-driving car ambitions. GM didn't release any details about the nature of the Justice Department's investigation, or of another one by the U.S. Securities and Exchange Commission. The revelations about the latest troubles facing Detroit-based GM and San Francisco-based Cruise came in a report reviewing how things were handled after the pedestrian was hurt. “Cruise must take decisive steps to address these issues in order to restore trust and credibility,” according to the report's summary findings. Cruise had cleared a significant hurdle last August when California regulators approved its request to begin operating its robotaxi service throughout San Francisco at all hours — over the strenuous objections of city officials — only to have it all unravel in early October.

Persons: Cruise, Quinn Emanuel Urquhart, Sullivan, Cruise's, Panini, hadn't, “ Organizations: FRANCISCO, —, Motors, . Justice Department, Department, GM's, U.S . Securities, Exchange Commission, GM, Cruise Locations: San Francisco, Detroit, California

☆ ‘Manahatta,’ Mary Kathryn Nagle’s Play About the Lenape, Comes Home
▼ + stars: | 2023-11-24 | by ( Alexis Soloski | More About Alexis Soloski | ) www.nytimes.com time to read: +1 min

Mary Kathryn Nagle moved to Manhattan in 2010. These dueling histories, recent and long ago, inspired Nagle’s play “Manahatta.” Now in previews at the Public Theater, it will run through Dec. 23. Named for the Lenape word for Manhattan, which translates to “island of many hills,” the drama volleys between the 17th century and the early 21st, and between Manahatta and Manhattan and Anadarko. The seven actors in the cast each play a character in each period. This is the play’s third production, but the first on the island on which it is largely set.

Persons: Mary Kathryn Nagle, ”, Nagle, Quinn Emanuel Organizations: Cherokee, Delaware Indians, National Museum of, Public Locations: Manhattan, Oklahoma, Delaware, Anadarko, Bartlesville, New York, Manahatta

☆ CEO of GM's Cruise robo-taxi unit resigns amid US safety review
▼ + stars: | 2023-11-20 | by ( Greg Bensinger | Thomson Reuters | Greg Bensinger Joined Reuters As A Technology Correspondent In Focusing On The World'S Largest Technology Companies. He Was Previously A Member Of The New York Times Editorial Board | ) www.reuters.com time to read: +4 min

Nov 19 (Reuters) - - Kyle Vogt, the CEO of General Motors' robot-taxi unit Cruise, has resigned from the company a day after apologizing to staff as the company undergoes a safety review of its U.S. fleet. The Cruise board met on Nov. 13 and the next day named GM general counsel Craig Glidden as Cruise's chief administrative officer. The board also said it would retain a third-party safety expert to assess safety operations and culture. Former Tesla President Jon McNeill, a GM director since 2022, was named vice chairman of the Cruise board alongside Barra, who is the chair. The National Highway Traffic Safety Administration in October opened an investigation into pedestrian risks at Cruise and the Cruise board hired law firm Quinn Emanuel to review Cruise management's responses to regulators investigating the Oct. 2 accident.

Persons: Kyle Vogt, Vogt, Cruise, Vogt's, Craig Glidden, Stephen Lam, Mary Barra, Glidden, Mo Elshenawy, Jon McNeill, Barra, Quinn Emanuel, Greg Bensinger, David Shepardson, Kenneth Li Organizations: General Motors, Reuters, GM, Cruise, Honda, REUTERS, California Department of Motor Vehicles, Traffic Safety Administration, Thomson Locations: United States, San Francisco , California, U.S, San Francisco

"This orderly pause is a further step to rebuild public trust while we undergo a full safety review," Cruise said in a blog post. In addition, Cruise will hire an outside safety expert to review the company's safety operations and culture, according to the blog post. Cruise previously said it had retained law firm Quinn Emanuel to examine Cruise's response to the accident. The teams under Glidden include communications and finance, according to the blog post. The U.S. National Highway Traffic Safety Administration (NHTSA) said last month it was investigating the safety of Cruise vehicles.

Persons: Heather Somerville, Cruise, Quinn Emanuel, Craig Glidden, Mary Barra, David Shepardson, Ben Klayman, Chris Reese Organizations: General Motors Corp, REUTERS, WASHINGTON, General Motors, Cruise, Detroit automaker, Glidden, GM, U.S . National, Traffic Safety Administration, California Department of Motor Vehicles, Thomson Locations: San Francisco , California, U.S, DETROIT, San Francisco

But right now, the unit's operations are shut down as regulators investigate the safety of Cruise's self-driving vehicles. Cruise had $1.7 billion in cash as of Sept. 30, enough to last nine months at the current cash burn rate. As Cruise's troubles intensified, investors on Thursday sent GM shares down more than 3% to $26.65, its lowest closing price since August 2020. In addition to the problems at Cruise, GM last month agreed to a costly new contract with the United Auto Workers, and scaled back plans to expand electric-vehicle production. California regulators suspended Cruise's license to operate, and have accused Cruise officials of misrepresenting information about the incident.

Persons: Heather Somerville, Mary Barra, Cruise, Cruise's, Lawrence Paustian, Barra, Quinn Emanuel, Shinji Aoyama, It's, Kyle Martin, Martin, Jason Petitte, Paul Jacobson, Biden, Ben Klayman, Joseph White, David Shepardson, Matthew Lewis Organizations: General Motors Corp, REUTERS, Rights DETROIT, General Motors, GM, Honda, Cruise, United Auto Workers, Pzena Investment Management, Reuters, Westwood Group, California Department of Motor Vehicles, U.S . National, Traffic, Administration, Thomson Locations: San Francisco , California, U.S, Cruise, Japan, Chicago, Waymo, San Francisco, California, Detroit, Washington

☆ GM's Cruise recalling 950 driverless cars after pedestrian dragged in crash
▼ + stars: | 2023-11-08 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

A self-driving GM Bolt EV is seen during a media event where Cruise, GM's autonomous car unit, showed off its self-driving cars in San Francisco, California, U.S. November 28, 2017. REUTERS/Elijah Nouvelage/File Photo Acquire Licensing RightsWASHINGTON, Nov 8 (Reuters) - Cruise is recalling 950 driverless cars from the roads across the United States following a crash involving one of its robotaxis and will likely issue more recalls, General Motors' (GM.N) self-driving unit said. The recall is the latest setback for GM's Cruise unit that faces growing questions about its technology that GM says it key to its growth plans. Cruise said last month it would halt operations nationwide after California regulators suspended the robotaxi operator's license, saying the Cruise self-driving vehicles were a risk to the public. Cruise is facing two federal investigations over the safety of its cars, including two incidents where the robot cars appeared not to yield to pedestrians in crosswalks.

Persons: Elijah Nouvelage, Mary Barra, Cruise, Quinn Emanuel, David Shepardson, Washington Abinaya, Chandni Shah, Anil D'Silva Organizations: GM Bolt, REUTERS, Rights, General Motors, National, Traffic Safety Administration, GM's, GM, Origin, Thomson Locations: San Francisco , California, U.S, United States, San Francisco, California, crosswalks, Phoenix , Arizona, Houston, Austin, Dallas, Texas, Miami, Washington, Bengaluru

☆ GM's Cruise is recalling 950 robotaxis after pedestrian collision
▼ + stars: | 2023-11-08 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

Cruise, the autonomous vehicle venture owned by General Motors , has issued a recall effecting 950 of its robotaxis following a pedestrian collision in San Francisco last month. The Oct. 2 collision triggered a federal probe. According to the Cruise filing with the NHTSA on Nov. 7, following the collision, Cruise found defects within its automated driving system software, specifically pertaining to its "Collision Detection Subsystem." This issue could occur after a collision with a pedestrian positioned low on the ground in the path of the AV." After Cruise lost its permits in California and faced a public backlash over safety concerns, the company also temporarily suspended production of its Cruise Origin driverless vans.

Persons: Cruise, Louise Zhang, Elon Musk, Quinn Emanuel Organizations: General Motors, National, Traffic, Administration, Google, Tesla, Cruise, GM Locations: San Francisco, California, Detroit

Cruise's board has hired law firm Quinn Emanuel to review Cruise management's responses to regulators investigating the Oct. 2 accident, and technology consultancy Exponent to review Cruise's technology. Our commitment to Cruise with the goal of commercialization remains steadfast.”Federal and state safety regulators are investigating a series of accidents involving driverless Cruise vehicles. California regulators suspended the company's license to operate driverless vehicles last month, saying the self-driving vehicles were a risk to the public. Federal regulators last month told Cruise they are investigating incidents in which Cruise driverless cars appeared to fail to yield to pedestrians in crosswalks. Cruise said last week it would pause all driverless operations "while we take time to examine our processes, systems, and tools."

Persons: Elijah Nouvelage, Cruise, Cruise's, Quinn Emanuel, Mary Barra, Barra, Joe White, Jonathan Oatis Organizations: GM Bolt, REUTERS, General Motors, DETROIT, New York Times, GM, driverless, Traffic, Administration, Honda, Cruise, Thomson Locations: San Francisco , California, U.S, Federal, California, crosswalks, Cruise, Japan

☆ Charlie Javice says JPMorgan is trying to use 'red tape' to avoid paying her legal bill of $3.8 million and growing
▼ + stars: | 2023-10-26 | by ( Jack Newsham | ) www.businessinsider.com time to read: +3 min

JPMorgan and prosecutors claim Charlie Javice fraudulently inflated the value of her startup. But JPMorgan was ordered to pay her legal fees – totaling almost $3.8 million, new filings show. AdvertisementAdvertisementLawyers for indicted startup founder Charlie Javice say JPMorgan Chase is defying a court order to pay almost a fifth of the nearly $3.8 million in legal bills they've racked up. But a Delaware judge said JPMorgan still had to honor its commitment to advance Javice's legal fees under agreements it made when it acquired Frank. AdvertisementAdvertisementThe bank's unpaid tab totals more than $835,000, Javice's lawyers claimed, amounting to about 22% of the total amount they've sought.

Persons: Charlie Javice, —, JPMorgan Chase, they've, Olivier Amar, Frank, Abrams, Bayliss, Quinn Emanuel Urquhart, Sullivan, Michael Barlow, Mintz Levin, wasn't Organizations: JPMorgan, Service, Javice, Securities and Exchange Commission Locations: Delaware

The actors’ union offered congratulations to the Writers Guild of America, which represents more than 11,000 screenwriters, in a statement on Sunday night, adding that it was eager to review the tentative agreement with the studios. Neither SAG-AFTRA nor the studio alliance immediately responded to requests for comment on Monday. “The deal that the Writers Guild and the studios struck economically could have been worked out in May, June. Discovery said this month that the impact from the labor disputes would reduce its adjusted earnings for the year by $300 million to $500 million. Additionally, share prices for other major media companies like Disney and Paramount have taken a hit in recent months.

Persons: “, ”, Bobby Schwartz, Quinn Emanuel, we’ve, —, Gavin Newsom Organizations: Writers Guild of America, Alliance, Television Producers, Hollywood, Writers Guild, SAG, Gov, Warner Bros, Discovery, Disney, Paramount

☆ Credit Suisse bond investors plot lawsuit against Switzerland, Financial Times reports
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

The logos of Swiss bank Credit Suisse and UBS are seen in Geneva, Switzerland, June 7, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsCompanies UBS Group AG FollowSept 15 (Reuters) - A group of international bond investors is drawing up plans to sue Switzerland in the U.S. courts for expropriation over the losses they suffered after UBS (UBSG.S) agreed to take over Credit Suisse with state support, the Financial Times reported. In essence, the claim would be seeking compensation for the destruction of [investors'] property rights, a person with knowledge of the plans told FT.Quinn Emanuel and Credit Suisse declined to comment. Quinn Emanuel is already suing Switzerland's financial regulator, FINMA, after the state-assisted rescue of Credit Suisse in March wiped out the Swiss bank's 16 billion Swiss franc ($17.85 billion) Additional Tier 1 (AT1) bondholders. ($1 = 0.8963 Swiss francs)Reporting by Gursimran Kaur in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Denis Balibouse, Quinn Emanuel, Gursimran Kaur, Shilpi Majumdar Organizations: Credit Suisse, UBS, REUTERS, UBS Group, Financial Times, Reuters, Thomson Locations: Geneva, Switzerland, U.S, Bengaluru

SummarySummary CompaniesCompanies Law Firms Google Play Music infringed Personal Audio playlist patents, jury saysVerdict follows California win for Sonos in Google audio patent fightJune 21(Reuters) - Alphabet's Google (GOOGL.O) must pay patent holding company Personal Audio LLC $15.1 million for infringing two patents related to audio software, a Delaware federal jury said in a verdict made public on Wednesday. Personal Audio had argued that Google's music app Google Play Music featured playlist downloading, navigation and editing features that violated its patent rights. Attorneys for Personal Audio did not immediately respond to a request for comment. Beaumont, Texas-based Personal Audio had requested $33.1 million in damages, according to a May court filing. The case is Personal Audio LLC v. Google LLC, U.S. District Court for the District of Delaware, No.

Persons: Jose Castaneda, Steve Hanle, Doug Hahn, Salil, Stradling Yocca Carlson, Melissa Baily, Jeff Nardinelli, David Perlson, Antonio Sistos, Patrick Stafford, Quinn Emanuel Urquhart, Sullivan Read, Blake Brittain Organizations: Sonos, Google, San, Google LLC, District of, Rauth, Thomson, & $ Locations: California, Delaware, Beaumont , Texas, Texas, The Delaware, San Francisco, District of Delaware, Salil Bali, Washington

☆ Credit Suisse staff prepare to sue Swiss regulator over lost AT1 bonuses-FT
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

May 22 (Reuters) - Credit Suisse AG (CSGN.S) staff are preparing to sue the Swiss financial regulator over $400 million of bonuses that were canceled after the troubled lender's rescue by UBS Group AG (UBSG.S), the Financial Times reported on Monday. Quinn Emanuel and Pallas, law firms which are already suing Swiss regulator Finma on behalf of investors who owned AT1 bonds, have received multiple requests from senior managers at Credit Suisse to take legal action on their behalf, the report said. Credit Suisse declined to comment, while Law firms Quinn Emanuel, Pallas and Finma did not immediately respond to Reuters' request for comment. Following this, Switzerland's Federal Council instructed Credit Suisse to cancel or reduce all outstanding bonus payments for the top three levels of management and examine whether those already paid can be recovered. read moreUnder Swiss banking law, the Federal Council can impose bonus-related measures on a systemically important bank if it received state aid from federal funds.

Twitter is accusing Microsoft of using the social media company's data in ways that were unauthorized and never disclosed. However, for one of the Microsoft services using Twitter data, "account information outright states that it intends to allow its customers to 'go around throttling limits,'" Spiro wrote. A Microsoft spokesperson acknowledged receipt of the letter and told CNBC the company will review it and "respond appropriately." "Today we heard from a law firm representing Twitter with some questions about our previous use of the free Twitter API," the spokesperson said in an email. Read the full letter from Twitter to Microsoft, here.

☆ Bittrex approved to borrow $7 mln bankruptcy loan in bitcoin
▼ + stars: | 2023-05-10 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

Seattle-based Bittrex filed for bankruptcy Monday, saying it intended to return customer funds and wind down its U.S. operations. Before filing for bankruptcy, Bittrex stopped accepting new deposits from U.S. customers and told its existing users to withdraw their crypto from the platform. Shannon approved the loan on an interim basis, allowing Bittrex to borrow 250 bitcoin from its parent company Aquila Holdings, which is not filing for bankruptcy. Bittrex will seek permission to borrow an additional 450 bitcoin at a hearing in June, and the total value of its proposed loan is $19.7 million, based on bitcoin prices when it filed for bankruptcy. The case is Bittrex Inc, U.S. Bankruptcy Court for the District of Delaware, No.

☆ Australia's Medibank served with third class-action suit over cyber breach
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

May 5 (Reuters) - Australia's Medibank Private Ltd (MPL.AX) said on Friday it was served with another class-action suit related to the cyber hack incident last year in which personal data of current and former customers was leaked on the dark web. The third class-action suit related to the incident was filed in the country's federal court by law firm Slater & Gordon on behalf of affected current and former Medibank customers, and healthcare service providers. In recent months, similar class action suits against the company have been filed by law firms Baker & McKenzie and Quinn Emanuel Urquhart & Sullivan. Medibank, which is also under investigation from the country's privacy regulator on how it handles personal information, said it would defend the proceedings. Reporting by Himanshi Akhand in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

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