DIRS.INFO The most relevant business & tech news

WASHINGTON, Nov 21 (Reuters) - Two Estonian citizens were arrested in Tallinn, Estonia, on an 18-count indictment for their alleged involvement in a $575 million cryptocurrency fraud and money laundering conspiracy, the U.S. Justice Department said on Monday. They also made victims invest in a virtual currency bank called Polybius Bank, which in reality was not a bank and never paid out the promised dividends, the Justice Department said. "The size and scope of the alleged scheme is truly astounding," said Assistant Attorney General Kenneth Polite Jr of the Justice Department's criminal division. "U.S. and Estonian authorities are working to seize and restrain these assets and take the profit out of these crimes." The money laundering conspiracy allegedly involved at least 75 real properties, six luxury vehicles, cryptocurrency wallets, and thousands of cryptocurrency mining machines, according to the department, which said the case was probed by the FBI.

The justices rebuffed Glenhaven Healthcare's appeal of a lower court's ruling allowing the family of deceased resident Ricardo Saldana to proceed with the lawsuit in a California state court. Under then-President Donald Trump in January 2021, the U.S. Department of Health and Human Services, prodded by nursing homes, declared that cases filed in state court involving interpretation of the PREP Act should be moved to federal court. Circuit Court of Appeals ruled in the Saldana case that some state law claims can remain in state court. Glenhaven has argued that personal injury lawsuits against entities that provide COVID-19 countermeasures belong in federal court. The U.S. Chamber of Commerce, the American Hospital Association and the American Health Care Association, a nursing home industry group, weighed in to support its petition to the Supreme Court.

The SEC's whistleblower program was created as part of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, a law passed in response to the 2008 financial crisis. Under the law, eligible whistleblowers can receive a cash award of between 10% and 30% of any monetary sanctions collected above $1 million. Hong provided further documentary evidence, helping FHFA and the U.S. Justice Department secure settlements with RBS for $5.5 billion and $4.9 billion, respectively. Hong sought an award under the SEC's whistleblower program but the commission declared him ineligible because the action against RBS was not taken by the commission itself. Hong's lawyers appealed to the Supreme Court, contending that the SEC is undermining the aim of Congress to incentivize and award whistleblowers by "coordinating enforcement efforts with other agencies and then refusing to pay an award."

Nov 21 (Reuters) - The Golden State Warriors were sued on Monday by an FTX account holder who accused the reigning National Basketball Association champions of fraudulently promoting the now-bankrupt cryptocurrency exchange. Elliott Lam, a Canadian citizen and Hong Kong resident who said he lost $750,000 in his FTX yield-bearing account, filed his proposed class-action lawsuit in San Francisco federal court. Other defendants include Sam Bankman-Fried, who founded FTX, and Caroline Ellison, who led Bankman-Fried's trading firm Alameda Research. The lawsuit seeks unspecified damages for people outside the United States with FTX yield-bearing accounts. The team had last December named FTX its official cryptocurrency platform, in what it called a first-of-its-kind cryptocurrency partnership in professional sports.

Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERSWASHINGTON, Nov 18 (Reuters) - The Biden administration ruled on Thursday that Saudi Arabian Crown Prince Mohammed bin Salman has immunity from a lawsuit over the murder of Jamal Khashoggi, drawing immediate condemnation from the slain journalist's former fiancee. In late September, Saudi King Salman named Prince Mohammed prime minister in a royal decree which a Saudi official said was in line with responsibilities that the crown prince was already exercising. FIST-BUMPBiden was criticized for fist-bumping the crown prince on a visit to Saudi Arabia in July to discuss energy and security issues. The White House said Biden had told Prince Mohammed that he considered him responsible for Khashoggi's killing. In a highly charged global atmosphere, the United States is keen to prevent its long-time ally from further distancing itself.

Deutsche Bank's scapegoating ruined the reputation and career of Connolly, a married father of two, and caused the "destruction of his life," the complaint said. Investigations worldwide into Libor manipulation resulted in about $9 billion of fines for banks, including $2.5 billion for Deutsche Bank in 2015. Connolly sued Deutsche Bank four weeks after a New York judge tossed a Libor-rigging indictment against former UBS (UBSG.S) and Citigroup (C.N) trader Tom Hayes and another trader. Hayes had already served more than five years in prison in Britain for rigging Libor. The case is Connolly v. Deutsche Bank AG, U.S. District Court, Southern District of New York, No.

Weisselberg testified that during the cleanup, Trump's sons knew the company paid executives' personal expenses that were not reported as income, and gave them bonuses as if they were independent contractors. Weisselberg said the company also did not fire or otherwise discipline two other executives who had engaged in similar practices. He said he had little interaction with Trump about the company after Trump became president. But he said Trump was aware the company had paid rent on Weisselberg's luxury Manhattan apartment for years, and signed the lease in 2005. Weisselberg told Hoffinger he did not recall whether Futerfas seemed unhappy with his testimony.

WASHINGTON, Nov 18 (Reuters) - A federal prosecutor on Friday urged a Washington jury to convict far-right Oath Keepers founder Stewart Rhodes and four of his associates for plotting to use force on Jan. 6, 2021, to block Congress from certifying President Joe Biden's election. The government asserts the Oath Keepers conspired to use force to keep Republican former President Donald Trump in power by stopping Congress from certifying Biden's election victory, with defendants Meggs, Watkins and Harrelson entering the building clad in tactical gear. Prosecutors also allege the Oath Keepers staged a "quick reaction force" in a nearby Virginia hotel, a plan which entailed stockpiling firearms that could be ferried across the river into the capital if needed. More than 900 people have been charged in the Capitol attack, which led members of Congress to run for cover as thousands of Trump's supporters stormed the building. Reporting by Sarah N. Lynch; Editing by Howard GollerOur Standards: The Thomson Reuters Trust Principles.

[1/2] Crown Prince of Saudi Arabia, Mohammed bin Salman is pictured during his meeting with South Korea's President Yoon Suk-yeol in Seoul, South Korea, November 17, 2022. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERSNov 17 (Reuters) - The Biden administration has determined that Saudi Arabian Crown Prince Mohammed bin Salman has legal immunity from a lawsuit filed against him over the 2018 killing of Saudi journalist Jamal Khashoggi, the U.S. Department of Justice said in a court filing on Thursday. The prince has denied ordering Khashoggi's killing but acknowledged later that it took place "under my watch." Biden, who fist-bumped the crown prince on a visit to Saudi Arabia in July to discuss energy and security issues, had told Prince Mohammed that he considered him responsible for Khashoggi's killing. He had traveled to the Saudi consulate in Istanbul to obtain papers he needed to marry Hatice Cengiz, a Turkish citizen.

But Weisselberg said Trump did not conspire with him on the tax fraud scheme for which the Trump Organization is on trial. Weisselberg pleaded guilty in August and agreed to testify as part of a plea deal. But under cross-examination by Trump Organization lawyer Alan Futerfas, Weisselberg said he conspired with McConney, but not with any member of the Trump family. McConney is immune from prosecution for the tax fraud because he testified before the grand jury that indicted both Weisselberg and the Trump Organization. The questionable practices eventually came to an end in 2017 when Trump became president, Weisselberg said.

"It is more complicated than your plain vanilla crypto exchange story," she said. FTX filed for bankruptcy on Nov. 11 and is facing scrutiny from U.S. authorities. The lawsuit filed on Tuesday did not name FTX as a defendant but instead targeted individuals. New lawsuits may also target celebrity promoters of FTX crypto products. Future investor lawsuits over the FTX meltdown are likely to allege claims beyond securities registration and consumer protection violations, plaintiffs' attorneys said.

A draft of the lawsuit was included in a Thursday filing by her lawyer Roberta Kaplan in Manhattan federal court, where Carroll is also suing Trump for defamation over an earlier statement about the incident. The proposed lawsuit seeks unspecified compensatory and punitive damages, and a retraction of Trump's statement. Carroll's earlier lawsuit stemmed from Trump's June 2019 statement denying that he raped her, and saying she concocted their alleged encounter to sell her forthcoming book. Trump's lawyers have proposed a May 8 trial that does not address the second lawsuit, court papers show. The case is Carroll v. Trump, U.S. District Court, Southern District of New York, No.

[1/2] A sign is seen during Gabby Petito's memorial service in Holbrook, New York, U.S., September 26, 2021. "The Petito family lost their daughter, and they were also denied the opportunity to confront her killer," Patrick Reilly, a lawyer for Petito's parents, said in a statement. "No amount of money is sufficient to compensate the Petito family for the loss of their daughter, Gabby, at the hands of Brian Laundrie." Any money recovered will go to the Gabby Petito Foundation, a nonprofit formed after her death that helps organizations that support locating missing persons and aids victims of domestic violence, Reilly said. A separate lawsuit that Petito's parents filed against Laundrie's parents, alleging their son told them of Petito's slaying before her body was discovered, remains pending.

Nov 17 (Reuters) - A U.S. judge on Thursday blocked key provisions of a Florida state law that curbs professors from endorsing particular viewpoints in public university classrooms, calling the measure "positively dystopian" in the latest blow to the Republican-enacted measure. Chief U.S. District Judge Mark Walker in Tallahassee said in a 139-page ruling that Florida's Individual Freedom Act, also known as the Stop WOKE Act, would have unlawfully required public university professors to self-censor. His ruling came in consolidated lawsuits filed by professors and students challenging the Individual Freedom Act, which Republican Florida Governor Ron DeSantis championed and signed into law in April. A spokesperson for DeSantis did not immediately respond to a message seeking comment, nor did the Florida attorney general's office, which defended the law in court. Attorneys for Florida had argued that the state had full power to restrict what public university professors, as state employees, could say in their classrooms.

Companies Us Justice Department FollowNov 17 (Reuters) - The U.S. Justice Department on Thursday launched a probe into whether Oklahoma, Oklahoma City and the city's police department discriminate against people who have mental health disabilities in the provision of behavioral care services. The ADA requires state and local governments to provide people with disabilities equal access to programs and services. In addition, the department will look into how Oklahoma City responds to emergency calls that involve a mental health crisis and if city police follow ADA standards on the scene of such calls. "We will evaluate whether the state of Oklahoma’s failure to provide community-based services for people with behavioral health disabilities in Oklahoma County results in unnecessary institutionalization and unnecessary police contact," Clarke said. The investigation came after a discrimination complaint was filed with the agency, according to a senior Justice Department official.

Jennifer Schulp, a director at the libertarian think tank Cato Institute, said the Republicans' unexpectedly tight margin of control in the House will not prompt them to tone down their rhetoric. 'REGULATORY EXUBERANCE'Patrick McHenry, a North Carolina Republican in line to lead the House Financial Services Committee in the new Congress, said in an emailed statement to Reuters before the election that Biden's administration "is pushing its agenda through financial regulators because they don’t have the votes to pass it in Congress." "Committee Republicans will work together to conduct appropriate oversight of activist regulators and market participants who have an outsized impact," McHenry said. "The appropriations process in the House will be a messaging exercise, and it's less worrisome since the Democrats will have the Senate," McGannon said. While those Senators will not be in the majority, House Republicans have also criticized companies on ESG-related matters.

☆ Nike employees had a gender pay gap of $11,000, newly unsealed court documents allege. The company says the number is erroneous and it's achieved pay parity.
▼ + stars: | 2022-11-17 | by ( Matthew Kish | ) www.businessinsider.com time to read: +4 min

The claim was made in a sweeping gender discrimination lawsuit filed in 2018. The alleged pay gap had been sealed in court records. The alleged pay gap was unsealed on Wednesday after a successful court challenge by Insider, the Oregonian, and the Portland Business Journal. Nike did not immediately respond to a request for comment about the alleged pay gap. In an April 2022 court filing, an expert witness for Nike criticized the methodology plaintiffs used to determine the alleged pay gap.

Nov 16 (Reuters) - U.S. crypto investors sued FTX founder Sam Bankman-Fried and several celebrities who promoted his exchange including NFL quarterback Tom Brady and comedian Larry David, claiming they engaged in deceptive practices to sell FTX yield-bearing digital currency accounts. The proposed class action filed on Tuesday night in Miami alleges that FTX yield-bearing accounts were unregistered securities that were unlawfully sold in the United States. When the crypto exchange faltered on liquidity concerns, U.S. investors sustained $11 billion in damages, the lawsuit says. The lawsuit seeks damages from Bankman-Fried and 11 athletes and other celebrities who promoted FTX, including David, the creator of "Seinfeld" and "Curb Your Enthusiasm." Sean Masson, an attorney at Scott+Scott who represents crypto investors in the EMAX case, said investors have used the Florida unfair trade law to target crypto promoters in lawsuits that are pending.

Nov 16 (Reuters) - Dell Technologies Inc (DELL.N) on Wednesday said it reached a $1 billion settlement of a lawsuit accusing it of short-changing some shareholders in a controversial $23.9 billion transaction in 2018 that marked its return as a publicly traded company. The disputed December 2018 transaction involved a stock swap related to Dell's interest in software maker VMware. Dell paid $14 billion in cash and issued 149.4 million Class C shares in exchange for outstanding Class V shares, which tracked VMware's publicly traded stock. Holders of the Class V shares sought $10.7 billion in damages, saying their stock was worth far more than Dell paid for it, while the Class C stock was worth far less than Michael Dell and Silver Lake claimed. Michael Dell was worth $52 billion on Tuesday, according to Forbes magazine.

A recent multimillion-dollar transaction could show how Trump might get around that restriction. Many U.S. election law experts expect that MAGA Inc will spend money to support Trump's 2024 campaign, which he officially kicked off on Tuesday. "That's a gray area in the law that they might try to exploit," said Weiner, a former lawyer at the Federal Election Commission. If the FEC doesn't act on the Campaign Legal Center's request for a probe, the group could ask a judge to order the regulator to launch an investigation. A deadlock could lead to further court cases, potentially running out the clock before the 2024 election.

☆ Musk says he was focused on reviving Tesla, defends $56 billion pay
▼ + stars: | 2022-11-16 | by ( Tom Hals | Hyunjoo Jin | ) www.reuters.com time to read: +4 min

Elon Musk, Chief Executive Officer (CEO) of SpaceX, Tesla and Twitter, arrives to a trial regarding his Tesla pay package at the Delaware Court of Chancery in Wilmington, Delaware, U.S., November 16, 2022. Tesla shareholder Richard Tornetta sued Musk and the board in 2018 and hopes to prove that Musk used his dominance over Tesla’s board to dictate terms of the package, which did not require him to work at Tesla full-time. Musk, the world’s richest person, described how the automaker was struggling to survive in 2017, when the pay package was developed. The legal team for Musk and the Tesla directors have cast the pay package as a set of audacious goals that worked by driving 10-fold growth in Tesla’s stock value, to more than $600 billion from around $50 billion. The disputed Tesla package allows Musk to buy 1% of Tesla’s stock at a deep discount each time escalating performance and financial targets are met.

☆ Amid Twitter turmoil, Musk takes stand in $56 billion Tesla pay trial
▼ + stars: | 2022-11-16 | by ( Tom Hals | ) www.reuters.com time to read: +3 min

In one clip, Musk dismissed the idea that the board should have discussed requiring that he spend more time with Tesla. He apologized from the stand to a British diver who he called “pedo guy” in a tweet and who sued Musk for defamation. The disputed Tesla package allows Musk to buy 1% of Tesla’s stock at a deep discount each time escalating performance and financial targets are met. Tesla has hit 11 of the 12 targets, according to court papers. The Musk case survived a motion to dismiss because it was determined he might be considered a controlling shareholder, which means stricter rules apply.

☆ Amid Twitter turmoil, Musk arrives in court for $56 billion Tesla pay trial
▼ + stars: | 2022-11-16 | by ( Tom Hals | ) www.reuters.com time to read: +3 min

On Monday and Tuesday, the court got a taste of Musk’s testimony through short clips from his 2021 deposition in the litigation. In one clip, Musk dismissed the idea that the board should have discussed requiring that he spend more time with Tesla. The disputed Tesla package allows Musk to buy 1% of Tesla’s stock at a deep discount each time escalating performance and financial targets are met. Tesla has hit 11 of the 12 targets, according to court papers. The Musk case survived a motion to dismiss because it was determined he might be considered a controlling shareholder, which means stricter rules apply.

Nov 15 (Reuters) - A federal jury in Texas on Tuesday said Intel Corp (INTC.O) must pay VLSI Technology LLC $948.8 million for infringing a VLSI patent for computer chips. Last March VLSI won a nearly $2.2 billion verdict from Intel in a separate Texas trial over different chip patents, which Intel has appealed. VLSI lost another related patent trial against Intel the following month. An attorney for VLSI said at trial that Intel's chips cause "millions and millions of infringements per second." Two other patent cases brought by VLSI against Intel are still pending in Northern California and Delaware.

Nov 16 (Reuters) - A Wisconsin man convicted of killing six people and injuring dozens more when he drove through a Christmas parade near Milwaukee last year was sentenced to life in prison on Wednesday at the conclusion of a two-day hearing. Waukesha County Circuit Court Judge Jennifer Dorow handed down six mandatory life in a prison terms to Darrell Brooks, 40, who was found guilty on Oct. 26 of 76 criminal charges, including six counts of intentional homicide. Leanna Owen was performing with her troupe known as the Dancing Grannies when she was struck and killed. Five others, including an 8-year-old boy, were killed in the incident while more than 60 others were injured, including at least 18 children. Before he was sentenced, Brooks, a Milwaukee resident who represented himself during the trial, called several people to speak to the court on his behalf.

Search resuls for: "Corporate Law"

25 mentions found