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☆ 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.

(Reuters) - A Kirkland & Ellis partner whose clients have included General Motors Co, BP Plc and auto manufacturer Polaris Inc said he has joined the Chicago office of Quinn Emanuel Urquhart & Sullivan. R. Allan Pixton told a federal judge in Detroit on Friday that he has joined Quinn Emanuel's Chicago office. Pixton and a Kirkland spokesperson did not immediately respond to a request for comment. According to his defunct Kirkland profile, Pixton's litigation experience covered class actions and mass torts. In 2020, he left Kirkland to lead the new Chicago office of Hilliard Martinez Gonzalez, a Corpus Christi, Texas-based law firm.

☆ Thieves can steal a car in minutes by hacking it through its headlights with devices sold online, experts warn
▼ + stars: | 2023-04-24 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +4 min

Emergency start devices sold online starting at $1,600 can hack into a car through its wire network. The easiest access to car wires is through the headlights, car security experts say. "Normally, the wake-up message happens when you've pressed your car key. The hacking device sends a message to the car's front network — a car has many networks for logistic reasons — pretending to be the key. To study the hacking system, Tindell and Tabor purchased a similar hacking device online and reverse-engineered it.

☆ Credit Suisse bondholders sue Swiss authorities
▼ + stars: | 2023-04-21 | by ( ) edition.cnn.com time to read: +2 min

Investors representing more than 4.5 billion Swiss francs ($5 billion) of Credit Suisse bonds have sued the Swiss financial regulator over its decision to wipe out their investments during last month’s emergency government-orchestrated takeover. Law firm Quinn Emanuel Urquhart & Sullivan, which is representing the bondholders, said Friday the move was the first in a series of steps to seek redress for clients it said had been unlawfully deprived of their property rights during the takeover of Credit Suisse (CS) by bigger rival UBS (UBS). The appeal against FINMA, the Swiss Financial Market Supervisory Authority, which ordered the writedown, was filed on April 18 in the Federal Administrative Court in St Gallen, north-east Switzerland. “FINMA’s decision undermines international confidence in the legal certainty and reliability of the Swiss financial center,” said Thomas Werlen, Quinn Emanuel’s Swiss managing partner. The Federal Administrative Court said it was still receiving complaints but declined to name claimants or comment on how many had been lodged by bondholders or their lawyers.

It is the first major lawsuit in the public domain to be filed over the Swiss decision to wipe out around $18 billion of Credit Suisse's Additional Tier 1 (AT1) debt during the 3 billion Swiss franc all-share rescue deal last month, which stunned markets and alerted litigators. The appeal against FINMA, the Swiss Financial Market Supervisory Authority that ordered the writedown, was filed on April 18 in the Federal Administrative Court in St Gallen, north east Switzerland. "FINMA's decision undermines international confidence in the legal certainty and reliability of the Swiss financial center," said Thomas Werlen, Quinn Emanuel's Swiss managing partner. FINMA declined to comment and Credit Suisse did not immediately respond to a Reuters request for comment. ($1 = 0.8941 Swiss francs)Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Lawsuits lodged over state-backed Credit Suisse takeover
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +2 min

April 21 (Reuters) - Several lawsuits have been filed over the terms of last month's emergency deal to save Swiss lender Credit Suisse (CSGN.S) by selling it to its bigger rival UBS (UBSG.S). Around 16 billion Swiss francs of Additional Tier 1 (AT1) Credit Suisse debt was written down to zero, in a shock to markets. But it has declined to name claimants or provide an ongoing tally of those lodged by bondholders or their lawyers. UNITED STATESOne of the first proposed U.S. class action s against Credit Suisse over alleged false or misleading statements pre-dates the rescue. Credit Suisse declined to comment.

☆ I'd wait to buy a new car, analyst says
▼ + stars: | 2023-04-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailI'd wait to buy a new car, analyst saysTim Urquhart, principal analyst at S&P Global Mobility, says "we're going to be going through a transitional phase because vehicle production is beginning to speed up again."

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ZURICH, April 4 (Reuters) - Credit Suisse (CSGN.S) will face shareholder anger on Tuesday at what will be its final annual general meeting after the bank was rescued last month by Swiss rival UBS (UBSG.S). Tuesday's shareholder meeting marks an ignominious end for the 167-year-old flagship bank founded by Alfred Escher, a Swiss magnate affectionately dubbed King Alfred I, who helped build the country's railways and then Credit Suisse. After a run on deposits, the Swiss government turned to UBS, which agreed to buy Credit Suisse for 3 billion Swiss francs ($3.3 billion), a fraction of its earlier market value. In the lead up to Tuesday, Credit Suisse said it had withdrawn certain proposals from the meeting's agenda. Meanwhile, the office of the attorney general on Sunday said Switzerland's Federal Prosecutor has opened an investigation into the Credit Suisse takeover.

☆ Credit Suisse AT1 bondholders hire law firm for possible litigation
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, April 3 (Reuters) - Some holders of Credit Suisse AT1 bonds wiped out by the bank's planned merger with UBS have instructed law firm Quinn Emanuel Urquhart & Sullivan to represent them for discussions with Swiss authorities and possible litigation to recover losses. The bondholder group holds a "significant percentage of the total notional value" of the AT1 bonds, the law firm said in a statement on Monday. AT1 bonds are the riskiest type of debt banks can issue, ranking immediately after equity in the event of losses. Banks' AT1 bonds fell after the Swiss decision highlighted the risks of investing in these securities. Meanwhile, Switzerland's Federal Prosecutor has opened an investigation into the state-backed takeover of Credit Suisse by UBS Group, the office of the attorney general said on Sunday.

☆ Panic over the rise of AI is hitting a fever pitch
▼ + stars: | 2023-04-02 | by ( Matt Turner | Dave Smith | ) www.businessinsider.com time to read: +4 min

On the agenda today:But first: The panic over the AI boom hit a new peak this week. A prominent AI researcher went further, saying six months wasn't long enough, and "we need to shut it all down." But those fears also make sense against the backdrop of a shaky economy and a distrust of Big Tech. Goldman Sachs has forecast that AI systems could impact 300 million full-time jobs. AI has been described as the next transformational technology, on a par with the creation of the internet or the television.

☆ Inside a shake-up at the world's 'most feared law firm'
▼ + stars: | 2023-03-30 | by ( Casey Sullivan | ) www.businessinsider.com time to read: +30 min

It's been a tumultuous period for Quinn and the storied law firm he built over the past 37 years — now the world's largest litigation firm with hourly rates that can be north of $2,000. But behind the scenes, a shift at QE has been the talk of elite law firm circles. Indeed, the firm – known as a singular, even freewheeling, institution that brands itself as the "#1 Most Feared Law Firm in the World" — may appear to be less in the image of its founder as a generational shift brings changes. "We all thought it was important that the world understands this is not a one generation law firm." One former firm partner in California says he believes Quinn's inner circle generally got better deals.

☆ The second day of Tesla's racial bias trial included testimony from a former worker who said he found feces on a factory cart
▼ + stars: | 2023-03-29 | by ( Grace Kay | ) www.businessinsider.com time to read: +6 min

It was part of a retrial for an ex-contractor who filed a racial discrimination lawsuit against Tesla. Wheeler was one of a handful of former Tesla workers that testified on Tuesday regarding their experience as Black workers at Tesla's Fremont factory. Wheeler said that the incident occurred one evening during his night shift at the factory after he took a 30-minute break. Wheeler had testified about the alleged incident in the initial trial in 2021. His complaints echo similar lawsuits from other Tesla factory workers.

LONDON, March 23 (Reuters) - Credit Suisse (CSGN.S) bondholders are seeking legal advice after the Swiss regulator ordered 16 billion Swiss francs ($17.5 billion) of Additional Tier-1 (AT1) debt to be wiped out under its rescue takeover by UBS (UBSG.S). Not only did bondholders expect protection, but UBS is paying $3.23 billion to Credit Suisse shareholders. One Paris-based manager of a debt fund that held Credit Suisse AT1s said he had been "spammed" with emails from lawyers. Facing any challenge could be Credit Suisse, its new owner UBS, Swiss regulator FINMA or the Swiss government. It also cited an emergency March 19 ordinance which it said authorised FINMA to instruct Credit Suisse to write off the bonds.

March 21 (Reuters) - Investors on Tuesday took some heart from the rescue of troubled lender Credit Suisse by its Swiss rival UBS (UBSG.S), though concerns lingered about the risk of shockwaves further damaging credit markets and smaller U.S. banks. "The current situation in U.S. regional banks and Credit Suisse has raised concerns about contagion risk," said Grace Tam, chief investment advisor Hong Kong at BNP Paribas Wealth Management. Credit Suisse CEO Ulrich Koerner, who was expected to attend the conference, however, dropped out and the event was closed to media after the weekend rescue. Shares in First Republic Bank (FRC.N) halved on Monday on worries that last week's $30 billion infusion of capital would not be enough. The regulators said owners of this type of debt would only suffer losses after shareholders have been wiped out - unlike at Credit Suisse, whose main regulators are in Switzerland.

☆ PIMCO lost $340 mln with Credit Suisse AT1 bonds write-off - source
▼ + stars: | 2023-03-21 | by ( Davide Barbuscia | ) www.reuters.com time to read: +2 min

Credit Suisse's (CSGN.S) Additional Tier 1 (AT1) bonds in PIMCO’s mutual funds had been worth about $340 million on Friday, the source familiar with the matter said. PIMCO's current holdings of Credit Suisse bonds, excluding the AT1 debt, were worth over $4 billion, said the source, who was speaking on condition of anonymity. Some Credit Suisse bonds rallied on Monday after the state-backed rescue of the embattled lender. AT1 bonds issued by other European banks, instead, fell sharply on Monday as the treatment of Credit Suisse AT1 bondholders highlighted the risks of investing in these securities. Meanwhile, law firm Quinn Emanuel Urquhart & Sullivan said it was talking to a number of Credit Suisse AT1 holders about possible legal action.

☆ Credit Suisse bondholders prepare lawsuit after contentious $17 billion writedown
▼ + stars: | 2023-03-21 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

A sign of Credit Suisse bank is seen at their headquarters in Zurich on March 20, 2023. A number of Credit Suisse bondholders said Tuesday that they were considering legal action after $17 billion of the bank's additional tier-one (AT1) bonds were wiped out as part of its emergency sale to UBS . David Benamou, chief investment officer at Axiom Alternative Investments and a holder of Credit Suisse AT1 bonds, told CNBC on Tuesday that he would be joining the lawsuit along with, he imagined, "probably most bondholders." Was Credit Suisse failing? The Credit Suisse write-down represents the largest loss ever inflicted on AT1 investors since their inception.

☆ Canada's banking regulator reaffirms creditor hierarchy after Credit Suisse deal angers bondholders
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

March 20 (Reuters) - Canada's banking regulator said on Monday that those who hold Additional Tier 1 (AT1) and Tier 2 debt will be entitled to a more favorable outcome if a bank runs into trouble. If a bank reaches the point of "non-viability", common shareholders of the bank will be the first to suffer losses, the Canadian regulator said. It means AT1 bondholders appear to be left with nothing while shareholders, who usually rank below bondholders in terms of who gets paid when a company collapses, will receive $3.23 billion under the deal. Lawyers from Switzerland, the United States and UK are talking to a number of Credit Suisse AT1 bond holders about possible legal action, law firm Quinn Emanuel Urquhart & Sullivan said on Monday. ($1 = 0.9285 Swiss franc)Reporting by Niket Nishant in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Some $17 billion worth of AT1 Credit Suisse bonds will be written down to zero on the orders of the Swiss regulator as part of a rescue merger with UBS (UBSG.S). Under the deal, holders of Credit Suisse AT1 bonds will get nothing, while shareholders, who usually rank below bondholders in terms of who gets paid when a bank or company collapses, will receive $3.23 billion. AT1 bonds issued by other European banks fell sharply on Monday as the treatment of Credit Suisse AT1 bondholders highlighted the risks of investing in this type of debt. AT1 bonds act as shock absorbers if a bank's capital levels fall below a certain threshold. Meanwhile, law firm Quinn Emanuel Urquhart & Sullivan said it was talking to a number of Credit Suisse AT1 holders about possible legal action.

LONDON, March 20 (Reuters) - Lawyers from Switzerland, the United States and UK are talking to a number of Credit Suisse (CSGN.S) Additional Tier 1 (AT1) bond holders about possible legal action after the state-backed rescue of Credit Suisse by UBS (UBSG.S) wiped out AT1 bonds, law firm Quinn Emanuel Urquhart & Sullivan said on Monday. Quinn Emanuel said it was in discussions with Credit Suisse AT1 bondholders representing a "significant percentage" of the total notional value the instruments. PIMCO had 3.49% of its 5.66 billion euro ($6.06 billion) GIS Capital Securities Fund in Credit Suisse AT1 bonds, the Morningstar data showed. Lazard Asset Management had 7.4% of its 1.45 billion euro Lazard Capital Fi SRI fund allocated to Credit Suisse AT1 debt. GAM's 1.15 billion euro Star Credit Opportunities fund's exposure to Credit Suisse AT1 debt was 4.81% at the end of last month, based on the Morningstar data.

☆ Possible legal action by some Credit Suisse AT1 bondholders discussed - law firm
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 20 (Reuters) - A team of lawyers from Switzerland, the United States and UK are talking to a number of Credit Suisse (CSGN.S) Additional Tier 1 (AT1) bond holders about possible legal action after the state-backed rescue of Credit Suisse by UBS wiped out AT1 bonds, law firm Quinn Emanuel Urquhart & Sullivan said on Monday. Quinn Emanuel said they are in discussions with Credit Suisse AT1 bond holders representing a "significant percentage" of the total notional value the instruments. Just over $17 billion worth of Credit Suisse bonds, known as Additional Tier 1 or AT1, debt will be written down to zero on the orders of the Swiss regulator as part of a merger. A call for bondholders is likely to be convened to take place on Wednesday, 22 March, Quinn Emanuel said. Reporting by Chiara Elisei and Karin Strochecker; Editing by Dhara RanasingheOur Standards: The Thomson Reuters Trust Principles.

"Meta's discovery gluttony confirms its request of eBay is not worthy of the burden Meta seeks to impose," eBay's lawyers told the California court. EBay's Quinn Emanuel attorneys derided Meta as a "litigant that has completely disregarded the bounds of reason and proportionality" in seeking information from third parties. A representative from eBay and its attorneys at Quinn Emanuel did not immediately respond to requests for comment. Lawyers for eBay contend the company doesn't compete with Meta on social networking but does face off over the Facebook Marketplace e-commerce service. The case is Federal Trade Commission v. Meta Platforms Inc, U.S. District Court, Northern District of California, No.

☆ FTX's lawyers and advisers cost $38 million for a month of work - and the bankrupt crypto exchange's new CEO charged $305,000 for February
▼ + stars: | 2023-03-07 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The army of professionals working with FTX billed $38 million in expenses for January. FTX CEO John Ray III submitted a bill for $305,565 for the month of February. Those three firms have over 180 lawyers and over 50 other staffers working on the FTX case, per the CoinDesk report. Sullivan & Cromwell billed 14,569 hours of work in January for a total of $16.8 million. Meanwhile, FTX's trading arm sued Grayscale this week in a bid to claw back $250 million to repay customers.

The effort comes as the United States seeks to sustain its liquefied natural gas, or LNG, exports to Europe to displace Russian fuel, while also promoting efforts to fight global warming. A credible market for certified natural gas could help it tackle both goals at once. Crabtree said he hosted a workshop in October with gas industry representatives, including a new industry group called the Differentiated Gas Coordinating Council (DGCC), to discuss standards for certified gas. While gas burns cleaner than other fossil fuels, its main component is the powerful greenhouse gas methane, which can leak into the atmosphere from drilling, processing, shipping and distribution. Palti-Guzman said certified gas could also be key to securing a longterm role for U.S. LNG in Europe where carbon prices last month hit a record 100 euros per tonne.

Companies Google Inc FollowAlphabet Inc FollowMarch 2 (Reuters) - Consumers suing Alphabet Inc's (GOOGL.O) Google LLC over its data collection practices have lost their early appeal to pursue money damages as a class action seeking billions of dollars. Plaintiffs sued Google in 2020, claiming that Google continued to collect data from users despite their use of private-browsing in Chrome's "Incognito" mode. Circuit Court of Appeals in San Francisco on Wednesday rejected the plaintiffs' bid to appeal a lower court decision last year that denied class action status for money damages claims against Google. The damages class would include at least "tens of millions" of Google browser users, court filings indicate. Google has denied that it deceived anyone over private-browsing, saying its Chrome browser users consented to the company's data collection.

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