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March 10 (Reuters) - The Chicago mayor's office said on Friday a $23.8 million settlement has been reached with Juul Labs Inc over claims that the e-cigarette maker deceptively marketed its products and for selling vaping products to underage users. In the settlement, Chicago said Juul has denied and continues to deny any wrongdoing and liability in connection with the design, manufacture, production, advertisement, marketing, distribution, sale, use, and performance of its products. According to the settlement, the company has agreed to pay the city $2.8 million within 30 days of the execution of the agreement. Chicago would receive an additional $21 million payment later this year under the current schedule and may potentially receive up to $750,000 additional, court-awarded payments, the Chicago mayor's office said. Altria Group Inc (MO.N), which had a stake in Juul valued at $12.8 billion in 2018, on Monday exchanged its investment in Juul, last valued at $250 million, for some of the vaping company's heated tobacco intellectual property.

☆ Marlboro Maker Ditches Juul and Buys NJOY
▼ + stars: | 2023-03-06 | by ( Jennifer Maloney | Robb M. Stewart | ) www.wsj.com time to read: 1 min

Marlboro maker Altria Group Inc. agreed to buy vaping pioneer NJOY Holdings Inc. for at least $2.75 billion, after closing the chapter on its disastrous investment in e-cigarette maker Juul Labs Inc. The deal for NJOY, one of the few e-cigarette makers whose products have clearance from federal regulators, includes an additional $500 million if the Food and Drug Administration authorizes additional NJOY products. Those include the menthol-flavored refill pods it currently sells and a new version of its device that uses a Bluetooth connection to authenticate the user before unlocking.

☆ Altria to Buy Vaping Startup NJOY for at Least $2.75 Billion
▼ + stars: | 2023-03-06 | by ( Robb M. Stewart | ) www.wsj.com time to read: 1 min

NJOY has received clearance from the FDA to sell its tobacco-flavored e-cigarettes. Altria Group Inc. said it struck a deal to buy startup NJOY Holdings Inc. for at least $2.75 billion, the latest attempt by the Marlboro maker to shift into e-cigarettes as traditional smoking has declined. The deal comes after Altria last week said it would exchange its entire minority investment in embattled e-cigarette maker Juul Labs Inc. for a nonexclusive global license to certain of Juul’s heated tobacco intellectual property.

Companies Ripple Labs Inc FollowMarch 3 (Reuters) - Ripple Labs Inc said in court papers Friday that a recent U.S. Supreme Court decision supports one of its key defenses in the U.S. Securities and Exchange Commission's case over the cryptocurrency XRP. The SEC has asked Torres to decide that Ripple had fair notice that XRP was a security under U.S. law. Ripple and the executives have said the question of whether or not the law was vague should go to trial. A ruling in the case could further define what digital assets are considered securities in the U.S. The case is SEC v. Ripple Labs Inc, U.S. District Court, Southern District of New York, No.

Feb 27 - The U.S. Supreme Court on Monday declined to hear a challenge to Los Angeles County's ban on sales of flavored tobacco products brought by R.J. Reynolds Tobacco Company, which had argued that only the federal government - not state or local governments - has the legal authority to regulate tobacco products. The Supreme Court in December allowed a California statewide ban on flavored tobacco products, also challenged by R.J. Reynolds, to go into effect. California became the second state to ban all flavored tobacco product sales, after Massachusetts in 2019. Flavored tobacco products, especially e-cigarettes, have come under scrutiny in recent years as critics have said they appeal to youth. Circuit Court of Appeals last year upheld the Los Angeles ban on a 2-1 vote.

NJOY is one of the few e-cigarette makers whose products have clearance from federal regulators. Marlboro maker Altria Group Inc. is in advanced talks to buy e-cigarette startup NJOY Holdings Inc. for at least $2.75 billion and plans to divest its stake in Juul Labs Inc., according to people familiar with the matter. The deal for NJOY, one of the few e-cigarette makers whose products have clearance from federal regulators, could be announced as soon as this week, the people said, though the talks could still fall apart. The proposed deal includes an additional $500 million earnout if certain regulatory milestones are met, the people said. The Wall Street Journal reported last June that NJOY had hired advisers and was exploring a sale.

☆ Altria in talks to buy vaping startup NJOY for about $2.75 billion - WSJ
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

Feb 27 (Reuters) - Altria Group Inc (MO.N) is in advanced talks to buy e-cigarette startup NJOY Holdings Inc for at least $2.75 billion, the Wall Street Journal reported on Monday, citing people familiar with the matter. The Journal further notes that the proposed deal includes an additional $500 million earnout if regulatory milestones are met. The Journal reported in October Juul was preparing to file for Chapter 11 bankruptcy, while searching for an alternative - such as a sale, investment or loan - that could stave off a filing. NJOY and Altria did not immediately respond to Reuters' requests for comment. In July, the WSJ had reported that NJOY has hired bankers for a possible sale of the company, adding that the privately held firm is likely to be valued at up to $5 billion.

NEW YORK, Feb 22 (Reuters) - The creator of a marketplace for National Basketball Association Top Shot non-fungible tokens must face a lawsuit claiming that the tokens are securities, a U.S. judge ruled on Wednesday. U.S. District Judge Victor Marrero in Manhattan rejected Dapper Labs Inc's bid to dismiss a proposed class action by purchasers of NBA Top Shot Moments, which are digital video clips of NBA game highlights. The lawsuit said Dapper should have registered the NFTs as securities because their value was tied to the success of Dapper's blockchain. It says there are more than 1.5 million users of NBA Top Shot, with sales exceeding $1 billion. The case is Friel v. Dapper Labs Inc et al, U.S. District Court, Southern District of New York, No.

☆ Sorry crypto world, but SEC isn’t backing down on ‘regulation by enforcement’
▼ + stars: | 2023-02-08 | by ( Alison Frankel | Thomson Reuters | Alison Frankel Has Covered High-Stakes Commercial Litigation As A Columnist For Reuters Since A Dartmouth College Graduate | ) www.reuters.com time to read: +7 min

Right now, Wahi argued, crypto users are simply left guessing about their exposure to SEC enforcement — and that's not sustainable. That strategy, Hodl Law asserted, didn't give token-holders fair notice about whether their coins are securities. Otherwise, Hodl Law said, Ethereum users have no idea if the SEC will swoop in with an enforcement action. The SEC also said that it's not obliged to warn crypto users about its interpretation of securities laws. It also, however, provides the first robust explanation of an argument I expect to see more often in SEC crypto cases: SEC enforcement, according to Wahi, is precluded by the Supreme Court’s recently articulated major questions doctrine.

☆ Juul in Deal Talks With Three Tobacco Giants
▼ + stars: | 2023-01-25 | by ( Jennifer Maloney | Laura Cooper | ) www.wsj.com time to read: 1 min

Juul in December agreed to pay $1.7 billion in a settlement covering over 5,000 lawsuits. Juul Labs Inc. is looking for a new partner. The e-cigarette maker, which came close to filing for bankruptcy protection last fall, is now in early-stage talks with three tobacco giants, according to people familiar with the matter. Juul is seeking a potential sale, strategic-investment, licensing or distribution deal, the people said.

☆ Juul in deal talks with three tobacco giants - WSJ
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +1 min

Jan 25 (Reuters) - E-cigarette maker Juul Labs Inc is in early talks with three tobacco giants for a potential sale, strategic investment, licensing or distribution deal, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. The company, which was reportedly looking to file for Chapter 11 bankruptcy, have had separate discussions with Philip Morris International Inc (PM.N), Japan Tobacco Group (2914.T) and Altria Group Inc (MO.N), the report said. Juul, partly owned by Marlboro maker Altria, did not immediately respond to a Reuters request for comment. A deal is not imminent and the discussions may not result in a sale or partnership, the people told the Journal on Wednesday. Last week, Juul secured preliminary court approval of a $255 million settlement resolving claims by consumers that it deceptively marketed e-cigarettes.

☆ U.S. judge grants preliminary approval to Juul consumer settlement
▼ + stars: | 2023-01-21 | by ( ) www.reuters.com time to read: +2 min

Jan 20 (Reuters) - Juul Labs Inc on Friday secured preliminary court approval of a $255 million settlement resolving claims by consumers that it deceptively marketed e-cigarettes, as the company seeks to resolve thousands of lawsuits. U.S. District Judge William Orrick in San Francisco said the proposed class action settlement resolving claims by consumers who said they overpaid for Juul's vaping products was "fair, reasonable, and adequate," according to a court filing. The settlement is part of a larger, global agreement by Juul to resolve thousands of lawsuits by school districts, local governments and individuals accusing it of contributing to a youth vaping epidemic. The company last month said it had reached settlements with about 10,000 plaintiffs covering more than 5,000 cases. It has not said how much it will pay, though the Wall Street Journal reported deal is valued at $1.7 billion.

☆ U.S. judge grants preliminary approval to Juul settlement
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

Jan 20 (Reuters) - Juul Labs Inc won preliminary approval of a settlement aimed at ending thousands of lawsuits alleging the company was a major cause of a youth-vaping epidemic in the United States, according to a court filing on Friday. U.S. District Judge William Orrick in San Francisco said Juul's deal to settle almost 10,000 lawsuits filed by local governments across the country seemed to be "fair, reasonable, and adequate." Juul did not immediately respond to a Reuters request for comment. The court document provided no details of the terms of the settlement. The company earlier said it had reached settlements with about 10,000 plaintiffs covering more than 5,000 cases in California.

☆ These are the most important executives who joined Google Cloud in 2022 — and the ones who left
▼ + stars: | 2023-01-19 | by ( Ellen Thomas | ) www.businessinsider.com time to read: +10 min

Below is a list of the key executives who left Google Cloud in 2022 — and the most important new hires. At Google Cloud, Gearhart was responsible for the Google Cloud Platform and Google Workspace channel business around the world, according to her LinkedIn profile. Exit: Frank BienBien, a Looker vice president, left Google Cloud in February, two years after Google acquired the data-analytics company for $2.4 billion. A nearly 20-year Microsoft veteran, Jester joined Google Cloud in 2019 as part of an executive hiring spree initiated by Kurian, who had recently taken the helm of Google Cloud. Hire: Kevin MandiaMandia, Mandiant's CEO and cofounder, joined Google Cloud in September after Google completed its $5.4 billion acquisition of his cybersecurity firm.

☆ Iran has an obligation to give up its nuclear program, Saudi minister says
▼ + stars: | 2023-01-18 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

Iran should relinquish its nuclear program, which violates international agreements, Saudi Minister of State for Foreign Affairs Adel al-Jubeir said Wednesday from the World Economic Forum in Davos. "I believe that Iran has an obligation to give up its nuclear program. Photo: Planet Labs Inc. | APUnder the 2015 Iranian nuclear deal — which involved the U.S. and other powers and lifted economic sanctions on Iran in exchange for curbs on its nuclear program — Iran's uranium enrichment was limited to 3.67%, enough for a civilian nuclear energy program. Tehran maintains that its nuclear program is for civilian purposes and that having one is its sovereign right. Ukraine has blamed Iran for providing Russia with drones, which have been used to attack Kyiv.

In recent years, U.S. tech majors have stepped up hiring and made diversity, equity and inclusion (DEI) a priority. But as the industry grapples with over-hiring since mid-2020, rising interest rates and changes in business and consumer behavior, tech companies have announced deep cuts, risking their diversity efforts. The rare shakeup in big tech companies risks further disrupting diversity pledges that have already grown stagnant as companies de-emphasize DEI efforts. Equal Employment Opportunity data for 2008-2016, found that about 7% of tech firms are actively trying to diversify their workforce. This will disrupt diversity efforts even further, said Benjamin Juarez, a recruiting consultant and co-founder of Latinos in Tech.

☆ Inside the relationship between Sam Bankman-Fried's FTX and Solana, the blockchain he championed whose token is down 96% from its highs
▼ + stars: | 2022-12-29 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +4 min

Sam Bankman-Fried was a big supporter of Solana, the layer-1 blockchain that bills itself as a faster alternative to Ethereum's network. He backed projects on its ecosystem, and his firms amassed huge sums of the blockchain's native token, also called Solana (SOL). The disgraced former crypto mogul backed projects in its ecosystem, and his firms amassed huge sums of the blockchain's native token, also called Solana (SOL). Meanwhile, Bankman-Fried's hedge fund Alameda Research and crypto exchange FTX purchased large sums of SOL tokens from the Solana Foundation, the nonprofit that supports the blockchain, and Solana Labs, the blockchain's developer. That's despite the fact that around 80% of projects on Solana's blockchain had zero exposure to FTX, Yakovenko told Bloomberg.

☆ Struggling to Find Accountants, Businesses Boost Salary Offers, Hire Temporary Workers
▼ + stars: | 2022-12-19 | by ( Mark Maurer | ) www.wsj.com time to read: +7 min

Companies’ accounting and finance departments in particular, which are crucial for managing financial operations, internal controls and financial reporting, are suffering from the lack of personnel. It has 20 to 30 open finance and accounting positions globally, Mr. Juillard said. Companies also try to retain the finance and accounting workers they have. “Securing that talent has been the biggest problem,” Mr. Thorpe said. GEE used to elevate staff accountants to senior accountants in one to three years and to managers in three to six years, Mr. Thorpe said.

☆ Factbox: Major cryptocurrency cases probed by U.S. authorities
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +5 min

BITMEX EMPLOYEESEmployees of BitMEX, including the cryptocurrency exchange's founders, pleaded guilty this year to willfully failing to establish, implement and maintain programs to prevent money laundering. The firm's cofounders pleaded guilty in federal court in New York and each agreed to pay a $10 million criminal fine. Another of the firm's employees also pleaded guilty, and agreed to a $150,000 fine. ONECOIN LTDIn 2019, U.S. authorities charged the alleged leaders of a multibillion-dolar pyramid scheme involving a fraudulent cryptocurrency called OneCoin. After a six-month court battle, Telegram agreed to pay an $18.5 million civil penalty and return $1.2 billion to investors.

☆ Juul to Pay $1.7 Billion in Legal Settlement
▼ + stars: | 2022-12-09 | by ( Jennifer Maloney | ) www.wsj.com time to read: 1 min

Juul has said it never targeted young people and that it has been working to regain the public’s trust. Juul Labs Inc. has agreed to pay $1.7 billion in a broad legal settlement covering more than 5,000 lawsuits, according to people familiar with the matter. Many of the lawsuits accused the e-cigarette maker of marketing its addictive products to children and teens. Juul has said it never targeted young people and that it has been working to regain the public’s trust.

☆ Juul Reaches Settlement of Over 5,000 Lawsuits
▼ + stars: | 2022-12-06 | by ( Jennifer Maloney | ) www.wsj.com time to read: 1 min

Juul said that it had secured an equity investment to cover the cost of the settlement. Juul Labs Inc. reached a sweeping legal settlement Tuesday covering more than 5,000 lawsuits and about 10,000 individual plaintiffs, resolving much of the legal uncertainty that had pushed the e-cigarette company to the brink of bankruptcy. Juul said Tuesday that it had secured an equity investment to cover the cost of the settlement. Financial terms weren’t disclosed. Juul has been in talks with early investors including two of its longtime board members, Hyatt Hotels heir Nick Pritzker and California investor Riaz Valani, to fund a bailout that would cover legal liabilities, The Wall Street Journal previously reported.

☆ Juul Labs settles litigation in the United States
▼ + stars: | 2022-12-06 | by ( Rob Mclean | ) edition.cnn.com time to read: +3 min

New York CNN Business —E-cigarette maker Juul Labs said Tuesday that it has settled litigation it faced in the United States, resolving a substantial amount of legal issues for the company. “The global resolution covers more than 5,000 cases brought by approximately 10,000 plaintiffs against Juul Labs and its officers and directors,” the company said in a news release. The investigation found that Juul deliberately marketed its products to young people, even though e-cigarette sales to children are illegal. In the past, Juul Labs has sold some of the most popular vaping products in the United States, especially its flavored products. A court temporarily blocked the FDA ban, so the products are still for sale in the United States.

☆ Galaxy wins bid for collapsed crypto lender Celsius' GK8 unit
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +1 min

Dec 2 (Reuters) - Galaxy Digital Holdings Ltd (GLXY.TO) will buy crypto lender Celsius Network LLC-owned digital asset custody platform GK8, the crypto financial services company said on Friday. The deal will add nearly 40 people, including cryptographers and blockchain engineers, as well as an office in Tel Aviv, Galaxy said. Founded by Michael Novogratz, the company offers a suite of financial services including trading, asset management and investment banking among others to the crypto-focused companies. Reuters had reported in August that San Francisco-based blockchain payments company Ripple Labs Inc was interested in potentially purchasing assets of bankrupt crypto lender Celsius Network, according to a company spokesperson. Crypto markets were shaken by the collapse of the popular terraUSD and luna tokens in May, followed by the implosion of crypto exchange FTX last month.

☆ FTX founder's remarks pose challenge for his lawyers
▼ + stars: | 2022-11-18 | by ( Andrew Goudsward | ) www.reuters.com time to read: +4 min

Nov 18 (Reuters) - FTX founder Sam Bankman-Fried, facing mounting legal challenges over the collapse of his cryptocurrency exchange, may have harmed his defense by speaking publicly in recent days, legal experts said. Bankman-Fried has sought to explain the implosion of FTX and disparaged government regulators in posts on Twitter and conversations with reporters. Attorneys said such statements will likely make life more difficult for the defense lawyers seeking to manage fallout from the exchange’s demise and navigate multiple federal investigations. His law firm represents many other financial industry clients. Joseph is a former president of the American College of Trial Lawyers who has written about racketeering law and rules of evidence.

☆ Tiger Global raises stake in Microsoft, Jack Dorsey's Block
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

Nov 14 (Reuters) - Investment firm Tiger Global Management has raised its stake in tech giant Microsoft Corp (MSFT.O) and Jack Dorsey's payments firm Block Inc (SQ.N), a regulatory filing released on Monday showed. The hedge fund trimmed its investments in China's JD.com Inc , digital banking firm Nu Holdings , software firm Blend Labs Inc (BLND.N) and cybersecurity firm SentinelOne Inc (S.N). Tiger Global also added Pagaya Technologies Ltd (PGY.O) and payments processor PayPal Holdings (PYPL.O) to its portfolio of investments. The quarterly filings are one of the few ways that funds are required to disclose their long positions, but may not reflect current holdings. Reporting by Manya Saini in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

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