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A judge said that amount was excessive and ordered a second trial on damages after Diaz rejected a reduced award of $15 million. "There is no other explanation for the extraordinary gap between the first and second jury's damages verdicts," his lawyers wrote. Diaz also renewed a motion for a mistrial on similar grounds, which the judge had denied in the middle of the retrial. The U.S. Supreme Court has said punitive damages should be no more than nine times the amount of other damages. Lawyers for Tesla and Diaz did not immediately respond to requests for comment on Wednesday.

REUTERS/Thomas White/IllustrationMay 8 (Reuters) - The California woman suing Subway for claiming its tuna products contain ingredients other than tuna wants to end her lawsuit because she is pregnant, prompting Subway to demand her lawyers be sanctioned for bringing a frivolous case. Amin's lawyers did not immediately respond on Monday to requests for comment. The plaintiff claimed to have ordered Subway tuna products more than 100 times before suing in January 2021. She accused Subway of using other fish species, chicken, pork and cattle in its tuna products, or no tuna at all. The case is Amin v Subway Restaurants Inc et al, U.S. District Court, Northern District of California, No.

Sonos alleges Google infringed two of its patents related to multi-room wireless audio. Google spokesperson Jose Castaneda said the case relates to "some very specific features that are not commonly used," and that Sonos "mischaracterized our partnership and technology." Sonos first sued Google for patent infringement in Los Angeles and at the U.S. International Trade Commission in 2020, accusing the tech giant of copying its technology during their collaboration. Sonos won a limited import ban on some Google devices from the ITC last year, which Google has appealed. Google has countered with its own patent lawsuits in California and at the ITC.

According to complaints filed on Friday, Energizer agreed "under pressure from Walmart" to inflate wholesale battery prices for other retailers starting around January 2018, and require those retailers not to undercut Walmart on price. Walmart rivals allegedly risked higher wholesale prices or being cut off by Energizer, the largest U.S. disposable battery maker, if they charged less at checkout than Walmart, the world's largest retailer. According to the plaintiffs, Energizer's share of the U.S. disposable battery market has risen to more than 50% from 40% in 2018. The cases in the U.S. District Court, Northern District of California, are: Copeland et al v Energizer Holdings Inc et al, No. 23-02091, and Schuman et al v Energizer Holdings Inc et al, No.

☆ Fed report on SVB collapse faults bank's managers — and central bank regulators
▼ + stars: | 2023-04-28 | by ( Jeff Cox | ) www.cnbc.com time to read: +6 min

Central bank officials likely will turn their attention to cultural changes, noting that risks at SVB were not thoroughly examined. Future changes could see standardized liquidity requirements to a broader range of banks, and tighter supervision of compensation for bank managers. "[T]he combination of social media, a highly networked and concentrated depositor base, and technology may have fundamentally changed the speed of bank runs,' he said in the report. "Social media enabled depositors to instantly spread concerns about a bank run, and technology enabled immediate withdrawals of funding." Fed Chairman Jerome Powell said he welcomed the Barr probe and its internal criticism of Fed actions during the crisis.

Companies Tesla Inc FollowApril 19 (Reuters) - Tesla Inc (TSLA.O) has settled a lawsuit against one of its former engineer, Alexander Yatskov, whom it accused of stealing trade secrets related to its AI-training supercomputer Dojo, according to a filing on Wednesday in San Francisco federal court. The joint filing said the terms of the settlement were confidential but Yatskov would make a monetary payment to the company. Yatskov was a thermal engineer working on Dojo, a supercomputer that Tesla said in its lawsuit would "help solve difficult engineering problems, such as vehicle autonomy." Tesla sued Yatskov that month for allegedly keeping confidential information about Dojo on his personal computer. The lawsuit also alleged Yatskov had provided a "dummy" computer for Tesla to investigate to "cover his tracks."

SummarySummary Companies Artists' accused companies of misusing works to train AI systemsCompanies said artists failed to identify infringement(Reuters) - Stability AI, Midjourney, and DeviantArt fired back Tuesday at a group of artists who accused them of committing mass copyright infringement by using the artists' work in generative AI systems. The companies asked a San Francisco federal court to dismiss the artists' proposed class action lawsuit, arguing that the AI-created images are not similar to the artists' work and that the lawsuit did not note specific images that were allegedly misused. Representatives for Stability, DeviantArt and the artists did not immediately respond to requests for comment Wednesday. Midjourney's motion said that the lawsuit also does not "identify a single work by any plaintiff" that it "supposedly used as training data." The case is Andersen v. Stability AI Ltd, U.S. District Court for the Northern District of California, No.

Google spokesperson José Castañeda said in a statement the company appreciated the decision to invalidate one of Sonos' patents and that Sonos "misrepresented our partnership and mischaracterized our technology." Sonos accused Google in the San Francisco case of infringing four patents related to multi-room wireless speaker technology. Alsup found Thursday that a second Sonos patent was also invalid, but rejected Google's request to cancel the remaining two patents before trial. The judge also said Google did not infringe one of the surviving patents willfully, reducing Sonos' potential damages. Alsup also said he would hold a separate bench trial after the jury trial to determine whether Google's redesigned speakers infringe Sonos' patents.

☆ Dollar eases as US inflation cools
▼ + stars: | 2023-04-13 | by ( Ankur Banerjee | ) www.reuters.com time to read: +2 min

SINGAPORE, April 13 (Reuters) - The dollar was on the back foot on Thursday after cooler-than-anticipated U.S. inflation data lifted risk sentiment and stoked expectations that the Federal Reserve will be done with its monetary tightening after hiking one last time next month. The dollar index , which measures the currency against six major peers, eased 0.03% to 101.44, hovering around a one week low of 101.40 after sinking 0.6% overnight. "While disinflation trends continue and broadened across headline, core and supercore measures, the CPI report is hardly an all clear on inflation," strategists at Saxo Markets said. Taylor Nugent, an economist at National Australia Bank, said the CPI data and the minutes provided ample fodder for those reading the Fed tea leaves, noting that inflation showed welcome, but not overwhelming progress. The Japanese yen weakened 0.04% to 133.20 per dollar, while sterling was last trading at $1.2486, up 0.04% on the day.

☆ Dollar eases as U.S. inflation cools
▼ + stars: | 2023-04-13 | by ( ) www.cnbc.com time to read: +2 min

An image of the U.S. dollar bill and a euro coinThe dollar was on the back foot on Thursday after cooler-than-anticipated U.S. inflation data lifted risk sentiment and stoked expectations that the Federal Reserve will be done with its monetary tightening after hiking one last time next month. The dollar index , which measures the currency against six major peers, eased 0.03% to 101.44, hovering around a one week low of 101.40 after sinking 0.6% overnight. "While disinflation trends continue and broadened across headline, core and supercore measures, the CPI report is hardly an all clear on inflation," strategists at Saxo Markets said. Taylor Nugent, an economist at National Australia Bank, said the CPI data and the minutes provided ample fodder for those reading the Fed tea leaves, noting that inflation showed welcome, but not overwhelming progress. The Japanese yen weakened 0.04% to 133.20 per dollar, while sterling was last trading at $1.2486, up 0.04% on the day.

Five other cases are pending in the same court accusing Twitter of violating those laws, targeting female workers for layoffs and discriminating against employees with disabilities. Twitter laid off roughly 3,700 employees, or half its workforce, in early November in a cost-cutting measure by Musk, who paid $44 billion to acquire the social media platform. Twitter and Maryland-based TEKsystems, named as a defendant in the lawsuit, did not immediately respond to requests for comment. Liss-Riordan said she also has filed complaints in private arbitration on behalf of more than 1,700 former Twitter employees and contractors who signed agreements to arbitrate legal disputes. Reporting by Daniel Wiessner in Albany, New York; Editing by Alexia Garamfalvi and Richard ChangOur Standards: The Thomson Reuters Trust Principles.

☆ Jury orders Tesla to pay more than $3 million to Black ex-worker who endured racist abuse
▼ + stars: | 2023-04-03 | by ( Lora Kolodny | ) www.cnbc.com time to read: +4 min

Diaz, a Black man, was hired as a contract worker at Tesla in 2015 through a staffing agency. Diaz and Tesla sought a retrial to decide damages after Judge William H. Orrick reduced the amount to $15 million. "No Black man in 2015 should ever be subjected," Alexander said, "to this plantation mentality workplace." The plaintiffs asked the jury to consider punitive damages around $150 million for Tesla, and to award Diaz $6.3 million in past non-economic damages, and $2 million in future non-economic damages. As CNBC has previously reported, where it is legal to do so, Tesla has compelled employees to agree to mandatory arbitration.

U.S. District Judge William Orrick denied the motion during a pretrial conference, saying Diaz had not shown that comments by Tesla's lawyers had prejudiced the jury. A different jury in 2021 found Tesla liable for discrimination, which Orrick had upheld while finding that the $137 million the jury had awarded in damages was excessive. Diaz denied making those comments, and his lawyers claimed that Tesla had violated Orrick's order prohibiting new evidence. Tesla is likely to challenge any verdict awarding damages to Diaz. Tesla has said it does not tolerate discrimination and takes complaints by workers seriously.

In the new lawsuit, Goode claims that over the course of 2022 the white regional manager made a series of offensive comments. Goode claims that last October the manager blocked him from interviewing for a promotion that ultimately went to a white worker. Tesla company policy does not set a deadline for the reports, Goode claims. The lawsuit, which alleges violations of California and federal laws banning workplace race discrimination and retaliation, seeks damages for lost wages and benefits and emotional distress and punitive damages. Tesla has denied wrongdoing in those cases and has said the lawsuit by the California Civil Rights Department was politically motivated.

☆ San Francisco Fed leader Daly likely not a major player in SVB saga, officials say
▼ + stars: | 2023-03-31 | by ( Steve Liesman | ) www.cnbc.com time to read: +5 min

"She was not in the chain of command," one former Fed bank president told CNBC. "Supervisory action taken by the San Francisco Fed staff would have been cleared by Washington." Daly and Fed board officials declined to comment for this report. San Francisco Federal Reserve President Mary Daly reacts at the Los Angeles World Affairs Council Town Hall, Los Angeles, California, U.S., October 15, 2019. A review of what went wrong will likely point more heavily to Washington, its supervisory bureaucracy and the board leadership than to San Francisco.

NOVEMBER 2021Examiners issue six citations -- "matters requiring attention" (MRA) and "matters requiring immediate attention" (MRIA) -- related to the bank's liquidity stress testing, contingency funding, and liquidity risk management. SVB's tests, supervisors find, are not "stressful enough; they were not realistic... it conducted those tests and the guidance back from the supervisors was that the tests were inadequate," Barr told Congress. "The supervisors told the board of directors and the bank that the board oversight with respect to risk management was deficient," Barr said this week. Fed supervisors begin a "horizontal review" of several banks, including SVB, for interest-rate risk. FEB 2023Fed staff give a presentation to Barr and other Board members about interest rate risk generally and at Silicon Valley Bank in particular.

WASHINGTON, March 30 (Reuters) - The secretive world of Federal Reserve bank supervision has been laid bare by the collapse of Silicon Valley Bank and critics say it needs an overhaul to make it more nimble, transparent and decisive. Typically, bank supervisors do most of their work behind closed doors. Bank supervision is typically conducted behind closed-doors because of concerns that publicizing bank missteps could spur bank runs and undermine confidence in the overall system. SVB's rapid growth also was a factor for Fed supervisors. Barr said part of his review would look at whether Fed supervision was appropriate for the bank's "rapid growth and vulnerabilities."

☆ A Climate for Failed Bank Regulation
▼ + stars: | 2023-03-27 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Congress will hold hearings this week on the role of regulators in recent bank failures, and let’s hope they’re instructive. One question that deserves probing is whether misplaced priorities at the San Francisco Federal Reserve Bank caused it to overlook financial risks hiding in plain sight. The Fed’s mandates include promoting price stability and full employment on monetary policy and a safe and sound banking system as a regulator. The San Francisco Fed is responsible for regulating banks in the Western U.S., and one of those was Silicon Valley Bank (SVB) that failed two weeks ago.

Last year, a judge slashed the $137 million verdict that the jury awarded in 2021 to plaintiff Owen Diaz, one of the largest ever in a U.S. workplace discrimination case. Diaz's lawyers rejected the lower payout and opted for a new trial on damages. After the 2021 trial, U.S. District Judge William Orrick agreed with a jury that Tesla was liable for race discrimination but cut the verdict to $15 million. As at the last trial, Diaz and several employees and managers at the Fremont, California plant are expected to testify. Orrick last year reduced the compensatory damages to $1.5 million and the punitive damages to $13.5 million.

Diaz's lawyers rejected the lower payout and opted for a new trial on damages. Alex Spiro, a lawyer for Tesla, told the jury that any racist conduct at the plant was indefensible. As at the last trial, Diaz and several employees and managers at the Fremont plant are expected to testify. U.S. District Judge William Orrick last year reduced the compensatory damages to $1.5 million and the punitive damages to $13.5 million. The U.S. Supreme Court has said punitive damages typically should be no more than 10 times compensatory damages.

☆ US Sen. Scott pushes for new Fed inspector general, slams Fed over bank regulation,
▼ + stars: | 2023-03-21 | by ( David Morgan | ) www.reuters.com time to read: +3 min

Senator Rick Scott said on Monday he will introduce legislation to create an independent inspector general to oversee the Federal Reserve, as he called the U.S. central bank "unable or unwilling to properly regulate" banks in a letter to Fed Chair Jerome Powell. "I am proposing legislation to establish a presidentially-appointed and Senate-confirmed inspector general for the Federal Reserve," Scott told Powell in the letter. The Federal Reserve is responsible for supervising - monitoring, inspecting and examining - certain financial institutions to ensure that they comply with rules and regulations, and that they operate in a safe and sound manner. Scott's legislation stems from concern in Congress that the Federal Reserve's current inspector general is not independent enough to serve as a check on the central bank. Scott also urged the Fed chief to use the central bank's policy meeting this week to examine the bank failures and identify accountable Fed personnel.

☆ About Those ‘Safe’ Silicon Valley Bank Treasurys
▼ + stars: | 2023-03-15 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

One surprise for investors in the Silicon Valley Bank failure is that it didn’t hold exotic derivatives, structured debt products or other horrors that caused so much financial carnage 15 years ago. SVB held boring Treasurys and highly rated mortgage-backed securities in large quantities. Bad management and negligent oversight from the San Francisco Federal Reserve Bank played a role. But the politicians and regulators who supposedly fixed the financial system after 2008 share responsibility. The banking rules they introduced after 2008 made sovereign bonds such as Treasurys and the mortgage securities of Fannie Mae and Freddie Mac the coin of the realm for bank capital standards.

☆ Tech pressure, Yellen everywhere: How Washington scrambled as SVB collapsed
▼ + stars: | 2023-03-15 | by ( Andrea Shalal | ) www.reuters.com time to read: +7 min

Yellen heads to the White House, Brainard meets with her staff and holds Zoom calls in her wood-paneled office in the West Wing. Treasury staff hustle to get Yellen on CBS News' "Face the Nation" program on Sunday, in an attempt to reassure markets. White House officials draft news releases with various scenarios, uncertain until shortly before 6 p.m. if an acquisition can still happen. As he leaves Delaware to return to the White House, Biden tells reporters he will make a statement on Monday. Treasury and White House officials reach out to members of Congress and their staffs throughout the evening to explain the plan, with discussions continuing into Monday.

"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.

Silicon Valley Bank had $209 billion in assets at the end of last year, while Signature Bank had some $110 billion. The failure of Silicon Valley Bank is a direct result of an absurd 2018 bank deregulation bill signed by (Republican former President) Donald Trump that I strongly opposed," Senator Bernie Sanders said in a statement. he added, saying awareness of the bank's recent growth and business model should have led Fed officials to anticipate trouble. In an op-ed for the New York Times, Democratic Senator Elizabeth Warren placed some of the blame at the feet of bank regulators, whom she accused of "letting financial institutions load up on risk." "There won't be legislation getting through Congress, and so regulators will be making the big decisions," he said.

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