DIRS.INFO The most relevant business & tech news

A branch of First Republic Bank is seen after Jamie Dimon's JPMorgan Chase & Co emerged as the winner of a weekend auction of the bank in San Franciso, California, U.S. May 1, 2023. First Republic failed on May 1, 2023, after a series of Federal Reserve interest rate increases caused large losses in its investment portfolio and led many depositors to move their money elsewhere. In their complaint filed last December, the former First Republic employees alleged that the FDIC had on May 18, 2023, wrongfully stopped making payments under their deferred compensation plan. First Republic failed less than two months after the failures of two other lenders, Silicon Valley Bank and Signature Bank. The case is Harrington et al v FDIC, U.S. District Court, Northern District of California, No.

Persons: Jamie Dimon's, Hyun Joo Jin, District Judge Haywood Gilliam, Gilliam, Harrington, Jonathan Stempel, Will Dunham Organizations: First Republic Bank, Jamie Dimon's JPMorgan Chase, REUTERS, Federal Deposit Insurance Corp, Bank, U.S, District, Federal, First, JPMorgan, Republic, Silicon Valley Bank, Signature Bank, FDIC, Court, Northern District of, Thomson Locations: San Franciso , California, U.S, California, San Francisco, Oakland , California, Northern District, Northern District of California, New York

Many merchants and trade groups including the National Retail Federation opposed the accord, saying card fees would remain too high, while Visa and Mastercard would retain too much control over card transactions. The decision could force Visa and Mastercard to negotiate a settlement more favorable to merchants, or go to trial. Visa and Mastercard said they were disappointed with the outcome. Some U.S. senators have promoted legislation, the Credit Card Competition Act, to let merchants use other payment networks to process Visa and Mastercard transactions. The judge's decision does not affect an earlier $5.6 billion class action swipe fee settlement among Visa, Mastercard and about 12 million merchants.

Persons: Brendan McDermid, Margo Brodie, Brodie, Nilson, Doug Kantor, Jonathan Stempel, Deepa Babington, Leslie Adler Organizations: Mastercard Inc, New York Stock Exchange, REUTERS, Companies, Mastercard, National Retail Federation, Visa, National Association of Convenience Stores, U.S, Merchant Discount Antitrust Litigation, Court, Eastern District of, Thomson Locations: New York City, U.S, Brooklyn, Manhattan, Eastern District, Eastern District of New York, New York

☆ NYU Urges Dismissal of Antisemitism Lawsuit, Says It Acted 'Decisively'
▼ + stars: | 2024-03-19 | by ( March | At A.M. | ) www.usnews.com time to read: +2 min

By Jonathan StempelNEW YORK (Reuters) - New York University said it has moved "decisively" to root out antisemitism on its campus, and that a lawsuit by Jewish students claiming they have been mistreated should be dismissed. In a Monday night filing in Manhattan federal court, NYU said reports of antisemitism have declined significantly, sometimes to near zero, following a surge immediately after of the Oct. 7, 2023 outbreak of war in Gaza. The university also said student victims of antisemitism lack legal standing to demand sweeping changes. The NYU plaintiffs accused the school of violating federal civil rights law by enforcing its anti-discrimination policies unevenly, including by allowing chants such as "gas the Jews" and "Hitler was right" while ignoring other bigotry. The case is Ingber et al v New York University, U.S. District Court, Southern District of New York, No.

Persons: Jonathan Stempel, Hitler, Bill Berkrot Organizations: New York University, NYU, Carnegie, Mellon, Columbia, Harvard, MIT, University of California, University of Pennsylvania, Hamas, U.S, Court, Southern District of Locations: Manhattan, Gaza, Israel, Berkeley, Columbia, Southern District, Southern District of New York, New York

☆ US Accuses Pennsylvania Lender FNB of Redlining in North Carolina
▼ + stars: | 2024-02-05 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - First National Bank of Pennsylvania was sued on Monday by the U.S. Department of Justice and the state of North Carolina, which accused it of lending discrimination known as redlining in the Charlotte and Winston-Salem, North Carolina markets. Redlining occurs when lenders deny or discourage mortgage applications and loans in neighborhoods based on the race, color, or national origin of people who live there. The Pittsburgh-based bank's redlining allegedly included locating and maintaining nearly all branch locations and mortgage loan officers outside these neighborhoods, and relying on majority-white areas for referrals and loan applications. The lawsuit seeks restitution to victims, a civil fine, an injunction against further redlining and other remedies. The lender ended 2023 with about $46.2 billion of assets and 350 branches in seven states plus Washington, D.C.(Reporting by Jonathan Stempel in New York, editing by David Ljunggren)

Persons: FNB, redlining, Salem, Jonathan Stempel, David Ljunggren Organizations: Reuters, National Bank of Pennsylvania, U.S . Department of Justice, Charlotte, Housing, Winston, Washington , D.C Locations: North Carolina, Winston, Salem , North Carolina, Pittsburgh, Salem, Washington ,, New York

☆ Doctor Who Prescribed More Than 500,000 Opioid Doses Has Conviction Tossed
▼ + stars: | 2024-02-02 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +2 min

By Jonathan Stempel(Reuters) - A Virginia doctor who prescribed more than 500,000 opioid doses in less than two years had his conviction and 40-year prison sentence thrown out by a federal appeals court on Friday, because the jury instructions misstated the law. Circuit Court of Appeals in Richmond, Virginia also ordered a new trial for Joel Smithers, 41, who has been serving his sentence in an Atlanta prison. Overprescription of painkillers is one of the main causes of the nation's opioid crisis. Prosecutors said Smithers prescribed controlled substances including fentanyl, hydromorphone, oxycodone and oxymorphone to every patient he saw at the Martinsville, Virginia office he opened in August 2015. Circuit Court of Appeals, No.

Persons: Jonathan Stempel, Joel Smithers, Prosecutors, Smithers, Roger Gregory, Christopher Kavanaugh, Beau Brindley, resoundingly, Bill Berkrot Organizations: U.S, Circuit, U.S . Centers for Disease Control, Prevention, Supreme, of, 4th U.S Locations: Virginia, Richmond , Virginia, Atlanta, United States, Martinsville , Virginia, U.S, Western, of Virginia, 4th, New York

☆ Sotheby's Defeats Russian Oligarch in Art Fraud Case
▼ + stars: | 2024-01-30 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +3 min

Daniel Kornstein, a lawyer for Rybolovlev, said the case "achieved our goal of shining a light on the lack of transparency that plagues the art market. Furman dismissed fraud-based claims over the other 11 works, including art from Pablo Picasso, Auguste Rodin and Henri de Toulouse-Lautrec. Rybolovlev was allowed to sue over "Salvator Mundi" even though his ownership had proven unusually profitable. Rybolovlev went on to sell "Salvator Mundi" at Christie's in 2017 for $450.3 million, a record price for an artwork at auction. The case is Accent Delight International Ltd et al v Sotheby's et al, U.S. District Court, Southern District of New York, No.

Persons: oligarch Dmitry Rybolovlev, Rybolovlev, Sotheby's, Yves Bouvier, Salvator Mundi, Leonardo da Vinci, Bouvier, Daniel Kornstein, Jesse Furman, Gustav Klimt, Rene Magritte, Amedeo Modigliani, Furman, Pablo Picasso, Auguste Rodin, Henri de Toulouse, Lautrec, Jonathan Stempel, Bill Berkrot Organizations: YORK, Forbes, AS Monaco soccer, Court, Southern District of Locations: Swiss, Manhattan, U.S, Christie's, Southern District, Southern District of New York, New York

☆ Ghislaine Maxwell's Appeal of Sex Trafficking Conviction to Be Heard in March
▼ + stars: | 2024-01-24 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +2 min

By Jonathan StempelNEW YORK (Reuters) - A U.S. appeals court will in March review Ghislaine Maxwell's conviction and 20-year prison sentence for helping the disgraced late financier Jeffrey Epstein sexually abuse teenage girls. Circuit Court of Appeals in Manhattan on Wednesday scheduled oral arguments in Maxwell's appeal for March 12 before a three-judge panel. Prosecutors countered that Maxwell's appeal had no merit. Nathan was elevated to the 2nd Circuit from the U.S. District Court in Manhattan after being assigned Maxwell's criminal case. The appeals court may take at least a few months to rule.

Persons: Jonathan Stempel, Ghislaine, Jeffrey Epstein, Maxwell, Epstein, Robert Maxwell, scapegoated, Alison Nathan's, Virginia Giuffre, Britain's Prince Andrew, Jes Staley, Nathan, Jonathan Oatis Organizations: U.S, Circuit, Prosecutors, Barclays Locations: Manhattan, Tallahassee , Florida, British, Florida, New York

☆ Trump Is Warned He May Be Ejected From Carroll Trial
▼ + stars: | 2024-01-17 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +5 min

"Mr. Trump, I hope I don't have to consider excluding you from the trial," the judge told him. Following Kaplan's warning, Trump posted that Kaplan was a "seething and hostile" judge with "a major case of Trump Derangement Syndrome." Trump said he did not know Carroll and that she branded him a rapist to boost sales of her then-new memoir. "I am here because Donald Trump assaulted me, and when I wrote about it, he said it never happened," Carroll said. Trump did not attend Carroll's first trial, and in his Truth Social post said he would have won had he attended.

Persons: Jonathan Stempel, Luc Cohen NEW, Donald Trump, E, Jean Carroll's, District Judge Lewis, Carroll, Trump, Shawn Crowley, Kaplan, Democrat Joe Biden, Goodman, Roberta Kaplan, Alina Habba, It's, Habba, Luc Cohen, Noeleen Walder, Jonathan Oatis, Daniel Wallis Organizations: Luc Cohen NEW YORK, District, Trump, Democrat, Twitter Locations: Manhattan, New Hampshire, Florida, New York

Paxton said the claim was based on only two months of clinical trial data, and vaccine recipients' "absolute risk reduction" showed that the vaccine was just 0.85% effective. Infectious disease experts have said relative risk reduction is a more meaningful way to judge a vaccine's efficacy than absolute risk reduction. Relative risk shows how well a vaccine protects recipients relative to a study's control group. "Pfizer did not tell the truth about their COVID-19 vaccines," Paxton said in a statement. The status of the probe into Moderna and Johnson & Johnson was not immediately clear.

Persons: Dado Ruvic, Ken Paxton, Paxton, BioNTech, Biden, Johnson, Pfizer, Jonathan Stempel, Caroline Humer, Chizu Nomiyama, Daniel Wallis Organizations: Pfizer, REUTERS, Texas, Republican, Moderna, Johnson, Thomson Locations: Lubbock County, New York, Texas, Moderna

☆ US regulator fines Bank of America $24 mln for Treasuries spoofing
▼ + stars: | 2023-11-30 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

FINRA said a junior trader and his supervisor at BofA Securities conducted 717 spoof trades between October 2014 and February 2021. It also faulted the oversight system of the second-largest U.S. bank for being designed to detect only spoofing by trading algorithms, not manual spoofing. The junior trader, Tyler Forbes, was accused of placing 194 spoof trades before Bank of America fired him in 2019. Bank of America did not admit or deny wrongdoing in accepting FINRA's fine and a censure. In a separate spoofing case, former Bank of America traders Edward Bases and John Pacilio were in March each sentenced in Chicago to one year in prison for spoofing in precious metals.

Persons: FINRA, Tyler Forbes, Sidney Lebental, Edward Bases, John Pacilio, Forbes, Lebental, Jonathan Stempel, Richard Chang Organizations: Bank of America, U.S, Treasuries, Financial Industry, Authority, BofA Securities, Thomson Locations: Charlotte, North Carolina, Chicago, New York

☆ After Munger's death, Berkshire succession comes into focus
▼ + stars: | 2023-11-29 | by ( Jonathan Stempel | ) www.reuters.com time to read: +6 min

[1/4] Berkshire Hathaway Inc Vice Chairman Charles Munger speaks at the Daily Journal annual meeting in Los Angeles, U.S., February 15, 2017. Munger's death on Tuesday, five weeks shy of his 100th birthday, leaves Berkshire Vice Chairmen Greg Abel and Ajit Jain, who respectively oversee its non-insurance and insurance businesses, as the 93-year-old Buffett's top advisers and sounding boards. At the 2021 annual meeting, Jain was asked how he and Abel interact with each other. "You don’t need them to be as good as Buffett or Munger to make Berkshire a good company and arguably a great company." "It particularly doesn't feel like an annual meeting because my partner of 60 years, Charlie Munger, is not sitting up here," Buffett said.

Persons: Charles Munger, Lucy Nicholson, Berkshire, Charlie Munger, Warren Buffett, Buffett, Munger, Munger's, Greg Abel, Ajit Jain, Abel, Jain, Warren, Charlie, Bill Stone, Howard Buffett, Todd Combs, Ted Weschler, Bill Smead, Whitney Tilson, Munger didn't, Jonathan Stempel, Megan Davies, Paritosh Bansal, Stephen Coates Organizations: Berkshire Hathaway, Daily, REUTERS, Berkshire Hathaway's, Berkshire, BNSF, Investors, Glenview Trust, Berkshire Hathaway Energy, University of Alberta, PricewaterhouseCoopers, Energy, MidAmerican's, Apple, Smead Capital Management, Kase Capital, Thomson Locations: Los Angeles , U.S, Berkshire, Omaha , Nebraska, Munger, Glenview, Edmonton, Alberta, Indian, Odisha, Phoenix, Woodstock, Omaha, New York

☆ Charlie Munger, who was Warren Buffett's right-hand man at Berkshire, dies at 99
▼ + stars: | 2023-11-28 | by ( Jonathan Stempel | ) www.reuters.com time to read: +6 min

[1/3] Berkshire Hathaway Inc Vice Chairman Charles Munger speaks at the Daily Journal annual meeting in Los Angeles, U.S., February 15, 2017. The death of Munger, a Berkshire vice chairman since 1978, marks an end of an era in corporate America and investing. "It's a shock," said Thomas Russo, a partner at Gardner Russo & Quinn in Lancaster, Pennsylvania, and longtime Berkshire shareholder. PHILOSOPHICALLY ALIKESince becoming a Berkshire vice chairman, Munger worked closely with Buffett on allocating Berkshire's capital and not mincing words when he thought his business partner was making a mistake. Money manager Whitney Tilson, who knew Munger personally, said a "generation of investment managers" learned some of their craft from Munger and Buffett.

Persons: Charles Munger, Lucy Nicholson, Warren Buffett's, Charlie Munger, Munger, Berkshire Hathaway, Buffett, Thomas Russo, Gardner Russo, Quinn, Rick Meckler, Charlie, Warren, Paul Lountzis, Whitney Tilson, Tilson, Greg Abel, Ajit Jain, Abel, Buffett's, Howard, CHARLIE, Jain, Lountzis, Russo, Jonathan Stempel, Lewis Krauskopf Svea, Bayliss, Chibuike, Megan Davies, Rosalba O'Brien, Lisa Shumaker Organizations: Berkshire Hathaway, Daily, REUTERS, Cherry Lane Investments, Lountzis, Management, BNSF, Apple, Thomson Locations: Los Angeles , U.S, Berkshire, California, America, Omaha , Nebraska, Lancaster , Pennsylvania, Munger, New Jersey, Wyomissing , Pennsylvania, Omaha, Warren, New York

☆ British-Nigerian man pleads guilty in New York to bank hacking crimes
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

A hooded man holds a laptop computer as blue screen with an exclamation mark is projected on him in this illustration picture taken on May 13, 2017. Idris Dayo Mustapha, 33, pleaded guilty to access device fraud, conspiracy to commit computer intrusion and securities fraud, and conspiracy to commit wire fraud at a hearing before U.S. District Judge Pamela Chen in Brooklyn. Mustapha, a native of Lagos, Nigeria, had been arrested in the United Kingdom in August 2021, and was extradited to the United States in August. The case is U.S. v. Mustapha, U.S. District Court, Eastern District of New York, No. Reporting by Jonathan Stempel in New York; Editing by Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

Persons: Idris Dayo Mustapha, Pamela Chen, Mustapha, Jonathan Stempel, Cynthia Osterman Organizations: U.S . National Security Agency, Nigerian, U.S, Prosecutors, Court, Eastern District of, Thomson Locations: British, New York, Brooklyn, Mustapha, Lagos, Nigeria, United Kingdom, United States, U.S, Eastern District, Eastern District of New York

☆ Charlie Munger, the 'Oracle of Pasadena' who was Buffett's second-in-command
▼ + stars: | 2023-11-28 | by ( Jonathan Stempel | ) www.reuters.com time to read: +8 min

Berkshire Hathaway Vice Chair Charlie Munger arrives to begin the company's annual meeting in Omaha May 4, 2013. EXPANDING BUFFETT'S HORIZONSMunger and Buffett did differ politically, with Munger being a Republican and Buffett a Democrat. Like Buffett, Munger was a fan of the famed economist Benjamin Graham. ORACLE OF PASADENAFans dubbed Buffett the "Oracle of Omaha," but Munger was held in equal esteem by his own followers, who branded him the "Oracle of Pasadena" after his adopted hometown in California. "I was raised by people who thought it was a moral duty to be as rational as you could possibly make yourself," Munger told Daily Journal shareholders in 2020.

Persons: Charlie Munger, Rick Wilking, Charles Munger, Warren Buffett's, Munger's, Buffett, Munger, Berkshire Hathaway, HORIZONS Munger, Santa Barbara, Warren, Benjamin Graham, Charlie, Ben Graham, Charles T, Kathy Kristof, Buffett's, Ernest . Buffett, Olson, Wheeler, Alice Schroeder, Nancy, Graham, Heinz, Todd Combs, Ted Weschler, Nancy Munger, Jonathan Stempel, Diane Craft, Rosalba O'Brien Organizations: Berkshire Hathaway, REUTERS, Berkshire Hathaway Inc, Munger, CNBC, Buffett, HORIZONS, Republican, University of California, Berkshire, ORACLE, PASADENA, Oracle, Wesco Financial Corp, Daily Journal Corp, Daily, Los Angeles Times, University of Michigan, U.S . Army Air Corps, Harvard Law School, Tolles, Munger &, Omaha Club, BNSF, 3G Capital, Kraft Foods, Reuters, Thomson Locations: Omaha, California, Berkshire, Omaha , Nebraska, Vienna, Santa, Pasadena, Munger, TETE, Los Angeles, New York

☆ Jewish groups sue UC Berkeley over 'unchecked' antisemitism
▼ + stars: | 2023-11-28 | by ( Jonathan Stempel | Companies Need To Integrate Climate Reporting Across Functions To Comply With California S New Law | Henry Engler | ) www.reuters.com time to read: +4 min

Prospective students tour the University of California, Berkeley campus before beginning of the new semester, in Berkeley, California, U.S., June 8, 2023. The complaint also said "no fewer" than 23 law school groups have anti-Jewish policies. Law school dean Erwin Chemerinsky, a constitutional law specialist, said the complaint painted a "stunningly inaccurate" picture of the school. The law school, UC Berkeley Chancellor Carol Christ, the University of California system and its President Michael Drake are among the other defendants. Other plaintiffs include the Brandeis Center's Jewish Americans for Fairness in Education, a nationwide group whose members include UC Berkeley staff and students.

Persons: Carlos Barria, Louis, Erwin Chemerinsky, UC Berkeley Chancellor Carol Christ, Michael Drake, Hitler, Louis D, Jonathan Stempel, Richard Chang Organizations: University of California, REUTERS, Louis D, Brandeis Center, UC Berkeley's, UC Berkeley, UC Berkeley Chancellor, Brandeis Center's, Fairness, UC, New York University, NYU, Regents, Court, Northern District of, Thomson Locations: Berkeley, Berkeley , California, U.S, Israel, San Francisco federal, Northern District, Northern District of California, New York

☆ Bank of America pays $12 mln fine for misreporting mortgage data
▼ + stars: | 2023-11-28 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. Bank of America did not admit or deny wrongdoing in accepting the civil fine, which covered alleged conduct between 2016 and 2021. "We will be taking additional steps to ensure that Bank of America stops breaking the law," CFPB Director Rohit Chopra said in a statement, without elaborating. It also said it has improved training to ensure that employees ask mortgage applicants for the data. According to its latest quarterly report, Bank of America's consumer lending business originated $15.5 billion of first mortgages between January and September, down 61% from a year earlier when interest rates were lower.

Persons: Carlo Allegri, Rohit Chopra, Jonathan Stempel, Aurora Ellis Organizations: of America, REUTERS, Bank of America, U.S, Consumer Financial, Bank of, Thomson Locations: Manhattan, New York City , New York, U.S, Charlotte , North Carolina, New York

Zhao has been replaced by Richard Teng, a senior Binance executive who joined in 2021, the company said. "Binance has seen significant exchange outflows since the announcement, but relative to their total holdings, it's quite small," Nansen analysts said. By comparison, investors pulled around $1.43 billion from the crypto exchange and its U.S. affiliate in June after the U.S. Securities and Exchange Commission sued the companies. Lawyers for Zhao, who founded Binance in 2017, did not respond to requests for comment on Wednesday. Zhao paid a $175 million bail bond, with another $15 million held in a trust account, a court filing showed.

Persons: Dado Ruvic, Changpeng Zhao, Binance, Zhao, Richard Teng, Nansen, ransomware, Arthur Hayes, Hayes, Sam Bankman, Fried, Daniel Silva, Buchalter, Luc Cohen, Michelle Price, Richard Chang Organizations: REUTERS, Nansen, U.S, U.S . Securities, Exchange Commission, Islamic, Binance, Prosecutors, Justice, Reuters, Thomson Locations: al Qaeda, Islamic State, Iraq, Syria, Dubai, Seattle, United States

☆ Binance sees $956 mln in outflows after Zhao steps down to settle U.S. probe
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. Zhao has been replaced by Richard Teng, a senior Binance executive who joined in 2021, the company said. "Binance has seen significant exchange outflows since the announcement, but relative to their total holdings, it’s quite small," Nansen analysts said. Investors pulled around $1.43 billion from the crypto exchange and its U.S. affiliate in June after the U.S. Securities and Exchange Commission sued the companies. While authorities have probed Zhao and Binance for years, Zhao's exit marks a dramatic development for one of the most powerful figures in the crypto industry.

Persons: Dado Ruvic, Nansen, Changpeng Zhao, Zhao, Richard Teng, Binance, Zhao's, Lisa Pauline Mattackal, Jonathan Stempel, Chris Prentice, Michelle Price, Anil D'Silva Organizations: REUTERS, Investors, U.S, U.S . Securities, Exchange Commission, Justice Department, Thomson Locations: Nansen, Dubai, Seattle, United States, Bengaluru, New York

The other plaintiff, Kelsey Harbert, accused Gooding of groping her breast in June 2019 at the Magic Hour rooftop bar, also in midtown. Lawyers who have represented Gooding in civil and criminal litigation over his alleged sexual misconduct did not immediately respond to requests for comment. He pleaded guilty in April 2022 to a misdemeanor charge of forcibly touching Abbay, who was not identified by name at the time but revealed her identity in her lawsuit. The charge was downgraded six months later to harassment, to which Gooding pleaded guilty after complying with a plea agreement that required alcohol and behavior modification treatment and no further arrests. Accusations by Abbay, Harbert and a third woman were the basis for a six-count indictment against Gooding, which his guilty plea resolved.

Persons: Cuba Gooding, Mike Segar, Cuba Gooding Jr, Oscar, underlay, Jasmine Abbay, Jerry Maguire, Kelsey Harbert, Gooding, Gloria Allred, Russell Brand, Bill Cosby, Harvey Weinstein, Donald Trump, Sean, Diddy, Combs, Axl Rose, Sheila Kennedy, Jonathan Stempel, Dawn Chmielewski, Daniel Wallis Organizations: Criminal, REUTERS, Cuba, Lawyers, U.S, Thomson Locations: New, New York, Manhattan, New York City , New York, U.S, Los Angeles

☆ Warren Buffett, 93, donates more Berkshire stock, assures 'I feel good'
▼ + stars: | 2023-11-21 | by ( Jonathan Stempel | ) www.reuters.com time to read: +3 min

Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc's annual shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. In a regulatory filing, Berkshire said Buffett donated 1.5 million Class B shares of Berkshire to the Susan Thompson Buffett Foundation. The donations supplement the $759 million of Berkshire stock that Buffett donated to the charities at this time last year, also just before the U.S. Thanksgiving Day holiday. Greg Abel, 61, a Berkshire vice chairman, is slated to succeed Buffett as Berkshire's CEO, while Howard Buffett would become non-executive chairman. The Howard G. Buffett Foundation focuses on alleviating hunger, mitigating conflicts, combating human trafficking and improving public safety.

Persons: Warren Buffett, Scott Morgan, Berkshire Hathaway, Buffett, Susan Thompson Buffett, Howard, Susan, Peter, Howard G, Greg Abel, Howard Buffett, Melinda Gates, Bhanvi, Jonathan Stempel, Arun Koyyur, Lisa Shumaker, David Gregorio, Shri Organizations: Berkshire Hathaway, REUTERS, Berkshire, Susan Thompson Buffett Foundation, Buffett Foundation, Sherwood Foundation, NoVo Foundation, Forbes, Melinda Gates Foundation, Gates Foundation, Apple, Thomson Locations: Omaha , Nebraska, U.S, Berkshire, Nebraska, Bengaluru, New York

☆ US SEC sues Kraken crypto exchange over failure to register
▼ + stars: | 2023-11-20 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

Kraken cryptocurrency exchange logo is seen in this illustration taken July 28, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 20 (Reuters) - Kraken, one of the world's largest cryptocurrency exchanges, was sued on Monday by the U.S. Securities and Exchange Commission, which accused it of illegally operating as a securities exchange without first registering with the regulator. In June, the SEC filed similar lawsuits against Binance, the world's largest cryptocurrency exchange, and Coinbase, the largest in the United States. Monday's lawsuit seeks a civil fine, disgorgement of ill-gotten gains, and a halt to acting as a crypto exchange without registering. The case is SEC v Payward Inc et al, U.S. District Court, Northern District of California, No.

Persons: Dado Ruvic, Gary Gensler's, Kraken, Gurbir Grewal, Binance, Jonathan Stempel, Chris Prentice, David Gregorio, Stephen Coates Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, Binance, Payward Inc, Payward Ventures Inc, Blockchain, Digital Currency Group, Hummingbird Ventures, Tribe Capital, Payward, Court, Northern District of, Thomson Locations: San Francisco federal, United States, San Francisco, U.S, Northern District, Northern District of California, New York

☆ Toyota to pay $60 mln for lending abuses, tarnishing credit reports, US regulator says
▼ + stars: | 2023-11-20 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

REUTERS/David 'Dee' Delgado/File Photo Acquire Licensing RightsCompanies Toyota Motor Corp FollowNov 20 (Reuters) - Toyota (7203.T) will pay $60 million to settle a U.S. regulator's charges it illegally prevented car buyers from canceling unwanted product bundles that increased their monthly loan payments, and tarnished buyers' credit reports. The Consumer Financial Protection Bureau (CFPB) on Monday said Toyota Motor Credit, the automaker's U.S.-based lending arm, will pay a $12 million civil fine and $48 million to car buyers harmed since 2016. Toyota Motor Credit, based in Plano, Texas, provides financing for people who buy vehicles at Toyota dealerships, with nearly 5 million customer accounts as of Oct. 2022. Toyota Motor Credit was also accused of falsely telling credit reporting agencies that borrowers had missed payments, and failing to promptly correct negative information for more than 27,500 borrowers. Under a consent order, and without admitting or denying liability, Toyota Motor Credit agreed to make it easy to cancel unwanted product bundles.

Persons: David, Dee, Delgado, Jonathan Stempel, Chizu Nomiyama, Bill Berkrot Organizations: New York, REUTERS, Rights, Toyota Motor, Toyota, Consumer Financial Protection Bureau, Monday, Motor Credit, Toyota Motor Credit, Thomson Locations: Manhattan , New York City, U.S, Plano , Texas, Monday's, New York

☆ Citigroup managing director sues over sexual harassment
▼ + stars: | 2023-11-20 | by ( Jonathan Stempel | ) www.reuters.com time to read: +4 min

The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/File Photo Acquire Licensing RightsNEW YORK, Nov 20 (Reuters) - Citigroup (C.N) was sued on Monday by a managing director who said a former top equities banker subjected her to sexual harassment and abuse including death threats. Lindsey also accused Citigroup of tolerating a "notoriously hostile" environment in its equities division. Lindsey's lawsuit also seeks damages under New York's Adult Survivors Act for an alleged sexual assault by another Citigroup executive following a December 2007 holiday party. The case is Lindsey v Citigroup Global Markets Inc, U.S. District Court, Southern District of New York, No.

Persons: Chris Helgren, Ardith Lindsey, Mani Singh, Lindsey, Singh, Lindsey's, Frank Underwood, Kevin Spacey, Jeremiah Iadevaia, Jonathan Stempel, Lisa Shumaker Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, North America Markets, U.S, Lindsey, Citigroup Global Markets Inc, Court, Southern District of, Thomson Locations: Toronto , Ontario, Canada, New York, Americas, Manhattan, Singh, Southern District, Southern District of New York

☆ Tesla beats lawsuit claiming it monopolizes repairs, parts
▼ + stars: | 2023-11-18 | by ( Jonathan Stempel | Companies Need To Integrate Climate Reporting Across Functions To Comply With California S New Law | Henry Engler | ) www.reuters.com time to read: +2 min

Tesla logo is seen on the steering wheel of an electric vehicle at a dealership in Durango, northern Spain, October 30, 2023. She also said customers could not prove that Tesla coerced them into using its services and parts simply because they had bought their vehicles in the first place. She said customers may choose to amend their complaint, which combined five lawsuits and covered drivers who have paid for Tesla repairs and parts since March 2019. Customers said Tesla differs by requiring them to have vehicles serviced by the Austin, Texas-based company or its approved service centers, and use only Tesla parts. The case is Lambrix v Tesla Inc, U.S. District Court, Northern District of California, No.

Persons: Vincent West, Elon, Trina Thompson, Tesla, Thompson, Jonathan Stempel, Diane Craft Organizations: REUTERS, Tesla Inc, Court, Northern District of, Thomson Locations: Durango, Spain, U.S, San Francisco, California, Austin , Texas, Northern District, Northern District of California, New York

☆ Rio Tinto to pay $28 million fine to settle US SEC fraud case
▼ + stars: | 2023-11-17 | by ( Jonathan Stempel | ) www.reuters.com time to read: +3 min

The Rio Tinto logo is displayed above the global mining group's booth at the Prospectors and Developers Association of Canada (PDAC) annual conference in Toronto, Ontario, Canada March 7, 2023. Former chief executive Tom Albanese agreed to pay a $50,000 civil fine to settle related SEC claims. Neither he nor Rio Tinto admitted wrongdoing. Rio Tinto confirmed the settlement but declined additional comment. The case is SEC v Rio Tinto Plc et al, U.S. District Court, Southern District of New York, No.

Persons: Chris Helgren, Analisa Torres, Rio, Tom Albanese, Rio Tinto, James Loonam, Guy Elliott, Torres, Riversdale, Albanese, Theodore Wells, Wells, Jonathan Stempel, Bill Berkrot, Rosalba O'Brien Organizations: Rio Tinto, Developers Association of Canada, REUTERS, U.S . Securities, Exchange Commission, U.S, District, SEC, Rio Tinto Coal, Tinto, Court, Southern District of, Thomson Locations: Rio, Toronto , Ontario, Canada, U.S, Mozambique, Manhattan, Rio Tinto, Rio Tinto Coal Mozambique, Southern District, Southern District of New York, New York

Search resuls for: "Jonathan Stempel"

25 mentions found