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☆ Elon Musk drops suit against OpenAI and Sam Altman
▼ + stars: | 2024-06-11 | by ( Hayden Field | ) www.cnbc.com time to read: +3 min

In this photo illustration, the logo of 'OpenAI' is displayed on a mobile phone screen in front of a computer screen displaying the photographs of Elon Musk and Sam Altman in Ankara, Turkiye on March 14, 2024. Elon Musk on Tuesday withdrew his lawsuit against OpenAI and two of the company's co-founders, Sam Altman and Greg Brockman, in California state court. Musk's decision to file to dismiss the suit came just one day after he publicly criticized OpenAI and its new partnership with Apple. In February, Musk had filed a lawsuit against OpenAI, Altman and Brockman — the current CEO and president of OpenAI, respectively — for breach of contract and fiduciary duty. Last year, Musk debuted his own AI startup and OpenAI competitor, xAI, which last month announced a $6 billion Series B funding round.

Persons: Elon Musk, Sam Altman, OpenAI, Greg Brockman, Musk, Altman, Brockman, It's, Kevin O'Brien, Ford O'Brien Landy, I'm, Andreessen Horowitz, X.AI, — CNBC's Lora Kolodny Organizations: Tuesday, Apple, CNBC, OpenAI, Microsoft, Elon, Sequoia Capital, Fidelity Management & Research Company, Musk Locations: Ankara, Turkiye, California, San Francisco

☆ Trump Media shares fall after new SEC filing with reaudited financial statement
▼ + stars: | 2024-06-10 | by ( Kevin Breuninger | ) www.cnbc.com time to read: 1 min

Trump Media on Monday submitted an updated inspection of the company's finances by a newly hired public accounting firm, after its last auditor was charged with fraud by the U.S. Securities and Exchange Commission. Shares of Trump Media initially dropped more than 7% on Monday's announcement. The stock was down about 6% as of 1:00 p.m. The media company, which is majority-owned by former President Donald Trump and trades as DJT on the Nasdaq, said its revised registration statement includes a reaudit conducted by the Phoenix, Arizona-based firm Semple, Marchal & Cooper, LLP. The company behind the social media platform Truth Social said in a press release that its latest filing amends a registration statement from mid-April and is not offering any new shares.

Persons: Donald Trump, Semple Organizations: Trump Media, U.S . Securities, Exchange Commission, Nasdaq, Phoenix, Marchal, Cooper, LLP Locations: Phoenix , Arizona

☆ Netflix may have hurt itself in the 'Baby Reindeer' lawsuit with one line in the opening episode, attorneys say
▼ + stars: | 2024-06-08 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +7 min

That's according to two entertainment lawyers who told Business Insider Netflix may have made several mistakes that could work in Harvey's favor. Dunn is based on Gadd, who has said the show depicts a real-life experience in which he was stalked early in his career. Jessica Gunning as Martha Scott in "Baby Reindeer" and Fiona Harvey on "Piers Morgan Uncensored." "What's been borrowed is an emotional truth, not a fact-by-fact profile of someone," Gadd told GQ. AdvertisementHowever, in her lawsuit, Harvey claims that she and the Martha character several similarities, including their gender, age, nationality, and profession.

Persons: —, Fiona Harvey, Martha Scott, Richard Gadd, Donny Dunn, Dunn, Gadd, Piers Morgan, Harvey, Richard Gadd's, Tre Lovell, Lovell, Jessica Gunning, Mills Sadat Dowlat, Harvey Gadd, Martha, What's, Dowlatshahi, Netflix Harvey, Netflix Dowlatshahi, Rudy Giuliani Organizations: Service, Netflix, Business, BI, Guardian Locations: Scottish, Los Angeles, Georgia

☆ China fines Evergrande's Hengda $577 million for fraudulent bond issuance
▼ + stars: | 2024-05-31 | by ( ) www.cnbc.com time to read: +1 min

An aerial view of construction sites and new residential developments in the Nanchuan area of Xining, Qinghai province, China. China has fined China Evergrande's onshore flagship unit 4.18 billion yuan ($577 million) for fraudulent bond issuance and illegal information disclosure, the China Securities Regulatory Commission (CSRC) said on Friday. The regulator also fined Evergrande founder Hui Ka Yan 47 million yuan and barred him from the securities market for life, according to a statement. "The maximum fine (against Hengda) is the most severe since the unified law enforcement of the bond market," said CSRC, adding it had considered Hengda's bond issuance size and mandate to complete home constructions for buyers when making the decision. China is weighing imposing a record fine of at least 1 billion yuan on PricewaterhouseCoopers LLP and suspending some of the auditor's local operations over its role in auditing Evergrande, Bloomberg News reported on Thursday.

Persons: Hui Ka, Evergrande Organizations: China, China Securities Regulatory Commission, Evergrande, Hui Ka Yan, PricewaterhouseCoopers LLP, Bloomberg Locations: Nanchuan, Xining, Qinghai province, China, Hong Kong

Read previewFormer President Donald Trump's historic conviction on Thursday may have been in part due to mistakes made by his defense team, including not having him take the stand, legal experts told Business Insider. Though the conclusion of the case was significant, three legal experts told BI the verdict wasn't a major shock. AdvertisementHe pointed to opening statements made by Trump's lawyer, Todd Blanche, that Rahmani thought suggested an accountant would testify and serve as a fall guy. AdvertisementNot long before resting their case, the defense told the judge they were still weighing having Trump testify. Some legal experts previous said testifying would not be a good idea for Trump, with concerns that he could end up committing perjury.

Persons: —, Donald Trump's, Trump, Stormy Daniels, Alex Reinert, Eric Anderson, Sullivan Wright Gizer, McRae, Donald Trump, Daniels, Neama, Todd Blanche, Michael Cohen, Trump's, Rahmani, David Pecker, Anderson, Cohen, hadn't, It's, Merchan, Biden Organizations: Service, New, Business, Cardozo School of Law, McRae LLP, West, Trial, National Enquirer, Trump Locations: New York

☆ Opinion: Trump verdict is a pyrrhic victory for Democrats
▼ + stars: | 2024-05-30 | by ( Opinion Cnn Contributors | ) edition.cnn.com time to read: +14 min

CNN —CNN Opinion asked our contributors to weigh in on Trump’s conviction on 34 counts of falsifying business records. Are there really that many voters whose view of Trump as a man, or politician, could be altered by bookkeeping irregularities? How many would-be Trump voters will be swayed against him because of miscategorized business expenses? Instead of validating Trump’s narcissism, Democrats should turn the camera away from Trump and toward the American people. Democrats should make the case that Trump’s policies would decimate the middle class and that ought to be a (metaphorical) crime.

Persons: Patrick Brown, Patrick T, Brown, —, Trump, Attorney Alvin Bragg, ”, Biden, Robert De Niro, Stacy Schneider, Rikers Stacy Schneider, Juan Merchan, Donald Trump, I’ve, Trump’s, There’s, ” Timothy C, Tim Parlatore Tim Parlatore, Michael Cohen’s, Karen McDougal, Daniels, today’s, Timothy C, Paul Begala, ’, Roe, Wade, kowtowing, Vladimir Putin, Bill Clinton’s, Clinton, Jennifer Rodgers, Judge Juan Merchan, Prosecutors, Donald Trump’s, Merchan, Will, it’s, they’d, he’d, “, Joey Jackson, Donald, Michael Cohen, Cohen, Cohen’s Organizations: CNN, Progressives, Trump, haven’t, Attorney, Republicans, Public Policy Center, Economic, Parlatore Law, LLP, Navy, Paul Begala CNN, Social Security, Democratic, Manhattan, NYU School of Law, Columbia Law School, Republican Party, GOP, Team Trump Locations: Manhattan, Washington , DC, New York, Trump, Russian

☆ Wall Street advisors are flocking to this small law firm to claw back pay from wealth giants like Morgan Stanley and Merrill Lynch
▼ + stars: | 2024-05-21 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

For Ajamie LLP, a Houston law firm with 11 attorneys, taking on banks with billion-dollar war chests is becoming a booming business. This ruling was used by a lawyer on another case, Ohio-based Alan Rosca, to secure a $3 million judgment against Morgan Stanley on March 25. He said he has been contacted by advisors hailing from "really any financial firm that offers deferred compensation to financial advisors." During that suit, Ajamie was contacted by Matt Shafer, the lead plaintiff in the Morgan Stanley case. The Morgan Stanley suit inspired Kelly Milligan, now the named plaintiff in the Merrill Lynch class action, to reach out.

Persons: —, Jack Edwards, Edwards, Morgan Stanley, Morgan Stanley's, Alan Rosca, Merrill Lynch, Sen, Ted Cruz, Wells Fargo, Wells, Ajamie, Matt Shafer, Kelly Milligan, It's Organizations: Service, Ajamie LLP, Business, University of Virginia School of Law, Big Law, RBC Capital Markets, Financial Industry Regulatory Authority Locations: Houston, Ohio, Ajamie, Texas, Carolina

☆ Trump VP prospect Doug Burgum and GOP megadonor Harold Hamm are allies in business and politics
▼ + stars: | 2024-05-21 | by ( Brian Schwartz | ) www.cnbc.com time to read: +12 min

Continental Resources donated $1 million to the super PAC in April, according to Federal Election Commission records. A spokeswoman for both Continental Resources and Hamm, its executive chairman, did not respond to a request for comment. All seven wells have been active since 2011, just two years after Burgum's family signed an agreement with Continental Resources. The Burgum Farm Partnership LLP, which oversees the family farm land in Williams County and Cass County, is worth between $500,001 and $1 million, according to the financial disclosure. Doug Burgum is a managing partner of the Burgum Farm Partnership, and he signed the businesses' latest annual report in March.

Persons: Donald Trump, Doug Burgum, Vivek Ramaswamy, Jabin, Harold Hamm, Burgum, Theodore Roosevelt, Sen, Marco Rubio, Rubio, Trump, Hamm, Bradley Burgum, Mike Nowatzki, Nowatzki, Burgum's, He's, Barbara, Edward Hirs, Brandon Bell, Jack Balagia, Ryan Kellog, Kellog, Ted Borrego, —, Virginia Canter, Canter, Chip Somodevilla, he's, Kathryn, Dan Eberhart, Eberhart, Leah Millis Organizations: North Dakota Gov, Margate, Washington Post, Continental Resources, Trump White House, CNBC, Trump, Republican, Trump that's, Inc, Commission, Continental, Federal, North Dakota's Minerals Department, Drilling, LLP, University of Houston, Getty, University of Texas, Exxon Mobil, University of Chicago, University of Houston Law Center, Trump White, North, Canter . North, Burgum Locations: Laconia, NH, Hamm, North Dakota, Williams County, Burgum, Fla, Florida, Dakota, North, Brooklyn, Cass County, Fort Stockton , Texas, Washington, Canter ., Canter . North Dakota, Laconia , New Hampshire, Continental Resources . North Dakota, Pittsburgh , Pennsylvania, U.S

☆ Diddy is done: Sean Combs can't save his career, entertainment attorney says — but he can maybe save himself
▼ + stars: | 2024-05-20 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +5 min

Read previewA "smoking gun" video of Sean "Diddy" Combs could help plaintiffs in other civil suits against him bolster their cases, an entertainment lawyer told Business Insider. In the video, a man appearing to be Combs shoves, drags, kicks, and throws an object toward Ventura in the hotel hallway. 'His career is effectively done'Ventura alleged in her November suit that Combs paid the defunct hotel $50,000 to obtain the surveillance footage. From the perspective of Combs' defense, Dowlatshahi said Combs' lawyers will probably try to settle the cases and advise Combs to cooperate with authorities. "His career is effectively done," Dowlatshahi told Business Insider.

Persons: —, Sean, Diddy, Combs, Cassie Ventura, Ventura, Camron, Mills, Mills Sadat Dowlat, wouldn't, Meredith Firetog, Firetog, Cassie, Dowlatshahi Organizations: Service, CNN, InterContinental Hotel, Business, Associated Press, Mills Sadat, Wigdor LLP, Federal, DHS, Miami, Diddy Locations: Los Angeles, Ventura, Hollywood

☆ Sean 'Diddy' Combs is seen assaulting Cassie in newly uncovered footage. Here's a timeline of the mounting sexual misconduct allegations against him.
▼ + stars: | 2024-05-17 | by ( Ayomikun Adekaiyero | Hannah Getahun | Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +2 min

December 6, 2023: A woman accuses Combs and 2 other men of raping her when she was 17. A photo of Sean "Diddy" Combs and "Jane Doe" included in the lawsuit. The lawsuit said Pierre flew the women to Combs' studio in New York, where they gave her drugs and alcohol until she was too inebriated to consent. The suit also included photos of the accuser, with her face blurred, in the New York studio. On February 20, 2024, Rolling Stone reported that Combs, Pierre, and Combs' company, Bad Boy Entertainment, filed a response to the lawsuit.

Persons: Combs, Sean, Diddy, Jane Doe, Wigdor, Harve Pierre, Pierre, Doe, Pierre didn't, Rolling Stone, Entertainment motioned Organizations: Business, New York, Rolling, Bad Boy Entertainment, Bad, Entertainment Locations: New York

☆ Warren Buffett downsized his Apple stake for tax reasons. Here's what it means
▼ + stars: | 2024-05-15 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Warren Buffett surprised many by selling a significant portion of his gigantic Apple stake, and his reason for the sale was even more surprising. Buffett, who trimmed Berkshire Hathaway's Apple holding by 13% in the first quarter after reaping enormous gains, suggested that the sale was for tax reasons. He implied the sale could be a means of avoiding an even higher tax bill down the road if tax rates rise to help plug a ballooning U.S. fiscal deficit. There's no special tax rate for capital gains in a corporation as they become part of the entity's income. Corporate income tax rate The corporate tax rate in the U.S. averaged 32.1% from 1909 to 2024, with a peak of 52.8% in the late 1960s, according to the Internal Revenue Service.

Persons: Warren Buffett, Buffett, There's, Kelly Gillette Organizations: Apple, Treasury Department, U.S, Internal Revenue Service, Armanino LLP, Apple Berkshire, Berkshire Locations: Berkshire, Omaha, Texas

☆ Trump Media investor convicted of insider trading ahead of merger
▼ + stars: | 2024-05-09 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

A federal jury in New York on Thursday convicted an investor of insider trading in the stock of a shell company ahead of its announcement in October 2021 that it would merge with Trump Media . Two co-defendants of Garelick, the brothers Michael and Gerald Shvartsman, pleaded guilty to insider trading charges on April 3. "Garelick's federal conviction is yet another stark reminder that insider trading is always a losing bet." DWAC and Trump Media completed their merger in late March. Trump Media hired a new auditor, Semple, Marchal & Cooper LLP last weekend to replace BF Borgers.

Persons: Bruce Garelick, Donald Trump, Stormy Daniels, Michael, Gerald Shvartsman, Garelick, Michael Shvartsman's, Damian Williams, Williams, DJT, Benjamin Borgers, Semple, Cooper Organizations: Manhattan Federal Court, Trump Media, Trump, Garelick, Rocket, Prosecutors, Acquisition Corporation, Trump Media & Technology Group, Manhattan U.S, Public, Securities and Exchange Commission, SEC, BF, CPA, Marchal Locations: Manhattan, New York City, New York, U.S

☆ Trump Media hires new auditor after previous accounting firm charged with 'massive fraud'
▼ + stars: | 2024-05-06 | by ( Dan Mangan | ) www.cnbc.com time to read: +3 min

Trump Media hired a new auditor over the weekend, after its previous public accounting firm was accused Friday of perpetrating a massive fraud by the Securities and Exchange Commission. Trump Media said it had engaged Semple, Marchal & Cooper LLP on Saturday to replace BF Borgers. The ban required Trump Media and other public companies that had used BF Borgers to find new auditors. CNBC also requested comment from Phoenix-based Semple, Marchal, whose website said the firm in its four decades of operation it has "become a preeminent, and highly respected, certified public accounting firm." Trump Media was not yet publicly traded at the time of the alleged conduct by BF Borgers.

Persons: BF, Semple, Cooper, Donald Trump, BF Borgers, Marchal, Benjamin Borgers, Borgers Organizations: Trump Media, Securities and Exchange Commission, CPA, SEC, Marchal, BF, Company, Trump, CNBC Locations: Phoenix, Lakewood , Colorado

☆ A high-powered NYC lawyer is suing his ex for custody of their poodle and $208K, saying the pet is 'more than a dog' to him
▼ + stars: | 2024-04-25 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +4 min

A New York City lawyer is suing his ex-boyfriend, also a lawyer, for custody of a miniature poodle. The couple purchased the dog — Raven — together in 2020, but broke up last month. Taylor Leighton, who called the dog his 'child,' is also seeking more than $200,000 in damages. AdvertisementA New York lawyer is suing his former boyfriend, also a lawyer, for custody of their miniature poodle and more than $200,000 in damages, according to an affidavit published by the Daily Beast. AdvertisementIn the affidavit, Leighton argued that although Nathan Greess contributed $2,000 toward the purchase, it was only because he owed money for household expenses.

Persons: —, Taylor Leighton, Akin Gump Strauss Hauer, Feld, Countess Raven, Raven, Luann, Leighton, Nathan Greess Organizations: Service, Daily, Feld LLP, Housewives, New, Scripps News Locations: York City, York, Minnesota, New York City, Raven

☆ The US is preparing to hit back at China's glut of cheap solar panels by targeting its allies
▼ + stars: | 2024-04-24 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

The world is awash in solar panels after Chinese-owned firms flooded the market with cheap exports. Companies including Qcells, First Solar, and Swift Solar on Wednesday asked the Biden administration to slap tariffs on solar cells from four countries in Southeast Asia. The US solar companies allege that Chinese-owned firms operating in Cambodia, Malaysia, Thailand, and Vietnam are illegally undercutting the market. The petition by US solar companies — known as an anti-dumping and countervailing duty case — could lead to that. The probe will help determine whether solar panels were sold in the US at prices below the cost of production.

Persons: Biden, we've, Tim Brightbill, Wiley Rein, Joe Biden, Janet Yellen, Yellen, Premier Li Qiang Organizations: Service, Companies, Wednesday, Business, Wiley, China, Industry, Commerce Department, US Commerce Department, International Trade Commission, Premier, New York Times Locations: Southeast Asia, Cambodia, Malaysia, Thailand, Vietnam, Germany, America, Massachusetts, China

☆ I'm a tax lawyer who helps wealthy people move to lower their taxes — and prepare for residency audits
▼ + stars: | 2024-04-22 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +8 min

They can go where they want to go when they want to go, and it does save them a lot of money. You can live on one side of Lake Tahoe and pay no taxes versus the other side of Lake Tahoe and pay California taxes, which is around 12%. People with means absolutely find themselves going to Florida, but I don't think it's just for the money. We always tell people that being audited for residency is kind of like the tax version of a colonoscopy. Here in New York City, the top 1% of the taxpayers pay almost 50% of the New York City income tax.

Persons: Hodgson Russ LLP, Mark Klein, we'd, they've, that's, you've, they're Organizations: Service, Florida . Finance, TSA, I'm, Tri, Yorker, New Locations: Florida, New York City, Nevada, Texas, New York, Los Angeles, Lake Tahoe, California, Wyoming, Washington, Miami, Long, East Coast, Boca, Delray, Manhattan, York City

☆ China sees foreign threats ‘everywhere’ as powerful spy agency takes center stage
▼ + stars: | 2024-04-21 | by ( Nectar Gan | ) edition.cnn.com time to read: +16 min

But among the crowds you and I together are protecting national security,” the narrator concludes. Chinese soldiers look at a poster promoting national security in the southwestern city of Beihai on National Security Education Day on April 15, 2024. CFOTO/Future Publishing/Getty ImagesAccording to the MSS, foreign spies are omnipresent and infiltrating everything – from mapping apps to weather stations. But China’s spy agency has gradually stepped out of the shadows as Xi makes national security a key priority. “Shenyin Special Investigation Squad” is a comic series based on real-life counterespionage operations, according to China's spy agency.

Persons: –, “, ”, Xi, Xuezhi Guo, Sheena Chestnut Greitens, Xi Jinping, Greg Baker, Mao Zedong, Greitens, Chen Yixin, Chen, “ Chen, ” Greitens, Xi –, denigrate, Bain, Alex Plavevski, Guo, influencers, China’s, can’t, James Zimmerman, Perkins Coie, Zimmerman, ” Zimmerman Organizations: Hong Kong CNN, National Security Education, “, Ministry of State Security, National Security, Publishing, CIA, National, Education, Capitol, Guilford College, Asia, University of Texas, Getty, Communist Party, FBI, National Security Propaganda, CCTV, Ministry of State, China’s National Security Commission, Group, China Development Forum, Perkins Coie LLP, ”, MSS Locations: China, Hong Kong, Beihai, British, American, Beijing, Austin, AFP, Zhejiang province, Shanghai, New York, overreaching

☆ Live Updates: Columbia’s President to Testify in Antisemitism Hearing
▼ + stars: | 2024-04-17 | by ( Sharon Otterman | ) www.nytimes.com time to read: +4 min

From left, Claudine Gay, president of Harvard University; M. Elizabeth Magill, president of Penn; Pamela Nadell, a professor at American University; and Sally Kornbluth, president of M.I.T., at a congressional hearing in December. When Nemat Shafik, the president of Columbia University, was asked to appear before Congress to testify about antisemitism on college campuses in December, she cited a scheduling conflict and said she could not attend. The president of the University of Pennsylvania, M. Elizabeth Magill, resigned four days after her appearance at the hearing, where she delivered evasive answers about campus antisemitism. Harvard’s president, Claudine Gay, similarly gave vague responses and faced fierce backlash for weeks up to her resignation in January. Lawyers who prepare clients to testify before Congress said that while there are risks to not appearing, it is always an option.

Persons: Claudine Gay, Elizabeth Magill, Penn, Pamela Nadell, Sally Kornbluth, Nemat Shafik, Shafik, Minouche, Christopher Armstrong, “, you’re, ”, it’s, ” Mr, Armstrong, There’s, Emily Loeb, Block, ” Sharon Otterman Organizations: Harvard University, American University, Columbia University, University of Pennsylvania, Massachusetts Institute of Technology, Education, Workforce, United Nations, Change, Lawyers, Holland, Knight, Jenner Locations: Dubai

☆ New York and other states are using AI to hunt down wealthy remote workers and demand more tax
▼ + stars: | 2024-04-16 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewNew York is the millionaire capital of the world, but some of those who want to stay rich are fleeing to low-tax states like Florida and Texas. The state tax department has a solution: AI letters. It is sending hundreds of thousands of AI-generated letters, mostly to wealthy remote workers or those who require a change in tax residency, according to CNBC. There were 771,000 audits in New York in 2022, according to a recent report by the state Department of Taxation and Finance cited by CNBC.

Persons: —, That's, Alexander Spatari, Mark Klein, Hodgson Russ LLP, it's, It's, Klein, Shakira Organizations: Service, CNBC, Business, of Taxation, New, Henley, Partners, €, York's Department of Taxation, Finance Locations: Florida, Texas, New York, New York City, York, Bahamas, Spain

☆ State tax officials are using AI to go after wealthy payers
▼ + stars: | 2024-04-15 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

Even as the IRS makes headlines for cracking down on the wealthy, state tax collectors have become even more aggressive with audits of high earners, according to tax attorneys and accountants. During Covid many of the wealthy moved from high-tax states like California, New York, New Jersey and Connecticut to low-tax states like Florida or Texas. Klein said state tax auditors and AI programs are examining cellphone records to see where the taxpayers spent most of their time and lived most of their lives. Many of the wealthy in New York City who moved kept their apartments with most of their belongings. State tax authorities are claiming that since they didn't move with all of their household items, for tax purposes they didn't actually move.

Persons: Mark Klein, Hodgson Russ LLP, it's, It's, Klein Organizations: IRS, of Taxation, Finance, Artificial, New Locations: New York, California , New York , New Jersey, Connecticut, Florida, Texas, York, Colorado, New York City

☆ Letitia James is not done with Donald Trump. Now she wants to know if he withheld evidence in her fraud case.
▼ + stars: | 2024-04-10 | by ( Laura Italiano | ) www.businessinsider.com time to read: +8 min

Letitia James won a $454 million judgment against Trump, his penalty for a decade of fraud. She and Trump are now fighting over her claims that he withheld evidence from her fraud probe. "The Court is well within its authority to determine if Defendants and their counsel facilitated that perjury by withholding of incriminating documents," James argued in Tuesday night's letter. AdvertisementAt a hearing in April of 2022, he compared getting Trump's documents to "pulling teeth." Out of some 900,000 documents turned over, only ten were "custodial" Trump documents, meaning business files in the former president's direct custody.

Persons: Letitia James, Trump, James, —, Allen Weisselberg, Weisselberg, Arthur Engoron, Barbara Jones —, Bracewell, Barbara Jones, Drew Angerer, Kevin Wallace, Clifford Robert, Jones, they're, Wallace, Alina Habba, Marc Frazier Scholl, Scholl, Lewis Baach Kaufmann Middlemiss Organizations: Service, New, Trump, Trump Organization, Trump Org, Forbes, Engoron, Business, NY, General's, Manhattan, Attorney's Office Locations: New York, Manhattan, York

☆ Why Wall Street's biggest wealth managers could face an avalanche of lawsuits thanks to one judge's ruling
▼ + stars: | 2024-04-05 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +10 min

The banks, in turn, make shareholders happy by reporting lower compensation costs since deferred compensation is marked as a liability. At Morgan Stanley, advisors forfeit this pay if they leave for another employer before four years of service. This ruling was used by a lawyer on another case, Alan Rosca, to secure a $3 million judgment against Morgan Stanley on March 25. In November, Morgan Stanley successfully fought off a class action attempt by 12 ex-Morgan Stanley advisors. Lawyers told Business Insider that the award and the ruling in Shafer v. Morgan Stanley will likely inspire more ex-advisors to sue.

Persons: —, Morgan Stanley, Morgan Stanley's, Alan Rosca, Cerulli, Rogge Dunn, Biden, Dunn, Goldman Sachs, Spencer Platt, Rosca, It's, Shafer, Judge Paul Gardephe, Meaghan VerGow, Pamela Miller, O'Melveny, Jack Edwards, Edwards, Street Former Morgan Stanley, Phil Waxelbaum, They've, you've, — Rosca, Waxelbaum, We're Organizations: Service, Wall, Business, Advisors, Biden Administration, FTC, Getty, Financial Industry Regulatory Authority, Street Former, Ajamie LLP, JPMorgan Locations: Cleveland, Dallas, New York, Shafer, Houston, Wells

If she does not course-correct, she’s headed for another shellacking by the circuit – and possible removal from the case. That statute outlines the parameters between a president’s official and personal records, and sets up processes for how official documents are preserved. If this were true, the mere fact that Trump took the documents with him from the White House would inherently turn them into personal records. Importantly, Smith asked Cannon to let both parties know “promptly” how she viewed the law. Ejecting her from the case would be extremely unusual and Smith does not mention seeking it in his papers.

Persons: Norman Eisen, Trump, Danya Perry, Perry Guha, Joshua Kolb, Jack Smith, Donald Trump’s, Smith, Aileen Cannon, Donald, Cannon, she’s, counterarguments, Cannon’s, ”, fashioning, “ Organizations: Democrats, Brookings, New, Public, CNN, Appeals, Circuit, Trump, Records, National Archives, Records Administration, White Locations: Lago, Bedminster , New Jersey

Read previewAn appellate court decision reducing former President Donald Trump's bond to $175 million was a win for the former president — and certainly a rare one, according to legal experts. But the former president was tossed a last-minute lifeline Monday when an appeals court ordered a whopping 62% reduction in the size of the bond. AdvertisementIn that time, he's only heard of roughly a couple dozen instances when a New York appeals court reduced an appeal bond — and those involved far lower judgments. While the lowered bond buys Trump time, he'll still owe the entire sum if he loses on appeal. As part of Monday's decision, Trump is required to file a full appeal argument in time for the court's September 2024 session.

Persons: —, Donald Trump's, Trump, Neil Pedersen, Pedersen, he's, Letitia James, Eric Snyder, Wilk Auslander, Snyder, he'll, Arthur Engoron, Engoron Organizations: Service, Business, Sons, New York, Trump, New, Trump Organization Locations: York, New York, he'll

☆ FTX's victims may get all their money back. The judge sentencing Sam Bankman-Fried might not care.
▼ + stars: | 2024-03-24 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +12 min

Sam Bankman-Fried bilked FTX customers out of over $8 billion, according to prosecutors. AdvertisementAccording to federal prosecutors, Sam Bankman-Fried orchestrated one of the biggest criminal frauds in the history of the world. According to his lawyers, FTX's customers might get all their money back. According to prosecutors, Bankman-Fried was responsible for more than $11 billion in fraud overall between FTX customers and investors in FTX and Alameda Research. The recovered calculations, too, distort how much money customers are actually getting back.

Persons: Sam Bankman, —, Fried, FTX, John J, Ray III, Ray, Lewis Kaplan, Kaplan, Sarah Krissoff, Cozen O'Connor, Krissoff, it's, Sarah Silbiger, Bankman, bitcoin, Rachel Maimin, Lowenstein Sandler, Barbara Fried, Mark Cohen, Jane Rosenberg Bankman, Maiman, Maimin, Caroline Ellison Organizations: Service, FTX, Bankman, Alameda Research, US, United States, Second Circuit, U.S . House Financial, Capitol, Reuters, K5 Global, Prosecutors, Wall, REUTERS, Business, of Prisons, Alemda Research Locations: FTX, Manhattan, New Jersey, New York, Washington , U.S

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