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The headquarters of the U.S. Securities and Exchange Commission (SEC) is seen in Washington, D.C., U.S., May 12, 2021. DWS Investment Management Americas made "concerning" misstatements regarding its ESG investment process, the U.S. Securities and Exchange Commission (SEC) said in a statement. Separately, the SEC found DWS failed to develop a mutual fund anti-money laundering program as required by law. Reuters in July reported that the SEC was preparing to slap DWS with a fine after a two-year probe into allegations of "greenwashing". Under Democratic leadership, the SEC has pledged to crack down on the inflating of ESG credentials to attract investors.

Persons: Andrew Kelly, DWS, Goldman Sachs, BNY, Chris Prentice, Chizu Nomiyama, Emelia Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Deutsche Bank, DWS Investment Management, SEC, Regulators, Democratic, BNY Mellon, Thomson Locations: Washington ,, Germany

☆ DWS to pay $25 mln over US charges over ESG misstatements, other violations
▼ + stars: | 2023-09-25 | by ( ) www.cnbc.com time to read: +1 min

Photographer: Alex Kraus/Bloomberg via Getty ImagesDeutsche Bank-controlled investment firm DWS will pay $25 million to settle charges over misstatements regarding its environmental, social, and governance (ESG) investing and failures in policies designed to prevent money laundering, U.S. regulators said on Monday. DWS Investment Management Americas, a registered investment adviser, made "concerning" misstatements regarding its ESG investment process, the U.S. Securities and Exchange Commission said in a statement. Representatives for DWS, which did not admit or deny the SEC's findings, did not respond to requests for comment. Separately, regulators found DWS failed to develop a mutual fund anti-money laundering program as required by law. The firm did not have systems in place that were "reasonably designed" to flag potential money laundering, the SEC said in a separate order.

Persons: Alex Kraus Organizations: Deutsche Bank AG, Deutsche Bank, Bloomberg, Getty Images Deutsche Bank, DWS Investment Management, U.S . Securities, Exchange Commission, SEC, DWS Locations: Frankfurt, Germany

☆ In victory for Trump, an appellate court in Manhattan grants a temporary stay in his October business-fraud trial
▼ + stars: | 2023-09-15 | by ( Laura Italiano | ) www.businessinsider.com time to read: +4 min

Trump and Trump Org were due to start trial on October 2 over New York's accusations of widespread business fraud. Thursday, an appellate judge in Manhattan granted what may only be a temporary hold on that date. The parties will now spend two weeks mired in an appellate-level, litigation side-show over Trump's claim that NY's case is too old. Four legal sources confirmed the new litigation sideshow and Thursday's trial date stay for Insider. AdvertisementAdvertisement"We are confident in our case and will be ready for trial," a spokeswoman for the attorney general's office said late Thursday.

Persons: Donald Trump, David Friedman, Letitia James, Trump, Donald Trump , Jr, Eric Trump, James, Arthur Engoron, Trump's, Ivanka Trump, They'll Organizations: Trump, Trump Org, Service, Daily, New, Trump Organization Locations: Manhattan, Wall, Silicon, New York, Washington, DC, United States

☆ Prison healthcare giant Corizon reaches tentative bankruptcy deal that could shortchange prisoners; Sen. Elizabeth Warren pledges oversight
▼ + stars: | 2023-09-01 | by ( Dakin Campbell | Nicole Einbinder | ) www.businessinsider.com time to read: +9 min

Sen. Elizabeth Warren has called Corizon's use of the Two-Step "an alarming red flag." Sylvia Jarrus for InsiderCorizon Health rebranded as Tehum Care Services last year and filed for bankruptcy in February. The other company, Corizon, later rebranded as Tehum, received most of the parent company's liabilities — and then declared bankruptcy. Warren is "actively looking" into the Corizon Two-Step, Sarabia confirmed last week, before the settlement was announced. US Bankruptcy Court, Southern District of TexasSome creditors have worried for months that the company would reach a settlement on unfavorable terms.

Persons: Elizabeth Warren, Isaac Lefkowitz, Sen, William Kelly, Sylvia Jarrus, Tehum, Tracey Grissom, Hector Garcia, Corizon, Christopher Lopez, Aaron Kaufman, Kaufman, YesCare, Alex Sarabia, Warren, Sarabia, Warren's, it's, Dick Durbin, Johnson, Durbin, Judge Lopez, Nick Zluticky, Lopez, Zluticky Organizations: Corizon Health, Health, Corizon, Tehum Care, Alabama, US, Southern, Southern District of Texas, Alabama Department of Corrections, Court, Tehum, Committee Locations: Sen, Texas, Saginaw , Michigan, Michigan, New Mexico, Tehum, Southern District, Corizon's Texas, Delaware

DCG and Silbert, who is also a defendant, called Gemini a "sophisticated market participant" that had told Gemini Earn customers, who were expecting high interest rates, that it had "thoroughly vetted" Genesis. Gemini said the defendants did this so that Gemini Earn customers would continue lending crypto assets to Genesis, believing it was "business as usual." Gemini and Genesis are defendants in a U.S. Securities and Exchange Commission civil lawsuit claiming they bypassed disclosure requirements meant to protect investors in connection with Gemini Earn. According to the SEC and the Winklevosses, Genesis held about $900 million of assets from approximately 340,000 Gemini Earn customers before halting withdrawals last November. The case is Gemini Trust Co v Digital Currency Group LLC et al, U.S. District Court, Southern District of New York, No.

Persons: Entrepeneurs Tyler, Cameron Winklevoss, Manus, Lucas Jackson, Tyler, Barry Silbert, Gemini, Silbert, DCG, Genesis, Sam Bankman, Fried, Jonathan Stempel, Leslie Adler Organizations: Metropolitan Museum of Art, REUTERS, Group, Gemini Trust, Genesis Global, Gemini, Three Arrows Capital, U.S . Securities, Exchange Commission, SEC, Forbes, Currency, Court, Southern District of, Thomson Locations: Manhattan, New York, DCG, U.S, Southern District, Southern District of New York

☆ Tupperware shares soar on agreement with lenders to restructure debt
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

Various Tupperware containers are seen in this undated still image obtained from a video. Reuters TV via REUTERSAug 3 (Reuters) - Tupperware Brands (TUP.N) said on Thursday it has finalized an agreement with its lenders to restructure its debt obligations in an effort to turnaround its business, sending its shares soaring 57% after the bell. The agreement will help the company to reduce or reallocate about $150 million of cash interest and fees, and would give it immediate access to a revolving borrowing capacity of about $21 million. Known for its plastic airtight storage containers and bowls, Tupperware has seen a sharp drop in demand recently as consumers limit discretionary purchases amid higher prices and fears of recession. The agreement also paves the way for the extension of the maturity of about $348 million of principal and reallocated interest and fees to 2027 with payment-in-kind interest.

Persons: Tupperware, Ananya Mariam Rajesh, Granth Vanaik, Deborah Sophia, Arun Koyyur Organizations: Reuters, REUTERS, Tupperware, Moelis, Bed, Thomson Locations: Bengaluru

☆ Tupperware's stock extends recent rally, up 300% in 5 trading days
▼ + stars: | 2023-07-27 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

The stock gains have come despite signs earlier this year of problems for Florida-based Tupperware Brands Corp. Tupperware's stock on Thursday was also among the most watched tickers on retail-investor-focused Stocktwits.com, with an "extremely bullish" sentiment score. The sharp, unexplained gains echo those seen in Bed Bath & Beyond (BBBYQ.PK) before it filed for bankruptcy and other "meme" stocks known for their sudden popularity with retail investors. Also like other "meme" shares, Tupperware's stock is highly shorted. Even with the recent gains, Tupperware's stock is down about 30% for the year to date.

Persons: Caroline Valetkevitch, Susan Heavey Organizations: YORK, Tupperware Brands Corp, Moelis, Investors, Thomson Locations: Florida, Bath

☆ Opinion | It’s Not Possible to ‘Win’ an Argument With Robert F. Kennedy Jr.
▼ + stars: | 2023-06-23 | by ( Farhad Manjoo | ) www.nytimes.com time to read: +3 min

But pretty much every expert I talked to said that none of the issues were likely big enough to have undone Bush’s win. Then Kennedy wrote a rebuttal to my rebuttal, which I, again, rebutted. Salon, a generally liberal-leaning publication, was deluged by letters from readers angry that I was defending Bush’s win. The other day I went back and listened to a debate I had with Kennedy on public radio’s “The Brian Lehrer Show.” Lehrer opened the program by asking Kennedy for his big-picture case. Such was his effort when we met on Lehrer: Kennedy offered an assortment of claims about the election that, in big and small ways, were unsubstantiated.

Persons: Kennedy, Kenneth Blackwell, Bush, Kennedy’s breathless, Brian Lehrer, ” Lehrer, Rogan, —, Lehrer Organizations: Democratic National Committee, Bush’s Locations: Ohio, Kerry

☆ $1 Billion Federal Agency Seeks a Boss Who Will Show Up for Work
▼ + stars: | 2023-06-07 | by ( Elizabeth Williamson | ) www.nytimes.com time to read: +2 min

Recent inspector general reports document waste, absenteeism, contracting irregularities, workplace misconduct and sexual harassment at an agency with an annual budget of $1.3 billion. Some 17 agency employees knew about Mr. Blanton’s misconduct but did not report it. Failures of the Capitol Police Board (the architect is one of three voting members) and Mr. Blanton’s failed response contributed to the Jan. 6 Capitol breach, according to a Senate report. “The report is filled with errors, omissions, mischaracterizations, misstatements and conclusory statements lacking evidence,” he said. “Problem after problem after problem,” Thomas J. Carroll III, a former acting architect of the Capitol, told investigators.

Persons: Blanton’s, Alexandria Ocasio, House Cannon, Blanton, “, ”, ” Thomas J, Carroll III Organizations: Capitol, House, Capitol Police Board, Committee Locations: Cortez, New York

June 1 (Reuters) - The U.S. Supreme Court on Thursday gave Salesforce Inc's (CRM.N) Slack Technologies another chance to avoid a lawsuit over the workplace communications software company's 2019 direct listing. A direct listing is an alternative to a traditional initial public offering. The registration statement was filed with the U.S. Securities and Exchange Commission (SEC). That differs from an IPO, under which newly registered shares are offered to the public while existing shareholders are typically barred from selling their unregistered shares for months. Slack's direct listing released 118 million shares that were registered under its registration statement and 165 million pre-existing shares that were exempt from registration.

Persons: Salesforce Inc's, Fiyyaz Pirani, Pirani, Slack, Neil Gorsuch, Andrew Chung, Will Dunham Organizations: U.S, Supreme, Slack Technologies, San, Circuit, Securities, U.S . Securities, Exchange Commission, SEC, falsities, Thomson Locations: San Francisco, New York

[1/4] A view of the Goldman Sachs stall on the floor of the New York Stock Exchange July 16, 2013. REUTERS/Brendan McDermidMay 4 (Reuters) - Goldman Sachs Group Inc (GS.N) said in a filing on Thursday it is cooperating with government probes into collapsed Silicon Valley Bank. The Wall Street bank is "cooperating with and providing information to various governmental bodies in connection with their investigations and inquiries" into SVB, including the two companies' dealings in March. The Wall Street bank acquired a bond portfolio on which SVB booked a $1.8 billion loss, a transaction that preceded a failed SVB share sale where Goldman was an underwriter. Goldman was also among the underwriters named as defendants in a securities class action lawsuit related to several SVB share offerings in 2021 and 2022, it said in a regulatory filing.

The actual malice standard creates breathing room for public debate by protecting accidental misstatements about powerful people while still allowing for liability for intentional lies. But public officials and public figures, whom we expect to tolerate sharp public criticism, must also show in a defamation case that the speaker didn’t just inadvertently misspeak, but intentionally published falsehoods. From the start of the Dominion lawsuit, Fox News had pressed an argument that would have created a form of actual malice on steroids, preventing accountability altogether. Carefully calibrated doctrines protect neutral reporting and require courts to examine whether an outlet goes beyond reporting to endorsing falsehoods. There has actually been a movement to revisit the actual malice standard but in favor of narrowing it — or even eliminating it altogether — rather than expanding it.

☆ TikTok hearing: CEO Shou Chew to testify before Congress for the first time
▼ + stars: | 2023-03-23 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +4 min

TikTok CEO Shou Chew will face the House Energy and Commerce Committee during his first appearance before Congress, in a hearing that kicks off at 10 a.m. In his prepared remarks, Chew is expected to issue broad promises to protect US user data, to keep teens safe and to remain free from any government influence. As scrutiny from lawmakers’ mounts, however, so does the app’s popularity and reach in the United States. TikTok was the top downloaded app in the United States in 2021 and 2022, according to data from analytics firm Sensor Tower. In the months leading up to his appearance on Capitol Hill, Chew, who rarely gave interviews previously, has gone on a media tour in the United States.

☆ Trump loses bid to delay October 2 fraud trial where New York attorney general will try to run him out of state
▼ + stars: | 2023-03-21 | by ( Laura Italiano | ) www.businessinsider.com time to read: +6 min

A judge denied Trump's request for a six-month delay for his October 2 fraud trial in New York. State Attorney General Letitia James sued Trump, his family, and his business in September. The judge declined to move the trial date even though lawyers for Trump said Tuesday that even just a three-week delay would be useful. But the attorney general alleges a decade-long pattern of fraudulent valuations that go beyond the subjective, one of James' lawyers said. "Our complaint shows that there were objective facts that are false," assistant attorney general Kevin Wallace told the judge.

In an interview with Bloomberg, the chairman of the Saudi National Bank said it would not increase its stake in Credit Suisse. The Saudi National Bank — which describes itself as the kingdom’s biggest bank — committed $1.5 billion of the $4 billion in new capital Credit Suisse raised to fund its overhaul. Credit Suisse declined to comment. Customers withdrew billions from Credit Suisse last year, contributing to the bank’s biggest annual loss since the global financial crisis in 2008. Körner said the collapse of SVB was “somewhat of an isolated problem.” Credit Suisse follows “materially different and higher standards when it comes to capital funding, liquidity and so on,” he added.

☆ Premarket stocks: The forgotten rescue plan that could prevent another SVB-like collapse
▼ + stars: | 2023-03-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

Bank stocks rebounded significantly on Tuesday after logging record plunges Monday and the week prior. Those banks will coordinate to take Fed loans around the same time on the same day alongside smaller banks. ▸ US bank stocks rebounded on Tuesday, recovering some of their losses after the collapse of three banks tested markets on Monday. Regional bank stocks rallied: First Republic (FRC) Bank ended the day up 27% after a record drop on Monday. The question is whether bank stocks can hold on to their gains or if Tuesday was just a sector-wide dead cat bounce.

☆ Credit Suisse's chairman took a pass on a $1.6 million award and had his pay cut
▼ + stars: | 2023-03-14 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +3 min

Credit Suisse chairman Axel Lehmann took a pass on a $1.6 million award and saw a pay cut. In its delayed annual report, the Swiss bank said it "identified material weaknesses" in its financial reporting. Lehmann, who started his position last January, waived his chair fee of 1.5 million Swiss francs ($1.6 million) that is typically awarded to board members on top of their salaries, according to Credit Suisse's compensation report. The lender will also cut his salary for 2023-2024 to 3.8 million Swiss francs from an earlier projection of 4.5 million francs, according to the report. "We have identified material weaknesses in our internal control over financial reporting as of December 31, 2022 and 2021," the annual report said.

☆ Credit Suisse shares sink further 5% as 'material weaknesses' found in financial reporting
▼ + stars: | 2023-03-14 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Shares of Credit Suisse fell by 5% in early Tuesday trade to hit a new all-time low, after the bank announced it had found "material weaknesses" in its financial reporting processes for 2022 and 2021. Shares have slightly pared losses since, but remained down by more than 4% by 9:30 a.m. London time. In the Tuesday annual report, Credit Suisse revealed that it had identified "certain material weaknesses in our internal control over financial reporting" for the years 2021 and 2022. Despite this, the bank said that it was able to confirm that its financial statements over the years in question "fairly present, in all material respects, [its] consolidated financial condition." Credit Suisse further said its net asset outflows had declined but "not yet reversed."

☆ Credit Suisse finds ‘material weakness’ in its financial reporting, scraps exec bonuses
▼ + stars: | 2023-03-14 | by ( Hanna Ziady | ) edition.cnn.com time to read: +1 min

London CNN —Credit Suisse on Tuesday acknowledged “material weakness” in its financial reporting as it scrapped bonuses for top executives in the wake of its worst annual performance since the global financial crisis. The board concluded that “this material weakness could result in misstatements of account balances or disclosures that would result in a material misstatement to the annual financial statements of Credit Suisse,” it added. Credit Suisse said it was urgently developing a “remediation plan” to strengthen controls. Credit Suisse’s stock was down 3.7% in morning trade. The bank’s share price fell to a new record low Monday, as the collapse of Silicon Valley Bank and Signature Bank scared investors and pummeled European banking stocks.

☆ KPMG reaches settlement with liquidator of Carillion
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Benoit TessierLONDON, Feb 17 (Reuters) - KPMG said on Friday it has reached a confidential settlement agreement with the liquidator of Carillion, the builder it audited before it collapsed. Carillion collapsed in 2018 under 7 billion pounds ($8.40 billion) of debt, with thousands of jobs lost, leading to government-backed reviews which recommended a shake-up in auditing standards. Liquidators of Carillion last year sued KPMG for 1.3 billion pounds for missing "red flags" during its audits of the construction giant. Carillion was an extreme and serious corporate failure, and it is important that we all learn the lessons from its collapse," KPMG's UK chief executive Jon Holt said in a statement. Britain's auditing watchdog, the Financial Reporting Council (FRC) has yet to announce the outcome of its investigation in KPMG's audits of Carillion.

Circuit Court of Appeals in San Francisco over the Cambridge Analytica scandal, where data for up to 87 million users was accessed. Investors claimed that Facebook, as the company was known, misled them in 2016 by describing data breaches as a mere "risk," when it knew that Cambridge had accessed user data. "It's not plausible that the company was trying to mislead the public about something the public already knew," he said. Facebook paid more than $5 billion in penalties to U.S. authorities over Cambridge Analytica. It agreed to pay $725 million to settle a lawsuit by Facebook users in December.

[1/3] Tesla CEO Elon Musk and his security detail depart the company’s local office in Washington, U.S. January 27, 2023. Ives added that some Tesla investors feared Musk might have to sell more Tesla stock if he lost. Tesla investors have expressed concerns that running the social media company has taken up too much of his focus. During the three-week trial, Musk spent nearly nine hours on the witness stand, telling jurors he believed the tweets were truthful. He said his tweets in general did not always affect Tesla stock the way he expects.

☆ Former FBI Agent Charged With Taking Payments From Russian Oligarch Oleg Deripaska
▼ + stars: | 2023-01-23 | by ( Dylan Tokar | C. Ryan Barber | ) www.wsj.com time to read: +2 min

A former high-level FBI agent was indicted on charges he violated U.S. sanctions by accepting secret payments from Russian businessman Oleg Deripaska for work he did investigating a rival oligarch. Mr. McGonigal, who also supervised investigations into Mr. Deripaska and other Russian oligarchs before departing the Federal Bureau of Investigation in 2018, began conspiring to provide services to Mr. Deripaska in 2021, prosecutors said. Additionally, the former FBI agent in 2019 participated in an unsuccessful effort to have the sanctions on Mr. Deripaska lifted, prosecutors said. PREVIEWAn indictment unsealed on Monday charged Mr. McGonigal and a former Russian diplomat, Sergey Shestakov, with violating and conspiring to violate U.S. sanctions imposed on Mr. Deripaska in 2018, as well as with related money-laundering charges. Prosecutors in October also announced the indictment of a British businessman who worked as a property manager for Mr. Deripaska.

☆ Robinhood must face customers' lawsuit alleging it hid trading costs
▼ + stars: | 2023-01-18 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

Jan 18 (Reuters) - A U.S. judge on Wednesday said Robinhood Markets Inc (HOOD.O) must face a lawsuit by customers who accused the online trading platform of fraudulently concealing their actual trading costs while promising "commission free" trades. U.S. District Judge Yvonne Gonzalez Rogers in Oakland, California, said customers in the proposed class action had standing to sue over securities they bought and sold on Robinhood's platform. Customers led by Ji Kwon, a Californian, said they ultimately bore these costs and often got worse prices on trades than if they had gone to rivals that charged commissions. The proposed class includes U.S. users of Robinhood from Sept. 1, 2016 to June 16, 2020 who placed trades where the company received payment for order flow. The case is In re Robinhood Order Flow Litigation, U.S. District Court, Northern District of California, No.

☆ Robinhood must face lawsuit concerning order flows
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: 1 min

Jan 18 (Reuters) - A U.S. judge on Wednesday allowed customers of Robinhood Markets Inc (HOOD.O) to sue the online trading platform over its alleged fraudulent concealment of the costs of sending their trade orders to other broker-dealers. U.S. District Judge Yvonne Gonzalez Rogers in Oakland, California rejected Robinhood's motion to dismiss the case, saying customers had standing to sue over securities they bought and sold on its platform. Robinhood had said the customers lacked standing because they did not allege any misstatements about the issuers of those securities. Reporting by Jonathan Stempel in New York Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

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