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Kannon Shanmugam of Paul, Weiss, Rifkind, Wharton & Garrison represented PayPal, while CFPB senior counsel Christopher Deal represented the regulator. The CFPB created its Prepaid Rule to offer consumers legal protections on prepaid accounts similar to those on products such as checking accounts, including the ability to challenge payment errors, unauthorized transactions and fraud. Chief Judge Sri Srinivasan and Circuit Judge Cornelia Pillard joined Rao's decision. The appeals court returned the case to Leon to consider PayPal's other challenges to the Prepaid Rule, including constitutional and administrative law claims. Circuit Court of Appeals, No.

Nanoco and Chicago-based litigation funding firm GLS Capital said in a release that the settlement, which includes a license agreement and the "transfer of certain patents," resolves litigation in the United States, Germany and China. Nanoco's quantum dots improve the backlighting of LED displays without the use of toxic heavy metals like cadmium. The Texas lawsuit said Samsung began incorporating Nanoco's technology into high-end QLED TVs launched in 2017. Third-party funding of lawsuits has becoming increasingly common in recent years, though details about specific investments are rarely publicized. The case is Nanoco Technologies Ltd v. Samsung Electronics Co, U.S. District Court for the Eastern District of Texas, No.

"This case ultimately is about whether rules that apply to everyone else should also apply to Elon Musk," the shareholders' lawyer Nicholas Porritt said in his closing argument in San Francisco federal court, with Musk looking on in the courtroom. The trial is a test of whether Musk, the world's second-richest person, can be held liable for his sometimes impulsive use of Twitter. They also accused Musk of lying when he tweeted later that day that "investor support is confirmed." Investors are seeking billions in damages from Musk, Tesla and several of the company's directors. During the three-week trial, jurors heard testimony from witnesses including Tesla directors, Musk's financial advisers and Musk himself.

☆ Self-proclaimed bitcoin inventor's $2.5 bln lawsuit can go to trial - London court
▼ + stars: | 2023-02-03 | by ( Industry Insight | Upcoming Sec Climate Disclosure Rules Bring Urgency To Esg Data Strategy Planning | Zach Warren | ) www.reuters.com time to read: +2 min

LONDON, Feb 3 (Reuters) - Self-proclaimed bitcoin creator Craig Wright's lawsuit against bitcoin network developers to try to recover billions of dollars can continue to trial, a London court said on Friday. Wright’s Seychelles-based company Tulip Trading is taking legal action against the developers of three networks, arguing they are obliged to write software patches to help Tulip recover the bitcoin. Tulip’s case was thrown out last year, but the Court of Appeal ruled on Friday that developers arguably do owe duties to owners, which should be determined at a full trial. Judge Colin Birss said Tulip had a realistic argument that cryptocurrency is “entrusted” to network developers, who could therefore have a duty to, for example, “introduce code so that an owner’s bitcoin can be transferred to safety”. He added that the outcome of any trial will affect “all aspects of (decentralised finance), whether it involves value tokens or NFTs (non-fungible tokens) or the wider blockchain system”.

A jury of nine will decide whether the tweet artificially inflated Tesla's share price by playing up the status of funding for the deal, and if so, by how much. Investors are seeking billions in damages from Musk, Tesla, and several of the company's directors. The trial is testing whether Musk, the world's second-richest person, can be held liable for his sometimes impulsive use of Twitter. Tesla's share price traded above where it had been before Musk's tweets for much of the 10-day period covered by the lawsuit, but fell as it became clear no buyout would happen. During the three-week trial, jurors heard testimony from witnesses including Tesla directors, Musk's financial advisors, and Musk himself.

☆ Fitch says no immediate impact on Adani ratings after Hindenburg report
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +1 min

Feb 3 (Reuters) - Ratings agency Fitch said on Friday it saw no immediate impact on its ratings of Adani Group entities and their securities, following U.S. short-seller Hindenburg Research's report last week. Hindenburg's scathing attack on the conglomerate questioned the firm's debt levels and use of tax havens, but the Group has called the report baseless and affirmed its financials are strong. Fitch has ratings on eight entities within the Adani group, including Adani Transmission Ltd (ADAI.NS), Adani Electricity Mumbai Ltd, and Adani International Container Terminal. The ratings agency added that it expected no material changes to Adani Group's cash flow forecast. The agency added there were no significant offshore bonds maturing in the near term, reducing refinancing risks and near-term liquidity risks.

Google said the new DOJ case, filed jointly with eight states last month, which also alleges advertising-related abuses, overlaps with multidistrict litigation in New York that formed in 2021. Google has disputed the claims in the new lawsuit, saying it "duplicates an unfounded" one that Texas filed and now is part of the New York litigation. "They just want DOJ versus Google, nobody else," Vladeck said. Fox also said there is a new federal law that gives state plaintiffs their preference for venue in antitrust litigation. The case is In re Google Digital Advertising Antitrust Litigation, U.S. District Court, Southern District of New York, 1:21-md-03010-PKC.

A lawyer for Johnson & Johnson’s subsidiary said in a statement that the company would seek a rehearing of the panel’s decision by the full 3rd Circuit court. Gordon’s strategy worked in bankruptcy court but set up J&J for failure when it faced the 3rd Circuit appeals panel. Gordon, at the bankruptcy conference, described the lawsuits as “completely unmanageable” and a dire threat to J&J that could go on for decades. The 7th Circuit Court of Appeals is expected to hear arguments in coming months on a challenge to the 3M subsidiary’s bankruptcy. The litigation, they asserted, should be allowed to proceed against Georgia-Pacific because the parent company did not file for bankruptcy.

Musk's Aug. 7, 2018 tweets sent Tesla stock soaring and after they fell back down, shareholders sued, alleging they lost money. But board members James Murdoch and Ira Ehrenpreis each said the tweets did not need to be vetted by the company before Musk sent them because he had done so in his individual capacity. The stock price soared after the tweet and then fell as it became clear the buyout would not happen. Tesla shareholders say they lost billions of dollars on their investments in stocks and other securities of the company. The buyout deal never came together because investors, particularly retail shareholders, expressed their interest in keeping the company public, according to testimony by Musk.

Companies Ledgerx LLC FollowNEW YORK, Feb 1 (Reuters) - A U.S. judge on Wednesday temporarily barred FTX founder Sam Bankman-Fried from contacting current or former employees of the cryptocurrency exchange or his Alameda Research hedge fund, and from using encrypted messaging tools including Signal. He was arrested in December on charges of looting billions of FTX customer funds, and lying to investors and lenders. Prosecutors last week cited a Signal message Bankman-Fried sent on Jan. 15 to the general counsel of the FTX U.S. affiliate, referred to in court papers as "Witness-1." The order does not apply to Bankman-Fried's immediate family members, and he may communicate with FTX or Alameda employees if lawyers are present. At next week's hearing, Kaplan will also consider a request by Bankman-Fried's lawyers to allow him to access and transfer cryptocurrency.

Companies Tesla Inc FollowFeb 1 (Reuters) - Tesla Inc (TSLA.O) board members are expected to take the stand on Wednesday to defend against claims that Elon Musk misled investors when he tweeted in 2018 he had "funding secured" to take the company private. The trial in San Francisco federal court is testing whether the world's second-richest person can be held liable for his sometimes impulsive use of Twitter. The defendants, which include Musk, Tesla, and current and former directors, are expected to begin calling witnesses on Wednesday. Current Tesla directors Kimbal Musk, and James Murdoch and Ira Ehrenpreis may testify about their communications with Musk about his proposed buyout, according to court documents. Musk told the jury last week he could have financed the potential deal from existing Tesla investors as well as Saudi Arabia's sovereign wealth fund, the Public Investment Fund.

☆ Elon Musk seeks to end lawsuit over 'inadvertent' late disclosure of Twitter stake
▼ + stars: | 2023-01-31 | by ( Jonathan Stempel | Industry Insight | Upcoming Sec Climate Disclosure Rules Bring Urgency To Esg Data Strategy Planning | ) www.reuters.com time to read: +2 min

NEW YORK, Jan 31 (Reuters) - Elon Musk asked a U.S. judge to throw out a lawsuit claiming that his delayed disclosure of a large stake in Twitter Inc defrauded shareholders who sold Twitter stock at artificially low prices because they were kept in the dark. Under the SEC rule, investors must disclose within 10 days when they have acquired 5% of a company, which for Musk's Twitter investment would have been last March 24. Twitter shares rose 27% on April 4, to $49.97 from $39.31, after Musk disclosed his 9.2% stake, which investors viewed as his vote of confidence in San Francisco-based Twitter. The case is Oklahoma Firefighters Pension and Retirement System v Musk et al, U.S. District Court, Southern District of New York, No. Reporting by Jonathan Stempel in New York; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ FTX sues Voyager Digital to claw back $446 million in 2022 loan payments
▼ + stars: | 2023-01-31 | by ( Dietrich Knauth | Industry Insight | Upcoming Sec Climate Disclosure Rules Bring Urgency To Esg Data Strategy Planning | ) www.reuters.com time to read: +2 min

NEW YORK, Jan 30(Reuters) - Bankrupt crypto exchange FTX sued crypto lender Voyager Digital on Monday, seeking to claw back $445.8 million in loan repayments that FTX made before collapsing into bankruptcy in November 2022. FTX and Voyager both filed for bankruptcy amid a 2022 collapse in cryptocurrency markets, but Voyager’s bankruptcy preceded FTX’s filing by four months. After Voyager filed in July, it demanded repayment of all outstanding loans to FTX and its affiliate hedge fund Alameda Research. FTX said in a court filing that on Alameda’s behalf, it paid Voyager $248.8 million in September and $193.9 million in October. In its Monday court filing, FTX acknowledged the allegations that Alameda raided FTX customer assets to cover its risky borrowing and lending.

Jan 30 (Reuters) - A U.S. appeals court on Monday shot down Johnson & Johnson's (JNJ.N) attempt to offload tens of thousands of lawsuits over its talc products into bankruptcy court. The appeals court ruling revives those lawsuits. Monday's decision by the U.S. 3rd Circuit Court of Appeals in Philadelphia dismissed the bankruptcy filed by the J&J subsidiary in 2021. The appeals court decision could force companies considering the strategy to more carefully consider its risks, two legal experts said. The Texas two-step has garnered criticism from Democratic lawmakers in Washington, and inspired proposed legislation that would severely restrict the practice.

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☆ Nearly a year on from the supposed Russian exodus, most major companies have yet to withdraw
▼ + stars: | 2023-01-31 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

PATRIK STOLLARZ | AFP | Getty ImagesAfter Russian troops invaded Ukraine in February 2022, companies across the G-7 major economies and the European Union announced plans to cease business operations in Russia. The report published earlier this month documented a total of 2,405 subsidiaries owned by 1,404 EU and G-7 companies that were active in Russia at the time of the first military incursion into Ukraine. Of the EU and G-7 companies remaining in Russia, the research found that 19.5% were German, 12.4% were American owned, and 7% were Japanese multinationals. Various companies told Barclays that there were a host of challenges to fully divest. "There have also been suggestions that the assets (including intellectual property) of companies that leave Russia will be nationalised."

☆ U.S. Justice Department asks Tesla for documents on driver assist systems
▼ + stars: | 2023-01-31 | by ( Industry Insight | Upcoming Sec Climate Disclosure Rules Bring Urgency To Esg Data Strategy Planning | Zach Warren | ) www.reuters.com time to read: 1 min

Jan 31 (Reuters) - Tesla Inc (TSLA.O) said on Tuesday it has received requests from the U.S. Department of Justice for documents related to the electric vehicle company's driver assist system, Autopilot, and its "Full-Self Driving" feature. Sources told Reuters in October last year that the company was under criminal investigation in the United States over claims its electric vehicles can drive themselves. Reporting by Akash Sriram in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ People who posted Sam Bankman-Fried's bail should be named, U.S. judge rules
▼ + stars: | 2023-01-31 | by ( Jonathan Stempel | Industry Insight | Upcoming Sec Climate Disclosure Rules Bring Urgency To Esg Data Strategy Planning | ) www.reuters.com time to read: +3 min

U.S. District Judge Lewis Kaplan in Manhattan ruled in favor of several media outlets including Reuters that sought the names. The judge said that while the public had only a "weak" right to know who Bankman-Fried's guarantors were, it outweighed Bankman-Fried's arguments for confidentiality, including that the guarantors' safety could be imperiled. Kaplan disagreed, noting that long before bail was posted, the parents had faced "intense public scrutiny" over their relationship with their son, who was once worth an estimated $26 billion. They said there was less "stigma" from being associated with Bankman-Fried than from being associated with the late sex offender. Other media seeking to identify Bankman-Fried's guarantors included the Associated Press, Bloomberg, CNBC, CoinDesk, Dow Jones, the Financial Times, Insider, the New York Times and the Washington Post.

Some hedge funds, wealth managers, and asset managers are still hiring. Recruiters told us what roles are in demand and what skills can help you land them. Big-name hedge funds like Citadel, D. E. Shaw, and Millennium Management posted double digits in a year that many other investment managers would rather soon forget. Alternative asset managers, meanwhile, are hiring in the private-wealth-management businesses they've spent recent years building out. … if you're in or interested in wealth managementDespite the market downturn, wealth managers are in high demand.

NEW YORK, Jan 30 (Reuters) - Nike Inc (NKE.N) sued Lululemon Athletica Inc (LULU.O) on Monday, saying that at least four of the Canadian athletic apparel company's footwear products infringe its patents. Nike in a complaint filed in Manhattan federal court said it has suffered economic harm and irreparable injury from Lululemon's sale of its Blissfeel, Chargefeel Low, Chargefeel Mid and Strongfeel footwear. Nike said its three patents at issue concern textile and other elements, including one addressing how the footwear will perform when force is applied. Lululemon, based in Vancouver, British Columbia, did not immediately respond to requests for comment. Reporting by Jonathan Stempel in New York; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Recession 2023: Jerome Powell's Legacy Will Dictate Inflation, Stock Market, Economy
▼ + stars: | 2023-01-30 | by ( William Edwards | ) www.businessinsider.com time to read: +15 min

This obsession with controlling inflation — and potentially causing serious pain for average Americans — is driven by one major factor: legacy. High inflation eats away at consumers' purchasing power, and persistent inflation seeps into expectations for price and wage adjustments, which further fuel inflation. What's more, the full impact of the Fed's rate hikes have yet to hit. Legacy actsThere are signs that certain Fed officials are ready to dial back on the inflation fight. And navigating such a tricky economy — without throwing hundreds of thousands of Americans out of work — could cement Powell's legacy.

☆ Rockefeller Capital is approaching $100 billion in client assets. CEO Greg Fleming lays out his plans to double that and hire 150 more wealth advisors.
▼ + stars: | 2023-01-30 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Wall Street veteran Greg Fleming founded Rockefeller Capital Management almost five years ago. Wall Street veteran Gregory Fleming launched wealth firm Rockefeller Capital Management in 2018 with the goal of hitting $100 billion in assets by 2023. If anything, the market turbulence has led to more inbound interest from clients, Fleming told Insider. He added that there is still potential to convert more wealth management clients into advisory clients and vice versa. For us, a lot of it is about the fit with the Rockefeller global family office," he said.

☆ Gen Zers say they're rejecting job offers over a company's climate credentials, survey finds
▼ + stars: | 2023-01-28 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +4 min

One-third of Gen Zers in a survey said they wanted jobs aligned with their environmental values. But it "sometimes feels like you can't afford to be picky," one job hunter told Insider. Sign up for our newsletter to get the latest on the culture & business of sustainability — delivered weekly to your inbox. People ages 25 to 34 were the most likely (55%) to value ESG commitments from their employer, the KPMG survey found, with Gen Z following with 51%. Have you rejected a job offer or quit a role because of a company's ESG record?

The states filed a complaint in a federal court in Amarillo, Texas, on Thursday arguing that the rule finalized in November will lead many retirement plans to focus on a social agenda rather than long-term financial stability for investors. The rule, which takes effect on Monday, reverses restrictions on socially conscious investing that were adopted by the Trump administration. The states in Thursday's lawsuit said the new rule fails to justify the departure from Trump-era regulations, in violation of the federal law governing rulemaking. And, the states said, it violates the U.S. law that regulates employee benefit plans by failing to protect retirement assets. The case is Utah v. Walsh, U.S. District Court for the Northern District of Texas, No.

☆ GOP-led states sue Biden administration to block ESG investment rule
▼ + stars: | 2023-01-27 | by ( Matt Egan | ) edition.cnn.com time to read: 1 min

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☆ Op-ed: Salesforce appoints ValueAct’s Morfit to its board and a proxy fight may loom ahead
▼ + stars: | 2023-01-27 | by ( Kenneth Squire | ) www.cnbc.com time to read: +5 min

The firm's principals are generally on the boards of half of ValueAct's core portfolio positions and have had 55 public company board seats over 22 years. Adding Morfit to the board of Salesforce makes a ton of sense regardless of the activist environment. Morfit has experience helping management increase both growth and margins from a board level, and both can be improved at Salesforce. The looming question is whether he will initially be doing this with an activist cloud hanging over the company's head in the form of a proxy fight by one of the other activists involved. It likely had been engaging with Salesforce management for several months, and this appointment may have happened just as a threatened proxy fight was reported.

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