Financial Daily Dose 10.21.2020 | Top Story: DOJ Files Long-Awaited Antitrust Case Against Google Focusing on Exclusive Search Agreements

Robins Kaplan LLP

Robins Kaplan LLP

The Google antitrust waiting game wrapped on Tuesday with the DOJ filing a federal D.C.-based lawsuit against the Alphabet unit, accusing the company “of using several exclusive business contacts and agreements to lock out competition,” including search deals with Apple. Antitrust and tech watchers alike expect the lawsuit could “stretch on for years and could set off a cascade of other antitrust suits from state attorneys general” – NYTimes and WSJ and Bloomberg and Marketplace and Law360

Here’s some early reaction from politicians, business leaders, and anticompetition experts to the filingNYTimes and Marketplace

A Goldman Sachs Asian subsidiary is reportedly set to plead guilty while the Wall Street bank’s parent company will “admit mistakes” and pay $2.8 billion as part of a broader deal to “resolve a foreign corruption and bribery case” over the Malaysian 1MDB fund scandal – NYTimes and WSJ and Bloomberg

Senate majority leader McConnell threw a big old wet blanket on the sparks of hope for a pre-election Covid stimulus deal that ongoing talks between the House Speaker and Treasury Secretary had generated in recent days – NYTimes and Bloomberg and MarketWatch

The Fed’s top financial regulator has revealed that he and other global economic officials are exploring “what contributed to a near-meltdown of the financial system in March” and are zeroing in on “lightly regulated financial players” (think nonbanks or shadow banks) as “central to the problem” – NYTimes and WSJ and Law360

In the latest move to consolidate in the faltering oil industry, Pioneer Natural Resources has agreed to buy Parsley Energy Inc. for $4.5 billion as part of an all-stock deal  that “values Parsley at a 7.9% premium to its closing value Monday and would solidify Pioneer’s place as one of the largest producers in the Permian Basin of Texas and New Mexico” – WSJ

The SEC and Kik Interactive have reached an agreement under which the Canadian messaging app company will pay $5 million to “resolve a landmark enforcement case over Kik’s digital coin offering.” Just last month, a federal judge ruled that Kik’s “2017 sale of $100 million worth of its own cryptocurrency, Kin, violated securities laws for having never been registered with the SEC” – Law360

An “unlikely” partnership between a late-boomer New Yorker and a Gen Z Scandinavian has led to the creation of a new repository for fashion’s printed matter: the International Library for Fashion Research. Really, it’s quite a story – NYTimes

Stay safe.

Written by:

Robins Kaplan LLP

Robins Kaplan LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.