Financial Daily Dose 3.5.2020 | Top Story: HP Rejects Xerox’s Hostile Takeover Bid

Robins Kaplan LLP

Robins Kaplan LLP

HP has officially rejected Xerox’s enhanced takeover bid, again calling the offer “too low” and decrying its “disproportionate[] benefit” for Xerox shareholders – WSJ and Bloomberg and MarketWatch

A new House of Representatives report reveals that in 2018, a top-ranking CFPB official “privately offered reassurances” to interim Wells Fargo CEO C. Allen Parker that there would be “political oversight” of the bureau’s enforcement actions (even as the bank faced fallout from its fake-account scandal) that would limit further fines for additional bad behavior. The report also questions the bank’s compliance with measures aimed at improving its treatment of customers – NYTimes and MarketWatch

An early look at a coming Times Magazine piece on the move in the last decade or so by Wall Street (in the form of massive companies) to snap up hundreds of thousands of single-family homes and rent them out—altering America’s housing stock dramatically in the process. Oh yeah, and the housing bubble that burst in 2008 and led to a slew of foreclosures was an essential first mover in this whole scenario – NYTimes

France’s top appellate court has ruled that one of Uber’s ex-drivers should be categorized as an employee rather than an independent contractor, a decision that puts “France at the vanguard of other efforts around the world to give so-called gig-economy workers broader employment rights” – WSJ

OPEC agreed this week to cut oil production by 1.5 million barrels a day, though it’ll do so (at least initially) without the agreement of Russia, which could throw a serious wrench in its plans aimed at boosting the price of oil – Bloomberg

Huawei has pleaded not guilty to federal charges of racketeering that US authorities filed against the Chinese telecom giant last month, calling the allegations “unfounded and unfair” – Bloomberg

We noted earlier here that DoorDash has submitted its initial paperwork to go public but has no IPO date set. Here are some of the challenges it faces as it closes in (at some point) on its eventual offering – NYTimes

Longtime publisher Simon & Schuster, the “powerhouse behind best-selling authors like Stephen King, Ursula K. Le Guin and Judy Blume,” is being shopped around by current owner ViacomCBS, which has deemed the operation “no longer essential to its business” – NYTimes and WSJ

After a day of additional dives, the Fed’s surprise half-point interest rate appears to have helped calm US markets reeling from COVID-19 scares. The Fed’s move, however, puts other central banks—the ECB, for instance—in something of a bind, especially considering the dearth of tools they have left to juice their respective economies – WSJ

A recap of oral argument as the Supreme Court took up the constitutionality of the SEC’s ability to collect disgorgement from targets of its enforcement actions – Law360

And, while we’re at it, why not a hot take on the High Court’s perceived leanings on the question of the CFPB’s structure – Law360

Toyota has recalled 3.2 million vehicles—more than half of which are located in the U.S.—over concerns about faulty fuel pumps – Bloomberg

Here’s a novel concept—home buyers opting for shorter commutes and smaller houses instead of suburban-based McMansions. Oh, millennials. When will you fail to amaze? – WSJ

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Robins Kaplan LLP

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