Financial Daily Dose 6.2.2021 | Top Story: Ransomware Attack Hobbles World’s Top Meat Processor JBS

Robins Kaplan LLP

Robins Kaplan LLP

JBS, the world’s largest meat processor, shuttered operations at locations throughout the U.S. and Canada on Tuesday after a ransomware attack that also impacted its Australian operations. The White House has confirmed that the group responsible is linked to a “criminal organization likely based in Russia.” The attack put a halt to nearly 1/5 of all meat processing in the U.S.  - NYTimes and WSJ and Bloomberg and HuffPost and Law360 and MarketWatch

Etsy is acquiring Depop—the “fashion resale marketplace beloved by Generation Z”—for $1.6 billion in a deal announced this morning. The move “underscores the growing influence of clothing retail platforms” among consumers interested in both decluttering (for cash) and in lessening the environmental impact of their outfitting - NYTimes and Bloomberg and MarketWatch and TechCrunch

The EEOC issued welcomed guidance this week for companies navigating how to issue vaccine mandates for workers coming back to company headquarters, including “what incentives those employers can offer to promote inoculation” - NYTimes

Newly uncovered SEC communications show that the agency complained to Tesla on multiple occasions last year that CEO Elon Musk’s Twitter use “violated a court-ordered policy requiring his tweets to be preapproved by company lawyers”—a provision of the 2018 enforcement action settlement that the SEC reached with Tesla over fraud allegations against Musk over a “potential buyout of his company” - WSJ

The Times on how a perfect storm of near-universal adoption of “just-in-time” supply chains and the pandemic has left a world in which many economies are ready to reopen left wondering why everything seems to be out of stock - NYTimes [and Bloomberg]

Speaking of a reopening world, oil prices hit a two-year high yesterday, prompting OPEC+ members to agree to “continue relaxing curbs in oil production, signaling their confidence in improving oil demand and a drop in the global supply glut” - WSJ and Bloomberg

NY AG Letitia James is pushing to require Eastman Kodak’s CEO and general counsel to “testify in open court regarding alleged insider trading tied to a COVID-19 medical supply deal between the company and the government” – Law360

New Journal reporting shows that after an onslaught of arbitration demands (75,000 for Echo-related allegations), Amazon has changed tack and, without warning, “changed its terms of service to allow customers to file lawsuits”—including proposed class actions—against the company - WSJ

SCOTUS has decided to leave untouched the $2.1 billion judgment against Johnson & Johnson over allegations that its talc products contained asbestos that led to cancer in the 22 women who sued the company in 2015 - WSJ and Law360

The deets you need (DNUT, anyone?) for the coming Krispy Kreme IPO 2.0 - NYTimes

The Times dropped in on Bargemusic last week to feel out violinist Johnny Gandelsman’s efforts in bringing a “dance and folk music”-rooted approach to J.S. Bach’s “towering six cello suites.” Consider it a little morning pick-me-up - NYTimes

Stay safe and get vaxxed.

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Robins Kaplan LLP

Robins Kaplan LLP on:

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