Your Daily Dose of Financial News

by Robins Kaplan LLP

Commerce Department data released yesterday showed strong across-the-board consumer spending in April, a nominally good sign but one that pushed bond yields higher and sent most equities lower for the day, snapping an 8-day winning streak – WSJ and Bloomberg and MarketWatch

Though Comcast may still throw a wrench in things, Fox execs are considering what life may look like under Disney rule, and its TV chief execs are square in the middle of that in-or-out decision-making process. [Which has made this week’s upfronts a bit more “muted” than usual for Fox] – NYTimes

Deutsche Bank has asked SDNY Judge Jesse Furman to refuse new evidence submitted by a group of bondholders “seeking class certification to challenge the bank’s handling of $85.5 billion” in RMBS trusts, arguing that the investors “lack standing for their claims because they suffered no out-of-pocket losses” – Law360

White Collar Watch on the increasingly challenging landscape for sophisticated investors successfully claiming that they’ve been defrauded in the world of complex securities trading – NYTimes

Uber has removed forced arbitration agreements from its terms-of-service agreement for sexual misconduct claims alleged by employees, riders and drivers against the company, a move viewed by many as an essential part of cleansing the company from past scandals as it moves toward a coming IPO – NYTimes and WSJ

We’ve got some early details on the Volcker Rule rewrite that the Fed and other regulators are working on, including plans to “scrap a restrictive presumption that most short-term trades violate the post-crisis regulation” – Bloomberg and WSJ

Ongoing Nafta renegotiations look like they’ll need some overtime, a “setback for both the Americans and the Mexicans,” who were looking for a deal before Mexico’s July 1 presidential election and US congressional midterms in November – WSJ

Even as some states are cracking down on ICOs and new cryptocurrencies, Wyoming is throwing open its doors with a spate of new laws aimed at attracting the crypto world – Bloomberg

Elsewhere, a NY federal grand jury has indicted three Florida men with securities and wire fraud based on allegations that “they defrauded investors of $25 million by lying about their startup’s cryptocurrency debit card” ahead of its ICO – Law360

Though his $100 billion tech fund isn’t closed yet, SoftBank’s Masayoshi Son already has Vision Fund II in mind – WSJ

SDNY Judge Colleen McMahon is considering pushing back the trial date for two former DB traders accused of rigging Libor because the DOJ has unveiled “new theories” just 6 weeks before trial.  Ruling on a series of party motions yesterday, the Judge wrote that the “court feels sandbagged” – Law360

Yanny? Laurel? Internet, you can fight all you want, but I’m a Minnesotan, so all I hear is YanniMashable

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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