Your Daily Dose of Financial News

Robins Kaplan LLP

To no one’s surprise, the Fed officially bumped interest rates up another quarter point and cited improved economic strength as the basis for forecasting a “steeper path of hikes in 2019 and 2020” – Bloomberg and NYTimes and WSJ and Marketplace

Facebook CEO Mark Zuckerberg finally issued a statement yesterday addressing the unauthorized data use scandal involving Cambridge Analytica that’s cost his company share price almost 10% since the story broke – NYTimes and WSJ and Bloomberg and MarketWatch

Few were satisfied – Bloomberg

Soooo . . . perhaps not the best time for an update on the status of Zucktown? – NYTimes

UBS will pay $230 million to resolve NY AG allegations that the bank “peddled toxic residential mortgage-backed securities to unsuspecting investors in the run-up to the financial crisis of 2008” – Law360 and Reuters

As if understanding cryptocurrencies as a concept isn’t tough enough, let’s consider what taxing them might entail, shall we? – NYTimes

Testifying before the House Ways and Means Committee yesterday, US Trade Rep Robert Lighthizer didn’t exactly go out of his way to tamp down concerns about a coming trade war between the US and China, noting in his formal written remarks that the WTO has “proven wholly inadequate to deal with China’s version of a state-dominated economy that rejects market principles” – WSJ

Credit Suisse is looking to make some bank-friendly law, asking New York’s high court this week to dismiss an $11 billion suit by AG Eric Schneiderman by interpreting the state’s powerful Martin Act to have a three-year statute of limitations – Law360

A few items of 21st-century insurance to note on a Thursday morning, including the race for driverless car coverage [WSJ] and the quest for millennial-friendly NY-focused renters insurance – WSJ

House lawmakers—apparently unconcerned about their Senate colleagues’ advice—are pushing proposals that would change the Volcker Rule by giving the Fed sole responsibility for enforcing Dodd-Frank’s ban on proprietary trading, a change that critics argue could make it “easier to weaken restraints on excessive risk-taking” – Bloomberg

The Journal’s keeping an eye on a recent trend of bets against ETFs that raise the question of whether the funds have sufficient liquidity to weather a storm of redemptions if a bear market took hold – WSJ

Count me among the many Neighbors anxiously awaiting this summer release – Focus Features

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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