Your Daily Dose of Financial News

Robins Kaplan LLP

Germany’s diesel emissions scandal bears a lot of resemblances to the Wells Fargo debacle here at home.  It just can’t seem to quit itself. This week, we’ve learned that German authorities have opened a criminal inquiry into to Audi exec Rupert Stadler over possible fraud and have ordered Daimler to recall “hundreds of thousands of vehicles equipped with illegal emissions-cheating software” – NYTimes

Speaking of Wells, they’ve joined other big banks in banning cryptocurrency purchases on its credit cards [and not a moment too soon] – Law360

PE giant KKR is reportedly close to closing a deal to buy Envision Healthcare, “months after the company put itself up for sale as controversy over its hospital billing practices mounted.”  Regardless of whether it closes, the bid shows Wall Street’s “continued interest in the health care industry” – NYTimes

Soooooo . . . . About that smooth sailing for ZTE – Bloomberg and Politico and WSJ

More thoughts on the AT&T/Time Warner ruling as we anxiously await Judge Leon’s decision later this afternoon – WSJ and Bloomberg

Wall Street’s been largely shrugging off trade war and tariff battles over the past few weeks. But lest you’re tempted to dismiss all of this as idle geopolitical posturing, check out the recent trend in US home prices.  Just saying – NYTimes

Seattle’s all but certain to back down from its controversial tax on local corporate titans as an effort to fight the city’s homeless services and housing crisis – Bloomberg

Stryker Corp. has made a takeover approach to rival Boston Scientific, and while it’s unclear how receptive the latter is, the move has the potential to “create a medical-device giant with a combined value of more than $110  billion” – WSJ

SCOTUS dropped a decision yesterday with major class-action implications, finding that the “tolling provisions it established in its landmark American Pipe decision don’t extend to individual class members wanting to file a new action on behalf of others after the statutory deadline to do so has passed” –  Law360

What’s at stake for the Fed this week? Only the possibility of too-low unemployment helping create runaway inflation (and potentially a devastating recession). So, you know, have fun, Mr. Powell – WSJ

Bloomberg is reporting that sales of the “riskiest subprime auto bonds”—those in the B rated category—are “on pace for a record year,” with a whopping $160 million more in sales as compared to a year ago – Bloomberg

I’ve read—with equal measures fascination and disgust—about the “zombie fungus” that can invade the bodies of carpenter ants and force them to do the fungus’ bidding by hijacking the ants’ nervous systems. Now, because nature’s amazing, we’re learning of cicadas who have developed a symbiotic relationship with the zombie fungus (and avoided the whole “stalk through the head” fate), too – TheAtlantic

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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