Your Daily Dose of Financial News

Robins Kaplan LLP

Uber’s Board of Directors has officially voted to realign the power balance at the company, reducing the clout of ousted CEO Travis Kalanick, and setting the stage for a stock sale to SoftBank.  Oh yeah, and prepping for that 2019 IPO – NYTimes

European regulators—long fixated on Google and Apple—are bringing their brand of fun to Amazon in the form of a $300 million claim for back taxes – WSJ and Marketplace

Unsurprisingly, to regular readers, Puerto Rico’s enormous debt load isn’t just something that anyone (Presidents included) can just wipe away – NYTimes and Bloomberg

Former HSBC forex trader Frank Cahill didn’t hold back while on the stand yesterday in the trial of former HSBC exec Mark Johnson, detailing the collusion between banks that the prosecution argues was at the heart of rigging currency markets – Law360

SEC Chief Jay Clayton told lawmakers yesterday that his agency is working on its own version of a fiduciary rule that addresses many of the industry objections to the DOL’s effort – Pensions&Investments

At the same hearing, lawmakers suggested that the SEC’s long-discussed Consolidated Audit Trail (CAT) be postponed until the agency cleans up its cybersecurity issues – Law360

Student loan servicer Navient Corp.’s in the middle of a whole lot of trouble over its servicing practices, but that’s not stopping it from dropping $155 million on fintech startup Earnest Inc. in order to get into the lending business itself – WSJ

Wells Fargo has filled in some of the details about refunds for certain mortgage customers, a program CEO Timothy Sloan mentioned before the Senate on Tuesday – WSJ and Law360

And you thought your job was stressful. Try doing it before the yellow wall of 80,000 chanting Germans while shouldering the burden of the title “America’s Messi.” Oh yeah, and doing it all at 19 – 60 Minutes

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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