Your Daily Dose of Financial News

Robins Kaplan LLP

CBS isn’t the only large company with insider trading worries. In complaints made public yesterday, the SEC has accused Gene Levoff, Apple’s former senior director of corporate law and corporate secretary, of “repeatedly” trading on inside information between 2011 and 2016. Levoff, incidentally, oversaw the company’s insider-trading policy – NYTimes and WSJ and Bloomberg and MarketWatch and Law360

T-Mobile’s bid to takeover Sprint is facing “new attacks from labor groups and advocates for rural wireless customers who said the tie-up would hurt consumers” as well as newly hostile lawmakers, some of whom questioned the chief execs from both companies in a House subcommittee on communications and technology hearing this week – WSJ and Marketplace

Renault’s recent decision to turn against its former leader Carlos Ghosn is hitting him in the pocketbook, as the French automakers’ board “voted unanimously on Wednesday to cancel tens of millions of euros in compensation that he was set to receive as its chairman and chief executive” – NYTimes

GE Power is facing a sales backlog of $92 billion that’s throwing a serious wrench in new CEO Larry Culp’s GE turnaround and the “revival of its core power business.” Though details about the precise nature of that total are private, we know that the sum includes “both equipment orders and service contracts, some of which cover more than a decade” – WSJ

For the first time in its 45-year history, the CFTC has issued a study guide aimed at highlighting its examination priorities along with “several new methods to increase oversight of the complex marketplace for swaps futures and options” – Law360

Ford is recalling 1.5 million F-150s, its most popular vehicle in the US, over concerns that their transmissions “can suddenly downshift into first gear.” I’m not exactly a gearhead, but that’s bad – MarketWatch

A blue jeans IPO is the perfect excuse to revisit some of the storied history of Levi Strauss & Co and the Haas family at the center of it all since 1873 – Bloomberg

Google has announced plans to spend more than $13 billion across the United States on data centers and offices, a move as much about spreading the company’s political influence beyond California as it is a response to its growing cloud-services business – Bloomberg and TheHill

We have new details about Eddie Lampert’s plans for a post-bankruptcy Sears. Lampert suggests he will “sell or sublease some of the 425 remaining stores[,] plans to devote more of the retail space to tools and appliances[, and] want to open more smaller stores” – WSJ

Wendy’s will pay $50 million to resolve a proposed class action initiated by a group of financial institutions over a 2016 payment card breach. Wendy’s insurers will cover about half of that total – Law360

The cooling US housing market has shifted interest to the generally “arcane task of handling monthly payments” and servicing existing home loans – WSJ

A new study published in the journal Nature suggests that, when it comes to modern science at least, teamwork is great.  But too much teamwork can actually get in the way of the good kind of disruption to which scientists aspire – NYTimes

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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