Your daily dose of financial news The Brief – 5.27.16

Robins Kaplan LLP

New evidence uncovered by the digital security firm Symantec suggests that the recent series of Swift-based bank hacks may be linked to North Korea in what “appears to be the first known case of a nation using digital attacks for financial gain” – NYTimes

Based on market cap, Philips’ IPO (and its sale of 37.5 million shares, roughly 25% of the business) has valued its lighting business at roughly $3.3 billion – NYTimes and WSJ

The Journal looks at the role reversal Bill Ackman finds himself in now—from infamous activist investor to an “inside man” defending Valeant against outside criticism – WSJ

LendingClub’s in talks with Citigroup about Citi “buying or providing financing for” future loans made by LC, all as part of an effort by the online lending platform to right the ship and reassure nervous investors after the unceremonious departure of CEO Renaud Laplanche – WSJ

The Bank for International Settlements (the Basel-based panel of central banks from around the world) has released a first cut at a uniform global code of conduct for the Forex market—a draft that was quickly criticized as too-long in coming and ineffective in practice – Law360

Snapchat’s messages famously disappear, but the app itself is staying around long enough to happily rake in $1.8 billion in its latest round of private-investor fundraising—even at a time when much “venture funding has cooled” – NYTimes and WSJ and Bloomberg

More on Citi’s recent Libor settlement [now with more references to classic nursery rhymes] – WSJ

Here’s a novel way to deal with a growing traffic crisis—just stay above the fray altogether – NYTimes

The holiday weekend’s right around the corner.  Perfect time to dig in to a little long-read on, you know, the building blocks of life as we know it – NYReview

Have a great Memorial Weekend.  See you back here Tuesday.

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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