Your daily dose of financial news - The Brief – 9.1.16

Robins Kaplan LLP

Canada’s signaled an interest in joining the China-led Asian Infrastructure Investment Bank—often seen as China’s answer to the World Bank.  The bid is controversial at home for new PM Justin Trudeau, but it reflects the increasing importance that China’s playing in the Canadian economy – NYTimes

Elon Musk’s big move this summer to combine SolarCity and Tesla did more than unsettle shareholders.  It also left him in a rough position, cash-wise – WSJ

Deutsche Bank’s CEO John Cryan has reportedly nixed discussion of DB’s acquisition of Commerzbank, but in remarks yesterday he suggested that Europe’s banks should be looking for mergers early and often – NYTimes and Bloomberg

More on Deutsche Bank’s brutal year (and why the merger wasn’t meant to be right now) – WSJ

A tough financial week for PwC continues, with news yesterday that the UK’s Financial Reporting Council hit the accounting giant with a $3 million fine for “failures in the company’s 2007 audit of  former subprime [auto] lender Cattles PLC” – Law360

Puerto Rico’s economic future (and at this point, it’s happy to have one) is now in the hands of group of 7 legal and finance experts tapped to help guide the island out of fiscal disaster – NYTimes

Lehman Bros. (its remnants, at least) is seeking a court order expunging more than 36k MBS claims against the estate, arguing that the trustees behind the claims have failed to provide documentation establishing the value of their potential claims – Law360

Amazon and Wells Fargo’s much ballyhooed private student lending partnership is over.  After 6 weeks.  Yikes – WSJ

Residents near the equator in select countries this morning will be treated to a relatively rare “Ring of Fire” eclipse. And yes, it’s just about as cool as it sounds – 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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