Your daily dose of financial news The Brief – 5.17.16

by Robins Kaplan LLP
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Gannet’s still after Tribune Publishing, and it’s upped its ante after Tribune “resoundingly rejected” early overtures – NYTimes

The Journal walks us through the fall of the Laplanche empire at Lending Club with a blow-by-blow of his last days on the job – WSJ

Big High Court securities news yesterday, as the Supremes unanimously held (that’s 8-0 these days) in Merrill Lynch v. Manning  that federal securities laws do not preempt some claims from being brought in state court – Law360

The SEC and Treasury Department have both come out in favor of a centralized reporting structure—a data feed, of sorts—for the $13 trillion Treasury market in a move seen as part of a continuing reaction to the October 2014 flash crash that sent 10-year note yields plummeting and quickly rebounding without an obvious cause – WSJ

While the IPO scene remains stagnant, the health care merger field keeps booming along. Pfizer announced today that it will acquire Anacor Pharmaceuticals (best known for its highly sexy treatment of eczema and toenail fungus) for $5.2 billion – NYTimes

Streetwise takes issue with groupthink this week, in particular, the sense that everyone seems to agree that the US economic outlook [stocks included] is bleak and is so damn confident about it – WSJ

IBM aside, Warren Buffett’s well known for his longstanding aversion to tech stocks. Yet the Oracle of Omaha’s changing his tune, it would seem, after following up news of his Yahoo bid with word today that  Berkshire Hathaway snapped up 9.8 million shares of Apple stock – NYTimes and WSJ

Carl Icahn, on the other hand, is in the midst of a selling spree these days – WSJ

So’s Soros – Bloomberg

We’re gaining an interesting look into life at VC firm Xfund as a private dispute there has gone public in the form of a California state court action pitting one founder against another in a battle over the soul of the $100 million fund – NYTimes

Your Tuesday morning bit of whimsy: today’s tech plus yesterday’s stories = Modern Day Classics – Flipsnack

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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