Your daily dose of financial news The Brief – 5.24.16

Robins Kaplan LLP
Contact

Tribune’s not only given a hard “no” to Gannett, but it’s got some new firepower (and capital) on its side thanks to a $70.5 million investment by Nant Capital—a group “founded by Patrick Soon-Shiong, a billionaire who has started several health care companies and is a part owner of the Los Angeles Lakers” –  NYTimes and WSJ and Bloomberg

A Second Circuit panel has dealt a strong blow to the DOJ and its crisis-era litigation [and Judge Jed Rakoff, too], overturning a $1.27 billion penalty against Bank of America related to Countrywide’s “hustle” program and the alleged defrauding of Fannie and Freddie – NYTimes and WSJ and Bloomberg and Law360

And lest we think that the 2d Circuit only taketh away [from plaintiffs, at least], a decision also came down yesterday reinstating the private antitrust lawsuit against 16 banks for alleged Libor interest rate rigging.  Among the banks now back on the potential hook: Bank of America, Barclays, Credit Suisse, Barclays, and JPMorgan Chase, to name a few – WSJ and Bloomberg and Law360

Skittish investors have found a new weapon in their search for the actual valuation of new start-ups thanks to a little-known provision (section 220) of Delaware’s corporate law code that can “compel locally incorporated companies . . . to open up their books to shareholders” – WSJ

The Dealbook’s White Collar Watch weighs in on the DOJ’s insider trading case against renowned sports bettor Billy Walters and the tough road ahead for the government to get its man – NYTimes

Philadelphia has file a putative class action in Illinois federal court accusing 14 global banking institutions of “colluding to prevent interest rate swaps from being bought and sold on an exchange”—yet another in a growing case of rate-swap antitrust suits in recent weeks – Law360

Though it’s managed to so far escape the media scrutiny that its German and Japanese counterparts have for their fuel economy and emissions overstatements and manipulation, GM noted last Friday that it will offer cash payments or extended warranties to more than 135k owners of large SUVs whose window stickers overstated likely gas mileage – NYTimes

Details of the recent Swift global money-transfer network hacks has prompted close attention from Congress to the response (or lack thereof) of US financial regulators – WSJ

The Times on the power of architecture not just to build but to rebuild – NYTimes

Yet another tech advancement that walks (okay, flies) the line between amazing and  a little terrifying. Here’s the robo-bee – 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.

© Robins Kaplan LLP | Attorney Advertising

Written by:

Robins Kaplan LLP
Contact
more
less

Robins Kaplan LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.