Month: April 2021

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Article: Apple Gets New Damages Trial After $506M Patent Verdict

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Apple Gets New Damages Trial After $506M Patent Verdict

Caitlin Simpson, 14 April 2021

A Texas federal judge ruled Wednesday that Apple is entitled to a new damages trial after a jury found in August that it infringed PanOptis’ standard-essential 4G wireless patents and must pay $506 million, saying there is “serious doubt” about the reliability of the verdict.

U.S. District Judge Rodney Gilstrap declined to order a new trial on any other issues that Apple raised. As for the damages, he said that because the dispute centers on standard-essential patents, or SEPs, they must be licensed on terms that are fair, reasonable and nondiscriminatory, or FRAND, but the parties decided to leave the FRAND issues to a bench trial after the jury trial. Continue reading “Article: Apple Gets New Damages Trial After $506M Patent Verdict”

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Article: Global Derivatives Cling to Libor Even as Its Retirement Nears

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Global Derivatives Cling to Libor Even as Its Retirement Nears

William Shaw and Alex Harris, 14 April 2021

Anyone hoping Libor’s death notice would accelerate the shift of hundreds of trillions of dollars worth of derivatives toward replacement benchmarks will be sorely disappointed.

In the U.S, just 4.7% of contracts traded in March were pegged to the Secured Overnight Financing Rate, or SOFR, the benchmark slated to replace the London interbank offered rate, according to data from the International Swaps and Derivatives Association released Wednesday. That’s down from 5% in February. Continue reading “Article: Global Derivatives Cling to Libor Even as Its Retirement Nears”

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Article: McDermott Can’t Ditch CB&I Merger Suit, Texas Judge Says

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McDermott Can’t Ditch CB&I Merger Suit, Texas Judge Says

Craig Clough, 14 April 2021

A Texas federal judge explained Wednesday that McDermott International Inc. must face a securities fraud suit over its acquisition of Chicago Bridge & Iron Co., denying its motion to dismiss and finding that stockholders sufficiently pled that proxy statements from McDermott were made “with actual knowledge that they were misleading.”

U.S. District Judge George C. Hanks Jr. already denied McDermott’s motion to dismiss on March 31 in a one-page order, and issued his full opinion behind the order on Wednesday that said McDermott cannot escape the allegations it concealed material problems with the integration of CB&I’s business and the likelihood that its projects would incur higher-than-expected costs. Continue reading “Article: McDermott Can’t Ditch CB&I Merger Suit, Texas Judge Says”

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Article: Carlyle’s $396M Oil Loss Row With Excess Insurers Revived

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Carlyle’s $396M Oil Loss Row With Excess Insurers Revived

Caitlin Simpson, 14 April 2021

A New York appeals court has reversed a ruling that Carlyle Group affiliates can’t tap into excess insurance to cover part of $396 million in losses when a Moroccan oil refinery was seized, finding factual disputes remain about whether the policy’s coverage for theft was triggered.

A four-judge Appellate Division panel for the First Department on Tuesday reversed Justice O. Peter Sherwood’s July order that had granted underwriters at Lloyd’s of London’s motion for summary judgment and had rejected Carlyle’s assertion that its oil was essentially stolen by refinery operator Societe Anonyme Marocaine de l’Industrie du Raffinage, or SAMIR. Continue reading “Article: Carlyle’s $396M Oil Loss Row With Excess Insurers Revived”

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Article: Debt Settlement Co. Agrees To Pay $1.4M To End CFPB Claims

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Debt Settlement Co. Agrees To Pay $1.4M To End CFPB Claims

Emilie Ruscoe, 14 April 2021

Online debt-settlement company SettleIt Inc. has agreed to pay $1.4 million to end U.S. Consumer Financial Protection Bureau claims that the company charged its customers for negotiating settlements with two creditors it was secretly affiliated with and steering the consumers into expensive loans with those companies.

The terms of a proposed judgment and order, filed Tuesday in California federal court, would require SettleIt to set aside about $647,000 to pay back the performance fees the company collected from consumers and pay a proposed $750,000 civil monetary penalty. The company neither admits nor denies the CFPB’s allegations. Continue reading “Article: Debt Settlement Co. Agrees To Pay $1.4M To End CFPB Claims”

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Article: Nancy Pelosi’s Husband Uses Call Options To Buy Microsoft Ahead Of Big Govt Contract

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Nancy Pelosi’s Husband Uses Call Options To Buy Microsoft Ahead Of Big Govt Contract

TYLER DURDEN, 14 April 2021

Legalized Insider Trading
It is OK for members of Congress to trade on inside information including government contracts before deals are announced.

House Speaker Nancy Pelosi did just that, rather, her husband did.

Purchase of Stock Via Call Options
Barron’s reports Nancy Pelosi’s Husband Bought Roblox, Microsoft Stock

The Barron’s article is behind a paywall. Fox News also reports the same thing: Pelosi’s Husband Bought $10M in Microsoft Shares Through Options. Continue reading “Article: Nancy Pelosi’s Husband Uses Call Options To Buy Microsoft Ahead Of Big Govt Contract”

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Article: Gary Gensler has a full agenda as he gets set to take over the SEC

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Gary Gensler has a full agenda as he gets set to take over the SEC

Bob Pisani, 14 April 2021

(The Senate is expected to confirm Gary Gensler as the new chairman of the Securities and Exchange Commission on Wednesday, and crypto assets — including bitcoin — are likely high on his agenda.

With Democrats in control of all three major branches of government, and the SEC commissioners now with a 3-2 Democratic majority, Gensler is likely to face calls from progressives to act on several fronts, including ESG, the Gamestop fallout, the Archegos fiasco, payment for order flow, fiduciary obligations, and especially regulations around securities in the crypto space, including a bitcoin ETF.

A Senate vote on Gensler’s nomination is scheduled for 11:45 a.m. ET. Continue reading “Article: Gary Gensler has a full agenda as he gets set to take over the SEC”

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Article: Jack Ma’s Double-Whammy Marks End of China Tech’s Golden Age

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Jack Ma’s Double-Whammy Marks End of China Tech’s Golden Age

Bloomberg, 14 April 2021

(Bloomberg) — The full implications of Beijing’s rapid-fire moves against Jack Ma’s internet empire in recent days won’t be apparent for weeks, but one lesson is already clear: The glory days for China’s technology giants are over.

The country’s government imprinted its authority indelibly on the country’s technology industry in the span of a few days. In landmark announcements, it slapped a record $2.8 billion fine on Alibaba Group Holding Ltd. for abusing its market dominance, then ordered an overhaul of Ant Group Co. On Tuesday, regulators summoned 34 of the country’s largest companies from Tencent Holdings Ltd. to TikTok owner ByteDance Ltd., warning them “the red line of laws cannot be touched.” Continue reading “Article: Jack Ma’s Double-Whammy Marks End of China Tech’s Golden Age”

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Article: ‘Does the punishment fit the crime?’

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‘Does the punishment fit the crime?’

Tatiana Walk-Morris, 14 April 2021

In 2018, William Thomas C. was caught with 18 pounds of cannabis a few days after returning home from vacation with his grandchildren. He was charged with cannabis trafficking and manufacturing or delivering more than 5,000 grams of cannabis, according to court records. Before then, William, better known as Tom, ran a family farm and a lawn care business in Bloomington, Illinois. Since Tom has been serving a nine-year sentence at Centralia Correctional Center, his sister Tara C. has managed his businesses and talks with him several times a week.

Tara, who asked for her last name to be withheld to preserve her career, said Tom suffered a terrible motorcycle accident several years ago and turned to marijuana to help with his pain management as an alternative to prescription medications. During Tom’s trial, his family had to sell assets to pay for his attorney’s fees. But following his conviction, Tara reached out to the Last Prisoner Project, a Denver-based nonprofit which advocates for the freedom and welfare of people imprisoned for cannabis convictions, to help free Tom. Continue reading “Article: ‘Does the punishment fit the crime?’”

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Article: JPMorgan Traders Fired in Spoofing Probes Sue Bank in N.Y., U.K.

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JPMorgan Traders Fired in Spoofing Probes Sue Bank in N.Y., U.K.

Jonathan Browning, 14 April 2021

Ex-JPMorgan Chase & Co. traders who were fired in connection with recent U.S. Justice Department inquiries into market manipulation have a message for their former employers: give us our jobs back.

In separate lawsuits in London and New York, two of the bank’s former traders are saying they were unfairly dismissed and are asking to be reinstated. Both men had proximity to spoofing tactics that wound up being prosecuted by U.S. authorities but neither was charged. They both maintain they did not engage in the manipulative conduct themselves.

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Article: Five Individuals Charged in Offering Fraud, Stock Manipulation and Money Laundering Schemes

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Five Individuals Charged in Offering Fraud, Stock Manipulation and Money Laundering Schemes

Department of Justice, 14 April 2021

A five-count indictment was filed today in federal court in Brooklyn charging Richard Dale Sterritt, Jr., Michael Greer, Robert Magness, Mark Ross and Robyn Straza with conspiracy to commit securities fraud, wire fraud and money laundering, among other offenses. The charged crimes arise out of a series of securities fraud schemes, including an offering fraud targeted at investors and potential investors in an oil and gas company in Texas and the attempted manipulation of the publicly traded stock of a cannabis company. The defendants were arrested today. Sterritt, Greer and Straza will make their initial appearance in federal court in Dallas, Texas; Magness and Ross will make their initial appearance in Brooklyn. Continue reading “Article: Five Individuals Charged in Offering Fraud, Stock Manipulation and Money Laundering Schemes”

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Article: Ex-Deutsche Traders Urge 2nd Circ. To Nix Libor Convictions

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Ex-Deutsche Traders Urge 2nd Circ. To Nix Libor Convictions

Stewart Bishop, 14 April 2021

Two former Deutsche Bank traders on Wednesday argued that the Second Circuit should reverse their convictions for Libor-rigging, saying the government failed to prove they violated any of the applicable rules governing the benchmark interest rate.

Matthew Connolly and Gavin Black in 2018 were convicted at trial of wire fraud and conspiracy for their roles in a purported scheme to tweak lending estimates included in Libor to benefit the bank’s derivatives trading positions. Continue reading “Article: Ex-Deutsche Traders Urge 2nd Circ. To Nix Libor Convictions”

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Article: Authorities Investigating Fraudulent Oil and Gas Leases

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Authorities Investigating Fraudulent Oil and Gas Leases

SONIA RAMIREZ-MUÑOZ, 14 April 2021

MIDLAND, TX — The Midland Police Department confirmed it is investigating the National Royalty Group for possible fraud involving oil and gas leases.

According to the company, they were “established in 2000 to provide a liquid market for the purchase and sale of royalty interests in producing oil and gas properties.”

According to MPD, the Financial Crimes Unit looking into “criminal wrongdoing in connection with claims of fraud that have been alleged against NRG.” Continue reading “Article: Authorities Investigating Fraudulent Oil and Gas Leases”

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Article: Where Are They Now: Key Players In The Madoff Case

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Where Are They Now: Key Players In The Madoff Case

Jack Queen, 14 April 2021

Law360 (April 14, 2021, 9:05 PM EDT) — Ponzi king Bernie Madoff’s jailhouse death was all but guaranteed the moment he was sentenced. Before a packed federal courtroom in Manhattan — after the lawyers, victims and Madoff himself had spoken — Judge Denny Chin decided what punishment fit the financial crime of the century: 150 years, the maximum sentence available.

The decision prompted an outburst of cheers from the dozens of victims present. But it was the only joyful moment of a proceeding marked by anguished testimonials from victims, calls for justice from prosecutors, and pleas for mercy by Madoff’s defense team, which had asked for 12 years. Continue reading “Article: Where Are They Now: Key Players In The Madoff Case”

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