Article: Facing $50B Trial, Drugmakers Minimize Roles In Opioid Sales

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Facing $50B Trial, Drugmakers Minimize Roles In Opioid Sales

Emily Field and Jeff Overley, 20 April 2021

Allergan PLC on Tuesday downplayed its Golden State opioid sales, echoing the strategies of fellow drugmaker defendants from the day before in a closely watched trial where major California counties are seeking $50 billion over the addiction epidemic.

Donna Welch of Kirkland & Ellis LLP, counsel for Allergan, said during the livestreamed bench trial that the company was responsible for one brand-name opioid, Kadian, from 2009 until it was taken off the market in 2020, and that its market share during that time was minuscule — less than a fraction of 1%.

In addition, Allergan stopped marketing the drug in 2012, and even before then, the marketing was conservative and had little if any impact on sales, Welch said. Continue reading “Article: Facing $50B Trial, Drugmakers Minimize Roles In Opioid Sales”

Article: 14 Critical Lessons Investors Can Learn From The GameStop Story

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14 Critical Lessons Investors Can Learn From The GameStop Story

Forbes Finance Council, 20 April 2021

Investing in the stock market comes with risks, especially in the age of social media. Valuable information that every investor should be aware of—including the occasional volatility of the stock market as well as investment nuances such as short selling—came into the spotlight recently when Redditors banded together to inflate the prices of retailer GameStop’s (GME) stock.

As well as serving as a refresher on stock market basics, the GameStop situation is also a signpost pointing to emerging trends in investment and fintech. Current and would-be stock market investors can take away some important lessons from this story. Below, 14 members of Forbes Finance Council share what every investor should learn from the GameStop stock saga.

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Article: FinCEN Rules Seen As Potential ‘Killer’ Of Art, Antique Shops

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FinCEN Rules Seen As Potential ‘Killer’ Of Art, Antique Shops

Al Barbarino, 20 April 2021

The recent overhaul of federal anti-money laundering laws could drive small- and mid-sized antiquities and art shops out of business over what some experts believe are overblown links to terrorist financing and other illicit activity.

The rules in the works at the Financial Crimes Enforcement Network through the National Defense Authorization Act for fiscal year 2021 aim to uncover what lawmakers have argued is a billion-dollar industry for the illicit trade of antiques and fine art.

But if small businesses aren’t exempt, the rules would weaken a sector of the industry that is still reeling from the impacts of COVID-19 with costly and time-consuming reporting requirements, industry attorneys said. Continue reading “Article: FinCEN Rules Seen As Potential ‘Killer’ Of Art, Antique Shops”

Article: Gary Gensler is now head of the SEC. What comes next?

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Gary Gensler is now head of the SEC. What comes next?

Kollen Post, 19 April 2021

As The Block reported last week, Gary Gensler is now chairman of the U.S. Securities and Exchange Commission after being sworn into office.

Now at the helm of the agency that governs trading at the largest stock markets in the world, Gensler will obviously play a key role in the Biden administration’s oversight of the U.S. financial services sector. His ascent to office comes during what might be called a period of heightened scrutiny, a state of affairs that came in the wake of controversy over the GameStop stock craze and the role of platforms like Robinhood and firms such as Citadel Securities, which play significant yet publicly invisible roles in the proverbial engine room of Wall Street. As Congress scrutinizing activities like naked short selling and payment for order flow, Gensler’s agency comes into view — particularly as the Biden administration seeks to take a potentially different tack compared to the Trump years. Continue reading “Article: Gary Gensler is now head of the SEC. What comes next?”

Article: Libor-Replacement Competitor Gains Strength From New Offerings

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Libor-Replacement Competitor Gains Strength From New Offerings

Julia-Ambra Verlaine, 19 April 2021

Financial industry pioneer Richard Sandor is ramping up his efforts to compete in the race to replace the London interbank offered rate, which helps set borrowing costs on everything from mortgages to business loans.

Mr. Sandor—who helped create interest-rate futures in the 1970s and launched his own replacement for the scandal-marred short-term interest-rate benchmark in 2019—is expanding offerings to include one-month and three-month borrowing rates. Ameribor is set on the American Financial Exchange, which was founded by Mr. Sandor and is where banks lend to each other through mutual lines of credit. Some small and medium-size lenders favor Ameribor because it changes with their funding costs. Continue reading “Article: Libor-Replacement Competitor Gains Strength From New Offerings”

Article: Credit Suisse Prime Brokerage Heads Fired Over Archegos Blowup

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Gary Gensler is now head of the SEC. What comes next?

TYLER DURDEN, 19 April 2021

Apparently, firing half a dozen executives including its head of risk management (Lara Warner, also one of the most high-ranking women in the global financial services industry) hasn’t done enough to quiet shareholders’ demands for change atop Credit Suisse, the Swiss banking giant that reported a $4.7 billion loss from the collapse of Archegos Capital Management, with billions of losses likely to follow from the collapse for Greensill.

As CEO Thomas Gottstein clings to his position, the Wall Street Journal reported Monday that John Dabbs and Ryan Nelson will immediately step down as co-heads of prime services, the prime-brokerage unit responsible for extending all that credit to Archegos (as a reminder, for an explainer on how Archegos built its $100 billion massively leveraged position. Continue reading “Article: Credit Suisse Prime Brokerage Heads Fired Over Archegos Blowup”

Article: Self-Driving Car Tech In Crosshairs As Feds Probe Tesla Crash

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Self-Driving Car Tech In Crosshairs As Feds Probe Tesla Crash

Linda Chiem, 19 April 2021

A fatal crash in Texas involving a Tesla vehicle purportedly in semi-autonomous mode with no driver behind the wheel has sparked dual federal investigations that will invite sharper regulatory scrutiny of potential gaps in self-driving car technology, even as CEO Elon Musk flatly rejects suggestions that Autopilot was a factor.

The U.S. Department of Transportation’s National Highway Traffic Safety Administration, which regulates auto safety, as well as the National Transportation Safety Board, which investigates transportation accidents, sent teams Monday to investigate the Saturday crash in the Houston suburb of Spring, which left two people dead. Continue reading “Article: Self-Driving Car Tech In Crosshairs As Feds Probe Tesla Crash”

Article: ABN AMRO to pay $575M in money laundering settlement with Dutch authorities

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ABN AMRO to pay $575M in money laundering settlement with Dutch authorities

Jaclyn Jaeger, 19 April 2021

Dutch bank ABN AMRO on Monday reached a €480 million (U.S. $575 million) settlement with the Netherlands Public Prosecution Service (NPPS) to resolve money laundering charges.

The NPPS first informed ABN AMRO in 2019 the bank was the subject of a criminal investigation relating to potential violations of the Dutch Anti-Money Laundering and Counter Terrorism Financing Act (AML/CTF Act). Recently, the NPPS added new charges of “damaging money laundering” to the case. Continue reading “Article: ABN AMRO to pay $575M in money laundering settlement with Dutch authorities”

Article: Melrose To Sell Nortek Air Management Business For $3.625 Bln In Cash

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Melrose To Sell Nortek Air Management Business For $3.625 Bln In Cash

RTTNews, 19 April 2021

(RTTNews) – Melrose Industries Plc. (MRO.L) announced Monday that it has entered into an agreement to sell its Nortek Air Management business to Chicago-based Madison Industries for about 2.62 billion pounds or $3.625 billion, in cash.

The consideration for the disposal is based on an enterprise value of approximately $3.625 billion. The consideration is payable on completion, subject to certain adjustments. Completion is conditional upon, amongst other things, customary antitrust approvals and the approval of the Shareholders at a General Meeting of Melrose Shareholders. Continue reading “Article: Melrose To Sell Nortek Air Management Business For $3.625 Bln In Cash”

Article: Danske Bank CEO Quits Amid Dutch Probe of Laundering Allegations

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Danske Bank CEO Quits Amid Dutch Probe of Laundering Allegations

Frances Schwartzkopff and Joost Akkermans, 19 April 2021

Danske Bank A/S is replacing Chris Vogelzang as chief executive officer after a Dutch money-laundering investigation implicated the former ABN Amro Bank NV executive, complicating the Danish lender’s efforts to get past its own scandal.

Vogelzang, who had run Denmark’s biggest bank for less than two years, will be replaced by Danske’s head of risk management, Carsten Egeriis. The move comes after authorities in the Netherlands named Vogelzang “a suspect in connection with their investigations of potential violations of Dutch legislation relating to the prevention of money laundering at ABN Amro,” Danske said. Continue reading “Article: Danske Bank CEO Quits Amid Dutch Probe of Laundering Allegations”

Article: ABN Amro Sees Quarterly Loss After $574 Million Settlement

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ABN Amro Sees Quarterly Loss After $574 Million Settlement

Joost Akkermans, 19 April 2021

ABN Amro Bank NV agreed to pay 480 million euros ($574 million) to end a Dutch investigation that found “serious shortcomings” in the lender’s processes to combat money laundering.

The amount will be booked in the first quarter and the lender expects a “modest” loss as a result, according to a statement on Monday. As part of the settlement, ABN Amro will pay a fine of 300 million euros and a disgorgement of 180 million euros, with the latter reflecting costs the lender had saved, according to the Dutch public prosecutor. Continue reading “Article: ABN Amro Sees Quarterly Loss After $574 Million Settlement”

Article: Boston Preps For 1st Big Jury Trial, Lysol At The Ready

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Boston Preps For 1st Big Jury Trial, Lysol At The Ready

Chris Villani, 19 April 2021

A Boston federal judge on Monday laid out plans for the district’s first high-profile criminal jury trial since the start of the COVID-19 pandemic, walking attorneys through an exhaustive set of safety measures including witness stands encased in plexiglass and disposable microphone covers.

Jury selection in the trial of former Fall River Mayor Jasiel Correia, who is facing bribery, fraud and tax charges, is set to begin on Tuesday. Prosecutors claim Correia solicited bribes from cannabis businesses seeking to open in his city and also defrauded investors in an app he created. Continue reading “Article: Boston Preps For 1st Big Jury Trial, Lysol At The Ready”

Article: Are Nonfungible Tokens Subject to US Anti-Money Laundering Requirements?

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Are Nonfungible Tokens Subject to US Anti-Money Laundering Requirements?

Jamie Boucher, Eytan Fisch, 19 April 2021

Rapidly growing interest in nonfungible tokens (NFTs) has been fueled by recent headlines of multimillion-dollar transactions, such as the $69 million sale of an NFT by digital artist Beeple — the third-highest price ever paid for the work of a living artist. An NFT is a certificate of ownership stored on a blockchain typically associated with a digital asset, such as art, videos, music, games, or tweets. Unlike certain other virtual assets on the blockchain, such as cryptocurrencies, NFTs are unique or “nonfungible.”

While the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN)1 has not yet indicated whether certain NFT market participants (e.g., creators, sellers, dealers, marketplace operators) are or may become subject to U.S. anti-money laundering (AML) regulatory requirements, recent developments and concerns of U.S. lawmakers and regulators regarding the financial crime risks associated with virtual assets make regulatory scrutiny of NFTs likely..

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Article: Japan analysts says US Treasury unconcerned over yen manipulation

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Japan analysts says US Treasury unconcerned over yen manipulation

Eamonn Sheridana, 19 April 2021

Japan is on the ‘monitor’ list having satisfied 2 of the 3 US criteria, along with other countries. You can find more on the report here:
US drops Switzerland and Vietnam from FX manipulator designation status

But, says Mizuho, the focus is not on the yen but rather on emerging economies:

US likely to prioritize the Mexican peso or Asian currencies (excl-yen) the US report cited IMF analysts saying the yen was largely in line with fundamentals and made no mention of the yen’s weakness so far in 2021
Continue reading “Article: Japan analysts says US Treasury unconcerned over yen manipulation”

Article: Currency control is not black and white

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Currency control is not black and white

SCMP Editorial, 18 April 2021

There are myriad ways for a government to affect the direction and value of its national currency. Some are labelled currency manipulation; others not. It depends on one’s definitions. Those of the United States Treasury mean the country cannot engage in such manipulation, an alleged sin only other economies can commit. Therefore it sits in judgment of others and threatens sanctions against those who allegedly game the global “rules-based” trade system.

However, spending trillions of US dollars on bond buying – also known as quantitative easing – for more than a decade and on economic relief packages to support growth and encourage inflation have achieved the same or similar results as manipulation. They have already caused significant depreciation of the US dollar against most major currencies and the slide is expected to continue. It is doubly ironic that in the middle of a trade and ideological war between the world’s two superpowers, Washington has, in its wisdom, declined to label mainland China as a currency manipulator but added friendly Taiwan to the watch list. The political nature of the exercise was exposed when the US Treasury, under former president Donald Trump, designated China as a manipulator in mid-2019, despite not meeting its full criteria, and then abruptly lifted the label five months later as a concession in a trade deal. Continue reading “Article: Currency control is not black and white”