Article: Jury Awards AMS Sensors $86M In EDTX Trade Secrets Trial

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Jury Awards AMS Sensors $86M In EDTX Trade Secrets Trial

Ryan Davis, 16 April 2021

An Eastern District of Texas jury determined Friday that Renesas should pay damages of nearly $85.9 million in a trade secrets and contract suit brought by rival light sensor maker AMS Sensors, although a Renesas attorney insisted the award will ultimately be much lower.

The jury reached its verdict after deliberating for about seven hours over two days following a damages retrial that began April 5 in Sherman, Texas, before U.S. District Judge Amos L. Mazzant III.

A jury in a previous trial found in 2015 that Renesas Electronics America Inc. misappropriated AMS Sensors USA Inc. trade secrets and breached a confidentiality agreement after the two companies, which have both made light sensors for Apple’s iPhone, met to discuss a merger but never reached a deal. The Federal Circuit vacated the damages award in that case in 2018, leading to a retrial solely on damages.

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Article: China Bank Unit Faces Ponzi Scheme Suit Over $46.5M Loss

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China Bank Unit Faces Ponzi Scheme Suit Over $46.5M Loss

Emilie Ruscoe, 16 April 2021

A Canada-based investment firm has sued the Industrial and Commercial Bank of China Financial Services LLC in New York state court, accusing ICBC of looking the other way while an alleged Ponzi schemer used her accounts there to orchestrate a $100 million investment scam.

In its complaint filed Thursday, SureFire Dividend Capture LP sought at least $46.6 million that it, and its predecessors, invested in liquid hedge fund Broad Reach Capital LP, which was run by former broker Brenda Smith. According to SureFire, ICBC, a U.S. subsidiary of the state-owned Industrial and Commercial Bank of China Ltd., was the bank that was designated to serve as Broad Reach’s “clearing broker” for the unique “dividend capture” options trading strategy that Broad Reach used. Continue reading “Article: China Bank Unit Faces Ponzi Scheme Suit Over $46.5M Loss”

Article: Is China Preparing A Gold-Backed Yuan: Beijing Greenlights Purchases Of Billions In Bullion

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Is China Preparing A Gold-Backed Yuan: Beijing Greenlights Purchases Of Billions In Bullion

TYLER DURDEN, 16 April 2021

In 2018, the Chinese launched a gold-backed, yuan-denominated oil futures contract. These contracts were priced in yuan, but convertible to gold, raising the prospect that “the rise of the petroyuan could be the death blow for the dollar.”

Two weeks ago, The IMF reported that the global share of US-dollar-denominated exchange reserves dropped to 59.0% in the fourth quarter, according to the IMF’s COFER data released today. This matched the 25-year low of 1995. Continue reading “Article: Is China Preparing A Gold-Backed Yuan: Beijing Greenlights Purchases Of Billions In Bullion”

Article: 5 Key Details As Drugmakers Face $50B Opioid Trial In Calif.

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5 Key Details As Drugmakers Face $50B Opioid Trial In Calif.

Jeff Overley, Cara Salvatore and Emily Field, 16 April 2021

Barring last-minute settlements, Johnson & Johnson, Endo Pharmaceuticals and other major drugmakers are poised to go to trial Monday against some of California’s largest counties, which are seeking $50 billion in one of the nation’s oldest opioid-crisis cases.

The West Coast clash centers on now-familiar allegations that pharmaceutical manufacturers — divisions of J&J, Endo, Teva Pharmaceuticals and Allergan PLC — to varying degrees bankrolled pernicious promotional campaigns for prescription painkillers, unleashing a devastating wave of drug dependence and death. Continue reading “Article: 5 Key Details As Drugmakers Face $50B Opioid Trial In Calif.”

Article: JBS Offers Eateries $13M In New ‘Ice-Breaker’ Pork Settlement

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JBS Offers Eateries $13M In New ‘Ice-Breaker’ Pork Settlement

Bryan Koenig, 16 April 2021

JBS USA Food Co. has settled with more plaintiffs in litigation accusing meat-processing giants of scheming to inflate pork prices, with commercial and institutional indirect buyers asking a Minnesota federal judge to preliminarily greenlight a $12.75 million deal.

This would be the first settlement these plaintiffs, which include a number of restaurant chains, have reached with meatpackers. JBS has already cut multimillion-dollar deals with direct buyers and consumer indirect purchasers, both of which similarly called their settlements “ice-breakers” that, like Thursday’s agreement, come with promises to help with ongoing claims against other pork producers such as Clemens, Hormel, Tyson and Smithfield.  

In their motion for preliminary approval Thursday, the commercial and institutional buyers, which include Longhorn’s Steakhouse, defined the settlement class as anyone who indirectly bought pork from the defendants “during the settlement class period for their own business use in commercial food preparation” based on a class period starting in 2009. Continue reading “Article: JBS Offers Eateries $13M In New ‘Ice-Breaker’ Pork Settlement”

Article: Hartford Cuts $650M Deal To End Boy Scouts Abuse Claims

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Hartford Cuts $650M Deal To End Boy Scouts Abuse Claims

Dorothy Atkins, 16 April 2021

Hartford Financial Services Group announced Friday that the insurance company has agreed to pay $650 million to resolve sexual abuse claims in Delaware bankruptcy court related to the Boy Scouts of America scandal.

Under the deal, which is subject to a bankruptcy judge’s approval, the Connecticut-based insurance company will make the payment to the Boy Scouts of America and its local councils in exchange for releasing it of any obligation under the insurance policies, most of which were issued in the 1970s, according to the company. Continue reading “Article: Hartford Cuts $650M Deal To End Boy Scouts Abuse Claims”

Article: Swiss private bank fined $1m for breaching anti-money laundering rules

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Swiss private bank fined $1m for breaching anti-money laundering rules

Nandita Bhardwaj, 16 April 2021

The Singapore-based branch of a Swiss private bank has reportedly been charged $1 million for failing to adhere with measures to counter terrorist financing and money-laundering. The fine was imposed on Bank J. Safra Sarasin for serious breaches between March 2014 & September 2018.

In particular, the bank failed to establish the source of the funds of its customers by appropriate as well as reasonable means.

In most cases, Bank J. Safra Sarasin depended on the representations of customers without any proper validation. The bank also failed to inquire into exceptionally large or irregular patterns of customer transactions that had no apparent economic purpose. Continue reading “Article: Swiss private bank fined $1m for breaching anti-money laundering rules”

Article: National Audit Office Launches Latest UK Probe Into Greensill

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National Audit Office Launches Latest UK Probe Into Greensill

Najiyya Budaly, 16 April 2021

Britain’s public spending regulator said on Friday that it will investigate why the government accredited collapsed finance company Greensill Capital to provide cash to struggling businesses through the national COVID-19 support scheme.

The National Audit Office, an independent parliamentary body, said it will launch a probe into the role of Greensill in offering the Coronavirus Large Business Interruption Loan Scheme to large businesses on behalf of the government. It is the latest probe into government links to the supply-chain finance firm, which is in administration. Continue reading “Article: National Audit Office Launches Latest UK Probe Into Greensill”

Article: Pension Fund Drops Suit Against Tesla Over $1.8B Bond Offer

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Pension Fund Drops Suit Against Tesla Over $1.8B Bond Offer

Rachel Stone, 16 April 2021

A pension fund voluntarily ended its proposed class action against Tesla and its multibillionaire founder, Elon Musk, which claimed the automaker and a group of big banks acting as underwriters misled investors on a $1.8 billion bond offering.

Inter-Local Pension Fund GCC/IBT has bowed out of its securities fraud suit in California federal court following a decision in the Ninth Circuit in March not to rehear a related case, according to a notice filed Thursday. Continue reading “Article: Pension Fund Drops Suit Against Tesla Over $1.8B Bond Offer”

Robert Steele: DEPLATFORMED by PayPal — Am Striking Back — Checks Are Best Way of Donating

Notice

By the grace of God, donations by check and wire offer me the Armor of God against unethical abusive companies among which PayPal is now assured of front row standing.

They know full well of my strong history as a Patriot and as having a Gold Star rating as a non-profit. This is a Deep State attack, perhaps without the knowledge of the CEO, but our top ten law firm will make sure the CEO knows about this on Monday.

Continue reading “Robert Steele: DEPLATFORMED by PayPal — Am Striking Back — Checks Are Best Way of Donating”

Article: Morgan Stanley reveals nearly $1B loss from Archegos implosion

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Morgan Stanley reveals nearly $1B loss from Archegos implosion

Reuters, 16 April 2021

Morgan Stanley lost nearly $1 billion from the collapse of family office Archegos Capital Management, the bank said Friday, muddying its 150 percent jump in first-quarter profit that was powered by a boom in trading and deal-making.

Morgan Stanley was one of several banks that had exposure to Archegos, which defaulted on margin calls late last month and triggered a fire sale of stocks across Wall Street. Continue reading “Article: Morgan Stanley reveals nearly $1B loss from Archegos implosion”

Article: Okla. Cannabis Co. Sues State Over Pot Tracking System

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Okla. Cannabis Co. Sues State Over Pot Tracking System

Sarah Jarvis, 16 April 2021

An Oklahoma medical marijuana business has filed a proposed class action against the state’s medical marijuana regulators, alleging they created a monopoly through their contract with a seed-to-sale tracking system and improperly required businesses to pay for its services.

Dr Z Leaf LLC said in a complaint filed Thursday in Oklahoma state court that while the Oklahoma Medical Marijuana Authority and the Oklahoma State Department of Health are responsible for auditing grower and processor reports, the state has outsourced that responsibility to the company Metrc LLC. Continue reading “Article: Okla. Cannabis Co. Sues State Over Pot Tracking System”

Article: Bernard Madoff, criminal financier, 1938-2021

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Bernard Madoff, criminal financier, 1938-2021

Brooke Masters , 16 April 2021

When Bernard Madoff’s Ponzi scheme collapsed in December 2008, $65bn vanished overnight, devastating tens of thousands of small investors, charities and religious groups who continue to struggle to this day.

The former chair of the Nasdaq stock market’s confession that his fabled investment company was “one big lie” came at the depths of the financial crisis and riveted global attention. Amid an alphabet soup of opaque financial products that had crashed the world economy, people could understand this crime.
Continue reading “Article: Bernard Madoff, criminal financier, 1938-2021”

Article: About Credit Suisse X-Links Silver CovCall ETN

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About Credit Suisse X-Links Silver CovCall ETN

U.S. News, 16 April 2021

The investment seeks a return linked to the performance of the Credit Suisse NASDAQ Silver FLOWSTM 106 Index. The index measures the return of a “covered call” strategy on the shares of the iShares® Silver Trust (the “SLV Shares”) by reflecting changes in the price of the SLV Shares and the notional option premiums received from the notional sale of monthly call options on the SLV Shares less notional transaction costs incurred in connection with the covered call strategy.

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Article: Massachusetts May Revoke Robinhood’s Broker-Dealer Registration

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Massachusetts May Revoke Robinhood’s Broker-Dealer Registration

PYMNTS, 16 April 2021

Regulators in Massachusetts are taking steps to pull Robinhood’s broker-dealer license, alleging that the digital trading app lures inexperienced investors and puts their money at risk, Reuters reported. Robinhood responded to the charge with a lawsuit accusing the Commonwealth officials of being “elitist.”

Massachusetts Secretary of State Bill Galvin announced in December 2020 that the state was seeking to revoke Robinhood’s license — and that was before the GameStop trading frenzy. The state instituted changes in its fiduciary rules that took effect in September, prompting the Silicon Valley startup to file a lawsuit in Boston. The company also filed a motion for a preliminary injunction. Continue reading “Article: Massachusetts May Revoke Robinhood’s Broker-Dealer Registration”