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Nov. 21, 2023

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Binance’s Zhao to admit guilt, step down to settle U.S. illicit finance probe

REUTERS/Dado Ruvic/illustration/File Photo

Binance chief executive Changpeng Zhao will admit to violating U.S. laws as part of a $4 billion settlement resolving a years-long probe into illicit finance breaches at the world’s largest crypto exchange, said two sources familiar with the matter. Read more about the deal.

Binance has been under the Justice Department’s scrutiny since at least 2018, Reuters reported last year, just one of a string of legal headaches it faces in the United States.

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Ford persuades appeals court to undo pickup truck brake defect class

In class action litigation, the answer to every question is vastly magnified because it applies not just to one plaintiff but to hundreds or thousands of potential class members. That concern, writes Alison Frankel, led the 6th Circuit last week to undo the certification of five statewide classes of Ford pickup owners who claimed that their trucks’ braking systems were defectively designed, holding that the trial judge abused his discretion by failing to explain why class allegations could be evaluated in a single proceeding. Read more.

Check out other recent pieces from all our columnists: Alison Frankel, Jenna Greene and Hassan Kanu

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