 //sli.reutersmedia.net/imp?s=126591700&li=&e=gjjtuyu768@gmail.com&p=32965506&stpe=pixel” width=”2″ height=”6″ border=”0″ /> |
//sli.reutersmedia.net/imp?s=126591701&li=&e=gjjtuyu768@gmail.com&p=32965506&stpe=pixel” width=”2″ height=”6″ border=”0″ /> |
//sli.reutersmedia.net/imp?s=126591702&li=&e=gjjtuyu768@gmail.com&p=32965506&stpe=pixel” width=”2″ height=”6″ border=”0″ /> |
//sli.reutersmedia.net/imp?s=126591703&li=&e=gjjtuyu768@gmail.com&p=32965506&stpe=pixel” width=”2″ height=”6″ border=”0″ /> |
//sli.reutersmedia.net/imp?s=126591704&li=&e=gjjtuyu768@gmail.com&p=32965506&stpe=pixel” width=”2″ height=”6″ border=”0″ /> |
|
|
|
| //sli.reutersmedia.net/imp?s=874768&li=&e=gjjtuyu768@gmail.com&p=32965506&stpe=static” border=”0″ style=”max-height:12px;” /> |
 |
|
|
|
|
|
Gary Wang testifies during Sam Bankman-Fried fraud trial over the collapse of FTX. REUTERS/Jane Rosenberg
|
The first week of FTX founder Sam Bankman-Fried’s trial closed with testimony from his former lieutenant and business partner Gary Wang, who told the jury Bankman-Fried knew about an $8 billion shortfall in customer assets when he tweeted that FTX and its assets were “fine.” But more explosive testimony could be on the way, as former colleague and romantic partner Caroline Ellison is expected to take the stand next.
Reuters rounded up the five biggest moments from the first week of Bankman-Fried’s trial as he faces charges of stealing billions of dollars in customer funds to prop up his crypto-focused hedge fund, Alameda Research. Bankman-Fried has pleaded not guilty.
By the end of the week, prosecutors were hearing testimony from their key witnesses, beginning with Wang, who said that Bankman-Fried told him to tweak FTX’s software code to allow Alameda to withdraw unlimited funds. Ellison, who like Wang has pleaded guilty and agreed to cooperate against Bankman-Fried, said at a plea hearing that she helped Alameda make billions of dollars in loans to Bankman-Fried and other FTX executives and hide them from lenders.
|
|
|
|
- Perkins Coie changed its criteria for a fellowship aimed at promoting diversity in the legal profession after a group founded by Edward Blum filed lawsuits against it and Morrison & Foerster, alleging their diversity fellowships unlawfully excluded certain people based on their race. Perkins Coie expanded the applicant pool for its diversity fellowship program to all law students, not just members of “historically underrepresented” groups. (Reuters)
- The number of jobs in the U.S. legal services sector rebounded in September after nearing its lowest level this year in August, with new Labor Department data showing 5,100 added jobs last month. Legal sector job numbers have fluctuated since hitting an all-time high in July 2022, as global M&A activity slows. (Reuters)
- A former San Antonio lawyer has pleaded guilty after he was charged with defrauding his clients in a “Ponzi-type” scheme that led to losses of about $25 million to $65 million. (Reuters)
|
U.S. Sen. Dick Durbin (D-IL) was a signatory on a letter to the U.S. Senate Appropriations Committee. REUTERS/Sarah Silbiger
|
Stanford Law School professor Joseph Grundfest is one of the most prolific and influential amicus filers in the arena of business litigation. But he’s not going to have a say in a shareholder class action accusing Google of failing to tell investors about vulnerabilities in user privacy protections. Judge Trina Thompson granted Grundfest leave to file an amicus brief in the case on Wednesday – but then yanked permission on Thursday. Alison Frankel has the backstory – which she calls a bit of vindication for plaintiffs lawyers at Robbins Geller.
|
|
|
|
- The federal courts are closed for Columbus Day.
- Federal Reserve Vice Chair for Supervision Michael Barr is slated to speak on bank regulation and other policy issues at the American Bankers Association’s annual convention in Nashville.
|
Court calendars are subject to last-minute docket changes.
|
- On Tuesday, Gibson Dunn’s Eugene Scalia, the son of late U.S. Supreme Court Justice Antonin Scalia, is slated to argue his first case at the high court. Scalia is representing UBS Securities in a case examining how difficult it should be for financial whistleblowers to win retaliation lawsuits against their employers. The justices are considering an appeal by Trevor Murray, a former UBS bond strategist, of a lower court’s decision to throw out his 2021 lawsuit that accused the company of unlawfully firing him for refusing to publish misleading research reports and complaining about being pressured to do so. UBS has denied wrongdoing and said Murray’s termination was part of a cost-cutting campaign that eliminated thousands of jobs.
- On Wednesday, the U.S. Supreme Court will hear arguments over a bid by South Carolina officials to revive a Republican-crafted voting map that a lower court said had unconstitutionally “exiled” 30,000 Black voters from a closely contested congressional district. The state conference of the NAACP sued in 2022, arguing that several House districts created under the map were designed at least in part with “a racially discriminatory intent to discriminate against Black voters in violation of the U.S. Constitution.”
- On Thursday, U.S. District Judge Paul Friedman in Washington, D.C., will weigh approving a $125 million settlement in a class action accusing the judiciary of overcharging members of the public who downloaded court records through PACER. The settlement covers anyone who paid PACER fees between April 2010 and May 2018. Friedman granted initial approval to the deal in May.
- On Friday, Delaware Chancellor Kathaleen McCormick will hold a hearing to consider approval of a $919 million settlement in a derivative lawsuit brought by Tesla shareholders who say the company’s board members grossly overpaid themselves. Tesla board members will return $735 million in compensation to the company as part of the deal. Plaintiffs’ firms Bleichmar Fonti & Auld, Fields Kupka & Shukurov and McCarter & English have asked McCormick to award them fees of $229.6 million, or 25% of the settlement’s value.
|
- A New York state appeals court temporarily halted the dissolution of some of Donald Trump’s most valuable properties as it weighs the former U.S. president’s appeal in a civil fraud case. The ruling by the New York Appellate Division pauses enforcement of a September order by Justice Arthur Engoron finding Trump and his family business committed fraud and stripping them of companies that control crown jewels of his real estate empire, including Trump Tower and 40 Wall Street in Manhattan. (Reuters)
- The 2nd Circuit revived a single claim in an investment analyst’s 2019 lawsuit accusing BNY Mellon of improperly sharing a valuation tool he created with Deloitte, allowing the consulting firm to reverse-engineer his work. The court said the analyst could not pursue trade secret claims, but in a 2-1 split said he could go forward with an unjust enrichment claim. (Reuters)
- Former President Donald Trump filed a notice to voluntarily dismiss his $500 million lawsuit against his ex-lawyer Michael Cohen, a court filing showed. Trump had sued Cohen in April seeking at least $500 million in damages from his onetime loyal “fixer” after Cohen testified before a Manhattan grand jury that indicted Trump. (Reuters)
- A New Mexico judge rejected a Republican challenge to the state’s Democratic-drawn congressional lines, improving the odds that Democrats will maintain their hold on all three of the state’s districts in next year’s election. The state is one of several in which crucial legal battles over congressional redistricting are still raging two years after most states enacted new maps following the once-a-decade U.S. Census. (Reuters)
|
|
|
Antidumping and countervailing duties, which are imposed on importers in an effort to help U.S. businesses compete, must be paid by U.S. importers of foreign goods. But the rates they are charged change regularly, write Mark Ludwikowski and Kelsey Christensen of Clark Hill. Here’s what they say importers need to know.
|
|
|
Sponsors are not involved in the creation of newsletter or other Reuters news content.
Get Reuters News App
Want to stop receiving this newsletter? Unsubscribe here.
To manage which newsletters you’re subscribed to, click here.
|
|
|
|
