Streetbeat News

Legal

BTCUSD

The FBI's 'Operation Token Mirrors' led to the arrest of 18 individuals involved in a $25M crypto fraud scheme using a fake token, NexFundAI. The operation highlights the growing sophistication of crypto scams, with Americans losing $5.6 billion to such frauds in 2023.

Portfolio Pulse from Benzinga Neuro

October 10, 2024 | 6:27 am

CI

CVS

UNH

Bernie Sanders and Alexandria Ocasio-Cortez defend FTC Chair Lina Khan against calls for her removal, emphasizing her role in fighting corporate greed and monopolies. Mark Cuban criticizes Khan's approach, fearing it may hinder AI development. The FTC, under Khan, has filed complaints against major pharmacy benefit managers like CVS, Cigna, and UnitedHealth for anti-competitive practices.

Portfolio Pulse from Shivdeep Dhaliwal

October 10, 2024 | 2:26 am

CRLBF

TCNNF

Florida's cannabis legalization campaign, Amendment 3, is the best-funded in U.S. history, raising over $100 million. The campaign, supported by Cresco Labs and Trulieve Cannabis, faces legal challenges, including a defamation lawsuit by Trulieve against the Florida Republican Party.

Portfolio Pulse from Maureen Meehan

October 09, 2024 | 11:08 pm

STLA

Stellantis is involved in legal disputes with the United Auto Workers (UAW) over strike threats. The UAW has indicated that a strike at one or more Stellantis facilities could commence within weeks.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2024 | 7:40 pm

GOOG

GOOGL

The U.S. Department of Justice is considering remedies to address Alphabet Inc.'s Google Search dominance, following a ruling that its practices violated antitrust laws. Analysts from Wedbush and JPMorgan believe structural changes are unlikely, but potential remedies could impact Google's business model, particularly in search distribution. Alphabet plans to appeal, which may delay any impact. Alphabet shares fell 2.4% following the news.

Portfolio Pulse from Adam Eckert

October 09, 2024 | 6:11 pm

GSK

GSK has reached a $2.2 billion settlement to resolve 93% of the Zantac lawsuits in the U.S., leading to a 7.68% surge in its stock price. The settlement aims to mitigate financial uncertainties and reduce litigation risks.

Portfolio Pulse from Vandana Singh

October 09, 2024 | 5:42 pm

CI

CVS

LLY

UNH

CVS Health and UnitedHealth Group have requested the recusal of FTC Chair Lina Khan and two commissioners from a lawsuit alleging anti-competitive practices by major pharmacy benefit managers, including CVS's Caremark and UnitedHealth's Optum. The companies argue that the commissioners have shown bias against PBMs. The lawsuit accuses these PBMs of inflating insulin prices through unfair practices.

Portfolio Pulse from Vandana Singh

October 09, 2024 | 5:39 pm

BAC

Bank of America is facing business losses due to a block-trading probe in Asia, with allegations of employees sharing nonpublic information. This has led to the bank being removed from an IPO mandate by EQT and concerns from a Norwegian conglomerate.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2024 | 5:36 pm

GSK

GSK shares rise as the company settles agreements with 10 plaintiff firms, covering 93% of Zantac-related product liability cases in the US.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2024 | 5:14 pm

GSK

GSK has announced settlements for Zantac litigation, resolving 93% of U.S. cases for up to $2.2 billion. Additionally, a separate $70 million settlement for a qui tam complaint has been agreed upon. GSK will recognize a £1.8 billion charge in Q3 2024 results, with settlement costs funded through existing resources.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2024 | 4:53 pm