Streetbeat News

Legal

TSLA

Elon Musk has called for legal reform on class action lawsuits, arguing that they often do not represent shareholders and primarily benefit law firms. This comes in light of a lawsuit that led to the revocation of his 2018 pay package, which was recently re-approved by Tesla shareholders.

Portfolio Pulse from Anan Ashraf

June 24, 2024 | 10:44 am

UA

Under Armour (NYSE:UA) has agreed to settle a securities class action lawsuit for $434 million, covering claims from shareholders between 2015 and 2019. The company will use cash on hand or its credit facility to pay the settlement, which will be reflected in its fiscal 2025 financials. Under Armour denies any wrongdoing but aims to avoid litigation costs and distractions.

Portfolio Pulse from Lekha Gupta

June 24, 2024 | 10:26 am

AAPL

AMZN

GOOG

GOOGL

MSFT

Apple Inc. (NASDAQ:AAPL) is facing an EU antitrust probe for allegedly violating the Digital Markets Act, which could result in a fine of up to 10% of its global revenue. The investigation is part of broader regulatory scrutiny on major U.S. tech companies in Europe.

Portfolio Pulse from Benzinga Neuro

June 24, 2024 | 10:20 am

AAPL

VGK

The European Commission has found that Apple's App Store rules breach the Digital Markets Act by restricting developers from steering consumers to alternative channels. This decision could have significant implications for Apple's business practices in Europe.

Portfolio Pulse from Benzinga Newsdesk

June 24, 2024 | 9:11 am

TSLA

Gary Black, Managing Partner at Future Fund, criticized Delaware judges for overstepping their roles in a Tesla Inc. (NASDAQ:TSLA) case involving Elon Musk's $56 billion pay package. The Delaware General Assembly passed Senate Bill 313 to restrain judicial activism, reflecting ongoing tensions between the judiciary and legislative bodies.

Portfolio Pulse from Benzinga Neuro

June 24, 2024 | 4:41 am

BTCUSD

COIN

The Winklevoss twins donated Bitcoin exceeding the legal limit to Trump's presidential campaign, resulting in a refund. The twins, who manage Winklevoss Capital Management and operate the Gemini crypto exchange, are known for their pro-Bitcoin stance. Trump is actively courting the crypto industry for his 2024 campaign.

Portfolio Pulse from Bibhu Pattnaik

June 22, 2024 | 7:09 pm

NVDA

SPY

NVIDIA's stock experienced a pullback, while the US Supreme Court upheld a gun ban for domestic violence cases.

Portfolio Pulse from Bill Haddad

June 21, 2024 | 8:36 pm

SPY

UNG

USO

The U.S. Environmental Protection Agency (EPA) will review Texas' oversight of oil and gas wastewater disposal wells following a petition from an environmental group that raised substantial concerns about the state's permitting process.

Portfolio Pulse from Benzinga Newsdesk

June 21, 2024 | 8:22 pm

BAC

C

GS

JPM

The FDIC and Federal Reserve have identified shortcomings in the living will plans of four major U.S. banks: Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase. These plans are crucial for guiding the banks in the event of a collapse. Citigroup's plan was deemed 'not credible,' and all four banks have been asked to address these issues by July 2025.

Portfolio Pulse from Michael Juliano

June 21, 2024 | 8:17 pm

LMT

Sikorsky Support Services and Derco Aerospace have agreed to pay $70 million to settle False Claims Act allegations related to improper markups on spare parts for Navy trainer aircraft, according to the U.S. Justice Department.

Portfolio Pulse from Benzinga Newsdesk

June 21, 2024 | 7:03 pm