Streetbeat News

Legal

AAPL

Apple has requested the dismissal of an antitrust lawsuit filed by the U.S. Justice Department, arguing that the claims are unfounded.

Portfolio Pulse from Benzinga Newsdesk

May 21, 2024 | 5:48 pm

CLF

X

Cleveland-Cliffs Inc. (NYSE:CLF) criticized U.S. Steel's (NYSE:X) attempt to sell to a foreign buyer, Nippon Steel, without union support. Cleveland-Cliffs emphasized the necessity of keeping U.S. Steel American-owned and having union backing, which U.S. Steel failed to secure. The United Steelworkers (USW) union only supports Cleveland-Cliffs for the acquisition, effectively vetoing other buyers. The U.S. government also opposes the foreign sale, citing national security concerns.

Portfolio Pulse from Benzinga Newsdesk

May 21, 2024 | 5:19 pm

GSK

PFE

GSK has been sued by Valisure for allegedly concealing cancer risks associated with the discontinued heartburn drug Zantac. Valisure claims GSK violated the federal False Claims Act by hiding these risks for nearly four decades. The lawsuit seeks billions in damages. Pfizer has also settled over 10,000 Zantac-related lawsuits for up to $250 million.

Portfolio Pulse from Vandana Singh

May 21, 2024 | 4:48 pm

AAPL

SPOT

XLK

Apple Inc. (NASDAQ:AAPL) is appealing a $1.95 billion fine imposed by the EU for allegedly undermining fair competition from music-streaming services like Spotify Technology SA (NYSE:SPOT). The EU's decision mandates Apple to allow music-streaming apps to inform users about cheaper deals outside its App Store. Spotify has adjusted its app to comply with the ruling. The European Commission is prepared to defend its decision in court. Apple argues that there is no credible evidence of consumer harm. This is part of ongoing legal battles between Apple and EU regulators.

Portfolio Pulse from Shivani Kumaresan

May 21, 2024 | 4:40 pm

CAT

Caterpillar Inc. will pay $800,000 to resolve racial hiring discrimination at its Decatur, Illinois facility, according to the U.S. Labor Department.

Portfolio Pulse from Benzinga Newsdesk

May 21, 2024 | 4:05 pm

AMSYF

VFS

VinFast Auto Ltd. (NASDAQ: VFS) shares are falling due to a U.S. regulator investigation into a fatal crash involving a VF 8 vehicle, a lawsuit over unpaid rent, alleged patent violations, and a class action lawsuit by shareholders.

Portfolio Pulse from Nabaparna Bhattacharya

May 21, 2024 | 3:24 pm

EXAS

Exact Sciences shares are trading higher after a District Court judge denied in part Geneoscopy's motion to dismiss the patent infringement lawsuit filed by Exact.

Portfolio Pulse from Benzinga Newsdesk

May 21, 2024 | 3:19 pm

COIN

Top House Democrats Maxine Waters and David Scott oppose the Financial Innovation and Technology for the 21st Century Act (FIT21) but are not actively rallying against it. The bill aims to define digital assets as securities or commodities, which they argue could undermine legal precedents and investor protections. Despite opposition, the bill is supported by digital asset organizations including Coinbase.

Portfolio Pulse from Murtuza Merchant

May 21, 2024 | 3:02 pm

F

GM

TM

VWAGY

Ford Motor Co. (NYSE:F) has endorsed the Biden administration's initiative to significantly reduce vehicle emissions by 2032, opposing Republican claims that the regulations are detrimental to business. The EPA's plan aims to decrease passenger vehicle emissions by nearly 50% from 2027 levels. Other major automakers, including General Motors Co. (NYSE:GM), Toyota Motor Corp (NYSE:TM), and Volkswagen AG (OTC:VWAGY), have shown support for specific aspects of the rule. A coalition of 25 Republican-led states has initiated legal action against the EPA, while 22 states, led by California, back the emissions standards.

Portfolio Pulse from Shivani Kumaresan

May 21, 2024 | 2:45 pm

DJT

RUM

The defense team for former President Donald Trump has rested its case after calling two witnesses in the trial concerning hush money payments. The trial has garnered significant media attention and could have implications for companies associated with Trump.

Portfolio Pulse from Benzinga Newsdesk

May 21, 2024 | 2:16 pm