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Legal

AAPL

F

Apple Inc and Ford Motor Company settled separate fraud allegations on Friday, denying any wrongdoing. Apple agreed to pay $490 million over misleading statements about China sales outlook in 2018, while Ford will pay $365 million for allegedly disguising imported cargo vans to reduce tariffs. Both settlements aim to avoid the costs and distractions of litigation.

Portfolio Pulse from Neil Dennis

March 15, 2024 | 6:43 pm

EVA

Enviva has received court approval for its Debtor-in-Possession (DIP) financing and has begun the syndication process for this financing. This step is crucial for Enviva's financial restructuring and operational continuity.

Portfolio Pulse from Benzinga Newsdesk

March 15, 2024 | 6:39 pm

ABT

RBGLY

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An Illinois jury has ordered Reckitt Benckiser's Mead Johnson to pay $60 million for a case involving its Enfamil baby formula and the death of a premature infant from NEC. This opens the door to hundreds of similar lawsuits against Mead Johnson and Abbott Laboratories. Over 400 NEC lawsuits are pending, separate from other legal issues Abbott faces. ABT shares fell 4.59% to $113.40.

Portfolio Pulse from Vandana Singh

March 15, 2024 | 5:48 pm

VWAGY

Volkswagen AG's finance unit has agreed to a $48.75 million settlement with the SEC to resolve allegations of defrauding investors in U.S. bond offerings, stemming from the diesel emissions scandal. This marks the final major legal action in the U.S. related to the scandal, which has cost Volkswagen over $20 billion in various fines and settlements since 2015. The settlement, awaiting approval by a U.S. judge, includes restitution and interest to be distributed to affected investors.

Portfolio Pulse from Shivani Kumaresan

March 15, 2024 | 5:17 pm

ABT

Abbott shares are trading lower following a court ruling ordering Reckitt Benckiser to pay $60 million in a baby formula case, highlighting competitive and legal pressures in the industry.

Portfolio Pulse from Benzinga Newsdesk

March 15, 2024 | 4:51 pm

RMAX

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ZG

Real estate stocks are trading lower following a $418 million settlement by the National Association of Realtors over broker commissions claims. New rules could also reduce home selling costs.

Portfolio Pulse from Benzinga Newsdesk

March 15, 2024 | 3:48 pm

GOOGL

The Competition Commission of India (CCI) has launched an investigation into Alphabet Inc.'s Google for allegedly exploiting its dominant position in India's online market, particularly concerning its app store billing practices. This follows complaints from Indian app developers about unfair practices and Google's imposition of a fee of 11 to 26 percent on in-app payments, which they argue represents a significant financial burden. The CCI has directed a detailed investigation to be completed within 60 days.

Portfolio Pulse from Happy Mohamed

March 15, 2024 | 3:42 pm

GOOG

GOOGL

INDA

Google is reviewing the Competition Commission of India's (CCI) order to initiate an investigation into its practices. The CCI had previously scrutinized Google's service fee from 2020 to 2022 and concluded there was no illegality.

Portfolio Pulse from Benzinga Newsdesk

March 15, 2024 | 3:32 pm

MCD

McDonald's experienced a global technology system outage at around midnight CDT on Friday, caused by a third-party provider during a configuration change. The company has announced that many markets are back online, and the rest are in the process of coming back online.

Portfolio Pulse from Benzinga Newsdesk

March 15, 2024 | 2:51 pm

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ZG

The National Association of Realtors has agreed to a settlement involving a $418M payment in damages and amendments to several rules, which are expected to lower housing costs. This settlement comes as a resolution to lawsuits accusing the association of artificially inflating housing costs through high commission rates.

Portfolio Pulse from Benzinga Newsdesk

March 15, 2024 | 2:13 pm