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Legal

COIN

The Securities and Exchange Commission (SEC) has stated that Coinbase, a cryptocurrency exchange platform, has not provided any legal support from federal securities laws or relevant case law to back its claim that the digital transactions it handled were not securities.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 8:24 pm

FTTUSD

HOOD

Sam Bankman-Fried, former cryptocurrency magnate, has sued his insurer, Continental Casualty Company (CNA), for not covering his legal expenses related to his fraud defense. The lawsuit highlights his involvement in multiple legal and regulatory proceedings due to the downfall of his crypto platform, FTX (CRYPTO: FTT). Bankman-Fried has been incurring escalating legal expenses since the bankruptcy declaration of FTX in late 2022. He had indicated his openness to part with Robinhood (NASDAQ:HOOD) shares valued at approximately $500 million in exchange for access to FTX's D&O insurance coverage.

Portfolio Pulse from Murtuza Merchant

October 03, 2023 | 7:53 pm

DWAC

The civil fraud case against Donald Trump and his businesses continues, with the valuation of Trump's Mar-a-Lago property being a key point of contention. Trump's lawyers argue the property is worth $1 billion, while an assessor valued it between $18 million and $27 million. The trial could run until Dec. 22, 2023, with New York Attorney General Letitia James seeking $250 million in penalties and a ban on Trump doing business in the state. Digital World Acquisition Corporation (NASDAQ:DWAC), which is merging with Trump Media & Technology Group, saw its shares rise 3%.

Portfolio Pulse from Chris Katje

October 03, 2023 | 7:38 pm

AAPL

AMZN

MSFT

TGT

Amazon is under scrutiny for a secret algorithm, 'Project Nessie', allegedly used to manipulate prices. The FTC has included these allegations in its monopoly lawsuit against Amazon. The algorithm, no longer in use, was reportedly instrumental in enhancing Amazon's profits. It also led competitors to inflate their prices. When competitors like Target offered discounts, Amazon would match these lower prices. The FTC indicates that Project Nessie 'extracted' a significant amount from American households and generated an undisclosed amount of 'excess profit' for Amazon.

Portfolio Pulse from Anusuya Lahiri

October 03, 2023 | 6:29 pm

FXI

SPY

The U.S. Justice Department has announced eight indictments against China-based chemical manufacturing companies and their employees. The specific companies and the nature of the indictments were not disclosed in the news.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 6:16 pm

META

MSFT

TWTR

Elon Musk's decision to rename Twitter as X Corp has led to a lawsuit filed by X Social Media LLC for trademark infringement. The lawsuit alleges that X Corp was aware of X Social Media's trademarks and that the rebranding has caused confusion and revenue loss for X Social Media. The plaintiff is seeking three times the amount of damages since the name change or three times X Corp's profits over the same period, whichever is greater. This is the first high-profile case involving the rebranding to X, and it could be the first of many.

Portfolio Pulse from Chris Katje

October 03, 2023 | 4:56 pm

IDT

The Delaware Court of Chancery has dismissed a class action lawsuit against IDT Corporation related to the sale of its former subsidiary, Straight Path Communications, to Verizon Communications. The court found that the plaintiffs, former stockholders of Straight Path, suffered no damages. The lawsuit alleged that IDT aided in forcing an unfair settlement of claims between Straight Path and the company at the time of the sale.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 4:51 pm

EZPW

FCFS

MMSC

OPFI

PFI

RZV

WRLD

The U.S. Supreme Court is set to hear a case challenging the funding structure of the Consumer Financial Protection Bureau (CFPB). The case, initiated by payday lenders, argues that the CFPB's funding mechanism, which draws from the Federal Reserve rather than Congress-approved budgets, violates the Constitution. If the court rules in favor of the lenders, regulations issued by the CFPB over the past 12 years could be nullified, and the funding models of other regulators and programs could be scrutinized. Stocks and ETFs exposed to the payday loan sector, including Firstcash Holdings Inc, Oppfi Inc, World Acceptance Corp., EZCORP Inc, First Trust Multi-Manager Sm Cap Opportunities ETF, Invesco S&P SmallCap 600 Pure Value ETF, and Invesco Dorsey Wright Financial Momentum ETF, could be impacted.

Portfolio Pulse from AJ Fabino

October 03, 2023 | 4:30 pm

DirecTV has expressed concerns that CNN's new streaming service may violate their existing deal. The satellite TV provider, owned by AT&T (T), has warned that the move could potentially breach their contract, which could lead to legal disputes.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 4:18 pm