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Legal

LVMHF

Bernard Arnault, CEO of LVMH Moet Hennessy Louis Vuitton SE (OTC:LVMHF), is under investigation by the Paris public prosecutor's office over suspected money laundering. The probe involves financial transactions with Russian oligarch Nikolai Sarkisov. This comes after Arnault faced a loss against French tax investigators in a high court case related to a tax fraud investigation. The outcome of the investigation could impact the reputation and future of LVMH.

Portfolio Pulse from Vandana Singh

September 29, 2023 | 3:46 pm

UBS

UBS Group AG is in discussions with the Mozambican government to potentially forgive up to $100 million in debt, as part of a resolution related to Credit Suisse's involvement in a financing scandal. The settlement could be announced as early as next week, helping UBS avoid a 13-week-long London trial. UBS inherited this legal issue through its acquisition of Credit Suisse. The US Department of Justice is also investigating UBS and Credit Suisse for alleged compliance failures.

Portfolio Pulse from Vandana Singh

September 29, 2023 | 3:38 pm

JBLU

JetBlue Airways Corporation has lodged a formal grievance against the Netherlands and the European Union with the U.S. Department of Transportation. The complaint is in response to the Dutch government's move to limit air traffic at Amsterdam's Schipol Airport, which JetBlue claims is a violation of the U.S.-EU Air Transport Agreement. The airline has urged the U.S. government to impose similar restrictions on Dutch airlines if a satisfactory resolution is not reached.

Portfolio Pulse from Shivani Kumaresan

September 29, 2023 | 3:17 pm

UNRV

Unrivaled Brands, Inc. (OTCQB:UNRV) has announced its intention to oppose an application for a writ of attachment filed by entities controlled by Toni Ko, founder of NYX Cosmetics. The application is based on alleged breaches of a cannabis retail lease. Unrivaled's CEO, Sabas Carrillo, stated that the company has been successful in resolving over $50 million in debt and will continue to negotiate with creditors. Unrivaled Brands shares closed flat at 0.0280 per share.

Portfolio Pulse from Nina Zdinjak

September 29, 2023 | 2:11 pm

ALB

Albemarle Corporation (NYSE:ALB), a global specialty chemicals company, has agreed to pay over $103.6 million to settle charges by the U.S. Securities and Exchange Commission (SEC) for violating anti-bribery regulations. The company has also committed to ensuring no future breaches of these provisions. In a parallel development, the U.S. Department of Justice (DOJ) disclosed a non-prosecution agreement with Albemarle, which includes a criminal fine of $99 million and forfeiture of close to $98 million.

Portfolio Pulse from Shivani Kumaresan

September 29, 2023 | 1:45 pm

SPY

WMG

The U.S. Supreme Court has agreed to hear a copyright case involving Warner Music Group (WMG). The case pertains to the limits on damages that can be awarded in copyright infringement cases.

Portfolio Pulse from Benzinga Newsdesk

September 29, 2023 | 1:32 pm

AMZN

GOOG

GOOGL

META

SNAP

SPY

The U.S. Supreme Court is set to consider the legality of state restrictions on social media content moderation. This could potentially impact the operations of major tech companies.

Portfolio Pulse from Benzinga Newsdesk

September 29, 2023 | 1:31 pm

FITB

The Securities and Exchange Commission (SEC) has charged 10 firms, including Fifth Third Securities Inc., with widespread recordkeeping failures. Fifth Third Securities has agreed to pay an $8 million penalty.

Portfolio Pulse from Benzinga Newsdesk

September 29, 2023 | 1:21 pm

IBKR

The SEC has charged 10 firms, including Interactive Brokers Corp. and its affiliate Interactive Brokers LLC, with widespread recordkeeping failures. Interactive Brokers has agreed to pay a $35M penalty.

Portfolio Pulse from Benzinga Newsdesk

September 29, 2023 | 1:20 pm

HRL

JBSAY

TSN

Meat processing companies Hormel, National Beef, Smithfield, JBS SA, Cargill, and Tyson Foods are facing a class action lawsuit alleging wage-fixing. The lawsuit claims that these companies colluded to depress workers' wages. Despite the companies' arguments, a federal judge has allowed the lawsuit to proceed. Some defendants, including Perdue Farms and Seaboard Foods, have opted for settlements.

Portfolio Pulse from Shivani Kumaresan

September 29, 2023 | 1:06 pm