JPMorgan Seeks to Settle Lawsuit by Jeffrey Epstein Victims

JP Morgan Chase on Monday reached a provisional settlement A meeting with Jeffrey Epstein’s victim just weeks after enduring embarrassing revelations about his longtime relationship with a convicted sex offender.

The deal, if approved, would relieve some of the pressure on JP Morgan to defend itself against accusations of ignoring Epstein’s repeated warnings about his crimes. (The bank denies any wrongdoing.) But the giant bank isn’t entirely free of legal entanglements over its 15-year relationship with the late financier.

The victims’ lawsuit accuses JP Morgan of overlooking red flags about Epstein. Because they valued him as a wealthy customer who helps connect banks with the wealthier. (The Times previously reported that bankers had filed multiple suspicious activity reports about Epstein’s repeated large withdrawals and kept him as a client despite marking him as a “high-risk client” in 2006. It was reported that

The deal came about two weeks after JPMorgan Chief Executive Jamie Dimon testified on the matter. During the day-long deposition of the case, which was filed in federal court in Manhattan last November, Dimon said he had barely heard of Epstein until his arrest in 2019. said.

It also comes after Jess Staley, a former JPMorgan executive with close ties to Epstein, testified over the weekend in the case. The bank sued Mr. Staley, seeking to ensure that he was held liable for the damages that the bank would ultimately pay. (Stayley denies any wrongdoing.)

But JP Morgan still faces lawsuits from the US Virgin Islands. The lawsuit alleges that the bank should pay damages for Mr. Epstein’s initiation of a sex trafficking operation on his private island off St. Thomas. The bank has hit back at legal filings that say government officials have sided with Mr. Epstein for nearly two decades.

UBS completes acquisition of Credit Suisse. Merger of two major Swiss banks, finished on mondaywill create a financial giant with $1.6 trillion in assets and a formidable presence in wealth management. To prevent further scandals such as those that have plagued Credit Suisse, UBS reportedly said: Restrictions on Former Rival Bankersincluding bans on trade with countries such as Libya and Venezuela.

A major UK hedge fund is struggling from the aftermath of #MeToo involving its founder. Oday Asset Management, which manages $4.4 billion in assets, Consider investor withdrawal limits After the Financial Times reported sexual assault and harassment allegations against eponymous Crispin O’Day. financiers are banished by his partner He spoke out on Saturday, suggesting he would oppose the move.

Reddit users rebel against social networks. Thousands of message threads on the platform it gets dark Over the next two days, protests were held to protest the company’s plans to charge additional fees for data firehose access. (Several third-party apps have already shut down the change.) The move is a sore point for Reddit, which is preparing to go public in the second half of this year.

There are questions about the sport ahead of this week’s US Open golf championship. Chief among them is the PGA Tour? actual Will it merge with former rival Saudi-backed LIV Golf?

Last week’s surprising announcement came together quickly. A secret meeting in Venice between Jay Monaghan, the tour’s commissioner, and Yasir Al-Rumayyan, president of Saudi Arabia’s $700 billion sovereign wealth fund, was decisive. Still, questions remain about whether the yet-to-be-finished deal will come to fruition.

Regulatory questions still remain. As the transaction is not a takeover in the traditional sense, it is unclear whether Tour and LIV will need to apply for antitrust clearance. That doesn’t mean regulators won’t try to stop it. The Justice Department has shown a willingness to pursue non-M&A. Good deal. (Given the tour’s European ambitions, local regulators may also scrutinize the issue.)

making things even more complicated. The DOJ continues to investigate the seemingly comfortable relationship between the PGA Tour and powerful golf tournament organizations, as observers see the PGA Tour as a “dominant monopoly.” Matt Stoller, a prominent critic of mega-mergers, said: wrote a poignant blog post: “There are a lot of gray areas in antitrust law, but for two companies wanting to merge to form a monopoly and announcing it as such is a violation of blackletter law. is so violently and ludicrously against the law that I don’t think he’s going to actually enter into a contract.”

Mr. Monahan, he may have told the story. said last week He argued that the PGA-LIV partnership would be good for the sport because it would “take competitors off the board.”

Requires approval of the PGA TOUR Board of Directors. Initial deal talks left out most board members, including former AT&T chairman Randall Stevenson. Board player-manager Rory McIlroy reluctantly congratulated the deal last week. The sport’s most famous star, Tiger Woods, has not yet voiced his opinion, but so have most sponsors and advertisers.

The transaction essentially creates a new entity. However, the parties have yet to agree on their respective valuations or the percentage of capital to be allocated to each side. (Because of the ongoing lawsuit, the two sides have not been able to dig deep into each other’s records.) A deadlock could remain over how existing players and contracts with individual teams should be evaluated.

What happens if the deal doesn’t go through? It is unclear whether either side will have to pay the other party a breakup fee. When it comes to money, is the Tour in a position to prevent its dwindling number of golfers from drifting to the LIV at its disposal? And what is holding back superstar golfers like Woods and McIlroy? their trip A new disruptive force in professional golf?

Just weeks after surviving a proxy battle with Carl Icahn, Francis D’Souza said Sunday: Resigned as CEO of Illumina, a giant in gene sequence analysis. It was a belated victory, winning just one of the three board seats Mr. Icahn sought, but he faces pressure to sell a deal that has drawn regulatory opposition on two continents. The question arises as to what the future holds for Illumina.

Mr. Icahn was aiming to banish Mr. D’Souza, He argued that Illumina’s $7 billion acquisition of cancer-detection specialist Grail was a mistake, especially after Illumina went ahead with the acquisition despite attempts by European regulators to block it.

Shareholders last month re-elected D’Souza (who also serves on Disney’s board) to the Illumina board. he faced opposition The Wall Street Journal reported that the remarks came from the company’s newly appointed non-executive chairman, Stephen McMillan. D’Souza told his employees he informed the board of his decision last week.

Icahn tweeted He said D’Souza’s resignation was a “very positive event”.

What’s next for Illumina? D’Souza will serve as an advisor until July 31, but will be replaced by Charles Doswell, the company’s general counsel, on an interim basis as the company seeks a permanent replacement. (Icahn’s pick, former Illumina CEO Jay Flatley, is unlikely to take the job, reports the Journal.)

But there are bigger questions about the Grail acquisition. Illumina has sued efforts by the FTC and European Commission to block the deal, but analysts and investors say even if those efforts win, Illumina will have little choice but to end the deal. I am strengthening my view.

After decades of running one of the most prominent and politically active financial empires, George Soros pass the reins He donated the $25 billion Open Society Foundation to his son Alex.

This is another example of succession planning by Wall Street veterans. However, the replacement of the Foundation is especially noteworthy. Because Mr. Soros has unashamedly endorsed liberal causes for $1.5 billion a year, which has long made him a right-wing boogeyman.

Alex Soros will follow in his father’s footsteps. “We think alike,” George Soros told The Wall Street Journal. Alex Soros supports causes such as voting and abortion rights and gender equality.

The young Soros was elected president of the foundation in December. He also serves as chairman of the Soros Super PAC and is the sole family member of Soros Fund Management’s investment committee.

The rise of Alex Soros was somewhat unlikely. The quiet 37-year-old was more famous for his attention-grabbing parties in his youth than for being a millionaire. Until he fell out with his father more than a decade ago, many thought his half-brother Jonathan, a lawyer and former Soros employee, was the more natural successor.

Will Alex Soros become a political lightning rod like his father? George Soros recently Someday X-Men villain Magneto.

The paper said Alex Soros had a lower public presence than his father, and the ACLU executive director told the paper that “Alex is unlikely to be the boogeyman that George Soros was on the right.” It points out that But the young Soros is also more focused on domestic politics and is, by his own admission, “more political.”

William BurrThe former attorney general under former President Donald Trump said the charges against his former boss over his handling of classified government documents seemed “very egregious.”Trump is scheduled to be arraigned in Miami federal court on Tuesday and will continue to be Host your first fundraiser For the 2024 campaign.

It’s the week many investors have circled on their calendars, whether it’s interest rate decisions or inflation reporting. Here are some highlights:

Tuesday: The consumer price index is scheduled to be released.A survey of economists conducted by Reuters found that ‘core’ inflation was probably went down On an annual basis it will increase to 5.2%.

Wednesday: The Fed ends its two-day interest rate-setting meeting. The futures market this morning priced in no change to the prime lending rate and a possible hike in July.

Thursday: Now it’s time for the European Central Bank. Economists widely expect the central bank to raise borrowing costs by another 0.25 percentage points.

Friday: The Bank of Japan is expected to remain silent. Elsewhere, the University of Michigan has released its latest Consumer Sentiment Report.

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