tyb
chek't dub dubs
U.S. judge orders 15 banks to face big investors' currency rigging lawsuit
A U.S. judge on Thursday said institutional investors, including BlackRock Inc and Allianz SE’s Pacific Investment Management Co, can pursue much of their lawsuit accusing 15 major banks of rigging prices in the $6.6 trillion-a-day foreign exchange market. U.S. District Judge Lorna Schofield in Manhattan said the nearly 1,300 plaintiffs, including many mutual funds and exchange-traded funds, plausibly alleged that the banks conspired to rig currency benchmarks from 2003 to 2013 and profit at their expense. “This is an injury of the type the antitrust laws were intended to prevent,” Schofield wrote in a 40-page decision.
The banks, which sometimes controlled more than 90% of the market, included Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Morgan Stanley, Royal Bank of Canada, Royal Bank of Scotland, Societe Generale, Standard Chartered and UBS or various affiliates.
In their complaint, the plaintiffs accused the banks of improperly sharing confidential orders and trading positions, and using chat rooms with such names as “The Cartel,” “The Mafia” and “The Bandits’ Club.”
Banks were also accused of using deceptive trading tactics such as “front running,” “banging the close” and “taking out the filth.” The banks countered that the plaintiffs pointed to no transactions where the alleged manipulation caused losses. Schofield dismissed portions of some the claims, and dismissed some Allianz plaintiffs from the case.
Lawyers for the plaintiffs did not immediately respond to requests for comment. The litigation began in November 2018, after the plaintiffs “opted out” of similar nationwide litigation that had resulted in $2.31 billion of settlements with most of the banks.
Those settlements followed regulatory probes worldwide that led to more than $10 billion of fines for several banks, and the convictions or indictments of some traders. Investors typically opt out of litigation when they hope to recover more by suing on their own.
The case is Allianz Global Investors GMBH et al v Bank of America Corp et al, U.S. District Court, Southern District of New York, No. 18-10364.
https://www.reuters.com/article/us-banks-currency-lawsuit/u-s-judge-orders-15-banks-to-face-big-investors-currency-rigging-lawsuit-idUSKBN235027
although this is the big boi's eating themselves it will expose it for what it really was…against everyone. And who was still facilitating it through SDR's at Treasury
Bill.com Holdings, Inc sold by DCM International, Ltd: $183.45m-May 27
The Sand Hill Road Mafia Cashing out.
Bill.com Holdings Inc. provides a cloud-based software for back-office financial operations for small and midsize businesses (SMBs). The Company’s artificial-intelligence (AI)-enabled financial software platform enables users to generate and process invoices, streamline approvals, send and receive payments, sync with their accounting system, and manage their cash. Through its platform dashboard, users can view their cash in-flows and outflows as well as bills coming due. Its platform enables document management and bill capture. It also offers various payment services, including automated clearing house (ACH) Payments, card payments, checks and cross-border payments. Its product offers solutions for accounts payable, accounts receivable and international payments. Number of employees : 544 people.
https://www.marketscreener.com/BILL-COM-HOLDINGS-INC-82519082/company/
David Chao-Cofounder and General Partner, DCM Ventures
David is Co-Founder and General Partner at DCM. At DCM, he guides portfolio companies in formulating corporate and product marketing strategies, developing strong management teams and implementing domestic and international partnerships. David is the Chairman of 51job (Nasdaq: JOBS), the largest HR advertisement & outsourcing company in China. He is also responsible for the investments in 99Bill (Wanda Group), All About Japan, Inc. (JASDAQ: 2454), Careem (Uber), eDreams (ODIGEO), Fortinet (Nasdaq: FTNT), Kabu.com (TSE: 8703), Musical.ly (TikTok), Recourse Technologies (Symantec), Sling Media (EchoStar/Dish Networks), SMIC (NYSE: SMI), SoFi, StarFlyer, and UCloud among others. David also serves on the Advisory Board of Legend Capital in China and is a Trustee of The Thacher School.
Prior to DCM, David was a Co-Founder and acting CFO/CTO of Japan Communications Inc. (Nasdaq Japan - Hercules: 9424), Japan’s first publicly traded mobile virtual network operator (MVNO). Previously, David worked as a management consultant at McKinsey & Company in San Francisco, focused on communications and software industry clients. Earlier in his career, David worked in marketing and product management at Apple Computer, where he co-authored and implemented Apple Japan’s One Billion Dollar Revenue Plan, successfully growing revenues from $25 million to $1 billion. David also managed Apple's portfolio of start-up investments in the U.S. Prior to Apple, David was an account executive at Recruit, Japan’s largest HR advertising and web infomediary corporation.
https://www.dcm.com/en/team/David–Chao
from May 20, 2020
Reid Collins Defeats Motions to Dismiss in In re Renren, Inc. Derivative Litigation Involving Billion Dollar Sham "Spin-Off"
The defendants - Joseph Chen, David Chao and related DCM Investments funds, Oak Pacific Interactive ("OPI"), and Duff & Phelps, LLC - had moved to dismiss, asserting lack of personal jurisdiction and that Reid Collins’ clients, including Renren shareholders Heng Ren Silk Road Investments LLC and Oasis Investments II Master Fund Ltd., lacked derivative standing under Cayman law to pursue the claims. The suit arises out of Mr. Chen’s and Mr. Chao’s alleged scheme to take Renren’s billion-dollar investment portfolio for themselves and their associates through a sham transaction in which Renren’s investment portfolio was transferred to an entity (OPI) that was then divested from Renren. Unlike a normal spin-off, Renren’s minority shareholders did not receive shares of OPI, but instead received an artificially low cash dividend based on a deflated value for OPI and its assets, including a $560+ million interest in renowned fintech company Social Finance, Inc. The valuation on which the cash dividend was based undervalued the investment portfolio by hundreds of millions of dollars. Renren had originally obtained the investment portfolio at issue with the proceeds of its initial public offering of American depository shares on the New York Stock Exchange.
https://news.yahoo.com/reid-collins-defeats-motions-dismiss-214700075.html
https://www.finviz.com/insidertrading.ashx?oc=1347096&tc=7&b=2
the REIT market barely budged
Fed ramps up corporate debt purchases as balance sheet increase to $7.1 trillion
The Federal Reserve's balance sheet showed the Fed was ramping up its purchases of corporate bonds after it announced two weeks ago that it would buy exchange-traded funds focused on the sector. The balance sheet rose marginally to $7.1 trillion as of Wednesday, up from $7.04 trillion last week. A large chunk of that growth came from a $33 billion increase in the central bank's emergency lending programs aimed at buying corporate bonds. So far, the Fed's corporate debt facilities will only reflect purchases of ETFs as the Fed has yet to purchase individual bonds from issuers or from the market.
https://www.marketwatch.com/story/fed-ramps-up-corporate-debt-purchases-as-balance-sheet-increase-to-71-trillion-2020-05-28