Jonathan's Feed
Aug 3, 2015

Pimco says may face SEC action over fund Bill Gross once ran

By Jennifer Ablan and Jonathan Stempel

(Reuters) – Pacific Investment Management Co said on Monday
it may face U.S. Securities and Exchange Commission civil
charges over an exchange-traded fund once managed by prominent
bond investor Bill Gross.

Pimco, a unit of Germany’s Allianz SE, said it
received a “Wells notice” from the SEC related to its Pimco
Total Return Active Exchange-Traded Fund.

Aug 3, 2015

Texas man ran $114 million Ponzi scheme linked to drowsy driving: SEC

By Jonathan Stempel

(Reuters) – The U.S. Securities and Exchange Commission on Monday charged a Houston-area businessman with running a $114 million Ponzi scheme in which he promised big returns by investing some victims’ money in technology to prevent accidents caused by drowsy driving.

Frederick Alan Voight, 58, and his firm DayStar Funding LP agreed to pay civil penalties and return alleged illegal gains in sums to be set by a federal judge, the SEC said. He also agreed to asset freezes, but neither admitted nor denied wrongdoing.

Jul 31, 2015

NFL union urges quick Brady ruling, seeks to void suspension

By Steve Ginsburg and Jonathan Stempel

(Reuters) – The National Football League and its players union asked a federal judge to decide by Sept. 4 whether to uphold star New England Patriots quarterback Tom Brady’s four-game suspension, which could resolve the “Deflategate” scandal before the regular season starts.

Friday’s request by the NFL Players Association on behalf of Brady was a surprise. The union had been expected to ask U.S. District Judge Richard Berman in Manhattan to delay any suspension until he could rule on its merits.

Jul 31, 2015

Anti-abortion group is sued over video releases

July 31 (Reuters) – An anti-abortion group that released
videos purporting to show Planned Parenthood staff discussing
the illegal sale of aborted fetal tissue has been sued by a
group of abortion providers seeking to block the release of
recordings it claims violate its members’ privacy and threatens
their safety.

In a complaint filed on Friday in federal court in San
Francisco, the nonprofit National Abortion Federation (NAF), a
nonprofit organization representing abortion providers, accused
the Center for Medical Progress and its founder, David Daleiden,
of infiltrating and recording its private meetings.

Jul 31, 2015

Anti-abortion group is sued over fetal tissue videos

July 31 (Reuters) – An anti-abortion group that released
videos purporting to show Planned Parenthood staff discussing
the illegal sale of aborted fetal tissue has been sued by a
group of abortion providers claiming that the campaign violates
its members’ privacy and threatens their safety.

In a complaint filed on Friday in San Francisco federal
court, the National Abortion Federation, a nonprofit
representing abortion providers, accused the Center for Medical
Progress and its founder David Daleiden of violating federal
racketeering law through their pro-life campaign.

Jul 30, 2015

Two charged in 2011 cyber breach at Michaels retailer

July 30 (Reuters) – Two southern Californians were
criminally charged over their alleged roles in a conspiracy to
steal 94,000 credit and debit card numbers from Michaels
Companies Inc customers, in a prominent 2011 cyberattack
affecting the largest U.S. arts and crafts retailer.

The charges against Angel Angulo, 25, of Riverside, and
Crystal Banuelos, 28, of Bloomington, were announced on Thursday
by U.S. Attorney Paul Fishman in New Jersey, where Michaels also
has stores.

Jul 30, 2015

Deflategate judge tells NFL, players: Don’t argue. Settle

NEW YORK/WASHINGTON (Reuters) – Tom Brady’s effort to void his four-game suspension was set back on Thursday as litigation embroiling the New England Patriots star quarterback was sent to a New York judge, who urged a speedy resolution to the “Deflategate” scandal.

U.S. District Judge Richard Berman in Manhattan ordered the National Football League and NFL Players Association to begin settlement talks “forthwith actively,” and cool their public sniping.

Jul 29, 2015

Merchants seek to void $6 billion Visa, MasterCard, AmEx settlements

NEW YORK (Reuters) – Dozens of retailers are seeking to void nearly $6 billion of U.S. antitrust settlements with Visa Inc (V.N: Quote, Profile, Research, Stock Buzz), MasterCard Inc (MA.N: Quote, Profile, Research, Stock Buzz) and American Express Co (AXP.N: Quote, Profile, Research, Stock Buzz) after learning that opposing lawyers exchanged confidential information, potentially tainting the accords.

A group of retailers filed papers that remain under seal in the Brooklyn, New York federal court to scuttle their $5.7 billion accord with Visa and MasterCard, which won court approval in 2013, the retailers’ lawyer Owen Glist said in an email.

Jul 29, 2015

Judge dismisses ‘pyramid scheme’ lawsuit versus Herbalife, CEO

By Jonathan Stempel

(Reuters) – A federal judge has dismissed a lawsuit accusing Herbalife Ltd (HLF.N: Quote, Profile, Research, Stock Buzz) and its chief executive officer of misrepresenting the weight-loss and nutritional products maker’s sales practices as legitimate when the company was “at its core” a pyramid scheme.

U.S. District Judge Dale Fischer in Los Angeles, who dismissed a version of the complaint in March, said on Tuesday the Oklahoma Firefighters Pension and Retirement System did not show the defendants defrauded shareholders by concealing the company’s inability to track retail sales.

Jul 29, 2015

U.S. judge dismisses ‘pyramid scheme’ lawsuit vs Herbalife, CEO

July 29 (Reuters) – A federal judge has dismissed a lawsuit
accusing Herbalife Ltd and its chief executive officer
of misrepresenting the weight-loss and nutritional products
maker’s sales practices as legitimate when the company was “at
its core” a pyramid scheme.

U.S. District Judge Dale Fischer in Los Angeles, who
dismissed a version of the complaint in March, said on Tuesday
the Oklahoma Firefighters Pension and Retirement System did not
show the defendants defrauded shareholders by concealing the
company’s inability to track retail sales.

    • About Jonathan

      "I cover legal and regulatory matters, and am based in New York. I have covered banking, finance, Warren Buffett and corporate bonds."
    • Follow Jonathan