In a development that marks China’s latest attempt to clamp down on speculative trading of cryptocurrency, Beijing has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, warning investors against speculative crypto trading. Under the ban, institutions including banks and online payments channels are disallowed to offer clients any services involving…
According to a document filed in the U.S. District Court in Illinois, China’s ByteDance has agreed to settle a $92 million class-action lawsuit from U.S. TikTok users who had alleged data privacy concerns. ByteDance, TikToko’s owner, has agreed to the settlement after more than a year of litigation. “While we disagree with the assertions, rather…
In a statement, the U.S. Department of Labor said Alphabet Inc’s Google will spend $3.8 million, including $2.6 million in back pay, to settle allegations that it unfairly passed over women and Asians for job openings and underpaid women. The allegations stemmed from a routine compliance audit several years ago required by Google’s status as…
On Wednesday, in a statement Sharp Corp said, German automaker Daimler has signed a licensing agreement with it following a settlement in a patent infringement lawsuit concerning in-vehicle mobile communications technology. In a court ruling last month, Sharp won the patent dispute with a German court allowing Sharp to enforce a sales ban against Daimler…
In a statement Facebook Inc said, it has in principle reached a $550 million settlement related to a lawsuit that claimed the social media giant had illegally collected and stored biometric data for millions of users without their consent. The lawsuit was filed in 2015 with Illinois users dragging Facebook to court for violating the…
While the settlement resolves a major regulatory overhead for Facebook, the embattled social media giant still faces potential antitrust probes from the FTC and Justice Department. On Wednesday, in a significant development, the Federal Trade Commission stated, Facebook Inc has agreed to pay $5 billion as part of a sweeping settlement to create a board…
The focus of the FTC’s investigation into Facebook’s data breach was whether the sharing of personal data of 87 million users with British political consulting firm Cambridge Analytica violated its 2011 agreement with the FTC wherein it had pledged to safeguard user’s privacy. As per a report from the Wall Street Journal citing sources familiar…
A Manhattan court is set to decide whether Elon Musk’s tweets were in violation of his October 2018 settlement with the SEC. Lawyers from the U.S. Securities and Exchange Commission along with those representing Tesla’s CEO Elon Musk are slated to square off in a Manhattan courtroom next week over whether Musk should be held…
Phillip Frost, 82, who according to Forbes magazine is worth $1.9 billion, was charged by the SEC, along with other defendants, of defrauding investors and made $27 million in improper gains. He has now settled the SEC charge by paying $5.52 million. Phillip Frost, Florida’s biotechnology billionaire has agreed to settle with the U.S. Securities…
In its lawsuit Wixen Music Publishing has alleged that Spotify has made available thousands of songs to its users without getting a direct or a compulsory license from it which allows it to either distribute or reproduce the songs. Wixen Music Publishing Inc has sued Spotify, a music streaming company for allegedly using thousands of…
business-gurus.com 