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US Supreme Court rejects compensation offer for ex-RBS banker By Reuters

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© Reuters. FILE PHOTO: Former RBS employee Victor Hong poses for an undated flyer photo. Release via Reuters

By Andrew Chung

(Reuters) – The Supreme Court on Monday refused to hear the request of former managing director of the Royal Bank of Scotland (NYSE:) Victor Hong to collect a whistleblower award from the US government of at least $490 million for reporting alleged misconduct related to the institution’s foreclosure sales. Real estate-backed securities.

The judges rejected Hung’s appeal of a lower court ruling that although his advice helped federal agencies win large settlements against the bank, it was ineligible for a reduction under the SEC’s whistleblowing program because the SEC did not own enforcement actions.

The SEC’s whistleblower program was created as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, an act passed in response to the 2008 financial crisis. Under the law, eligible whistleblowers can receive between 10% and 30% cash compensation. % of any financial penalties collected above $1 million.

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The dispute centered on whether Hong’s advice met the law’s definition of “a covered judicial or administrative proceeding brought by the commission under the securities laws.”

Hung resigned in 2007 after just six weeks at RBS (LON:) — now called Natwest Group PLC — prompted by what he believed were illegal practices related to the residential mortgage-backed securities portfolio, court documents said.

In 2014, he provided information to the Securities and Exchange Commission, which took no action against the bank, but instead shared it with federal prosecutors and the Federal Housing Finance Agency for use in investigations they had already launched into RBS.

Hong provided more documentary evidence, helping the FHFA and the US Department of Justice secure settlements with RBS for $5.5 billion and $4.9 billion, respectively. The bank denied any wrongdoing.

Hong sought an award under the SEC’s whistleblower program, but the commission declared him ineligible because the action against RBS had not been taken by the commission itself.

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The Manhattan-based 2nd U.S. Circuit Court of Appeals agreed in July with the SEC, but noted: “We realize that this decision may strike some as inconsistent with the principal legal objective of the program.”

Hong’s lawyers appealed to the Supreme Court, alleging that the SEC undermined Congress’ goal to incentivize and award whistleblowers by “coordinating enforcement efforts with other agencies and then refusing to pay compensation.”

RBS was not involved in the case.

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Ben & Jerry’s does not have authority to sue over sale of Israeli ice cream By Reuters

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© Reuters. FILE PHOTO: Ben & Jerry’s, a brand of Unilever, is displayed in a store in Manhattan, New York City, US, March 24, 2022. REUTERS/Andrew Kelly

Written by Jessica DiNapoli and Jonathan Stempel

NEW YORK (Reuters) – Unilever (NYSE: plc) has asked a U.S. judge to dismiss a Ben & Jerry’s lawsuit over the sale of the Israeli ice cream maker, saying the subsidiary’s “insistence on taking sides” in the conflict Palestinian Israeli gives its board of directors no authority to stop or even sue the sale.

In a statement Friday afternoon in Manhattan federal court, Unilever said the Ben & Jerry’s board “is no ordinary board.”

In the filings, she said the board has some responsibility to maintain its “social mission” and protect the brand under a shareholder agreement from 2000, when Unilever’s bought Ben & Jerry’s. But Unilever said the board could not sue.

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Unilever also said that the board’s “recent insistence on taking sides in the Israeli-Palestinian conflict has created an intolerable situation” for both sides.

Ben & Jerry’s could not immediately be reached for comment.

The maker of Cherry Garcia and Chubby Hubby ice creams sued Unilever in July to prevent the sale of its businesses in Israel and the occupied West Bank to local licensee Avi Zenger.

Ben & Jerry’s products have been on sale in Israel for more than three decades, but the company said last year that West Bank sales were not in line with its values.

In August, a judge denied Ben & Jerry’s bid to stop those sales outright.

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Last month, Ben & Jerry’s board of directors gave up selling Zinger ice cream, saying its products were “not to be confused with products” made by Ben & Jerry’s.

“Selling products bearing the Ben & Jerry’s insignia in the Occupied Palestinian Territories is contrary to our values,” the council said.

In its motion to dismiss the lawsuit, Unilever also said that Ben & Jerry’s had waited too long to claim that its trademark rights were “taken away” more than 20 years ago, and that the accusations behind the claim are a public matter.

(This story has been reworded to fix a typo in paragraph 1)

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Twitter users are running Musk Over Kanye West

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Even Elon Musk has his limits.

Musk, Tesla (TSLA) – Get a free report The CEO, Twitter’s latest owner and self-described free-spirited free-lancer, has confirmed the microblogging site to be “an actual town square” ever since he walked through the front door with sink in hand.

“It’s mad!” The richest man in the world chirp On November 25 “I’m just fighting for free speech in America.”

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In his quest, Musk recently Welcome back Donald Trump, ending a 22-month ban on the former Republican president.



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Renault and Nissan drop December 7 announcement of new deal – JNN via Reuters

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© Reuters. FILE PHOTO: The logos of auto manufacturers Nissan and Renault are pictured at the Kyiv dealership in Ukraine on June 25, 2020. REUTERS/Valentin Ogiryenko/File Photo

TOKYO (Reuters) – Automakers Renault Japanese television network JNN reported Friday that Nissan (EPA:) and Nissan (OTC:) will drop a December 7 announcement of a new deal for their restructured alliance as they struggle to bridge their differences.

Both sides are engaged in discussions to restructure their alliance. Renault is looking to Nissan to invest in its electric vehicle business, while Nissan is seeking to sell part of Renault’s 43% stake in Nissan to put the two partners on an equal footing.

JNN said the two parties decided to forgo the Dec. 7 announcement because they had not reached an agreement as of Friday on how to share the intellectual property.

She added that there are no new plans for when to make an announcement. It is not clear from the report whether JNN cites a single source or multiple sources.

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Neither Renault nor Nissan immediately responded to a request for comment.

Reuters reported earlier that both parties had set December 7 as a possible date for announcing the new alliance structure.

The question of how technology and intellectual property will be shared has proven to be a sticking point in the talks.

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