Your daily dose of financial news

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The SEC this week brought its first enforcement action concerning employment agreements that violate Dodd-Frank Act whistleblower rules, fining Houston-based KBR $130k for making employees sign confidentiality agreements during internal investigations that threatened firing if disclosures were discovered.  Counsel for KBR said the provision was merely meant to protect KBR’s confidentiality – Law360 and NYTimes

We’ve actually discussed this basic concept before, but Bloomberg looks at it through the specific lens of Tashtego (named after the harpooner in Moby Dick, by the way), a hedge fund firm that aims to raise a fund that uses consumer sentiment and trader behavior—as tracked on social media networks—to bet on and against US stocks – Bloomberg

Not to be behind on the trend, the WSJ today profiles Big Data/social media-based investing with a piece on Two Sigma, another hedge-fund firm looking to capitalize on quants paying attention to real world data – WSJ

A group of banks including Citigroup managed to argue their way out of a Libor-rigging suit that real estate mogul Sheldon Solow claimed cost him $100 million, with SDNY Judge Paul Gardephe finding that the court lacked jurisdiction over many foreign banks (in light of 2014’s Daimler v. Bauman Supreme Court case) and that Solow’s claims were time-barred – Law360

The volatility in the forex markets that the Swiss central bank kicked off earlier this year when it abandoned its peg to the euro may turn out to be a very good thing for major Wall Street banks who traded wisely during the wild ride – WSJ

Law360’s “expert analysis” this week features a crew from K&L Gates who consider the 9th Circuit’s recent Northstar Financial Advisors v. Schwab Investments decision, which “charts potential new pathways for claims for damages resulting from portfolio losses by mutual fund shareholders against both a fund’s trustees and its investment adviser” but does so with such sweeping language that its precedential value may be limited. At issue, among other things, was the fund’s alleged failure to comply with its investment objectives by investing more than 25% of its assets in MBS as well as direct vs. derivative fiduciary duty and third-party beneficiary claims – Law360

Your “Possible UK Election Impact on Investors” watch, courtesy of the Journal – WSJ

Hard to say whether this says more about Elon or Wall Street, but Tesla managed to push its stock up $2 on heavy trading based on a lame April Fool’s joke – WSJ

In its fine tradition of taking Hollywood very seriously, the WSJ’s Law Blog puts “Better Call Saul” under the subject-matter microscope and thankfully finds it’s much better with the practice of law than “Empire” is with IPOs – WSJ

Yes, yes.  March madness continues.  But let’s talk about the real sports news of the day: the NWHL.  About time, US.  About time – Bloomberg

 

MDR

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