Your Daily Dose of Financial News

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Commerce Department data released yesterday showed strong across-the-board consumer spending in April, a nominally good sign but one that pushed bond yields higher and sent most equities lower for the day, snapping an 8-day winning streak – WSJ and Bloomberg and MarketWatch

Though Comcast may still throw a wrench in things, Fox execs are considering what life may look like under Disney rule, and its TV chief execs are square in the middle of that in-or-out decision-making process. [Which has made this week’s upfronts a bit more “muted” than usual for Fox] – NYTimes

Deutsche Bank has asked SDNY Judge Jesse Furman to refuse new evidence submitted by a group of bondholders “seeking class certification to challenge the bank’s handling of $85.5 billion” in RMBS trusts, arguing that the investors “lack standing for their claims because they suffered no out-of-pocket losses” – Law360

White Collar Watch on the increasingly challenging landscape for sophisticated investors successfully claiming that they’ve been defrauded in the world of complex securities trading – NYTimes

Uber has removed forced arbitration agreements from its terms-of-service agreement for sexual misconduct claims alleged by employees, riders and drivers against the company, a move viewed by many as an essential part of cleansing the company from past scandals as it moves toward a coming IPO – NYTimes and WSJ

We’ve got some early details on the Volcker Rule rewrite that the Fed and other regulators are working on, including plans to “scrap a restrictive presumption that most short-term trades violate the post-crisis regulation” – Bloomberg and WSJ

Ongoing Nafta renegotiations look like they’ll need some overtime, a “setback for both the Americans and the Mexicans,” who were looking for a deal before Mexico’s July 1 presidential election and US congressional midterms in November – WSJ

Even as some states are cracking down on ICOs and new cryptocurrencies, Wyoming is throwing open its doors with a spate of new laws aimed at attracting the crypto world – Bloomberg

Elsewhere, a NY federal grand jury has indicted three Florida men with securities and wire fraud based on allegations that “they defrauded investors of $25 million by lying about their startup’s cryptocurrency debit card” ahead of its ICO – Law360

Though his $100 billion tech fund isn’t closed yet, SoftBank’s Masayoshi Son already has Vision Fund II in mind – WSJ

SDNY Judge Colleen McMahon is considering pushing back the trial date for two former DB traders accused of rigging Libor because the DOJ has unveiled “new theories” just 6 weeks before trial.  Ruling on a series of party motions yesterday, the Judge wrote that the “court feels sandbagged” – Law360

Yanny? Laurel? Internet, you can fight all you want, but I’m a Minnesotan, so all I hear is YanniMashable

MDR

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