Your Daily Dose of Financial News

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The DOJ has given Disney its official nod in its $71 billion bid for the entertainment assets of 21st Century Fox, contingent on Disney’s divestiture of Fox’s 22 regional sports networks (a condition all about Disney’s ESPN ownership) – NYTimes and WSJ and Bloomberg and Law360

Big bank stress test results drop today.  Here are 5 things to watch when the Fed announces the results – WSJ [and NYTimes and Bloomberg]

More SCOTUS news this week in an eventful end to its spring session. The Court held 5-4 yesterday that workers who choose not to join unions “may not be required to help pay for collective bargaining”—a decision that will likely cost public-sector unions “tens of millions of dollars and see their effectiveness diminished” – NYTimes

Apple and Samsung have resolved a seven-year battle over whether Samsung’s phones violated Apple’s patents.  The news comes on the heels of last month’s jury award of $539 million to Apple – WSJ and Bloomberg and Law360

New York’s highest court has ruled that Ambac cannot recover all $2.2 billion in claims payouts on $25 billion worth of securitized mortgages from Countrywide Home Loans but “instead must follow a repurchase and cure protocol loan by loan”—a decision that sets a high bar for Ambac at its forthcoming trial – Law360

Morgan Stanley has added former SEC chair Mary Schapiro to its board, a move seen as part of an effort to “bolster its brokerage business” – NYTimes

Trade group American Institute for International Steel and two of its member companies have filed an action in the US Court of International Trade in NYC over the White House’s 25% tariff on imported steel, asking the court to declare the move unconstitutional – Bloomberg

Primer time.  While many remain leery about going all in on crytpocurrencies, the general consensus is that the blockchain ledger technology underlying cryptos is a powerful innovation that likely has a place across a variety of industries. Dealbook helpfully cuts through the complexity to explain exactly what blockchain’s all about – NYTimes

Lyft has wrapped a new fundraising round that doubles its valuation from a year ago. Lyft’s value now sits at $15.1 billion, giving it “more firepower” as Uber moves toward an IPO – WSJ

When the mission is restoring a 16th century wooden figure of a saint, the end result shouldn’t be Tintin.  Just saying – NYTimes

MDR