11th Circuit Punts State Republicans’ Challenge of FINRA Rule to D.C.

The 11th Circuit punted two state Republican party organizations’ challenge to a Financial Industry Regulatory Authority rule governing political contributions to the D.C. Circuit, and dismissed a third for lack of jurisdiction.

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Tesla, Elon Musk Cannot Dismiss Shareholder Claims Over SolarCity Acquisition

The Delaware Chancery Court refused to dismiss shareholder claims stemming from Tesla’s controversial acquisition of SolarCity, finding it conceivable that CEO Elon Musk, a controlling stockholder of both companies, unduly influenced the board’s decision.

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Oracle Shareholders Score Victory in Battle Over NetSuite Acquisition

A Delaware judge ruled that a majority of Oracle’s board is not independent enough of CEO Larry Ellison to make an unbiased decision whether or not to sue Ellison for allegedly pushing Oracle to overpay for cloud computing firm NetSuite, which Ellison substantially owned.

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Second Circuit Sends Goldman Sachs Investors Back to the Drawing Board

Investors must refile for class certification in a suit accusing Goldman Sachs of putting favored clients’ interests ahead of others’, because the lower court may have imposed the wrong burden of proof on the bank, the Second Circuit ruled.

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Ambac Dodges Shareholder Action Over Puerto Rican Debt Exposure

(CN) – Ambac Financial Group won dismissal of a shareholder class action suit accusing the insurer of concealing the true risk of its exposure to more than $10 billion in Puerto Rican bonds. Ambac is a holding company whose subsidiaries provide financial guarantee products, including insurance on $2.5 billion in Puerto Rican debt, plus $8 billion in additional exposure for interest due on the bonds.

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