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| Hey Insiders, Thanks for checking out another exciting edition of Inside Business. Today, we take a look at JPMorgan Chase's settlement with the victims of Jeffrey Epstein as well as the future of electric vehicles in the United States. If there is a business sector that you want to see covered in future newsletters, let us know! Christopher
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| 1 | | JPMorgan Chase has reached a tentative settlement with the sexual abuse victims of Jeffrey Epstein. The bank is set to pay $290M to resolve the lawsuit that JPMorgan ignored years of abuse of underage girls at the hands of Epstein. More: - This comes after weeks of disclosures about the bank's longstanding relationship with the financier. The bank is said to have ignored years of activity that should have raised red flags and warnings about sex trafficking.
- The lawsuit was filed last November in Manhattan federal court by an unidentified woman on behalf of the victims of Epstein over a 15-year period. The number of victims could rise above 100.
- In a joint statement, the bank and the lawyers for the victims said they had reached "an agreement in principle to settle" the lawsuit on behalf of the victims, and the "settlement is in the best interests of all parties, especially the survivors who were the victims of Epstein's terrible abuse."
- JPMorgan had provided banking services for Epstein from roughly 1998 to 2013, during which time it is said his worst conduct was committed.
Zoom Out: - There is still a lawsuit against JPMorgan Chase outstanding in the U.S. Virgin Islands government.
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What the numbers say: 23 different manufacturers currently have an electric vehicle available to purchase in the U.S. Audi currently leads the market with the most different models of EV available. Tesla is second with four, and both Porsche and BMW are tied for third with three. This varies from the worldwide markets, as China produces the most EV but does not distribute them all to the U.S. Relevance: Toyota Chairman Akio Toyoda has faced pushback against his electric vehicle strategy, and shareholders may be ready to oust him. The meeting, set for Wednesday, could see Toyoda and several other directors removed from their board seats. The largest sticking point is Toyota's failure to lean into the electric vehicle market. Toyoda, who has been chairman since April after 14 years as president, has been more cautious about EVs than many other car executives. While Toyota has hurried up its push into fully electric cars, the company has not set a date for when its lineup will be all EV, unlike many other manufacturers. Toyota currently only has one EV available to purchase in the U.S., the bZ4X, which has received mixed reviews. Future plans: Between now and 2026, Toyota is scheduled to release just one more EV into its lineup. Other companies, such as Bentley, Chevrolet, Polestar, and Hyundai, are committed to making three to five available in the U.S. | | | |
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| 3 | | Nasdaq is acquiring financial risk software company Adenza in its largest-ever purchase. Nasdaq is paying $10.5B to further expand into more stable revenue streams like data and risk management. More: - The financial services corporation made a cash-and-stock purchase from private equity group Thoma Bravo to help it advance its offerings in regulatory technology and compliance, and it would utilize the software to aid in risk management.
- Thoma Bravo will receive $5.75B in cash from Nasdaq and an equity stake of about 15% of the company, valued at $5B.
- The deal was made, in part, to help banks cope with increasing demands of compliance and regulation.
- Nasdaq's stock was lower midday after the announcement of the acquisition.
- Adenza also includes AxiomSL and Calypso Technology, two well-known names in tech.
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| 4 | | Sen. Richard Blumenthal (D-Conn.) launched a probe into the planned merger of the PGA Tour and LIV Golf. In letters to PGA Tour CEO Jay Monahan and LIV Golf CEO Greg Norman, Blumenthal requested details of the agreement and wants clarification on how the new combined entity would operate. More: - The inquiry is partly to understand how the Saudis are involved, as their human rights abuses are a top issue with critics.
- After the announcement last week, many have wondered how exactly the merger will carry out, considering both sides were deep in litigation with one another.
- The merger was a "sudden and drastic reversal of a position concerning LIV Golf," wrote Blumenthal, who is the chair of the Senate Permanent Subcommittee on Investigations.
- Saudi Arabia's Private Investment Fund is slated to be the main backer and financier of the newly established entity.
Zoom Out: - The Saudi government has been accused of numerous human rights violations, including orchestrating the murder of Washington Post journalist Jamal Khashoggi in 2018.
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| 5 | | Fred Ryan, the Washington Post publisher and chief executive officer, is stepping down, according to a statement by the newspaper. Patty Stonesifer, the founding CEO of the Bill & Melinda Gates Foundation, has been appointed interim CEO, said the statement. More: - Stonesifer will search for a new publisher and CEO as a part of her new role.
- The Post seeks to regain subscribers, which have diminished since the Trump administration left office. The newsroom had been good about breaking stories about the former President.
- Since then, the numbers have dwindled, and the company lost money last year. It laid off 20 employees in January.
- Ryan has been the publisher for nine years and will remain in that role until August. He will then become the head of the newly formed, nonpartisan Center on Public Civility at the Ronald Reagan Presidential Foundation.
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| 6 | | The Federal Trade Commission is filing a lawsuit aimed to block Microsoft's acquisition of video game producer Activision Blizzard. The suit would prevent Microsoft from completing its deal until the FTC completes another lawsuit it had filed in objection to the acquisition. More: - The original lawsuit was filed last December as the FTC said the acquisition would "enable Microsoft to suppress competitors to its Xbox gaming consoles and its rapidly growing subscription content and cloud-gaming business."
- The reason for the second lawsuit is that Microsoft is still able to complete the acquisition while dealing with the first lawsuit.
- The U.K.'s Competition and Markets Authority has also objected to the acquisition, as many believe purchasing the Call of Duty maker would give Microsoft more power in the gaming world than should be allowed to one company.
- Bringing in Activision Blizzard would boost Microsoft's gaming profile to its highest level.
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- GM is set to invest $632M for the production of next-gen full-sized pickup trucks at a plant in Fort Wayne, Indiana.
- Fox has sent a cease-and-desist letter to former employee Tucker Carlson regarding videos he has posted on Twitter.
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INSIDE BUSINESS LEADERBOARD (7 DAYS) |
 | Freelance Editor | | Christopher Hachey is a freelance writer and editor based in the New York City area. He has spent most of the past 15 years in newsrooms covering all kinds of topics like sports, tech, business, finance, and commerce. He's now returning to his broadcast journalism roots by diving into podcasting news. Reach out to him at chris@inside.com | | This newsletter was edited by Aaron Crutchfield | |
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