Daily financial dose 28.10.2021 | Headlines: Facebook issues broad legal restraint over whistleblower revelations | Robins Kaplan LLP


Facebook posted a wide legal hold to employees asking them to “preserve documents and internal communications since 2016” on its activity following “an intense media, legal and regulatory examination of the misdeeds of the social network” triggered by the emergence of the Facebook Papers of the whistleblower Frances Haugen – NY Times and Bloomberg

The FTC appears to be one of the early leaders of regulators interested in Zuck & Co. – WSJ

As investors launched their own class action lawsuit against an alleged “totality of misrepresentation regarding the application of the [Facebook’s] voice policies, its user growth and other measures “- Law360

Pharmaceutical giant Merck has reached a deal to grant a “royalty-free license for its promising covid-19 pill to a United Nations-backed nonprofit” allowing it to be “manufactured and sold cheaply in the United Nations. poorest countries, where vaccines against the coronavirus are in devastating shortage ”- NY Times

Daniel Loeb’s activist hedge fund Third Point has taken a large stake in Royal Dutch Shell and is using its new weight to push the “oil giant to split into two companies in order to retain and attract investors as many are fleeing actions considered as not very respectful of the environment ”- WSJ and NY Times

Speaking of all fossil fuels, the last black eye for consulting giant McKinsey focuses on its role in helping ‘the planet’s biggest polluters’, including advising 43 of the ‘biggest 100’ corporate polluters in the world over the past half century ”, including Exxon Mobil, BP, Gazprom and Saudi Aramco – NY Times

T. Rowe Price will pay more than $ 4.2 billion to buy private debt firm Oak Hill Advisors, a “decades-long active player in troubled debt transactions” that has been particularly busy in the industry. last year to provide “rescue funding to companies whose businesses have been ravaged by the coronavirus pandemic” – WSJ

Clothing rental company Rent the Runway made its public debut on Wednesday, starting to trade nearly 10% above its IPO price of $ 21 / share – NY Times

Hertz has reached a deal with Uber to “make 50,000 Teslas available in Uber’s ridesharing network by 2023,” a move that comes just days after the car rental company announced an order for 100 000 Teslas for its own fleet – WSJ and Bloomberg

Justice Department officials are investigating Visa’s relationships with major financial technology companies such as Square, Stripe and PayPal to assess whether “these deals have prevented payment companies from using other card networks or technologies. movement of money ”. The investigation is part of the Department of Justice’s broader anti-trust review of Visa – WSJ

Some behind-the-scenes details of Secretary Yellen and his team’s “three-month push to eliminate the most radical changes to the international tax system in a century, which resulted in a deal that President Biden and other leaders of the Group of 20 nations are expected to end this week in Rome “- NY Times

Meet Footways, the pedestrian-friendly trail-marking group that hopes a colorful map of London (first released amid Covid lockdowns) can help inspire others to ‘repopulate the oldest form of transport urban ‘and to make the city safer for walkers in the process – Bloomberg

Stay safe and get vaxxed,

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