Latest news with #U.S.SecuritiesandExchangeCommission
The Star
5 days ago
- Business
- The Star
Ripple to drop cross appeal against US SEC in crypto lawsuit, CEO says
FILE PHOTO: The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. REUTERS/Andrew Kelly/File Photo (Reuters) -Ripple Labs will withdraw its cross appeal against the U.S. Securities and Exchange Commission in a prolonged legal battle tied to the sale of its XRP tokens, the crypto firm's CEO said on Friday. "We're closing this chapter once and for all," Ripple Labs CEO Brad Garlinghouse said in a post on X, adding that the SEC was also expected to drop its appeal. The move could bring the dispute closer to resolution after years of back-and-forth between the company and the regulator over the token's status as a security. The SEC had sued Ripple for allegedly violating securities laws through the sale of its XRP tokens. In 2023, a judge ruled that XRP sales on public exchanges were legal, but the $728 million of sales to institutional investors broke the rules. Both sides appealed, but later agreed to settle if the judge set aside her injunction and approved lowering the $125 million fine she had imposed on Ripple. However, the judge rejected their request on Thursday. The SEC did not immediately respond to a request for comment. (Reporting by Niket Nishant in Bengaluru; Editing by Alan Barona and Shinjini Ganguli)
Toronto Star
25-06-2025
- Business
- Toronto Star
B.C. Appeal Court upholds US$30M fraud judgment against West Vancouver man
VANCOUVER - The B.C. Court of Appeal has upheld a US$30 million court judgment against a West Vancouver man alleged by the U.S. government to be the 'mastermind' of a years-long securities fraud. The ruling says the U.S. Securities and Exchange Commission originally sued Frederick Sharp and others in a Massachusetts court in 2021, and won a default judgment that was recognized by the B.C. Supreme Court last year.
Winnipeg Free Press
25-06-2025
- Business
- Winnipeg Free Press
B.C. Appeal Court upholds US$30M fraud judgment against West Vancouver man
VANCOUVER – The B.C. Court of Appeal has upheld a US$30 million court judgment against a West Vancouver man alleged by the U.S. government to be the 'mastermind' of a years-long securities fraud. The ruling says the U.S. Securities and Exchange Commission originally sued Frederick Sharp and others in a Massachusetts court in 2021, and won a default judgment that was recognized by the B.C. Supreme Court last year. The Appeal Court ruling says Sharp contested the judgment, claiming he had no 'real and substantial connection' to Massachusetts and also arguing he hadn't been properly served with documents related to the case. The lower court had rejected Sharp's arguments, finding they would 'possibly allow complex international fraud schemes to avoid accountability' if cases were spread across different jurisdictions. The Appeal Court ruling says the commission provided evidence that Sharp was 'evading' service of the case documents, and the lower court correctly found 'ample evidence' that documents were delivered to Sharp's West Vancouver address. The appeal ruling released Wednesday says Sharp tried to use expert evidence to show he wasn't 'validly' notified of the U.S. judgment, evidence the commission called an 'irrelevant sideshow.' This report by The Canadian Press was first published June 25, 2025.
USA Today
24-06-2025
- Business
- USA Today
AT&T agrees to $177 million settlement over data breach. When you could see payment
Current and former AT&T customers may be eligible for a payout from a $177 million settlement connected to two data breaches. A U.S. judge granted preliminary approval on June 20 to the settlement that resolves lawsuits against AT&T over the 2019 and 2024 incidents. The company announced in July 2024 that call and text message records of nearly all of its cellular customers were exposed. In March of the same year, AT&T said it was investigating a data set released on the "dark web." AT&T said in a statement to Reuters that it denied allegations it was "responsible for these criminal acts." "We have agreed to this settlement to avoid the expense and uncertainty of protracted litigation," the company added. Here's what to know about the AT&T data breach settlement. How much can I claim from the AT&T settlement? AT&T has agreed to pay up to $2,500 or $5,000 to customers who suffered losses that are "fairly traceable" to the incidents, depending on which one affected the customer. The company is to create two funds for payouts: allocating $149 million for those affected by the 2024 breach and $28 million for those affected by the 2019 breach, according to court documents. After payments are made for direct losses, the remaining funds will be distributed to customers whose personal information was accessed. The company told Reuters that it expects payments to be issued early next year. When will I be paid from the AT&T settlement? Court documents indicate that a notification program for the settlement will begin Aug. 4 and will be completed Oct. 17. The deadline to submit claim forms is listed as Nov. 18 and a final approval hearing will be held on Dec. 3. What happened in the AT&T breaches? The company said in a 2024 filing with the U.S. Securities and Exchange Commission it learned in April that customer data was illegally downloaded from an AT&T workspace on a third-party cloud platform. AT&T disclosed that its call logs were copied from its workspace on a Snowflake cloud platform covering about six months of customer call and text data from 2022 from nearly all its customers. Analysis of the incident announced in March done by the company suggested that approximately 7.6 million current account holders and 65.4 million former account holders had information appear on the "dark web." The information, including addresses, Social Security numbers and passcodes, appeared to be from 2019 and earlier, the BBC reported at the time of the announcement. Contributing: Gabe Hauari, USA TODAY; Reuters
NBC News
24-06-2025
- Business
- NBC News
Nvidia CEO Huang sells $15 million worth of stock, first sale of $873 million plan
Nvidia CEO Jensen Huang sold 100,000 shares of the chipmaker's stock on Friday and Monday, according to a filing with the U.S. Securities and Exchange Commission. The sales are worth nearly $15 million at Tuesday's opening price. The transactions are the first sale in Huang's plan to sell as many as 600,000 shares of Nvidia through the end of 2025. It's a plan that was announced in March, and it'd be worth $873 million at Tuesday's opening price. The Nvidia founder still owns more than 800 million Nvidia shares, according to Monday's SEC filing. Huang has a net worth of about $126 billion, ranking him 12th on the Bloomberg Billionaires Index. The 62-year-old chief executive sold about $700 million in Nvidia shares last year under a prearranged plan, too. Nvidia stock is up more than 800% since December 2022 after OpenAI's ChatGPT was first released to the public. That launch drew attention to Nvidia's graphics processing units, or GPUs, which were needed to develop and power the artificial intelligence service. The company's chips remain in high demand with the majority of the AI chip market, and Nvidia has introduced two subsequent generations of its AI GPU technology. Nvidia continues to grow. Its stock is up 9% this year, even as the company faces export control issues that could limit foreign markets for its AI chips. In May, the company reported first-quarter earnings that showed the chipmaker's revenue growing 69% on an annual basis to $44 billion during the quarter.
