Your daily dose of financial news - The Brief – 9.27.16

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We learned yesterday that Twitter’s shopping itself around for a buyer.  It’s facing one big complication, though—the sizeable amount of stock Twitter has doled out to its employees over the years. Last year, for example, Twitter dished out more than $680 million in stock-based compensation, while its adjusted EBITDA was less than $560 million – NYTimes

Disney will have to keep that in mind as it considers a bid for Jack Dorsey’s baby – WSJ and Bloomberg

The Labor Department’s announced that it’s opening a probe into Wells Fargo labor practices – WSJ and Law360

Dealbook’s White Collar Watch sketches out for us the SEC’s “new strategy” to the prosecution of Leon Cooperman and Omega Advisors’ insider trading case – NYTimes

The DOJ is reportedly investigating Standard Chartered PLC over “allegations that an Indonesian power company controlled by the London-based bank paid bribes to win contracts” – WSJ

A group of financial institutions has banded together to form an interbank group known as the Global Payments Steering Group to “conduct payments based on blockchain technology” – Law360 and WSJ

Deutsche Bank officials are denying reports accusing the banking giant of asking Germany to provide it with aid to help it face the DOJ’s $14 billion settlement offer—a figure more than $8 billion above DB’s alleged legal reservesNYTimes

The 2d Circuit has kicked an antitrust judgment against American Express over its program of “barring merchants from steering customers to cards with lower fees” – WSJ and Law360 and NYTimes

Faced with fleeing clients after steep losses, hedge fund manager Richard C. Perry announced that Perry Capital is shutting down its flagship fund, a former $15 billion venture that’s shrunk to $6.6 billion by late 2015 – NYTimes and WSJ and Bloomberg

Lands’ End CEO Frederica Marchionni is out after just 2 years at the Dodgeville, WI-based clothing company—a major concern for me, as a guy who’s been dressing like an old man for quite some time—where her efforts to modernize the retailer have fallen flat (along with recent sales and income) – WSJ

Facebook’s Sheryl Sandberg updates her Lean In take with a warning about the workplace’s push back – WSJ

 

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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