- President Trump tweeted he and the First Lady Melania Trump had begun to quarantine after testing positive for coronavirus.
- The September jobs report was more muted then expected with 661k new jobs, vs. consensus of 850k.
- Moderna CEO Stephane Cancel state the company will not be able to apply for emergency use authorization in the U.S. for COVID-19 vaccine mRNA-1273 before November 25 at the earliest.
- Disney is laying off 28,000 employees amid continued parks slump.
Regulatory Trends and Industry Trends:
- Attorneys from the law firm of Schlichter Bogard & Denton have been sanctioned by a federal judge for ‘reckless’ litigation in the case of Obselo v. Great-West Life & Insurance Co. and Great-West Capital Management. Judge Arguello noted that each plaintiff stood to gain a relatively small amount if they prevailed at trial, but their counsel stood to gain tens of millions of dollars. Arguello found the attorneys personally liable for the defendants’ excess costs, expenses and attorneys fees reasonably incurred for the duration of the case. She said the total fees and costs shall not exceed $1.5 million.
Investment Manager News:
- Neuberger Berman hires sustainable equity executives and analysts from NN Investment Partners.
- Albert Trinkl was named managing director, institutional business development, at money manager Wasatch Global Investors.