- The White House raised its coronavirus stimulus offer to $1.8T on Friday, nearing the $2.2T bill Democrats passed earlier. However it doesn’t sound like either will get green-lit soon.
- Senator Kamala Harris said Joe Biden would decriminalize marijuana at the federal level if elected at the Vice President debate on Wednesday.
- A House antitrust subcommittee report due this week on big tech – is hinting toward breaking up the tech giants.
- Warner Brothers delays ‘The Batman’ to 2022; postpones ‘Flash,’ ‘Shazam 2.’ Another major hit to the movie theatre industry.
Regulatory Trends and Industry Trends:
- The complexity of retirement plan lawsuits often makes district court judges reluctant to approve early dismissal motions plaintiffs, but Salesforce has succeeded in defeating a complaint alleging it committed various fiduciary breaches. In this case the dismissal ruling in Salesforce ERISA litigation rejects overly broad arguments. The ruling states that actively managed mutual funds and share classes that include revenue sharing can have their place in prudently run retirement plans.
Investment Manager News:
- Morgan Stanley will acquire Eaton Vance Corporation, a leading provider of advanced investment strategies and wealth management solutions over $500 billion in AUM, for an equity value of approximately $7 billion.
- The Standard has hired Alyssa Zabloudil to lead their Employee Benefits Group, responsible for pricing disability, life and dental blacks of business.