Weekly Flash Report 10/23/20 2020.10.23

Current Happenings:

  • The fight over gig worker classification heats up in California. Proposition 22 seeks to exempt Uber and other gig companies from a state labor laws that would require them to classify their drivers as employees.
  • Purdue Pharma, the maker of OxyContin, has agreed to plead guilty to federal criminal charges for its role in creating the nation’s opioid crisis and will pay more than $8 billion and close down the company.
  • Goldman Sachs agrees to record $2.9 billion DOJ settlement and admit wrongdoing for the 1MDB corruption scandal in Malaysia.
  • The Department of Justice filed an antitrust suit against Alphabet on Oct. 20, claiming that Google has engaged in monopolistic practices, helping it dominate the online search market.

Regulatory Trends and Industry Trends:

  • The SAVE Act would allow 403(b) plan sponsors to join open MEPs and incentivize the creation of ESOPs, filling gaps in previous retirement legislation.
  • The Employees’ Retirement System of the City of Milwaukee is suing Allianz Global Investors of not following the promised investment strategy for its Structured Alpha Funds.

Investment Manager News:

  • Jae Park Chief Investment Officer of Loomis Sayles will retire March 31 and be replace by David Waldman.
  • Raymone Jackson was named the global head of diversity and inclusion at T. Rowe Price Group.

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