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Family trust investors in Biote Corp. have sued Cooley LLP and the "hormone optimization" company's top brass over the $700 million merger Biote completed with a special purpose acquisition company, saying the deal was a "disastrous transaction to divert approximately $70 million of merger consideration to themselves and gain control of an enterprise they did not build."
Wells Fargo has asked a California federal judge to send a class action lawsuit alleging it unlawfully dipped into customers' deposit accounts to repay itself for credit owed card debt to arbitration since the plaintiff signed a deposit account agreement containing a binding arbitration provision.
Chinese e-commerce company Alibaba has again urged a New York federal judge not to certify a class of investors who claim they weren't warned about regulatory risks Alibaba faced in the lead-up to a $34 billion initial public offering of its fintech affiliate, saying the suit's challenged misstatements did not affect Alibaba's stock price.
Federal Deposit Insurance Corp. Chairman Martin Gruenberg on Thursday faced a second round of congressional reprimand from both sides of the political aisle over his agency's workplace misconduct scandal, but Senate Democrats seemed ready to let Gruenberg clean up the mess himself and continue his tenure.
A U.S. magistrate judge has given the first green light to a $65 million settlement resolving a lawsuit against oil and gas company Apache Corp. filed by investors alleging they were deceived by promises of a potentially lucrative drilling project that ultimately led to a $3 billion write-down when it went bust.