What we’re reading (3/19)
“Accusations Of Corporate Espionage Shake A Software Rivalry” (DealBook). “One of the most bitter rivalries in the world of H.R. service providers just took a turn that wouldn’t be out of place in a spy thriller. Rippling on Monday sued Deel, accusing its competitor of hiring a mole in its Dublin office to comb through Rippling’s trade secrets, a scheme that reached its rival’s highest ranks, DealBook’s Michael de la Merced reports. Rippling said it had uncovered the defector through a ‘honeypot’ trap — a Slack channel set up specifically for the ruse that was mentioned in a letter to top Deel executives.”
“Data Broker Brags About Having Highly Detailed Personal Information On Nearly All Internet Users” (Gizmodo). “In 2019, the data broker Epsilon was acquired by French advertising conglomerate Publicis Groupe. Then, earlier this month, Publicis also acquired Lotame, another data and advertising firm, and announced it plans to integrate it with Epsilon’s business. At the time, Publicis CEO Arthur Sadoun said that the new corporate integration would allow his company to deliver “personalized messaging at scale” to some 91 percent of the internet’s adult web users.”
“Director Carl Rinsch Indicted On Charges Of Defrauding $11 Million From Netflix” (Variety). “According to the indictment, Rinsch had quickly transferred most of the $11 million to his brokerage account, where he promptly lost about half of it by speculating on investments such as call options on a biopharmaceutical company and put options on an S&P 500 ETF. At the time he was still reassuring Netflix that the show was ‘awesome and moving forward really well,’ the indictment states.”
“The $7 Billion Defense Contractor Who Became One Of America’s Biggest Alleged Tax Cheats” (Wall Street Journal). “Beyond the charges of tax evasion and misrepresentation, lawyers and accountants are watching the case for implications for other expatriates. The U.S. is unusual in taxing Americans living abroad. In virtually every other country, governments tax people based on residence, not citizenship. Americans generally pay taxes to the government where they are living, and must also file U.S. tax returns, with foreign-tax credits to avoid double taxation. But foreign spouses usually don’t pay U.S. taxes if they aren’t living there. For Americans settled abroad, it can be a no-brainer—and entirely legal—to keep homes and investments in their foreign spouse’s name. Edelman’s case could bring new scrutiny to the practice.”
“Purdue Pharma Files New Bankruptcy Plan For $7.4 Billion Opioid Settlement” (CNN Business). “Purdue Pharma filed a new bankruptcy plan on Tuesday, a major step toward finalizing a proposed opioid settlement of at least $7.4 billion after a setback in the U.S. Supreme Court last year. The payments are aimed at resolving thousands of lawsuits alleging that the company’s pain medication OxyContin caused a widespread opioid addiction crisis in the United States. The headline figure had been previously flagged by Purdue and its owners, members of the wealthy Sackler family.”
