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A U.S. federal appeals court on Tuesday reinstated a lawsuit by a group of former child slaves accusing the U.S. unit of Nestle SA, the world’s largest food maker, and Cargill Co [CARG.UL] of perpetuating child slavery at Ivory Coast cocoa farms.

Judges of the 9th U.S. Circuit Court of Appeals in Pasadena, California, said in a unanimous decision that the group could proceed with its claims despite the alleged abuses having occurred overseas.

“In sum, the allegations paint a picture of overseas slave labor that defendants perpetuated from headquarters in the United States,” the court wrote.

The court did not rule on the merits of the plaintiffs’ claims.

Continue reading “U.S. appeals court revives Nestle child slavery lawsuit”

Wells Fargo & Co will pay $65 million to settle claims that it misled investors about its “cross-selling” business strategy, the New York Attorney General’s office said on Monday.

A push by Wells Fargo to get existing customers to buy more of the bank’s products, known as “cross-selling,” was at the center of a fake customer accounts scandal that has dogged the bank for two years.

Wells Fargo failed to disclose to investors that the success of its cross-selling was built on sales practice misconduct, Underwood’s office said.

Continue reading “Wells Fargo pays $65 million to settle ‘cross-sell’ fraud claims with New York”

The four major U.S. professional sports leagues could reap a combined $4.2 billion annually as a result of legal sports betting, most of it indirectly from increased fan engagement, according to a casino industry survey released on Thursday.

The findings could fuel a long-simmering feud between the gaming industry and American sports leagues, who want a share of the gambling revenue as U.S. states begin to legalize sports betting.

The survey showed leagues stand to benefit even without taking a cut of wagers. The National Football League is likely to make the most, with a projected $2.33 billion of additional annual revenue, according to the study seen by Reuters. The rest would go to Major League Baseball, the National Basketball Association and the National Hockey League.

Continue reading “U.S. sports leagues could reap $4.2 billion a year from legal betting: survey”

The global watchdog for money laundering will set up its first rules on oversight of cryptocurrencies by June, a major step towards creating international standards for an asset currently subject to patchy regulations.

The Paris-based Financial Action Task Force (FATF) said on Friday jurisdictions worldwide will be required to license or regulate cryptocurrency exchanges and some firms providing encrypted wallets, to help stamp out the use of digital money for money laundering, terrorism financing or other crimes.

Firms providing financial services for issuances of new cryptocurrencies – initial coin offerings – must also be subject to the rules, it said.

Cryptocurrencies are digital tokens whose creators say they can be used as money without the backing of any country’s central bank.

Continue reading “Money-laundering watchdog to set first cryptocurrency rules by June 2019”

Thousands of voters in Tennessee were at risk of being blocked from casting regular ballots when early voting opened this week, as officials struggled to process a surge of new registrations ahead of Nov. 6 elections to determine control of the U.S. Congress.

The delay disproportionately affected the area around Memphis, a majority African-American city, leading activists to charge the Republican-controlled state government has not done enough to protect the rights of young and minority voters.

State officials, however, said they were simply struggling to keep up with a surge in paperwork ahead of Election Day.

But young and minority voters could very well tip the U.S. Senate election between Democratic former governor Phil Bredesen and Republican U.S. Representative Marsha Blackburn.

Continue reading “Thousands in U.S. South may not be able to cast ballots in early voting”