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Release time: 2025-01-17 | Source: Unknown
India poised to capture 10-12% of global MedTech market in 25 years: EYAdvertisement A Delaware judge again struck down Elon Musk's $55 billion pay package. Legal experts walked BI through what the appeal process could look like for Tesla. Tesla may also reintroduce the package in Texas, a strategy that could end up costing shareholders more. Elon Musk's battle over his Tesla pay is entering a new phase. A Delaware judge ruled on Monday that Tesla's shareholder vote wasn't enough to pass Elon Musk's $55 billion compensation package. Related Video Tesla called the decision "wrong" and said it would appeal. "This ruling, if not overturned, means that judges and plaintiffs' lawyers run Delaware companies rather than their rightful owners — the shareholders," Tesla wrote in a post on X. So what happens next? Advertisement If Tesla files an appeal, Delaware's Supreme Court will review the decision of Delaware Chancery Court Judge Kathaleen St. J. McCormick , who maintained her earlier ruling that struck down the pay package on the grounds that Musk could have influenced Tesla's board members, to whom he had close ties. Mathieu Shapiro, Obermayer's managing partner and a member of its litigation department, told Business Insider that appeals processes often take a year or longer. Shapiro, who focuses on business and commercial litigation, said the case will ultimately have to balance Delaware's freedom for companies to self-govern with concerns about excessive payouts and Musk's status as one of the most successful businessmen. Advertisement While appeals are generally difficult to win, Shapiro said Musk's case is "novel" and contains unpredictable elements. One issue that may come up is whether Musk influenced the negotiations over his Tesla pay package, as the trial judge suggested in her initial ruling, he said. "Little law addresses executive compensation, let alone what seems to be the largest-ever compensation deal at a US public company," Shapiro said. Given that Musk's pay package was set to be the largest ever for a CEO, there aren't many cases to turn to for direct precedent. Advertisement Anat Alon-Beck, a business law professor at Case Western Reserve University, told BI that one case that stands out is the 2015 Delaware Chancery Court decision ruling against Mark Zuckerberg's attempt to ratify board actions related to Facebook's 2010 acquisition of Instagram. Alon-Beck, who used to work as a merger and acquisition attorney for tech companies and also specializes in Delaware deal law, said Zuckerberg didn't follow the proper procedural requirements mandated by state law. The case demonstrates that even controlling shareholders need to comply with the legal procedures for ratifying board decisions, he added. "When you know Delaware law, you know that stuff like that is just not going to fly," Alon-Beck said. Advertisement Columbia law professor Dorothy Lund used to clerk for a Delaware Supreme Court justice and US Court of Appeals judge. She told BI that Delaware is also "in a weird spot" because Tesla reincorporated from Delaware to Texas in June, and Musk has repeatedly spoken out about Delaware courts (he called the ruling "absolute corruption" on Monday). While these decisions aren't supposed to be influenced by concerns around public perception, Lund said Musk's behavior hasn't been the most strategic. "Delaware now has to worry about looking like, well, if we reverse, do we just look like we got cowed by Elon Musk?" Lund said. Advertisement Reintroducing the pay package in Texas Prior to the shareholder vote, Tesla board chair Robyn Denholm said in June that the board had considered introducing a new pay plan if the shareholder vote didn't pass — an option she said would cost shareholders. Related stories If Tesla created a new plan with the same stock grants, it would cost tens of billions in stock-based compensation today. That's because the compensation tied to the original package was worth an estimated $2.3 billion in stock, and it's already been paid out. Alon-Beck told BI that a new compensation package in Texas would make the most sense. Advertisement "I would do a new vote in Texas, under Texas law, and I would authorize a new compensation package," Alon-Beck said, adding that the old package wouldn't be able to be authorized because of a conflict of laws. Shapiro said he thinks it would be "very difficult" to draft the same package in Texas, noting that the original plan goes back to 2018 and was based on specific targets as well as Tesla's stock price in 2018. Shapiro said Musk's decision to appeal or reintroduce the package in Texas depends on multiple factors — and underlying motivations. Advertisement While it may be all about the money, the case may also signify more about public companies in the US and the way in which shareholders and courts can interfere with management's plans. "Or is it about his public persona and his reputation and how those things are understood in future business dealings," Shapiro said. "If he were my client, I would have a discussion about all of those things before deciding what path forward was best for him."how to block online gambling sites

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Landmark lawsuit brought on behalf of thousands of survivors of child sexual abuse images and videos (CSAM) traded on Apple platforms CUPERTINO, Calif. , Dec. 8, 2024 /PRNewswire/ -- This weekend, a class action lawsuit was filed against Apple on behalf of thousands of survivors of child sexual abuse for knowingly allowing the storage of images and videos documenting their abuse on iCloud and the company's defectively designed products. The lawsuit alleges that Apple has known about this content for years, but has refused to act to detect or remove it, despite developing advanced technology to do so. The plaintiffs are being represented by Marsh Law Firm. Additionally, Heat Initiative is providing some support for this lawsuit as part of the organization's broader Ignite program , which provides legal and advocacy support for victims of child sexual abuse through referrals, research, and funding to empower them to use their voices and hold technology companies accountable. The images and videos of the plaintiffs' childhood sexual abuse, which have been stored thousands of times, would have been identified and removed had Apple implemented its 2021 "CSAM Detection" technology. However, Apple terminated the program after its announcement. Other leading technology providers have been proactively detecting and reporting illegal child sex abuse images and videos for more than a decade. Apple's belated efforts, and subsequent cancellation, leave it among the very few major platforms that do not engage in proactive detection and removal. The full complaint, as well as a fact sheet and other supporting materials, can be found HERE . "The knowledge that images of my abuse are still out there is a never-ending nightmare – Apple could have stopped this, but has chosen not to act," said Jane Doe , a plaintiff in the lawsuit. "Apple has the technology to stop this from continuing, yet they knowingly turn a blind eye. This isn't just about my story – it's about standing up for every survivor who deserves safety and dignity. Apple has a responsibility to protect us, and I'm here to demand that they fulfill it." "Today, thousands of brave survivors are coming forward to demand accountability from one of the most successful technology companies on the planet. Apple has not only rejected helping these victims, it has advertised the fact that it does not detect child sex abuse material on its platform or devices thereby exponentially increasing the ongoing harm caused to these victims," said Margaret E. Mabie , Partner at Marsh Law Firm, representing the plaintiffs. "Our clients have endured unimaginable abuse, and yet Apple's top executives continue to ignore their pleas, fully aware that this illegal contraband remains on their platform. By abandoning their state-of-the-art detection program without offering an alternative, Apple has chosen to prioritize its own corporate agenda over the lives and dignity of survivors. This lawsuit is a call for justice and a demand for Apple to finally take responsibility and protect these victims." "Apple wants people to think they are the 'responsible' tech company, and this lawsuit demonstrates clearly that, on this issue, they are not," said Sarah Gardner , Founder and CEO of the Heat Initiative, an organization dedicated to encouraging leading technology companies to combat child sex abuse on their platforms. "The plaintiffs and countless other survivors of child sexual abuse are forced to relive the worst moments imaginable because Apple refuses to implement common sense practices that are standard across the tech industry. They will argue that this is a privacy issue, but they are failing to acknowledge the privacy and basic humanity of the children being raped and sexually assaulted in the videos and images Apple stores on iCloud." In August 2021 , Apple announced it would implement a new "CSAM Detection" feature, which would have identified known child sexual abuse material in iCloud using NeuralHash, a type of hashing technology that Apple developed. However, after the program was announced, Apple executives reversed their decision and ultimately killed the implementation of the program . At the same time, in 2023, five major tech companies collectively reported more than 32 million pieces of child sexual abuse images and videos on their platforms– Apple reported only 267 . The lawsuit is seeking injunctive relief for Apple to implement basic child safety measures on behalf of the plaintiffs. The claim of negligence and failing to fulfill their duty of care resulting in harms to the plaintiffs stems from two main factors: Marsh Law Firm focuses its legal practice exclusively on representing survivors of sexual abuse and online exploitation. They are a survivor-focused, trauma-informed, and justice-oriented law firm that advocates for clients both in and out of the courtroom to secure justice and hold perpetrators and the institutions that enable abuse accountable. Heat Initiative is a collective effort of concerned child safety experts and advocates encouraging leading technology companies to combat child sexual abuse on their platforms. Heat Initiative sees a future where children's safety is at the forefront of any existing and future technological developments. The Heat Initiative's Ignite program catalyzes impact litigation to hold technology companies accountable to their duty to prevent and address the sexual exploitation of children on their platforms. Contact: press@heatinitiative.org View original content: https://www.prnewswire.com/news-releases/apple-sued-for-knowingly-hosting-child-sexual-abuse-material-on-its-products-failing-to-protect-survivors-302325571.html SOURCE Heat Initiative

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Apple Sued for Knowingly Hosting Child Sexual Abuse Material on Its Products, Failing to Protect SurvivorsLandmark lawsuit brought on behalf of thousands of survivors of child sexual abuse images and videos (CSAM) traded on Apple platforms CUPERTINO, Calif. , Dec. 8, 2024 /PRNewswire/ -- This weekend, a class action lawsuit was filed against Apple on behalf of thousands of survivors of child sexual abuse for knowingly allowing the storage of images and videos documenting their abuse on iCloud and the company's defectively designed products. The lawsuit alleges that Apple has known about this content for years, but has refused to act to detect or remove it, despite developing advanced technology to do so. The plaintiffs are being represented by Marsh Law Firm. Additionally, Heat Initiative is providing some support for this lawsuit as part of the organization's broader Ignite program , which provides legal and advocacy support for victims of child sexual abuse through referrals, research, and funding to empower them to use their voices and hold technology companies accountable. The images and videos of the plaintiffs' childhood sexual abuse, which have been stored thousands of times, would have been identified and removed had Apple implemented its 2021 "CSAM Detection" technology. However, Apple terminated the program after its announcement. Other leading technology providers have been proactively detecting and reporting illegal child sex abuse images and videos for more than a decade. Apple's belated efforts, and subsequent cancellation, leave it among the very few major platforms that do not engage in proactive detection and removal. The full complaint, as well as a fact sheet and other supporting materials, can be found HERE . "The knowledge that images of my abuse are still out there is a never-ending nightmare – Apple could have stopped this, but has chosen not to act," said Jane Doe , a plaintiff in the lawsuit. "Apple has the technology to stop this from continuing, yet they knowingly turn a blind eye. This isn't just about my story – it's about standing up for every survivor who deserves safety and dignity. Apple has a responsibility to protect us, and I'm here to demand that they fulfill it." "Today, thousands of brave survivors are coming forward to demand accountability from one of the most successful technology companies on the planet. Apple has not only rejected helping these victims, it has advertised the fact that it does not detect child sex abuse material on its platform or devices thereby exponentially increasing the ongoing harm caused to these victims," said Margaret E. Mabie , Partner at Marsh Law Firm, representing the plaintiffs. "Our clients have endured unimaginable abuse, and yet Apple's top executives continue to ignore their pleas, fully aware that this illegal contraband remains on their platform. By abandoning their state-of-the-art detection program without offering an alternative, Apple has chosen to prioritize its own corporate agenda over the lives and dignity of survivors. This lawsuit is a call for justice and a demand for Apple to finally take responsibility and protect these victims." "Apple wants people to think they are the 'responsible' tech company, and this lawsuit demonstrates clearly that, on this issue, they are not," said Sarah Gardner , Founder and CEO of the Heat Initiative, an organization dedicated to encouraging leading technology companies to combat child sex abuse on their platforms. "The plaintiffs and countless other survivors of child sexual abuse are forced to relive the worst moments imaginable because Apple refuses to implement common sense practices that are standard across the tech industry. They will argue that this is a privacy issue, but they are failing to acknowledge the privacy and basic humanity of the children being raped and sexually assaulted in the videos and images Apple stores on iCloud." In August 2021 , Apple announced it would implement a new "CSAM Detection" feature, which would have identified known child sexual abuse material in iCloud using NeuralHash, a type of hashing technology that Apple developed. However, after the program was announced, Apple executives reversed their decision and ultimately killed the implementation of the program . At the same time, in 2023, five major tech companies collectively reported more than 32 million pieces of child sexual abuse images and videos on their platforms– Apple reported only 267 . The lawsuit is seeking injunctive relief for Apple to implement basic child safety measures on behalf of the plaintiffs. The claim of negligence and failing to fulfill their duty of care resulting in harms to the plaintiffs stems from two main factors: Marsh Law Firm focuses its legal practice exclusively on representing survivors of sexual abuse and online exploitation. They are a survivor-focused, trauma-informed, and justice-oriented law firm that advocates for clients both in and out of the courtroom to secure justice and hold perpetrators and the institutions that enable abuse accountable. Heat Initiative is a collective effort of concerned child safety experts and advocates encouraging leading technology companies to combat child sexual abuse on their platforms. Heat Initiative sees a future where children's safety is at the forefront of any existing and future technological developments. The Heat Initiative's Ignite program catalyzes impact litigation to hold technology companies accountable to their duty to prevent and address the sexual exploitation of children on their platforms. Contact: press@heatinitiative.org View original content: https://www.prnewswire.com/news-releases/apple-sued-for-knowingly-hosting-child-sexual-abuse-material-on-its-products-failing-to-protect-survivors-302325571.html SOURCE Heat Initiative

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By Lawrence Delevingne and Carolina Mandl BOSTON/NEW YORK (Reuters) - As a money manager, Scott Bessent's years of inconsistent performance have contributed to a nearly 90% decline in his hedge fund's assets. Now, with some clients gone, he is scoring on perhaps his biggest bet yet: President-elect Donald Trump. Bessent spotted what he called an anomaly in the market: that political and market analysts were too negative on what a Trump victory would mean, according to a letter to clients in January seen by Reuters. His Key Square Capital Management put on bets that U.S. stocks and the dollar would gain, helping earn a double-digit percentage profit so far in 2024, with November as its best month, according to a person familiar with the situation. Bessent's even bigger wager is on Trump, the future president. He's been a donor, economic adviser and booster on TV to Trump, and Bessent is now seen as a likely candidate for a top economic role in the administration, such as running the U.S. Treasury Department or leading the White House National Economic Council. Trump has talked Bessent up as “one of the most brilliant men on Wall Street." Details of his fund's performance, reported here for the first time, show a mixed track record in the decade since he launched his own hedge fund firm. Ted Seides, the former president of Protege Partners, an investment firm where Bessent earned strong returns in the late 2000s, told Reuters that Bessent's track record should be taken in the context of macro investing, where big profits can be followed by less attractive returns. So-called macro hedge funds bet on global macroeconomic trends and are not open to retail investors. "If you only look at the part of a track record with lean years, it’s like saying Aaron Judge struck out a lot last year," Seides said, referring the baseball star known for hitting home runs. "But he was just named MVP." Bessent's candidacy in the hotly-contested role of Treasury Secretary or another economic role in the Trump administration has heightened interest in the fund manager. If he were to take a job in the new administration, Key Square could be wound down, sold, or put in "sleep mode," according to the same person. Trump recently floated the idea of appointing Kevin Warsh as Treasury Secretary on the understanding that he could later be Federal Reserve Chairman, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The report also said Bessent might lead the White House National Economic Council and then become Treasury Secretary after Warsh. Bessent has long been considered a top contender to run Treasury. Karoline Leavitt, a spokesperson for Trump's transition team, said in an email that decisions on personnel "will continue to be announced by him when they are made." BIG START Bessent, who grew up in a small town in South Carolina and went to Yale College before landing on Wall Street, started Key Square in late 2015. The firm quickly raised $4.5 billion - then one of the largest hedge fund launches in history. That included $2 billion from famed macroeconomic investor George Soros, for whom Bessent had helped earn billions of dollars over two stints at Soros Fund Management. Key Square's main fund returns surged 13% in its first year, 2016, according to a second person familiar with the firm. That year, it gained on correctly predicting the British pound's decline around "Brexit," a vote for Britain to leave the European Union, according to the first person familiar with the situation. Later, Key Square made money when Bessent correctly anticipating a U.S. stock and dollar rally when Donald Trump was elected that November, according to the first person. But Key Square lost 7% in 2017, and then lost money or just broke even from 2018 to 2021, according to the second person and performance disclosures from one of its investors, New York City Police Pension Fund. The hedge fund gained double digits in both 2023 and 2024 and is up "double digits" over its history, according to the second person. That uneven performance appears to have scared away some clients. Assets under management shrank from a peak of around $5.1 billion at the end of 2017 to $577 million as of December 2023, while the number of institutional investors fell from 180 in December 2017 to 20 by the end of 2023, according to regulatory disclosures tracked by Convergence Inc. Soros took back most of his capital in 2018, per a previous agreement with Bessent to return the money, according to a third source familiar with the matter. Soros no longer has any money managed by Bessent, according to the third person. The two men have not spoken since 2016, Bessent said in a recent interview with Trump ally Roger Stone. Other large clients who no longer have money with Key Square include Australia's Future Fund, Morgan Stanley Alternative Investment Partners, and the New York City Police and Fire pension funds, according to public records and regulatory disclosures. One large hedge fund allocator told Reuters that they pulled their money several years ago from Key Square because the returns had been “too inconsistent.” Another large Key Square investor withdrew from the hedge fund last year because of Bessent’s support of Trump, according to the second person familiar with the firm. While Key Square's hedge fund assets have declined, it has other business lines that remain strong, including providing investment ideas to other money managers and an advisory business for family offices, foundations and endowments, according to the two people familiar with the firm. It also has plans to launch an ETF, according to a recent securities filing. The University of California redeemed its assets from Key Square amid a broader pull back from using hedge funds, but Bessent has remained "deep source of knowledge for us," chief investment officer, Jagdeep Singh Bachher, told Reuters via email. Another longtime client to stick with Key Square is Brevan Howard Asset Management, the $34 billion macro hedge fund manager co-founded by British billionaire Alan Howard. "Scott is one of the best macro investors in the world," a spokesperson for Brevan Howard said via email. "His understanding of markets, public policy, and the global economy is largely unmatched." Semafor previously reported that selective Key Square performance numbers were being shared around Wall Street chats as Bessent competed for the coveted post of U.S. Treasury Secretary. The report did not reveal the numbers shared. POLITICAL BET Bessent contributed to Trump’s inauguration following his 2016 election win. He was more involved during the 2024 election cycle, serving as an economic adviser to the campaign in addition to being a top fundraiser. Since the election, he has made TV appearances and written opinion pieces in support of Trump's proposed economic agenda. “I was all in for President Trump. I was one of the few Wall Street people backing him,” Bessent recent said in the interview with Stone. In January this year, Bessent predicted a “Trump Rally” in stocks as long as the Republican remained ahead in the election polls. “We are expecting an upward trajectory in the U.S. equity markets,” he wrote in the letter to Key Square clients. “Barring (President Joe) Biden pulling ahead in substantial fashion, all pullbacks should be bought.” (Reporting by Lawrence Delevingne in Boston and Carolina Mandl in New York; editing by Paritosh Bansal, Megan Davies and Deepa Babington)

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India poised to capture 10-12% of global MedTech market in 25 years: EYAdvertisement A Delaware judge again struck down Elon Musk's $55 billion pay package. Legal experts walked BI through what the appeal process could look like for Tesla. Tesla may also reintroduce the package in Texas, a strategy that could end up costing shareholders more. Elon Musk's battle over his Tesla pay is entering a new phase. A Delaware judge ruled on Monday that Tesla's shareholder vote wasn't enough to pass Elon Musk's $55 billion compensation package. Related Video Tesla called the decision "wrong" and said it would appeal. "This ruling, if not overturned, means that judges and plaintiffs' lawyers run Delaware companies rather than their rightful owners — the shareholders," Tesla wrote in a post on X. So what happens next? Advertisement If Tesla files an appeal, Delaware's Supreme Court will review the decision of Delaware Chancery Court Judge Kathaleen St. J. McCormick , who maintained her earlier ruling that struck down the pay package on the grounds that Musk could have influenced Tesla's board members, to whom he had close ties. Mathieu Shapiro, Obermayer's managing partner and a member of its litigation department, told Business Insider that appeals processes often take a year or longer. Shapiro, who focuses on business and commercial litigation, said the case will ultimately have to balance Delaware's freedom for companies to self-govern with concerns about excessive payouts and Musk's status as one of the most successful businessmen. Advertisement While appeals are generally difficult to win, Shapiro said Musk's case is "novel" and contains unpredictable elements. One issue that may come up is whether Musk influenced the negotiations over his Tesla pay package, as the trial judge suggested in her initial ruling, he said. "Little law addresses executive compensation, let alone what seems to be the largest-ever compensation deal at a US public company," Shapiro said. Given that Musk's pay package was set to be the largest ever for a CEO, there aren't many cases to turn to for direct precedent. Advertisement Anat Alon-Beck, a business law professor at Case Western Reserve University, told BI that one case that stands out is the 2015 Delaware Chancery Court decision ruling against Mark Zuckerberg's attempt to ratify board actions related to Facebook's 2010 acquisition of Instagram. Alon-Beck, who used to work as a merger and acquisition attorney for tech companies and also specializes in Delaware deal law, said Zuckerberg didn't follow the proper procedural requirements mandated by state law. The case demonstrates that even controlling shareholders need to comply with the legal procedures for ratifying board decisions, he added. "When you know Delaware law, you know that stuff like that is just not going to fly," Alon-Beck said. Advertisement Columbia law professor Dorothy Lund used to clerk for a Delaware Supreme Court justice and US Court of Appeals judge. She told BI that Delaware is also "in a weird spot" because Tesla reincorporated from Delaware to Texas in June, and Musk has repeatedly spoken out about Delaware courts (he called the ruling "absolute corruption" on Monday). While these decisions aren't supposed to be influenced by concerns around public perception, Lund said Musk's behavior hasn't been the most strategic. "Delaware now has to worry about looking like, well, if we reverse, do we just look like we got cowed by Elon Musk?" Lund said. Advertisement Reintroducing the pay package in Texas Prior to the shareholder vote, Tesla board chair Robyn Denholm said in June that the board had considered introducing a new pay plan if the shareholder vote didn't pass — an option she said would cost shareholders. Related stories If Tesla created a new plan with the same stock grants, it would cost tens of billions in stock-based compensation today. That's because the compensation tied to the original package was worth an estimated $2.3 billion in stock, and it's already been paid out. Alon-Beck told BI that a new compensation package in Texas would make the most sense. Advertisement "I would do a new vote in Texas, under Texas law, and I would authorize a new compensation package," Alon-Beck said, adding that the old package wouldn't be able to be authorized because of a conflict of laws. Shapiro said he thinks it would be "very difficult" to draft the same package in Texas, noting that the original plan goes back to 2018 and was based on specific targets as well as Tesla's stock price in 2018. Shapiro said Musk's decision to appeal or reintroduce the package in Texas depends on multiple factors — and underlying motivations. Advertisement While it may be all about the money, the case may also signify more about public companies in the US and the way in which shareholders and courts can interfere with management's plans. "Or is it about his public persona and his reputation and how those things are understood in future business dealings," Shapiro said. "If he were my client, I would have a discussion about all of those things before deciding what path forward was best for him."how to block online gambling sites

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Landmark lawsuit brought on behalf of thousands of survivors of child sexual abuse images and videos (CSAM) traded on Apple platforms CUPERTINO, Calif. , Dec. 8, 2024 /PRNewswire/ -- This weekend, a class action lawsuit was filed against Apple on behalf of thousands of survivors of child sexual abuse for knowingly allowing the storage of images and videos documenting their abuse on iCloud and the company's defectively designed products. The lawsuit alleges that Apple has known about this content for years, but has refused to act to detect or remove it, despite developing advanced technology to do so. The plaintiffs are being represented by Marsh Law Firm. Additionally, Heat Initiative is providing some support for this lawsuit as part of the organization's broader Ignite program , which provides legal and advocacy support for victims of child sexual abuse through referrals, research, and funding to empower them to use their voices and hold technology companies accountable. The images and videos of the plaintiffs' childhood sexual abuse, which have been stored thousands of times, would have been identified and removed had Apple implemented its 2021 "CSAM Detection" technology. However, Apple terminated the program after its announcement. Other leading technology providers have been proactively detecting and reporting illegal child sex abuse images and videos for more than a decade. Apple's belated efforts, and subsequent cancellation, leave it among the very few major platforms that do not engage in proactive detection and removal. The full complaint, as well as a fact sheet and other supporting materials, can be found HERE . "The knowledge that images of my abuse are still out there is a never-ending nightmare – Apple could have stopped this, but has chosen not to act," said Jane Doe , a plaintiff in the lawsuit. "Apple has the technology to stop this from continuing, yet they knowingly turn a blind eye. This isn't just about my story – it's about standing up for every survivor who deserves safety and dignity. Apple has a responsibility to protect us, and I'm here to demand that they fulfill it." "Today, thousands of brave survivors are coming forward to demand accountability from one of the most successful technology companies on the planet. Apple has not only rejected helping these victims, it has advertised the fact that it does not detect child sex abuse material on its platform or devices thereby exponentially increasing the ongoing harm caused to these victims," said Margaret E. Mabie , Partner at Marsh Law Firm, representing the plaintiffs. "Our clients have endured unimaginable abuse, and yet Apple's top executives continue to ignore their pleas, fully aware that this illegal contraband remains on their platform. By abandoning their state-of-the-art detection program without offering an alternative, Apple has chosen to prioritize its own corporate agenda over the lives and dignity of survivors. This lawsuit is a call for justice and a demand for Apple to finally take responsibility and protect these victims." "Apple wants people to think they are the 'responsible' tech company, and this lawsuit demonstrates clearly that, on this issue, they are not," said Sarah Gardner , Founder and CEO of the Heat Initiative, an organization dedicated to encouraging leading technology companies to combat child sex abuse on their platforms. "The plaintiffs and countless other survivors of child sexual abuse are forced to relive the worst moments imaginable because Apple refuses to implement common sense practices that are standard across the tech industry. They will argue that this is a privacy issue, but they are failing to acknowledge the privacy and basic humanity of the children being raped and sexually assaulted in the videos and images Apple stores on iCloud." In August 2021 , Apple announced it would implement a new "CSAM Detection" feature, which would have identified known child sexual abuse material in iCloud using NeuralHash, a type of hashing technology that Apple developed. However, after the program was announced, Apple executives reversed their decision and ultimately killed the implementation of the program . At the same time, in 2023, five major tech companies collectively reported more than 32 million pieces of child sexual abuse images and videos on their platforms– Apple reported only 267 . The lawsuit is seeking injunctive relief for Apple to implement basic child safety measures on behalf of the plaintiffs. The claim of negligence and failing to fulfill their duty of care resulting in harms to the plaintiffs stems from two main factors: Marsh Law Firm focuses its legal practice exclusively on representing survivors of sexual abuse and online exploitation. They are a survivor-focused, trauma-informed, and justice-oriented law firm that advocates for clients both in and out of the courtroom to secure justice and hold perpetrators and the institutions that enable abuse accountable. Heat Initiative is a collective effort of concerned child safety experts and advocates encouraging leading technology companies to combat child sexual abuse on their platforms. Heat Initiative sees a future where children's safety is at the forefront of any existing and future technological developments. The Heat Initiative's Ignite program catalyzes impact litigation to hold technology companies accountable to their duty to prevent and address the sexual exploitation of children on their platforms. Contact: press@heatinitiative.org View original content: https://www.prnewswire.com/news-releases/apple-sued-for-knowingly-hosting-child-sexual-abuse-material-on-its-products-failing-to-protect-survivors-302325571.html SOURCE Heat Initiative

SEC rushing leader Dylan Sampson of Tennessee declares for NFL draft

Apple Sued for Knowingly Hosting Child Sexual Abuse Material on Its Products, Failing to Protect SurvivorsLandmark lawsuit brought on behalf of thousands of survivors of child sexual abuse images and videos (CSAM) traded on Apple platforms CUPERTINO, Calif. , Dec. 8, 2024 /PRNewswire/ -- This weekend, a class action lawsuit was filed against Apple on behalf of thousands of survivors of child sexual abuse for knowingly allowing the storage of images and videos documenting their abuse on iCloud and the company's defectively designed products. The lawsuit alleges that Apple has known about this content for years, but has refused to act to detect or remove it, despite developing advanced technology to do so. The plaintiffs are being represented by Marsh Law Firm. Additionally, Heat Initiative is providing some support for this lawsuit as part of the organization's broader Ignite program , which provides legal and advocacy support for victims of child sexual abuse through referrals, research, and funding to empower them to use their voices and hold technology companies accountable. The images and videos of the plaintiffs' childhood sexual abuse, which have been stored thousands of times, would have been identified and removed had Apple implemented its 2021 "CSAM Detection" technology. However, Apple terminated the program after its announcement. Other leading technology providers have been proactively detecting and reporting illegal child sex abuse images and videos for more than a decade. Apple's belated efforts, and subsequent cancellation, leave it among the very few major platforms that do not engage in proactive detection and removal. The full complaint, as well as a fact sheet and other supporting materials, can be found HERE . "The knowledge that images of my abuse are still out there is a never-ending nightmare – Apple could have stopped this, but has chosen not to act," said Jane Doe , a plaintiff in the lawsuit. "Apple has the technology to stop this from continuing, yet they knowingly turn a blind eye. This isn't just about my story – it's about standing up for every survivor who deserves safety and dignity. Apple has a responsibility to protect us, and I'm here to demand that they fulfill it." "Today, thousands of brave survivors are coming forward to demand accountability from one of the most successful technology companies on the planet. Apple has not only rejected helping these victims, it has advertised the fact that it does not detect child sex abuse material on its platform or devices thereby exponentially increasing the ongoing harm caused to these victims," said Margaret E. Mabie , Partner at Marsh Law Firm, representing the plaintiffs. "Our clients have endured unimaginable abuse, and yet Apple's top executives continue to ignore their pleas, fully aware that this illegal contraband remains on their platform. By abandoning their state-of-the-art detection program without offering an alternative, Apple has chosen to prioritize its own corporate agenda over the lives and dignity of survivors. This lawsuit is a call for justice and a demand for Apple to finally take responsibility and protect these victims." "Apple wants people to think they are the 'responsible' tech company, and this lawsuit demonstrates clearly that, on this issue, they are not," said Sarah Gardner , Founder and CEO of the Heat Initiative, an organization dedicated to encouraging leading technology companies to combat child sex abuse on their platforms. "The plaintiffs and countless other survivors of child sexual abuse are forced to relive the worst moments imaginable because Apple refuses to implement common sense practices that are standard across the tech industry. They will argue that this is a privacy issue, but they are failing to acknowledge the privacy and basic humanity of the children being raped and sexually assaulted in the videos and images Apple stores on iCloud." In August 2021 , Apple announced it would implement a new "CSAM Detection" feature, which would have identified known child sexual abuse material in iCloud using NeuralHash, a type of hashing technology that Apple developed. However, after the program was announced, Apple executives reversed their decision and ultimately killed the implementation of the program . At the same time, in 2023, five major tech companies collectively reported more than 32 million pieces of child sexual abuse images and videos on their platforms– Apple reported only 267 . The lawsuit is seeking injunctive relief for Apple to implement basic child safety measures on behalf of the plaintiffs. The claim of negligence and failing to fulfill their duty of care resulting in harms to the plaintiffs stems from two main factors: Marsh Law Firm focuses its legal practice exclusively on representing survivors of sexual abuse and online exploitation. They are a survivor-focused, trauma-informed, and justice-oriented law firm that advocates for clients both in and out of the courtroom to secure justice and hold perpetrators and the institutions that enable abuse accountable. Heat Initiative is a collective effort of concerned child safety experts and advocates encouraging leading technology companies to combat child sexual abuse on their platforms. Heat Initiative sees a future where children's safety is at the forefront of any existing and future technological developments. The Heat Initiative's Ignite program catalyzes impact litigation to hold technology companies accountable to their duty to prevent and address the sexual exploitation of children on their platforms. Contact: press@heatinitiative.org View original content: https://www.prnewswire.com/news-releases/apple-sued-for-knowingly-hosting-child-sexual-abuse-material-on-its-products-failing-to-protect-survivors-302325571.html SOURCE Heat Initiative

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By Lawrence Delevingne and Carolina Mandl BOSTON/NEW YORK (Reuters) - As a money manager, Scott Bessent's years of inconsistent performance have contributed to a nearly 90% decline in his hedge fund's assets. Now, with some clients gone, he is scoring on perhaps his biggest bet yet: President-elect Donald Trump. Bessent spotted what he called an anomaly in the market: that political and market analysts were too negative on what a Trump victory would mean, according to a letter to clients in January seen by Reuters. His Key Square Capital Management put on bets that U.S. stocks and the dollar would gain, helping earn a double-digit percentage profit so far in 2024, with November as its best month, according to a person familiar with the situation. Bessent's even bigger wager is on Trump, the future president. He's been a donor, economic adviser and booster on TV to Trump, and Bessent is now seen as a likely candidate for a top economic role in the administration, such as running the U.S. Treasury Department or leading the White House National Economic Council. Trump has talked Bessent up as “one of the most brilliant men on Wall Street." Details of his fund's performance, reported here for the first time, show a mixed track record in the decade since he launched his own hedge fund firm. Ted Seides, the former president of Protege Partners, an investment firm where Bessent earned strong returns in the late 2000s, told Reuters that Bessent's track record should be taken in the context of macro investing, where big profits can be followed by less attractive returns. So-called macro hedge funds bet on global macroeconomic trends and are not open to retail investors. "If you only look at the part of a track record with lean years, it’s like saying Aaron Judge struck out a lot last year," Seides said, referring the baseball star known for hitting home runs. "But he was just named MVP." Bessent's candidacy in the hotly-contested role of Treasury Secretary or another economic role in the Trump administration has heightened interest in the fund manager. If he were to take a job in the new administration, Key Square could be wound down, sold, or put in "sleep mode," according to the same person. Trump recently floated the idea of appointing Kevin Warsh as Treasury Secretary on the understanding that he could later be Federal Reserve Chairman, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The report also said Bessent might lead the White House National Economic Council and then become Treasury Secretary after Warsh. Bessent has long been considered a top contender to run Treasury. Karoline Leavitt, a spokesperson for Trump's transition team, said in an email that decisions on personnel "will continue to be announced by him when they are made." BIG START Bessent, who grew up in a small town in South Carolina and went to Yale College before landing on Wall Street, started Key Square in late 2015. The firm quickly raised $4.5 billion - then one of the largest hedge fund launches in history. That included $2 billion from famed macroeconomic investor George Soros, for whom Bessent had helped earn billions of dollars over two stints at Soros Fund Management. Key Square's main fund returns surged 13% in its first year, 2016, according to a second person familiar with the firm. That year, it gained on correctly predicting the British pound's decline around "Brexit," a vote for Britain to leave the European Union, according to the first person familiar with the situation. Later, Key Square made money when Bessent correctly anticipating a U.S. stock and dollar rally when Donald Trump was elected that November, according to the first person. But Key Square lost 7% in 2017, and then lost money or just broke even from 2018 to 2021, according to the second person and performance disclosures from one of its investors, New York City Police Pension Fund. The hedge fund gained double digits in both 2023 and 2024 and is up "double digits" over its history, according to the second person. That uneven performance appears to have scared away some clients. Assets under management shrank from a peak of around $5.1 billion at the end of 2017 to $577 million as of December 2023, while the number of institutional investors fell from 180 in December 2017 to 20 by the end of 2023, according to regulatory disclosures tracked by Convergence Inc. Soros took back most of his capital in 2018, per a previous agreement with Bessent to return the money, according to a third source familiar with the matter. Soros no longer has any money managed by Bessent, according to the third person. The two men have not spoken since 2016, Bessent said in a recent interview with Trump ally Roger Stone. Other large clients who no longer have money with Key Square include Australia's Future Fund, Morgan Stanley Alternative Investment Partners, and the New York City Police and Fire pension funds, according to public records and regulatory disclosures. One large hedge fund allocator told Reuters that they pulled their money several years ago from Key Square because the returns had been “too inconsistent.” Another large Key Square investor withdrew from the hedge fund last year because of Bessent’s support of Trump, according to the second person familiar with the firm. While Key Square's hedge fund assets have declined, it has other business lines that remain strong, including providing investment ideas to other money managers and an advisory business for family offices, foundations and endowments, according to the two people familiar with the firm. It also has plans to launch an ETF, according to a recent securities filing. The University of California redeemed its assets from Key Square amid a broader pull back from using hedge funds, but Bessent has remained "deep source of knowledge for us," chief investment officer, Jagdeep Singh Bachher, told Reuters via email. Another longtime client to stick with Key Square is Brevan Howard Asset Management, the $34 billion macro hedge fund manager co-founded by British billionaire Alan Howard. "Scott is one of the best macro investors in the world," a spokesperson for Brevan Howard said via email. "His understanding of markets, public policy, and the global economy is largely unmatched." Semafor previously reported that selective Key Square performance numbers were being shared around Wall Street chats as Bessent competed for the coveted post of U.S. Treasury Secretary. The report did not reveal the numbers shared. POLITICAL BET Bessent contributed to Trump’s inauguration following his 2016 election win. He was more involved during the 2024 election cycle, serving as an economic adviser to the campaign in addition to being a top fundraiser. Since the election, he has made TV appearances and written opinion pieces in support of Trump's proposed economic agenda. “I was all in for President Trump. I was one of the few Wall Street people backing him,” Bessent recent said in the interview with Stone. In January this year, Bessent predicted a “Trump Rally” in stocks as long as the Republican remained ahead in the election polls. “We are expecting an upward trajectory in the U.S. equity markets,” he wrote in the letter to Key Square clients. “Barring (President Joe) Biden pulling ahead in substantial fashion, all pullbacks should be bought.” (Reporting by Lawrence Delevingne in Boston and Carolina Mandl in New York; editing by Paritosh Bansal, Megan Davies and Deepa Babington)

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