This week it was revealed that Elon Musk, CEO of Tesla, X, and SpaceX, lost his lawsuit against Sam Altman of OpenAI, in which he sought $134 billion for breach of his company’s founding charter.

According to CNBC, “a U.S. court, presided over by federal judge Yvonne Gonzalez Rogers, determined that Musk’s lawsuit was filed after the statute of limitations had expired, as the tycoon had three years to file his complaint.” The judge stated that “there is a substantial amount of evidence to support the decision.”

Musk’s accusation against OpenAI centered on the “breach of the founding charter of the company that created ChatGPT.”

The entrepreneurs, who were once friends, ended up embroiled in a three-week trial due to various points of contention that led to a court case.

M.Pino

Source: bolsamania

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La entrada Musk loses lawsuit against Sam Altman apareció primero en Bitfinance.

Several authors’ unions in France have filed a lawsuit against Meta in court for the unauthorized use of their works to train generative AI.

This was announced in a joint statement by the National Syndicate of Publishing (SNE), the Society of Literary Enthusiasts (SGL), and the National Syndicate of Authors and Composers (SNAC).

In this regard, the president of the SNE, Vincent Montagne, stated that they have noted “the presence of numerous works published by members of the National Syndicate of Publishing among the data corpora used by Meta.”

For this reason, they have filed the lawsuit before the Paris Judicial Court with the aim of protecting the union “from the dangers of AI, which plunders their works and cultural heritage to train itself and produce ‘fake books’ that compete with authentic author’s books,” according to François Peyrony, president of SNAC.

The unions have based their lawsuit on current European regulations, “since the regulation on artificial intelligence (the ‘AI Act’) insists on the need for creators of solutions using this technology to respect copyright and guarantee the transparency of the sources used to develop their models.”

M.Pino

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La entrada Meta faces lawsuit in France for AI copyright infringement apareció primero en Bitfinance.

The SEC has had to apologize for its use of the term “securities” with respect to cryptocurrencies in lawsuits against Binance in light of protests from executives of the platforms Coinbase, XRP and Ripple, whose executives argue that the use of the concept is baseless. legal.

In this sense, the legal director of Ripple, Stuart Alderoty, and of Coinbase, Paul Grewal, have criticized the position of the SEC (United States Securities and Exchange Commission) in using the term “cryptoactive securities” at the bottom of the lawsuit against Binance, in addition to referring to other regulatory inconsistencies of the entity since 2017 regarding the cryptocurrency industry.

In response to the claims, the SEC clarified its use of the term “cryptoactive securities” through an amendment to the notes to the lawsuit against Binance.

The claim by Ripple and Coinbase points to a possible deception by the SEC before the judges by using the term without legal basis, according to its specialists, since it is not found in any statute and has been created by the Securities and Exchange Commission.

Given the confusion, the organization admitted that the term “crypto asset value” is not real. Given this, it is presumed that it was used to prove that these are investment contracts.

M.Pino

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La entrada SEC causes confusion by calling cryptocurrencies “securities” apareció primero en Bitfinance.

Under the accusation of having collected data from minor users without their parents’ permission, the Department of Justice and the Federal Trade Commission have filed a lawsuit against the TikTok platform.

Both organizations argue that “the popular video sharing application violated the Children’s Online Privacy Protection Act” and stressed that it committed a widespread violation of laws that protect children’s privacy.

It is estimated that millions of children under 13 years of age have suffered from sustained data collection. Also, they have “interacted with adult users and have accessed adult content,” according to a statement from the Department of Justice.

TikTok is accused of allowing minors to create accounts and browse its social network, “frequented by 170 million people in the United States.” Data collection has been sustained since 2019; likewise, the information has been stored without parental knowledge or authorization, even in the case of accounts created in Kids Mode.

Deputy Attorney General Brian Boynton indicated that the fine is a necessary action to prevent minors under 13 from using regular TikTok. He warned that the defendants, “who are repeat offenders and operate on a large scale, must be prevented from collecting and using private data of young children without parental consent or control.”

It was learned that in June, the United States Consumer Protection Agency (FTC) presented a report to the Department of Justice in June regarding suspicions of violation of the law by TikTok and ByteDance.

TikTok spokespersons have regretted the measure, and have indicated that they are accused of past practices, which have already been corrected. They noted that they are disappointed that the Department of Justice chose the fine instead of continuing to work together to find a reasonable solution.

They recalled that they have taken measures to protect children, such as deleting accounts of those under 13 years of age and limiting viewing time.

M.Pino

Source: france24

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La entrada TikTok faces civil lawsuit in the United States for violating the privacy of minors apareció primero en Bitfinance.

Lawyers for Binance, a prominent cryptocurrency exchange, urged a judge to dismiss a lawsuit filed by the US Securities and Exchange Commission (SEC). During a January 22 hearing in the United States District Court for the District of Columbia, Binance’s legal team presented its case, focusing on the treatment of certain tokens as securities under current regulatory and legal frameworks.

A Reuters report detailed Binance’s defense strategy, noting that an exchange lawyer accused the SEC of taking a contradictory stance toward cryptocurrencies. It was argued that while the SEC encouraged companies in the sector to register, it at the same time prevented them from any viable avenue to do so.

During the hearing, it was reported that the SEC defended the clarity of Howey’s test to determine whether an asset qualifies as a value, also applicable to cryptocurrencies. To this, Judge Amy Berman Jackson expressed her doubts, asking where the line was drawn in the SEC’s interpretation of digital assets as securities.

This case between the SEC and Binance could set a significant precedent for cryptocurrency companies in the United States. Many of these companies have criticized the lack of a clear regulatory framework, which has triggered compliance actions against several, including Binance, Coinbase, Ripple and Kraken.

In a related context, Binance, Binance.US and former CEO Changpeng Zhao reached an agreement in November 2023 with several U.S. government entities, including the Department of Justice and the Commodity Futures Trading Commission, for an amount of $4.3 billion. As part of the settlement, Zhao pleaded guilty to a serious charge and is expected to be sentenced on February 23.

The January 22 hearing, originally scheduled for January 19, was postponed due to adverse weather conditions. So far, Binance’s legal team has not offered further statements on the case.

K. Tovar

Source: Reuters

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La entrada Binance asked to dismiss the SEC’s claim apareció primero en Bitfinance.

The world of digital currencies experienced a significant turnaround as Binance, one of the largest cryptocurrency exchanges, will face the United States Securities and Exchange Commission (SEC) in a court hearing on Monday, January 22.

Originally scheduled for the previous Friday, the hearing had to be rescheduled due to an intense snowstorm that forced the closure of the court facilities, as reported by The Block.

In June of the previous year, the SEC filed a lawsuit against Binance and its former CEO, Changpeng Zhao, alleging multiple irregularities. These included allegations that Binance.US misappropriated client funds and engaged in a fraudulent transaction, as well as operating without the required permits in the United States.

The SEC also noted that 12 tokens traded on the platform, including BNB and BUSD, should be considered securities. Binance, for its part, has tried to invalidate these allegations, arguing that the SEC has misinterpreted securities laws related to cryptocurrencies and criticizing the lack of clear guidelines for the sector.

In December, Binance stepped up its defense, arguing that the SEC had stayed out of the cryptocurrency arena for more than a decade, only to later accuse the company of violating securities laws. The SEC, however, has maintained its position, alleging that Binance deliberately avoided complying with federal regulations.

K. Tovar

Source: Diariobitcoin

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La entrada Binance will face the SEC again apareció primero en Bitfinance.

In a strong legal move, the prestigious newspaper The New York Times filed a lawsuit Wednesday in the United States against OpenAI, the maker of ChatGPT, and its main investor, Microsoft. The indictment focuses on alleged copyright infringement by using Times articles to train powerful Artificial Intelligence (AI) models.

The lawsuit alleges that both companies “seek to take advantage of the Times’ massive investment in its journalism, using its content to create substitute products without proper permission or compensation.”

As one of the most respected news groups in the United States, The New York Times has opted for a more belligerent approach to the sudden growth of AI chatbots, marking a difference with other media outlets such as Germany’s Axel Springer or the Associated Press (AP) agency, which have closed content deals with OpenAI.

In its lawsuit, The New York Times is seeking compensation for damages, as well as a court order for companies to stop using its content and destroy the data already collected. In addition, the lawsuit highlights the growing debate over copyright in the age of artificial intelligence.

Although a specific amount has not been specified, the Times argues that the alleged violation could have resulted in “billions of dollars in legal and actual damages.”

In response to the AFP consultation, neither OpenAI nor Microsoft commented.

It is worth noting that Microsoft, as a major investor in OpenAI, has implemented AI capabilities in its own products following the launch of ChatGPT last year. The AI models that drive Microsoft’s ChatGPT and Copilot were trained for years with content available on the Internet, under the assumption that it was possible to use them without the need for authorization or compensation to the original sources.

The lawsuit, filed in a federal court in New York, argues that the illegal use of the Times’ work to build AI products constitutes a potential threat and undermines its ability to deliver quality journalism. A Times spokesperson stressed, “These tools have been created and continue to use independent journalism and content that is only available because of us and our colleagues, who report, edit and verify it at great cost and considerable expertise“.

K. Tovar

Source: Bancaynegocios

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La entrada The New York Times sued Microsoft apareció primero en Bitfinance.

Meta, the company that owns Facebook, Instagram and WhatsApp, is facing a barrage of lawsuits from 41 US states, in addition to the District of Columbia. The legal action is based on the argument that the company’s social networks are addictive and harmful to children.

An important precedent that could have triggered the lawsuits is an “investigation launched in 2021 into the different ways in which the technological titan contributes to mental health problems among young people.”

In any case, it is a mechanism by the US authorities to put a stop to the effect of social networks on the health of children and young people.

They would be looking for a way to “force Meta to change the characteristics of its networks because of how dangerous it is, as they claim, for younger users.”

Colorado and California are part of the group of states that have filed a joint lawsuit against Meta in federal court in the Northern District of California. Likewise, other attorneys general in Washington D.C. and eight states have filed separate complaints in federal, state or local courts.

Since a report was published in The Wall Street Journal in 2021 with internal information on how the social network “Instagram worsened the perception of users – especially girls and adolescents – about their bodies”, states such as Arkansas and Utah have approved laws that prohibit access of minors under 13 years of age to social networks. Additionally, they “require that adolescents under 18 years of age obtain parental consent to access the sites.”

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Source: finanzasdigital

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La entrada Meta sued for alleged harmful and addictive networks for children apareció primero en Bitfinance.

The US Securities and Exchange Commission (SEC) filed a lawsuit against Elon Musk in a court in the Northern District of California, demanding his testimony about the acquisition of Twitter last year. The SEC suspects that Musk may have committed securities fraud in this transaction.

The Tesla CEO and billionaire businessman did not appear at the summons scheduled for September 15, where he was to give a statement as part of the SEC’s investigation into his investment in the social network now known as X. This transaction was closed with a agreement valued at approximately $44 billion.

The lawsuit filed by the SEC alleges that Musk’s continued refusal to comply with the subpoena is hindering and delaying the investigation. Therefore, the SEC asks the court to force Musk to appear before the commission.

Musk’s lawyers had argued that the courthouse in San Francisco (California, USA) was not the appropriate place to testify. However, the lawsuit details that alternative dates were proposed to meet at the SEC offices in Fort Worth (Texas, USA), which are closer to Musk’s current residence in Austin (Texas). Despite these efforts, Musk refused to appear to testify.

Additionally, federal Judge Andrew Carter, sitting in the Southern District Court of New York, rejected Musk’s request to dismiss a class-action lawsuit accusing him of defrauding Twitter investors before acquiring the company.

Musk is alleged to have violated federal regulations by failing to disclose his prior 5% ownership stake in the company, which would have provided him with inside information during the acquisition of the social network. Shareholders suing SpaceX CEO claim Musk would have saved more than $200 million by increasing his stake in Twitter from 5% to 9.2%, resulting in his shares being sold at artificially low prices because of this. strategy.

With Musk’s acquisition of Twitter in April 2022, the social platform’s shares rose 27%, from $39.31 to $49.97.

Musk’s lawyers argued that at the time, Musk was one of the busiest people in the world, running companies like Tesla and SpaceX, and that he failed to report his involvement on Twitter due to an oversight.

K. Tovar

Source: Bancaynegocios

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La entrada Elon Musk was sued for alleged fraud case apareció primero en Bitfinance.

In a high-impact legal twist, renowned financial institutions Goldman Sachs, JPMorgan Chase, Morgan Stanley and UBS have agreed to jointly pay out a colossal sum of approximately $500 million, under a settlement aimed at ending a lawsuit brought by shareholders.

The legal complaint alleged that these companies had participated in an anticompetitive conspiracy, according to court documents filed in New York on Wednesday.

Although it is pending approval by a judge, the agreement not only contemplates the financial outlay, but also involves the active collaboration of these four entities with the investors who sued Bank of America, another actor involved in the litigation.

The central accusation raised by investors focuses on the alleged coordination of banks to undermine new entrants in the securities lending market. The agreement, summarized by the plaintiffs, maintains that these entities took advantage of their control over EquiLend to establish an alleged monopoly in the sector, causing harm to emerging “startups” that sought to position themselves in the industry.

As an essential part of this historic agreement, EquiLend has committed to implement a rigorous code of ethics against monopolistic practices. In addition, members of its board of directors will be required to participate in programs designed to prevent such conduct.

It is worth noting that a similar precedent was set in 2022, when the plaintiffs settled with Credit Suisse (now part of UBS), for the sum of $81 million.

With the presentation of this agreement today, the plaintiffs emphasize that the total compensation could amount to 580 million dollars, placing this case as one of the most transcendental litigation of the last decade in relation to monopolistic practices in the financial field.

K. Tovar

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La entrada Big US banks paid $500 million in conspiracy lawsuit apareció primero en Bitfinance.