As part of the plan, Amazon has agreed to purchase 100,000 electric delivery vans from vehicle manufacturer Rivian.Technologyread more
At least in terms of monetary policy, Pence says should be taking after other regions who keep their benchmark interest rates near zero.Delivering Alpharead more
The plan will allow Medicare to negotiate lower prices on as many as 250 drugs and apply those discounts to private health plans.Health and Scienceread more
Hedge fund titan Leon Cooperman said he's concerned about a shift to the left in the political landscape, which could harm the economy and the stock market.Delivering Alpharead more
Apple's big iOS 13 update for iPhones is out now and includes lots of new features. Here's how to install it on your phone and what devices are supported.Technologyread more
The pilot program will deliver food and beverage, over-the-counter medications and other items within minutes, the company said. Prescription deliveries will not be available.Health and Scienceread more
The FDA's Office of Criminal Investigations opened a probe "shortly after" people started falling ill, Mitch Zeller, director of the FDA's Center for Tobacco Products, told...Health and Scienceread more
Investor Jim Chanos is betting against GrubHub, and said the food delivery company makes almost nothing per order.Delivering Alpharead more
Billionaire investor Leon Cooperman on Thursday said he believes that the Federal Reserve is "screwing the savers."Delivering Alpharead more
Datadog priced its stock at $27, selling 24 million shares and raising $648 million in its IPO.Technologyread more
"We sell the most mission-critical identity security to the largest global enterprises around the world," says Ping Identity CEO Andre Durand.Marketsread more
A former senior executive at Bank of America, who was fired amid allegations of sexual misconduct, filed a defamation claim against the company and is seeking damages of more than $100 million.
Omeed Malik — who was a managing director in Bank of America's prime brokerage business until January — filed an arbitration claim this week through the Financial Industry Regulatory Authority, or FINRA. CNBC verified the existence of the claim and that it had been filed.
This claim is separate from a discrimination suit that Malik, 38, plans to file against Bank of America in New York state court, according to John Singer, partner and co-founder of Singer Deutsch, which is representing Malik.
"The overt and career-killing defamation that Mr. Malik has endured is simply unprecedented in the annals of Wall Street history," said Singer, by email. It is "all the more glaring when contrasted with the bank's long history of burying and obfuscating actual misconduct — not to mention serious crimes — that have been perpetrated by white males."
"The bank stands by its decision to terminate Mr. Malik," Bill Halldin, a representative for Bank of America, said. "His claims are without merit and we will defend ourselves in this matter."
Malik was let go from the bank on Jan. 9, weeks before receiving his bonus. On Jan. 18, Reuters published a story, citing "a person familiar with the matter," on Malik's plans to start his own advisory firm for hedge funds.
One day later, The New York Times reported that Malik departed the bank after an "internal investigation into a young female banker's accusation of inappropriate sexual conduct." The story cited "people at the bank who were briefed on the investigation." The Times wrote that details of the conduct that led to Malik's departure were "unclear."
In late February, The Wall Street Journal reported that Bank of America had fired two more employees from Malik's former unit after determining they interfered with the investigation into Malik's behavior. The story, which also cited "people familiar with the matter," said that bank officials believed that Malik and others were trying to intervene in the probe by coordinating stories told to the investigators about his behavior. The Journal said Malik's conduct allegedly included pursuing relationships with subordinates at the company.
"Mr. Malik did nothing whatsoever to interfere with, collude or obstruct in any way in whatever sham 'investigation' or 'review,'" Singer said. "Notably, Mr. Malik has never engaged in wrongdoing and, as such, there was nothing about which to even collude."
Malik was not informed at the time of the bank's reason for terminating him, Singer said. A Form U5, which is the FINRA document reflecting the bank's reason for termination, stated that he was let go due to personal conduct in violation of firm standards, including interfering with the firm's review of the matter, people with knowledge of the form said.
Malik's FINRA claim also asserts that the firm is liable for breach of contract and unjust enrichment over the cancellation of Malik's deferred compensation and bonus.
Singer said Bank of America was "shamelessly exploiting the #MeToo movement and utilizing Mr. Malik as a sacrificial lamb to not only ameliorate their PR but moreover to destroy Mr. Malik's competitive nascent business."
Singer also said that "Mr. Malik was retaliated against for blowing the whistle on regulatory violations" by his direct supervisor, who he said did not have the appropriate FINRA licenses to solicit American business.
Discrimination claims are not mandated to be arbitrated through FINRA and can go through regular court proceedings, Singer said. The focus of Malik's discrimination case will be his Middle Eastern descent and the bank's alleged propensity to retain white male executives who had a pattern of misbehavior.
"The bank intentionally and systematically defamed Mr. Malik, globally, to the news media at two different points in time subsequent to its wrongful termination of Mr. Malik in order to mask the pre-textual, political and discriminatory reasons why it terminated him," Singer said.