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The Morning Risk Report: Former SunEdison Exec Awarded $34.5 Million in Whistleblower Suit
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By David Smagalla | Dow Jones Risk Journal
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Good morning. Investment firm Brookfield Renewable Partners has agreed to pay a former SunEdison executive $34.5 million to settle a nine-year-long lawsuit that alleged he was fired after sounding the alarm about the solar-power company’s precarious finances, Risk Journal’s Mengqi Sun reports.
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The allegations: Carlos Domenech, who held a senior position at two SunEdison subsidiaries, was fired in November 2015 after he reported claims to the company’s board that SunEdison executives had made false statements about the company’s liquidity to investors. He alleged SunEdison executives falsely reported financial results and forecasts.
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What happened after: The two companies he led, TerraForm Power and TerraForm Global, were later acquired by Brookfield after Domenech was fired. SunEdison, at one time one of the largest renewable-energy conglomerates, filed for bankruptcy about five months later in 2016.
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Sarbox protections: Domenech, the former chief executive officer and president of TerraForm Power and TerraForm Global, said SunEdison and the executives retaliated against him for voicing concerns to the board about potential securities violations, a protected activity under the Sarbanes-Oxley Act. He filed a suit against the firm in 2017 seeking back pay and damages.
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The case: A federal judge in Maryland ruled in Domenech’s favor last July after a two-week bench trial. A settlement in principle to resolve the litigation was reached in January.
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The European Commission’s Teresa Ribera is set to visit the U.S. this week — with rulings on Apple and Meta still in the balance. Photo: Johanna Geron/Reuters
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EU competition chief goes to Washington, with tech rulings looming.
Europe’s top antitrust enforcer travels to Washington, D.C., to meet her U.S. counterparts this week, timing that throws the tension between them into sharp relief, with President Trump set to announce planned tariffs on Wednesday.
Context: Teresa Ribera’s trip—which combines a gathering of antitrust lawyers with a meeting with Federal Trade Commission Chair Andrew N. Ferguson and top officials from Mexico and Canada—also comes as her department wraps up investigations into Apple and Meta under the Digital Markets Act, the European Union’s digital antitrust law.
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Democrats question Treasury’s decision on ownership reporting rule.
Nineteen Congressional Democrats asked Treasury Secretary Scott Bessent in a letter sent Tuesday why his department halted enforcement of the Corporate Transparency Act for U.S. entities and business owners.
The group, which includes Sen. Elizabeth Warren (D., Mass.) and Rep. Maxine Waters (D., Calif.), called on Bessent to explain the process and effect of the decision to require only foreign entities to report beneficial ownership information to the Financial Crimes Enforcement Network.
The letter from the Congressional Democrats follows a March 10 letter sent by Sens. Sheldon Whitehouse (D., R.I.) and Chuck Grassley (R., Iowa) to Bessent demanding an explanation for the decision to halt CTA enforcement against U.S entities and business owners.
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The law firm where Doug Emhoff, former Vice President Kamala Harris’s husband, is a partner has struck a deal with the Trump administration, as the industry’s most prominent firms scramble to avoid becoming the next target of a punitive executive order.
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The U.S. has outlined specific conditions for easing sanctions on Syria’s interim government, including verifiable destruction of chemical weapons, suppression of terrorism and prevention of Iranian influence, a State Department spokesperson said on Monday.
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Charlie Javice was ordered Tuesday to wear an ankle monitor after prosecutors warned that the 32-year-old startup founder posed a flight risk.
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The U.S. has listed Quebec’s contentious French-language law as a non-tariff trade barrier, a day before President Trump is set to unveil broad levies on trading partners.
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The European Commission fined more than a dozen automakers and the trade group ACEA 458 million euros ($495.3 million) in an antitrust probe over their role in an end-of-life vehicle-recycling cartel.
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Dutch fiscal authorities have arrested a 32-year-old man on suspicion of terrorist financing using bitcoin and alleged sanctions violations, according to a 27 March announcement from the Fiscal Information and Investigation Service.
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Aspiration Partners, a climate-finance startup backed by celebrities like Cindy Crawford and Robert Downey Jr., has lined up proposed funding to stay afloat in chapter 11 after federal prosecutors charged a co-founder with fraud, according to WSJ Pro Bankruptcy (subscription required).
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The U.K. government said Tuesday that it will launch a review into the performance and culture of the country’s beleaguered statistics agency.
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European Commission President Ursula von der Leyen said the bloc is waiting for announcements Wednesday on U.S. tariffs, adding that policymakers will assess them carefully to calibrate a response. PHOTO: FREDERICK FLORIN/AFP via Getty Images
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EU has plan to retaliate on U.S. tariffs, Von der Leyen says.
The European Union has a plan to counteract the swathe of tariffs U.S. President Trump is planning to impose on foreign goods, European Commission President Ursula von der Leyen said.
Von der Leyen said the bloc is waiting for announcements Wednesday on U.S. tariffs, adding that policymakers will assess them carefully to calibrate a response. She said more tariffs would only fuel inflation, which is “exactly the opposite of what we want to achieve.”
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Terrorist designation for drug cartels brings major risks for businesses, former DEA official says.
The Trump administration’s decision to label a number of drug cartels as terrorist organizations poses major risks to businesses operating in Mexico and Central America, a former top Drug Enforcement Administration official said.
Businesses will need to recalibrate compliance programs and look for cartel involvement in supply chains or face potentially being accused of providing material support to terrorists, said Louis Milione, a former DEA principal deputy administrator who now serves as president of global investigations and regulatory compliance at Guidepost Solutions.
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NATO’s European members, grappling with President Trump’s demand that they more than double military spending, are pitching a new approach to hitting the target: change the rules for what counts as military spending.
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Hiring and layoffs mostly held steady in February, the Labor Department said Tuesday, showing that an equilibrium of fewer opportunities but also with few big staff reductions continued in the first full month of the Trump administration.
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Xiaomi’s shares fell in Hong Kong after a fatal car accident involving one of its electric vehicles in China, which could raise concerns about the safety of its advanced driver-assistance system.
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A militant leader from Mali championed a rock band and helped write a hit song before leading an Islamist army that killed tens of thousands.
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5%
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The percentage of gross domestic product President Trump wants other NATO members to set as a goal to spend on defense. European members of the 32-country alliance last year focused on 3% of GDP as a new target, and many blanched when Trump mentioned the 5% target after winning re-election.
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Princeton University said the Trump administration is suspending funding for research grants, making it the fourth Ivy League school to be targeted by the president.
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The Trump administration began broad staff cuts at the Health and Human Services Department, locking some workers out of federal buildings and reassigning others to new agencies including the Indian Health Service.
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Artificial intelligence is coming to the world of investment advice, and it can speak in Gen Z slang.
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California’s insurer of last resort is leaving Los Angeles wildfire homeowners fuming.
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President Trump’s nominee to become the highest-ranking military officer said Tuesday that had he been part of an unclassified text chain about imminent U.S. airstrikes he would have halted it.
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