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The chairman of satellite operator Intelsat is being sued for insider trading in an explosive new shareholder lawsuit that also dings private-equity giants BC Partners and Silver Lake Partners, an owner of the New York Knicks. The Oakland, Calif., federal court lawsuit claims that David McGlade, Intelsat’s chairman and former CEO, sold stock in the satellite operator on Nov. 5, 2019 — mere hours after the company’s CEO learned that Trump administration officials were leaning against a proposal that would have earned the company billions. McGlade made the trade — together with fellow Intelsat insiders Silver Lake and BC Partners — via a $246 million block sale of 10 million shares, the lawsuit says. Weeks later, on Nov. 18, the Federal Communications Commission rejected Intelsat’s proposal to run the sale of government-owned airwaves it had been using for TV and radio communications — squashing its dreams of a $7 billion-plus windfall. By May, the company had filed for bankruptcy protection. The stock, which had been trading at around $23 a share ahead of the insider selling, closed Friday at 72 cents a share. “This is the quintessential insider trading case,” read the lawsuit filed by law firm Labaton Sucharow on
Amateur sleuths have been using Bumble to hunt down Capitol rioters — but the dating app just took away one of their investigative tools. Bumble temporarily disabled a feature that let users see potential dates with similar political leanings amid reports that it was being used to search for people who participated in the Jan. 6 insurrection. The move followed a viral Twitter post from immigration attorney Allison Norris, who said a “friend of a friend” had encountered some of the rioters after changing her political preference on Bumble to “conservative.” “She’s matching with MAGA bros and they’re bragging and sending her pics and videos of them in the Capitol,” Norris wrote. “She’s sending them to the FBI.” Norris’ acquaintance wasn’t alone — Alia Awadallah, who works at Foreign Policy for America, tweeted that she found “DOZENS of men” on dating apps in Washington “who were clearly here for the insurrection attempt” last week. She tweeted that she also submitted information to the FBI. But Bumble revealed Thursday that it had removed the app’s politics filter in the US for now in order to “prevent misuse.” The Tinder rival added that it’s already taken its own steps to crack down
Pornhub parent company MindGeek has been hit with a massive $600 million class action lawsuit accusing it of hosting child-porn videos on the website. The lawsuit, filed in the Superior Court of Québec at the end of December but first reported by the Journal de Montréal on Friday, seeks restitution from the smut site on...