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Votes & Verdicts

Bloomberg

Votes and Verdicts is a series that examines the intersection of business, policy and law. It features conversations between Bloomberg Intelligence's team of litigation and policy analysts and thought leaders discussing legal and policy issues affecting markets and business decisions across many sectors.

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Avg 35 min
English

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Friday · 43 min
Anthropic, Live Nation Antitrust, ETF Taxes
Analysis of Anthropic’s litigation challenging its designation by the Department of War as a supply chain risk leads this episode of Bloomberg Intelligence’s Votes and Verdicts podcast, recorded on Oct. 1. Matt Schettenhelm discusses that and what the “White House Accord on Super Intelligence” means for companies like Alphabet, Meta, Nvidia and OpenAI. Nathan Dean examines recent Federal Reserve rules that should improve capital-planning visibility for JPMorgan, Bank of America and other large banks. He also discusses the impact of SEC proposed rules concerning shareholder proposals and the definition of accredited investors. Jen Rie explores a pair of antitrust cases against Live Nation, and Andrew Silverman analyzes recent IRS guidance concerning ETFs. See omnystudio.com/listener for privacy information.
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September 25 · 40 min
Diesel Export Ban, Oracle, Snap, SpaceX
The legality of potential diesel export restrictions by the Trump administration leads this episode of Bloomberg Intelligence’s Votes and Verdicts podcast, recorded Sept. 24. BI’s Justin Teresi discusses the issue and Oracle’s possible invocation of force majeure protections related to a Blue Owl-backed data center in New Mexico. Matt Schettenhelm examines Snap’s exposure to social media addiction litigation, while Holly Froum provides an update on a lawsuit by the NAACP against SpaceX over alleged Clean Air Act violations, with implications for the company’s $45 billion contract with Anthropic. Nathan Dean and Elliott Stein explore a Sept. 18 speech by Federal Reserve Vice-Chair for Supervision Michelle Bowman and its ramifications for bank stress tests and capital rules, as well as President Donald Trump’s ability to fire Fed Governor Michael Barr. Andrew Silverman explains proposed legislation to curtail the tax benefits of private placement life insurance products offered by Prudential, Zurich and others. See omnystudio.com/listener for privacy information.
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September 18 · 34 min
CA’s Marber on Business of College Sports
The US Senate is considering legislation that would implement federal guidelines for colleges when it comes to governing student-athletes entering name, image, and likeness deals, cap fees for sports agents and create uniform eligibility and transfer rules. In this Sept. 17 episode of the Votes and Verdicts podcast, Chicago Atlantic Co-Head of Emerging Markets Peter Marber, Bloomberg Intelligence chief EM fixed-income strategist Damian Sassower and BI senior tax analyst Andrew Silverman detail how college sports became a multibillion-dollar business while athlete compensation trailed. The discussion traces the shift from scholarships and amateurism through the Supreme Court’s Alston ruling, NIL collectives and the House v. NCAA settlement, which opened the door to direct university payments. The three also examine whether athletes are employees of universities, how schools will fund the new revenue-sharing system and whether the richest programs will pull away further. Additionally, they talk about the Protect College Sports Act, which could put more than $2 billion of media rights tied to Fox, Disney, Paramount Skydance and Warner Bros. Discovery under one federal framework. See omnystudio.com/listener for privacy information.
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September 11 · 26 min
Kalshi/SCOTUS, DOJ/Google, Nvidia Antitrust
Prediction-markets litigation involving Kalshi, Robinhood and others has arrived at the Supreme Court’s doorstep. Elliott Stein’s analysis of that leads this episode of Bloomberg Intelligence’s Votes and Verdicts podcast, recorded on Sept. 10. He also shares his thoughts on litigation tied to President Donald Trump’s debanking claims against Capital One and lawsuits challenging New York City’s rent freeze for rent-stabilized apartments. Justin Teresi examines a remedies order in the DOJ’s antitrust case against Google over its ad-tech stack, as well as antitrust investigations of Nvidia and the beef industry. Matt Schettenhelm discusses a lawsuit challenging TikTok’s January announcement of a US venture. See omnystudio.com/listener for privacy information.
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September 4 · 34 min
Gary Gensler on the Role of the SEC
Gary Gensler, 33rd Chair of the US Securities and Exchange Commission (2021-25), professor of the Practice of Global Economics and Management at the MIT Sloan School of Management and co-host of the Power and Consequences podcast, joins a special crossover episode of Sustainability Currents and Votes and Verdicts to examine how the SEC can balance its three key mandates: investor protection, capital formation and fair, orderly and efficient markets. How should the commission weigh investor demands for climate disclosures against the cost to public filers? Do quarterly earnings reports drive market efficiency, or trading volatility? How do recent Supreme Court rulings (Slaughter, Loper Bright, West Virginia v. EPA) affect SEC rulemaking? BI analyst Nathan Dean and sustainable finance product manager Rob Du Boff discuss these topics and more. See omnystudio.com/listener for privacy information.
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August 28 · 34 min
Meta Pact, Data-Center Bans, Gas-Tax Holiday
The details and implications of Meta’s $18 billion dollar settlement in social-media addiction litigation on Aug. 26 led Bloomberg Intelligence’s Votes and Verdicts podcast on Aug. 27. We also discussed Abbott’s $670 million settlement on Aug. 20 in cases alleging its baby formula caused necrotizing enterocolitis and what it means for Reckitt’s Mead Johnson, which faces similar claims. The team also looked at data center bans in New York, Pennsylvania, and Texas and what it means for hyperscalers such as Alphabet, Amazon.com and Microsoft. Valero, Marathon Petroleum and other refiners may record a small profit increase if the federal gas tax is suspended, which we think has a 40% chance of happening this year. Federal Reserve governor Lisa Cook is likely to prevail in court if President Donald Trump tries to fire her again. Listen to this episode on Apple Podcasts and Spotify. See omnystudio.com/listener for privacy information.
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August 21 · 31 min
Disney, Meta, Biofuel, IRS Shrinkage, Crypto
A lawsuit filed by Disney to halt the FCC’s early TV license renewal review of Disney’s broadcast TV stations, as well as lawsuits that could potentially expose Meta to billions in settlements against cases involving social media addiction lead Bloomberg Intelligence’s latest Votes and Verdicts podcast. The discussion led by BI’s Nathan Dean also looks at how refiners such as PBF Energy, CVR Energy and HF Sinclair could get at least partial relief from the Environmental Protection Agency’s 2026-27 renewable-fuel blending requirements from a lawsuit against the agency. The team also discusses the impact the shrinking of the Internal Revenue Service may have on companies, as well as an update on crypto developments after a White House meeting with executives from Coinbase and Robinhood. See omnystudio.com/listener for privacy information.
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August 14 · 37 min
Crypto Law, NEC Trial, NIL Tax, Trump v. Fed
The outlook for crypto legislation and rulemaking, with implications for Coinbase, Circle and others, leads this episode of Bloomberg Intelligence’s Votes and Verdicts. We also discussed a CFPB open banking proposal and what it means for banks like JPMorgan and Bank of America as well as fintechs like Plaid. Elsewhere, Mead Johnson’s liability exposure will likely be clarified in the first federal test trial in lawsuits alleging preterm infant formula causes necrotizing enterocolitis. Fox, Disney, Paramount and Warner Bros. Discovery have the clearest exposure if Congress enacts a federal framework for college sports. President Donald Trump’s renewed bid to fire Fed governor Lisa Cook probably fails, and the midterm elections could threaten the Supreme Court’s business-friendly tilt. See omnystudio.com/listener for privacy information.
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August 7 · 33 min
Crypto Bill, TV Owner Caps, Movie & AI Taxes
Nathan Dean’s analysis of the likelihood of a government shutdown and potential passage of a crypto bill - with implications for Coinbase, Circle and others - leads this episode of Bloomberg Intelligence's Votes and Verdicts podcast. He also discussed a proposed bill to impose sanctions on Russia and a bill to ease regulations for banks like Truist, Zions, PNC, Regions Financial and others. Matt Schettenhelm analyzed the FCC's Aug. 6 vote to scrap the 39% US national TV-ownership cap and why Nexstar, Sinclair, Scripps and Gray may benefit. Andrew Silverman discussed federal film-production tax credits that would cut annual taxes for Paramount Skydance, Disney, Netflix and Warner Bros. He also explained why tax policy matters for AI infrastructure and hyperscalers like Alphabet, Amazon.com, Meta and Microsoft. See omnystudio.com/listener for privacy information.
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July 31 · 31 min
Paramount-WBD, Meta Trial, J&J Talc Pact
Analysis of litigation challenging Paramount’s $110 billion acquisition of Warner Bros. Discovery leads this episode of Bloomberg Intelligence’s Votes and Verdicts podcast. We also discuss why Meta’s request to the Ninth Circuit to put on hold an Aug. 18 social-media-addiction trial probably won’t succeed. Lastly, we look at the implications of Johnson & Johnson’s $5.5 billion settlement in litigation alleging the company’s talcum powder products caused cancer. For more of Bloomberg Intelligence’s litigation and policy research, please visit BI LAWS <GO>. See omnystudio.com/listener for privacy information.
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July 24 · 43 min
The End of Corporate Tax Inversions?
Corporate tax inversions once dominated international tax planning, prompting decades of congressional action and Treasury regulations with the result that we still had some of the largest cross-border mergers in history. Yet, despite the rollback of the last round of anti-inversion regulations in 2017, large US companies have largely stopped leaving the country. In this episode of Votes and Verdicts, Bloomberg Intelligence Senior Government Analyst Andrew Silverman and PKF O’Connor Davies Tax Partner Chris Migliaccio discuss why inversions have faded, whether the Tax Cuts and Jobs Act fundamentally changed corporate tax incentives and what Bloomberg Intelligence’s latest research says about how multinational tax planning has evolved over the past decade. They also examine whether future tax increases or global tax reforms could ever make inversions attractive again. See omnystudio.com/listener for privacy information.
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July 17 · 30 min
Lindsey Graham; Apple vs. OpenAI; Kenvue Blow
Senator Lindsey Graham’s passing makes some of US President Donald Trump’s legislative agenda, particularly a reconciliation 3.0 package, harder. This episode of Bloomberg Intelligence’s Votes & Verdicts podcast centers on the implications of Graham’s death and the outlook of Apple’s suit accusing OpenAI of stealing trade secrets. Elsewhere, an appeals court reinstated some of the plaintiffs’ experts in federal cases against Johnson & Johnson and spinoff Kenvue alleging that Tylenol causes autism and ADHD, making settlement more likely. Hyperscalers like Alphabet, Amazon.com and Microsoft potentially face further data-center bans following New York’s one-year moratorium. Trump Organization entities are filing amended claims accusing Capital One of debanking them. See omnystudio.com/listener for privacy information.
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July 10 · 26 min
$1.4 Trillion Meta Suit, SpaceX, Data Centers
The settlement implications of a $1.4 trillion demand by states in an upcoming trial against Meta related to allegedly addictive features leads this episode of Bloomberg Intelligence’s Votes and Verdicts podcast. We also discussed why Meta can cut $10 billion from a $22 billion IRS tax case in connection with IP offshoring. An NAACP lawsuit against SpaceX’s xAI unit seeks to shut down the gas turbines powering its Colossus 2 data center and could jeopardize part of its $45 billion contract with Anthropic. Hyperscalers like Alphabet, Amazon.com and Microsoft face heightened nationwide policy risk after New York passed what appears to be the first data-center ban in the US. Prediction market litigation is poised for Supreme Court review, with New Jersey’s Aug. 4 deadline to seek high court review of its loss to Kalshi. Listen to this episode on Apple Podcasts and Spotify. See omnystudio.com/listener for privacy information.
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July 2 · 58 min
Policy & Litigation 2H Catalysts for Investors
The November midterm elections, potential litigation challenging the Paramount-Warner Bros. Discovery merger, and President Donald Trump’s ongoing bids to fire Federal Reserve Governors Jerome Powell and Lisa Cook are among key catalysts Bloomberg Intelligence policy and litigation analysts will be watching in 2H. In this episode of Votes and Verdicts, we also discuss crypto legislation to bring clarity for companies like Coinbase, deregulation to ease capital rules for banks such as JPMorgan and Bank of America, relaxed TV-ownership caps for companies like Nexstar and Sinclair and rulemaking and litigation concerning prediction markets like Kalshi. Further, we explore antitrust cases against Live Nation and Google, BNP Paribas’ Sudan genocide appeal, and class actions against Bayer and Reckitt’s Mead Johnson. See omnystudio.com/listener for privacy information.
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June 26 · 49 min
Trump’s Cuba Plan and Business Implications
What is the Trump administration’s approach to Cuba? How does it differ from President Donald Trump’s first term? And what happens next in the short term and the longer term? Ricardo Herrero, executive director of the Cuba Study Group, joins Bloomberg Intelligence’s Elliott Stein and Nathan Dean on this episode of the Votes and Verdicts podcast to discuss these and other related questions. Herrero also discusses the risks and opportunities for companies operating or seeking to operate in Cuba, and explores implications for banks like Santander and BBVA, for hotels like Melia and Iberostar and for crypto companies like Coinbase, among other sectors. See omnystudio.com/listener for privacy information.
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June 18 · 29 min
Bayer Roundup Suit’s SCOTUS Chances, Risks
Bayer, facing tens of thousands of lawsuits over weedkiller Roundup, has set its sights on the Supreme Court. Dale Mullen, partner and co-chair of the business and corporate law section at Whiteford, joins Bloomberg Intelligence litigation analyst Holly Froum on this episode of the Votes and Verdicts podcast to discuss Bayer Monsanto’s appeal to the US Supreme Court of a $1.25 million verdict holding it liable for failing to warn that Roundup causes cancer. They discuss Bayer’s arguments, the company’s chance of success on appeal, risks that remain even if it secures a Supreme Court victory and more. See omnystudio.com/listener for privacy information.
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June 12 · 39 min
Marijuana Rescheduling in Washington
What are the impacts of the Trump administration’s rescheduling of state-licensed medical cannabis to Schedule III from Schedule I? Could federal rescheduling extend to recreational marijuana later this year? If so, how should companies, firms and operators prepare for a world where significant tax relief and growth opportunities emerge? Would Congress face pressure to consider a federal tax on the budding sector if broader cannabis reform is in the cards? Foley Hoag Partner Jeffrey Schultz joins Bloomberg Intelligence’s Nathan Dean and Holly Froum on this episode of the Votes and Verdicts podcast to discuss these and other questions facing the industry. See omnystudio.com/listener for privacy information.
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June 5 · 28 min
Bayer Appeal of Roundup Suits at Supreme Court
UCLA Law Professor William Boyd joins Bloomberg Intelligence litigation analyst Holly Froum on this episode of the Votes and Verdicts podcast to discuss Bayer’s appeal to the US Supreme Court of a $1.25 million verdict holding it liable for failing to warn that weedkiller Roundup causes cancer. They discuss Bayer’s arguments, the arguments’ vulnerabilities and how the court is likely to rule. They also explore the potential immunity Bayer has from future product-liability lawsuits concerning glyphosate products pursuant to a February executive order. See omnystudio.com/listener for privacy information.
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May 29 · 27 min
Social Media Addicts, Seed Antitrust, AI Tax
A multitude of suits against social media companies like Alphabet, ByteDance, Meta and Snap accusing them of causing addiction and other harms lead this episode of Bloomberg Intelligence’s Votes and Verdicts podcast. Matt Schettenhelm previews a trial against Meta by over 30 state attorneys general set to start Aug. 17, with tens of billions in damages and penalties at stake, creating major pressure to settle. Justin Teresi discusses a Justice Department probe of exclusionary conduct in the corn and soybean seed markets, with companies like Bayer and Corteva potentially exposed. Andrew Silverman explains why AI-driven productivity gains could increase tax pressure on companies like Amazon, Nvidia and Intel tied to compute, energy and infrastructure as governments adapt tax systems previously built around labor and payrolls. See omnystudio.com/listener for privacy information.
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May 22 · 24 min
Joyce Adetutu on Tariff Risks, Refunds
Joyce Adetutu, a partner and trade attorney at Vinson & Elkins, joins Bloomberg Intelligence litigation analyst Holly Froum on this episode of the Votes and Verdicts podcast to discuss the status of refunds tied to tariffs the Supreme Court found unlawful in February. They explore how a potential appeal by the US government could jeopardize importers’ refund rights, new tariffs that may be on the horizon, the strength of potential legal challenges to those tariffs and more. See omnystudio.com/listener for privacy information.
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