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   DealBook: JPMorgan settles a Jeffrey Epstein fight; merger questions about the big golf deal
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   Also, George Soros names a son as his successor.
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             June 12, 2023
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              Good morning. In today’s newsletter: JPMorgan Chase settles a lawsuit over its ties to Jeffrey Epstein; new questions swirl over the planned merger of LIV Golf and the PGA Tour; Illumina’s C.E.O. steps down; and George Soros names his son Alex as successor. (Was this newsletter forwarded to you?
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                  JPMorgan hasn’t resolved all its legal fights over Jeffrey Epstein yet.
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                  Caitlin Ochs/Reuters
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             A potential end to a high-profile fight
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             JPMorgan Chase today
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              reached a tentative settlement
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             with the victims of Jeffrey Epstein, weeks after enduring embarrassing disclosures about its longstanding ties to the convicted sex offender.
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             If approved, the deal would ease some of the pressure on JPMorgan as it defends itself against accusations that it ignored repeated warnings about Epstein’s crimes. (The bank has denied any wrongdoing.) But the banking giant isn’t completely free from legal entanglements over its 15-year relationship with the deceased financier.
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              The victims’ lawsuit accused JPMorgan of overlooking red flags about Epstein,
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             because it valued him as a wealthy client who could help connect the bank with even more deep-pocketed people. (The Times previously
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              reported
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             that bank employees had filed several suspicious-activity reports about Epstein’s repeated large withdrawals and kept him on as a customer despite flagging him as a “high risk client” in 2006.)
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              The deal was reached about two weeks after Jamie Dimon, JPMorgan’s C.E.O., testified about the matter.
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             In a daylong deposition in the case, filed last November in Manhattan federal court, Dimon said he had barely heard of Epstein before the financier’s 2019 arrest.
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             It also comes after Jes Staley, the former JPMorgan executive who had close ties to Epstein, testified over the weekend in the case. The bank has sued Staley, seeking to ensure that he can be held liable for any damages the bank ends up paying. (Staley has denied any wrongdoing.)
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              But JPMorgan still faces a lawsuit by the U.S. Virgin Islands,
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             which contends that the bank should pay damages for letting Epstein set up a sex trafficking operation on his private island off St. Thomas. The bank has shot back in legal filings that government officials there cozied up to Epstein for nearly two decades.
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             HERE’S WHAT’S HAPPENING
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              UBS closes its takeover of Credit Suisse.
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             The combination of Switzerland’s two biggest banks,
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              completed today
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             , will create a financial giant with $1.6 trillion in assets and a formidable presence in wealth management. To prevent more of the kinds of scandals that plagued Credit Suisse, UBS has reportedly imposed
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              restrictions on its former rival’s bankers
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             , including a ban on doing business with countries like Libya and Venezuela.
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              A major British hedge fund scrambles from #MeToo fallout tied to its founder.
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             Odey Asset Management, which oversees $4.4 billion in assets, is said to be
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              weighing limits on investor withdrawals
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             after The Financial Times reported on sexual assault and harassment allegations against its namesake, Crispin Odey. The financier was
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              ousted by his partners
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             on Saturday, but suggested he would fight the move.
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              Reddit users rebel against the social network.
             </span>
             Thousands of message threads on the platform
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              will go dark
             </a>
             over the next two days to protest the company’s plan to charge more for access to its fire hose of data. (Several third-party apps have already shut over the changes.) The move is a black eye for Reddit as it prepares to go public as soon as the second half of the year.
            </p>
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             What could trip up the LIV-PGA deal
            </h2>
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         </tbody>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Ahead of the U.S. Open golf championship this week, questions hang over the sport. Chief among them: Will the PGA Tour
             <span style="font-style:italic;font-size:inherit">
              actually
             </span>
             merge with its erstwhile rival, the Saudi-backed LIV Golf?
            </p>
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             Last week’s stunning announcement
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              came together quickly
             </a>
             : a clandestine meeting in Venice between Jay Monahan, commissioner of the tour, and Yasir al-Rumayyan, the governor of Saudi Arabia’s $700 billion sovereign wealth fund, proved decisive. Still, doubts persist that the deal, which has not yet closed, will even happen.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Regulatory questions remain.
             </span>
             Since the deal is not an acquisition in the traditional sense, it is not clear whether the tour and LIV will need to file for antitrust regulatory clearance. That doesn’t mean regulators won’t move to block it. The Justice Department has demonstrated a willingness to go after
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              non-M.&amp;.A. deals
             </a>
             . (Given the tour’s European ambitions, regulators there also may scrutinize the matter.)
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Adding to the complications: The D.O.J.
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              continues to investigate
             </a>
             the PGA Tour’s seemingly cozy ties to powerful golf tournament organizations as observers see it as “a dominant monopolist.” Matt Stoller, a prominent critic of big mergers,
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              wrote in a scathing blog post
             </a>
             : “There is a lot of grey area in antitrust law, but when two companies want to merge to a monopoly, and announce it as such, that’s a violation of black letter law. In fact, this deal is so wildly and comically against the law that I actually don’t think it is intended to close.”
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The PGA Tour board would need to approve it.
             </span>
             Initial deal talks excluded most of the board members, including the former AT&amp;T chairman Randall Stephenson. Rory McIlroy, a player-director on the board, gave the deal a
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              grudging blessing last week
             </a>
             . The sport’s most famed star, Tiger Woods, has yet to weigh in — ditto for most sponsors and advertisers.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             The deal essentially would create a new entity. But the parties have yet to agree on respective valuations and the share of equity apportioned to each side. (Ongoing litigation prevented them from delving into each other’s books.) Sticking points could linger over how to value the contracts of existing players or individual teams.
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              What happens if a deal doesn’t happen?
             </span>
             It’s unclear whether either side would have to pay the other a breakup fee. Speaking of money, would the tour be in a position to keep its dwindling roster of golfers from defecting to a free-spending LIV? And, what’s to stop superstar golfers like Woods and McIlroy from making
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              their
             </a>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              </a>
             </span>
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              tour
             </a>
             the new disruptive force in professional golf?
            </p>
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            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Illumina loses its chief
            </h2>
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       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Just weeks after surviving a proxy fight with Carl Icahn, Francis deSouza said yesterday that he would
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              resign as C.E.O. of Illumina
             </a>
             , the gene-sequencing giant. It’s a belated victory for Icahn after winning just one of the three board seats he was seeking — and it raises questions about what’s next for Illumina as it faces pressure to divest an acquisition that has drawn regulatory opposition on two continents.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Icahn had sought to oust deSouza,
             </span>
             arguing that Illumina’s $7 billion takeover of the cancer-detection specialist Grail was a mistake, especially after the company moved forward with the deal despite European regulators seeking to block it.
            </p>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Though shareholders re-elected deSouza (who also serves as a Disney director) to the Illumina board last month,
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              he faced opposition
             </a>
             from the company’s newly appointed nonexecutive chairman, Stephen MacMillan, according to The Wall Street Journal. DeSouza told employees that he informed the board of his decision last week.
            </p>
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             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Icahn tweeted
             </a>
             that deSouza’s departure was “a very positive occurrence.”
            </p>
           </td>
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       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              What’s next for Illumina?
             </span>
             DeSouza — who will work as an adviser until July 31 — will be replaced on an interim basis by Charles Dadswell, the company’s general counsel, as it seeks a permanent successor. (Icahn’s choice, the former Illumina C.E.O. Jay Flatley, is unlikely to get the job, The Journal reports.)
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             But bigger questions hover around the Grail takeover. While Illumina has appealed efforts by the F.T.C. and the European Commission to block the transaction, analysts and investors increasingly believe the company will have little choice but to unwind the deal even if it wins those efforts.
            </p>
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            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             An unlikely Soros heir rises
            </h2>
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        </table>
       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             After decades running one of the most prominent and politically active financial empires, George Soros is
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              handing the reins
             </a>
             of his $25 billion Open Society Foundation to his son Alex.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             It’s another example of succession planning by Wall Street’s old guard. But the changeover at the foundation is especially notable because it involves the elder Soros, whose unabashed support of liberal causes, to the tune of $1.5 billion a year, has long made him a boogeyman of the right.
            </p>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Alex Soros will follow in his father’s footsteps.
             </span>
             “We think alike,” George Soros told The Wall Street Journal. Alex Soros supports causes including voting and abortions rights and gender equity.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             The younger Soros was elected the foundation’s chairman in December. He also serves as president of the Soros super PAC and is the only family member on the investment committee for Soros Fund Management.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Alex Soros’s rise was somewhat unlikely.
             </span>
             The soft-spoken 37-year-old was better known in his younger days for high-profile partying than for high finance. Many had considered his half-brother Jonathan, a lawyer and former Soros employee, to be the more natural successor, until a falling-out with their father more than a decade ago.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Will Alex Soros become a political lightning rod like his father?
             </span>
             George Soros has drawn criticism — some laced with antisemitism — for his political activities for years, including from Elon Musk, who recently compared him to the
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              sometime X-Men villain Magneto
             </a>
             .
            </p>
           </td>
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        </table>
       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             The Journal notes that Alex Soros is a quieter public presence than his father, with the executive director of the A.C.L.U. telling The Journal, “Alex is unlikely to be the boogeyman that George Soros was for the right.” But the younger Soros is also more focused on domestic politics and is by his own admission “more political.”
            </p>
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           </td>
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       </div>
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           <td align="left">
            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             “If even half of it is true, he’s toast.”
            </h2>
           </td>
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         </tbody>
        </table>
       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              —
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               William Barr
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              , an attorney general under former President Donald Trump, says the charges against his ex-boss over handling of classified government documents seem “very, very damning.” Trump is set to be arraigned tomorrow in a Miami federal court — and then will
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               host the first fund-raiser
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              for his 2024 campaign.
             </span>
            </p>
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            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             The week ahead
            </h2>
           </td>
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        </table>
       </div>
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           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Interest-rate decisions, inflation reports — this is the week many investors have had circled on their calendars. Here’s what to watch:
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Tomorrow:
             </span>
             The Consumer Price Index is scheduled for release. According to economists polled by Reuters, “core” inflation
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              probably edged down
             </a>
             to 5.2 percent on an annual basis.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Wednesday:
             </span>
             The Fed wraps up its two-day rate-setting meeting. The futures markets this morning was pricing in no change to the prime lending rate, but a probable increase in July.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Thursday:
             </span>
             It’s the European Central Bank’s turn. Economists widely expect the central bank to raise borrowing costs by another 0.25 percentage points.
            </p>
           </td>
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         </tbody>
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             .
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            <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
             THE SPEED READ
            </h3>
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              Deals
             </span>
            </p>
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             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Glencore has offered to buy
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                the coal business of Teck Resources
               </a>
               , as an alternative to a full takeover of the Canadian mining group (Teck)
              </span>
             </li>
             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Nasdaq agreed to buy Adenza
               </a>
               , a maker of financial risk management software, for $10.5 billion from the investment firm Thoma Bravo. (Nasdaq)
              </span>
             </li>
             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Andreessen Horowitz will
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                open an office in London
               </a>
               , its first abroad, with a focus on crypto investments. (FT)
              </span>
             </li>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Policy
             </span>
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              <span style="font-size:17px;line-height:25px">
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Mayor Francis Suarez of Miami
               </a>
               , the Republican who wooed Wall Street and crypto executives to his city, teased that he may run for president. (Politico)
              </span>
             </li>
             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               American tech giants have
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                blocked Hong Kong
               </a>
               from their A.I.-powered chatbots. (WSJ)
              </span>
             </li>
             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               “How
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Warner used CNN
               </a>
               to lobby Andrew Cuomo” (Semafor)
              </span>
             </li>
            </ul>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Best of the rest
             </span>
            </p>
           </td>
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              <span style="font-size:17px;line-height:25px">
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                WeWork’s ongoing struggles
               </a>
               have some investors and landlords worried that the office space company may file for bankruptcy. (NYT)
              </span>
             </li>
             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Silvio Berlusconi
               </a>
               , the Italian media mogul turned polarizing and scandal-ridden prime minister, died today. He was 86. (NYT)
              </span>
             </li>
             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               “The A.I. Revolution Will Change Work.
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Nobody Agrees How
               </a>
               .” (NYT)
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