– Amgen has agreed to pay $74 mn to settle a shareholder class action that alleges the biotechnology company failed to promptly disclose a potential $10.7 bn tax liability linked to an IRS dispute over its transfer pricing practices. According to Reuters (paywall), the proposed settlement, filed in federal court in Manhattan, remains subject to judicial approval.
The lawsuit claimed Amgen hid the risk that it could owe $8.7 bn in back taxes – plus $2 bn in penalties – after the IRS alleged the company improperly shifted profits to a Puerto Rico unit between 2010 and 2015. Shareholders argued delayed disclosures contributed to share price declines of 6.5 percent in August 2021 and 4.3 percent in April 2022 respectively.
Amgen denied any wrongdoing and said it continues to believe the claims lack merit. The settlement covers investors who purchased shares between July 29, 2020 and April 27, 2022. A US Tax Court decision on the underlying tax dispute is expected later this year.
– The SEC has said it will host a public roundtable on September 17 to examine any issues associated with moving toward 24-hour trading in US equity markets. In a statement, the regulator said the discussion will focus on preparations for overnight trading, market operations and resiliency in a continuous trading environment as well as the opportunities and challenges of expanding trading hours.
SEC chairman Paul Atkins said the agency is ‘moving towards a new day – and night – in the US equity markets,’ adding that the Commission aims to balance round-the-clock trading with ‘all-important investor and customer protections.’
The roundtable will take place at the SEC’s Washington headquarters and will be livestreamed on the agency’s website, with a recording made available afterward. The SEC said details on the agenda and speakers will be released before the event. Members of the public may also submit comments under File Number 4-913 ahead of the discussion.
– Democratic Senator Elizabeth Warren has accused AI companies of lobbying the Trump administration to weaken transparency requirements for AI under the US-Mexico-Canada Agreement, arguing the changes would limit regulators' ability to oversee advanced AI systems.
As reported by Reuters, in a letter to US Trade Representative Jamieson Greer, co-signed by Representative Jan Schakowsky, Warren urged negotiators to strengthen rather than weaken provisions governing access to AI source code, algorithms and other model information.
Warren argued existing secrecy rules could prevent regulators from effectively addressing the risks posed by AI technologies, even as concerns over their societal impact continue to grow.
Industry groups representing companies including Google, Meta, Apple and Amazon Web Services have previously argued against mandatory disclosure of proprietary AI systems, citing concerns over competitiveness and IP protection.
– Prologis has made a £14 bn ($17 bn) ‘best and final’ takeover offer for UK warehouse owner Segro, increasing its bid after several earlier proposals were rejected. According to Bloomberg (paywall), the revised offer values Segro at £10.317 per share and includes 0.092 new Prologis shares for each Segro share plus a partial cash alternative of up to £3.5 bn, representing 25 percent of the total consideration.
Segro’s board said it would be prepared to recommend the offer if Prologis makes a formal bid and the parties agree on the remaining terms.
If completed, the transaction would be the largest UK-listed takeover of 2026 and create one of the world’s largest logistics real estate groups. Existing Segro shareholders would own about 8.9 percent of the combined company, while Prologis has also proposed exploring a secondary listing in London.
– Wise's application for a US national trust bank charter has been rejected by the Office of the Comptroller of the Currency, which cited 'longstanding deficiencies' in the fintech's AML controls and concerns over its understanding of US banking law.
According to The Financial Times (paywall), the regulator said Wise had not demonstrated sufficient expertise in fiduciary banking activities and could not be sure the company would operate effective an effective anti-money laundering and countering the financing of terrorism compliance program until the deficiencies were addressed.
Wise said the application was more than a year old and no longer reflected its compliance framework, adding that it has since made significant improvements. The company plans to submit a new application under the recently enacted Genius Act.
Natalie Bannerman
Natalie is a former telecoms and infrastructure journalist, a role she held for nearly seven years. Before this, she worked in the B2C startup space, covering lifestyle, arts and culture reporting. As senior reporter for Governance Intelligence she...
