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Situational awareness:

  • A federal judge ruled that Qualcomm must pay Apple nearly $1 billion in patent-royalty rebates. (Reuters)
  • Bill McGlashan, a high-profile private equity investor who was among the parents charged in the college admissions cheating scandal this week, has either been fired from or resigned from TPG Capital. (Axios)
  • The SEC is suing Volkswagen and CEO Martin Winterkorn alleging both "perpetrated a massive fraud" and repeatedly lied to U.S. investors in connection with the "Dieselgate" scandal. (CNBC)
  • The Bank of Japan maintained its negative-interest rate policy and cut expectations on exports and economic output. (Reuters)

Editor's note: The top story in Thursday's newsletter on Brexit and the European economy was corrected to show Maastricht limits say government deficit should be no greater than 3% of GDP (not 60%).