Posts Tagged ‘Cameron Abrams’

Paxton Wrests $1.375 Billion From Google

Tuesday, May 13th, 2025

More good news out of the Texas Attorney General’s office: He just compelled Google to cough up $1.375 billion to settle a lawsuit over illegally using biometric data.

Texas Attorney General Ken Paxton’s 2022 accusation that Google collected “very sensitive information like biometric identifiers” has culminated in a $1.375 billion settlement from the tech company.

“In Texas, Big Tech is not above the law. For years, Google secretly tracked people’s movements, private searches, and even their voiceprints and facial geometry through their products and services. I fought back and won,” Paxton wrote in a statement released on Friday.

“This $1.375 billion settlement is a major win for Texans’ privacy and tells companies that they will pay for abusing our trust. I will always protect Texans by stopping Big Tech’s attempts to make a profit by selling away our rights and freedoms.”

The settlement is the conclusion of two separate lawsuits against Google.

“This settles a raft of old claims, many of which have already been resolved elsewhere, concerning product policies we have long since changed,” José Castañeda, a Google spokesperson, told Reuters in a statement.

“We are pleased to put them behind us, and we will continue to build robust privacy controls into our services.”

Paxton notes in the announcement that no state has yet secured a data privacy settlement exceeding $93 million from Google for similar violations. “Even a multistate coalition that included forty states secured just $391 million — almost a billion dollars less than Texas’s recovery.”

This Google settlement comes less than a year after Paxton also announced a $1.4 billion settlement with Meta, the parent company of Facebook, following allegations it had collected Texans’ biometric identifiers without their consent.

In 2023, Gov. Greg Abbott signed into law House Bill (HB) 4, otherwise known as the Texas Data and Privacy Security Act (TDPSA).

The act establishes a set of rights for internet users over their personal data, including the ability to access, correct, delete, and block its sale, while protecting users from discrimination for exercising these rights.

Once you get up into the billion dollar range, that’s a lot of cheddar even for one of the world’s largest multinational tech companies. What a settlement this large tells me is that Google is guilty as sin and they’re terrified of trial discovery. Indeed, I’d put money on them engaging in other shady practices that contravene Texas law.

One wonders just what other sins Google intends the settlement to absolve…

NYSE Chicago Moving To Dallas

Sunday, February 16th, 2025

The New York Stock Exchange Company is moving operations for the Chicago Stock Exchange (which it’s owned since 2018) to Dallas.

The Lone Star State has long been a magnet for capital investment, and recent developments regarding the establishment of not one, but two Texas-based stock exchanges seek to increase that momentum.

The Texas Stock Exchange (TXSE), set to be based in Dallas, was announced in June last year on the principle that “Texas and the other states in the southeast quadrant have become economic powerhouses,” according to TXSE founder James Lee.

“Combined with the demand we are seeing from investors and corporations for expanded alternatives to trade and list equities, this is an opportune time to build a major, national stock exchange in Texas.”

The first step to full incorporation was taken in January when registration forms were filed with the Securities and Exchange Commission — after $161 million in initial capital was raised by the TXSE group.

Former Texas governor and U.S. Department of Energy secretary Rick Perry, former acting general counsel for Charles Schwab and former head of its Office of Legislative and Regulatory Affairs Jeffrey Brown, and former KCG Holdings, Inc. chief technology officer Jonathan Ross, are some of the members on the TXSE leadership team.

Now, the New York Stock Exchange (NYSE) has announced plans to establish its own exchange in Dallas, which could be a competitor to the TXSE.

“As the state with the largest number of NYSE listings, representing over $3.7 trillion in market value for our community, Texas is a market leader in fostering a pro-business atmosphere,” NYSE Group President Lynn Martin said in a press release.

“We are delighted to expand our presence in the Lone Star State, which plays a key role in driving our U.S. economy forward.”

NYSE Texas is planned to be a fully electronic equities exchange as part of the Intercontinental Exchange. The plan, pending regulatory filings, is to reincorporate NYSE Chicago in Texas.

Though some stocks are listed specifically on the Chicago Exchange, it also trades stocks listed on other exchanges like NYSE and NASDAQ. Interestingly, a Chinese group tried to buy the Chicago Exchange back in 2016, but Donald Trump objected to the deal and it was eventually rejected by the Securities and Exchange Commission.

Chalk up another case of another company in a failing high tax, high regulation, blue-run locale getting the hell out while the getting is good and moving to Texas.