Tuesday, September 13, 2022

Stellantis to buy back shares worth about $920 million from GM

Tue, September 13, 2022

The logo of Stellantis is seen on a company's building in
 Velizy-Villacoublay near Paris

(Reuters) - American-Italian-French automaker Stellantis NV said on Tuesday it will buy back shares worth about 923 million euros ($919.31 million) from General Motors Co.

Stellantis said it would buy back about 69.1 million common shares, or about 2.2% of the company's share capital.

General Motors currently holds this stake in Stellantis in warrants, which it will convert into equity shares for Stellantis to purchase on Thursday, according to the statement.

GM was issued these warrants by Peugeot SA in 2017 as part of the U.S.-based automaker's sale of Opel-Vauxhall business. In 2021, Peugeot completed its own merger with Fiat Chrysler to become Stellantis.

In addition to the price for shares, Stellantis will also pay GM in 1.2 million common shares of car parts maker Faurecia SE and about 130 million euros in cash for rights to dividends paid by Peugeot and Stellantis.
Wells Fargo Commits to Racial-Equity Audit Ahead of Hearings

Hannah Levitt
Tue, September 13, 2022 


(Bloomberg) -- Wells Fargo & Co. will commission a third-party racial-equity audit after years of advising shareholders to vote against one, as Chief Executive Officer Charlie Scharf prepares to appear at a pair of congressional hearings.

The audit will examine Wells Fargo’s business in diverse communities and support of diversity in its workforce, according to a statement Tuesday. Wells Fargo hired law firm Covington & Burling LLP to do the assessment and plans to publish results by the end of next year.

Wells Fargo has come under fire from lawmakers this year after a Bloomberg News investigation found the lender approved fewer than half of mortgage refinancings sought by Black homeowners during the pandemic, a lower rate than for White applicants. The scrutiny was further heightened by a New York Times report that the wealth-management division had conducted sham interviews with Black and female candidates for positions that were no longer available, prompting the firm to review and adjust hiring practices.

“Commissioning this work is a critical next step in reinforcing our commitment to racial equity and closing the wealth gap in this country,” Scharf said in the statement. “We consistently strive to measure our progress and hold ourselves accountable.”

Wells Fargo joins rivals JPMorgan Chase & Co. and Citigroup Inc. in agreeing to such an audit. The San Francisco-based firm urged shareholders to vote against a shareholder-proposed racial-equity audit earlier this year and last year, arguing that it was already committed to advancing diversity, equity and inclusion. On both occasions, shareholders rejected the proposals.

There are some differences, at least in phrasing, between the audit proposed at this year’s annual shareholder gathering and what Wells Fargo said it’s undertaking. The earlier proposal asked the board to study the lender’s “adverse impacts” on communities of color. In its statement Tuesday, the bank said the review will focus on efforts to “serve diverse communities and promote a diverse workforce.”

Scharf and peers including JPMorgan CEO Jamie Dimon are set to testify before the House Financial Services Committee and Senate Banking Committee next week.
Checkout.com Will Eliminate About 5% of Employees in Latest Cut

Ivan Levingston
Tue, September 13, 2022 



(Bloomberg) -- Checkout.com is eliminating 5% of its staff, the latest in a series of job cuts that’s swept technology companies this year as investors pull back on funding.

The company confirmed that it was reducing its workforce by about 100 people in a statement in response to Bloomberg questions on Tuesday.


“This decision did not come lightly, but will allow us to focus on the strategic priorities against our mission,” a company spokesperson said in the statement.

A wave of layoffs is hitting technology startups that rely on funding from increasingly cautious investors. Publicly announced job cuts jumped to 37,000 in the second quarter from under 3,000 a year ago, according to Layoffs.fyi, which collects data on jobs in the tech industry. Buy-now-pay-later giant Klarna Bank AB said in May it would trim about 10% of its workforce and in July announced a “down round” that cut its valuation to $6.7 billion from $45.6 billion.

Read More: Startups That Grew Fast Learn Shrinking Can Be Just as Tough

Checkout.com separately fired several employees earlier this year due to harassment complaints that arose from an off-site trip to Cyprus, Bloomberg News reported on Monday.

Checkout.com was last valued at $40 billion in January after raising $1 billion from investors including Tiger Global Management and the Qatar Investment Authority. At the start of the year, the company said it employed more than 1,700 people in 19 countries.

It processes payments for companies such as Pizza Hut Inc. and Farfetch Ltd., according to its website. In recent years it also made a significant push into working with cryptocurrency companies such as Coinbase Global Inc. and Binance.

Read More: Checkout.com Fires Staff Over Harassment Claims From Cyprus Trip

Fintech and cryptocurrency transactions accounted for more than half of the company’s payments volume, its chief financial officer told the Wall Street Journal in January. Many crypto trading platforms have seen transactions drop amid a broader downturn in valuations for the digital currencies.
Singapore Exchange Makes Push for Full Disclosure of CEO Pay

Ishika Mookerjee
Mon, September 12, 2022 



(Bloomberg) -- Singapore Exchange Ltd. is planning changes to its corporate disclosure rules, including asking companies to reveal exactly how much their chief executive officers are paid.

own as SGX RegCo, will consult the market on requiring disclosures for the remuneration of CEOs and directors, according to a statement. It will also propose imposing a nine-year cap on the tenure of independent directors. It didn’t provide a timeline for either consultation.

There’s been a global push for more transparency on executive pay, with the US Securities and Exchange Commission last month introducing a rule requiring disclosure of additional details such as performance incentives. Singapore is also seeking to change low board renewal at local companies, where it’s common to see independent directors in their positions for about a decade or longer.

“I’m quite disappointed with how companies have approached the whole long-serving IDs matter,” Tan Boon Gin, CEO of SGX RegCo, said at a briefing. Meanwhile, “remuneration disclosures remain poor” with companies citing competition as the reason, he added.

Only 5% of companies fully disclosed the remuneration amount in dollar value paid to both directors and CEOs on a named basis, with breakdowns for salary, bonus and benefits, according to a review by KPMG LLP of the Code of Corporate Governance disclosures for Singapore-listed companies. The review’s findings were released in June.

The Singapore regulator is making a push for companies to become more ESG-conscious, also requiring mandatory climate-related disclosures as well as those around board diversity.
Smallest French Corn Crop Since 1990 Shows Drought’s Huge Toll

Megan Durisin
Tue, September 13, 2022 



(Bloomberg) -- French farmers are collecting their smallest corn crop in more than three decades, highlighting the massive toll that summer drought has wrought on Europe’s food supplies.

Heat and dryness gripped much of the continent throughout summer, in what may be its worst drought in at least 500 years. That’s been particularly brutal for farmers, who are already dipping into winter forage reserves to feed cattle as pastures wither and who face shrinking output of everything from potatoes to sugar.

The corn harvest has just kicked off in France, one of Europe’s agricultural heavyweights. The country’s production of the staple grain used to feed chickens and pigs will fall 25% to 11.6 million tons, the lowest since 1990, its agriculture ministry said Tuesday. The adverse weather has reduced harvests of almost all crops from last year, apart from oilseeds, the report showed.

“No region is spared from the drop in yield,” the French ministry said of corn.

The smaller crops threaten to keep food prices high. Consumer food costs in July already jumped 12% from last year in the European Union and even more in the UK. The bloc is importing corn from nations like Ukraine to help ease the shortfall, although sales from the war-torn country are expected to fall by half versus the prior season.

Fields in Germany and Romania, other key EU producers, also suffered from drought. Plus, producers are grappling with spiraling costs of fertilizer and gas, which is used to dry crops like corn after they’re harvested.

Still, rains have picked up this month, according to forecaster Maxar. That should improve conditions for winter-wheat planting that is now underway.

French corn futures were little changed near the highest in almost three weeks on Tuesday.

P3 PUBLIC PENSIONS FUND PRIVATIZATION

OTPP Is Said to Near Deal to Buy EQT’s Stake in Packaging Firm

Manuel Baigorri and Kiel Porter

(Bloomberg) -- Ontario Teachers’ Pension Plan Board, one of Canada’s largest public-sector pension managers, is nearing a deal to buy a stake in specialty packaging company GPA Global from buyout firm EQT AB, according to people familiar with the matter.

OTPP is poised to beat out rival bidders for the stake in GPA, the people said, asking not to be identified because the matter is private. The parties are hammering out the final details of a transaction that could be announced in the next few weeks, the people said.

The Canadian fund and Asian private equity firm FountainVest Partners were among shortlisted bidders vying for the stake, Bloomberg News reported last month. The deal could value the packaging business at about $700 million to $800 million, people familiar with the matter have said.

While discussions are at an advanced stage, they could still be delayed or fall apart, the people said. Representatives for OTPP and Stockholm-based EQT declined to comment.

GPA, founded as Green Packaging Asia in 2007, makes premium packaging for items including electronics, beauty products, cannabis, wine and spirits, according to its website. It has manufacturing sites across North America, Europe and Asia. EQT bought a co-controlling stake in the business in 2017 for an undisclosed amount, with the business co-founders remaining as majority shareholders after the transaction.

OTPP, which has set a target of $300 billion in net assets by 2030, has made similar acquisitions in the past. It bought a stake in packaging firm Logoplaste from Carlyle Group Inc. last year for an undisclosed amount.

Nearly 300 demand South Korea probe their adoptions abroad




Peter Møller, attorney and co-founder of the Danish Korean Rights Group, speaks to the media after submitting the documents at the Truth and Reconciliation Commission in Seoul, South Korea, Tuesday, Sept. 13, 2022. Nearly 300 South Koreans who were adopted to European and American parents as children have so far filed applications demanding South Korea’s government to investigate their adoptions, which they suspect were based on falsified documents that laundered their real status or identities as agencies raced to export children. 
(AP Photo/Ahn Young-joon)


SEOUL, South Korea (AP) — For 40 years, Louise Kwang thought she was an orphan baby found on the streets of the South Korean port city of Busan before her adoption by Danish parents in 1976.

She felt her entire sense of identity collapse in 2016 when her South Korean agency matter-of-factly acknowledged that her origin story was fiction aimed at ensuring her adoptability.

“(The English file) says you were transferred from Namkwang Children’s Home in Pusan (Busan) to KSS for international adoption. In fact, it was just made up for adoption procedure,” Kyeong Suk Lee, a social worker at the Korea Social Service, wrote in a letter to Kwang after she requested her original Korean-language file.

The agency turned out to know about Kwang’s biological parents, including her father whom she later met. There’s no indication Kwang was ever in Busan, which is several hours’ drive from the country’s capital, Seoul, where her father had been living in 1976.

“I was not an orphan. I have never been to Busan nor at the orphanage in Busan,” Kwang said at a news conference in Seoul on Tuesday. “This was all a lie. A lie made up for adoption procedure. I have been made non-existent in Korea, to get me out of Korea as fast as possible.”

Kwang is among nearly 300 South Korean adoptees in Europe and the United States who so far have filed applications calling for South Korea’s government to investigate the circumstances surrounding their adoptions, which they suspect were based on falsified documents that laundered their real status or identities.

Their effort underscores a deepening rift between the world’s largest diaspora of adoptees and their birth nation decades after scores of Korean children were carelessly removed from their families during a foreign adoption boom that peaked in the 1980s.

The Denmark-based group representing the adoptees also on Tuesday delivered a letter to the office of South Korean President Yoon Suk Yeol urging him to prevent agencies from destroying records or retaliating against adoptees seeking their roots as the agencies face increasing scrutiny about their past practices.

The 283 applications submitted so far to Seoul’s Truth and Reconciliation Commission describe numerous complaints about lost or distorted biological origins.

Some adoptees say they discovered the agencies switched their identities to replace other children who died, were too sick to travel, or were retaken by their Korean families before they could be sent to Western adopters. They say such findings worsen their sense of loss and sometimes lead to false reunions with relatives who turn out to be strangers.

Peter Møller, attorney and co-founder of the Danish Korean Rights Group, said he also plans to sue two Seoul-based agencies -– Holt Children’s Services and KSS -– over their unwillingness to fully open their records to adoptees.

While agencies often cite privacy issues related to birth parents to justify the restricted access, Møller accuses them of inventing excuses to sidestep questions about their practices as adoptees increasingly express frustration about the limited details in their adoption papers that often turn out to be inaccurate or falsified.

Møller’s group last month initially filed applications from 51 Danish adoptees calling for the commission to investigate their adoptions, which were handled by Holt and KSS.

The move attracted intense attention from Korean adoptees from around the world, prompting the group to expand its campaign to Holt and KSS adoptees outside of Denmark. The 232 additional applications submitted Tuesday included 165 cases from Denmark, 36 cases from the United States and 31 cases combined from Belgium, the Netherlands, Norway and Germany.

The commission, which was set up in December 2020 to investigate human rights atrocities under military governments that ruled South Korea from the 1960s to 1980s, must decide in three or four months whether to open an investigation into the applications filed by the adoptees. If it does, that could trigger the most far-reaching inquiry into foreign adoptions in the country, which has never fully reconciled with the child export frenzy engineered by its past military leaders.

While the commission’s deadline for applications comes in December, Møller said his group will try to persuade the commission to keep the door open for more applications from adoptees if it decides to investigate the cases.

“There are many more adoptees that have written us, called us, been in contact with us. They are afraid to submit to this case because they fear that the adoption agencies will ... burn the original documents and retaliate,” said Møller. He said such concerns are greater among adoptees who discovered that the agencies had switched their identities.

Holt didn’t respond to calls for comment. Choon Hee Kim, an adoption worker who has been with KSS since the 1970s, said the agency is willing to discuss issues surrounding its adoptions with adoptees individually but not with the media.

When asked about KSS letters admitting to the falsifying of biological origins, Kim said, “The adoptees are saying they received such letters because they did, and it’s not like they are making things up.”

About 200,000 South Koreans were adopted overseas during the past six decades, mainly to white parents in the United States and Europe and mostly during the 1970s and 1980s.

Military leaders saw adoptions as a way to reduce the number of mouths to feed, solve the “problem” of unwed mothers and deepen ties with the democratic West.

Special laws aimed at promoting foreign adoptions effectively allowed licensed private agencies to bypass proper child relinquishment practices as they exported huge numbers of children to the West year after year.

Most of the South Korean adoptees sent abroad were registered by agencies as legal orphans found abandoned on the streets, although they frequently had relatives who could be easily identified or found. That practice often make their roots difficult or impossible to trace.

It wasn’t until 2013 that South Korea’s government required foreign adoptions to go through family courts, ending the policy that allowed agencies to dictate child relinquishments, transfer of custodies and emigration for decades.

NO PROBLEM CROSSING THE BORDER

Boon or threat? Mexico City wrestles with influx of remote U.S. workers


Mexico City wrestles with influx of remote U.S. workers


Tue, September 13, 2022

By Alberto Fajardo, Roberto Ramirez and Josue Gonzalez

MEXICO CITY (Reuters) - In a trendy part of Mexico City, in a park surrounded by hipster coffeeshops and restaurants, stands a figure dressed in white with hands in prayer like a Catholic statuette: the so-called patron saint against gentrification.

Sandra Valenzuela, a Mexican activist, created the statue to rally neighbors against what she regards as a rising threat to her community and others in the Mexican capital.

A wave of international visitors predominantly from the United States has poured into Mexico City's cafes, parks and AirBnbs as they work untethered from daily office commutes by the COVID-19 pandemic.

Nearly two million foreigners touched down at the Mexico City International Airport in the first half of 2022, inching toward the record 2.5 million arrivals in the first half of 2019. Meanwhile, demand for short-term rentals across Mexico City surged 44% over the same period, according to AirDNA, a market research company that analyzes online rental listings.

Marko Ayling, a writer and content creator who lives in Mexico City, strolled through the coveted Condesa neighborhood, where "For rent" ads alternate with signs for chic cafes and plant-based eateries.

"There's obviously a lot of advantages if you can earn in dollars and spend in pesos," said Ayling, originally from San Diego, California. "You're essentially tripling your income."

But housing activists and some researchers say the digital nomad influx exacerbates inflation and transforms neighborhoods into exclusive expatriate bubbles, in a city well-known for stark divides between rich and poor.

RISING PRICES

Residents in lux neighborhoods like Condesa and Roma complain that long-time residents are getting pushed out as homeowners increasingly opt to rent their homes through short-term rental platforms like AirBnb, where they can earn 25,000 Mexican pesos ($1,261) per month, said Rafael Guarneros, president of a Condesa neighborhood association.

The gap between American and Mexican salaries means even affluent Mexico City residents can get priced out, in a city that is already home to wide wealth disparities. According to Mexico's statistics agency, the top 10% of Mexico City households earned more than 13 times as much as the bottom 10% of households in 2020.

Average daily rates for short-term rentals across Mexico City jumped 27% to $93 in August 2022, compared to August 2019, AirDNA data show. The Mexican government stopped publishing average rental rates in 2018, but a study by real estate website Lamudi found Mexico City rents dropped slightly between December 2020 and December 2021. However, there has been little research on this subject since the COVID-19 induced wave of remote work.

On an August afternoon, Juan Coronado slid into a leafy restaurant booth before opening his laptop to get work done while he dined.

Coronado, an architect and interior designer who lives between Los Angeles and Mexico City, said he understands locals are resentful.

"I don't live for free, I help the economy," he said. "But for them… my presence here doesn't help the fact that rents go up."

Although Mexico City landlords can only raise rents by up to 10% per year by law, the rules are rarely enforced. The short-term rental market has no such restriction.

NEIGHBORHOOD CHANGE

Beyond rising prices, residents cite less tangible changes that make their neighborhoods feel more welcoming to foreigners than locals.

"There is no way for people to sleep peacefully," said Quetzal Castro, a resident of Condesa, which she says has become a center of noisy nightlife, pushing friends to leave.

Digital nomads - as people who travel while working remotely are known - impact the local economy differently than traditional visitors, said David Wachsmuth, a McGill University professor who researches gentrification.

More likely to settle in residential neighborhoods, they spend at local businesses, Wachsmuth said, but also create demand for services with little benefit to long-term residents: "Grocery stores turn into restaurants."

While digital nomads enjoy a lifestyle out of reach to most Mexico City workers, who earn 53 Mexican pesos ($2.67) per hour on average, Ayling from San Diego pointed to a silver-lining of foreigners' love for the capital city.

"It's not just narcos and violence and poverty," Ayling said. "There's beautiful sides of this country and they're celebrating that too."

($1 = 19.8210 Mexican pesos)

(Reporting by Alberto Fajardo, Roberto Ramirez and Josue Gonzalez; Additional reporting and writing by Jackie Botts; Editing by Stephen Eisenhammer and Josie Kao)

Russian critic who urged Ukraine talks doesn't fear arrest


Tue, September 13, 2022 at 7:47 AM·3 min read

MOSCOW (AP) — A Russian politician who made waves by questioning Russia's strategy in Ukraine on national television said Tuesday he spoke the truth and does not fear punishment under harsh laws against discrediting soldiers and spreading fake news about the conflict.

The remarks by Boris Nadezhdin, a former liberal national Parliament member, came as Russian forces retreated from much of Ukraine's Kharkiv region in the face of a Ukrainian counteroffensive.

During a talk show on state-controlled NTV on Sunday, Nadezhdin said President Vladimir Putin had been misled by intelligence services that apparently told him Ukrainian resistance would be brief and ineffective. Nadezhdin also called for fighting to end and negotiations to begin.

Russian officials in recent weeks have repeatedly accused Ukraine of being unwilling to negotiate, but they have also put forth draconian terms. Former President Dmitry Medvedev on Monday said Russia would demand total capitulation in order to negotiate.

In an interview with The Associated Press Tuesday, Nadezhdin said negotiations on a ceasefire “are possible always and everywhere.” But he said resolving issues such as the status of the eastern separatist regions and of Crimea, which Russia annexed from Ukraine in 2014, would be far more difficult.

“Negotiations on these issues? They are now absolutely unrealistic, because there is a position like this: ‘We will defeat you, no we will defeat you’,” he said.

Nadezhdin's televised comments were notable because of Russia's moves to stifle criticism of its sending troops into Ukraine. Days after the operation started, Parliament approved legislation that outlawed alleged disparaging of the Russian military or the spread of “false information” about the operation in Ukraine.

OVD-Info, a legal aid group that tracks political arrests in Russia, has counted 90 criminal cases on charges of spreading false information about the Russian military since Feb. 24.

“I have definitely not violated any Russian laws," Nadezhdin told the AP. “There was not a single fake at all, not a single fake in what I said. There was a statement of absolutely obvious facts."

The pullback of troops from the Kharkiv region and Ukraine's counteroffensive in Russian-held parts of the southern Kherson region have raised concerns that Russia is faltering in what officials insist be called a “special military operation.”

The leader of the Communist Party, the country's second-biggest political grouping, on Tuesday called both for a general mobilization to boost the military's manpower and for the conflict to be openly called a war.

“War and a special operation are fundamentally different. You can stop the special operation, you cannot stop the war, even if you want to," Gennady Zyuganov was quoted as saying by Russian news media.

“Maximum mobilization of forces and resources is required.” he said.

Mild criticism of Putin is also emerging.

Seven members of a local council in St. Petersburg last week called on the national Parliament to bring treason charges against Putin because of the Ukraine conflict; five of them have been charged with discrediting the army.

A local council in Moscow last week passed a resolution calling on Putin to resign, saying “The rhetoric that you and your subordinates are using has been riddled with intolerance and aggression for a long time, which in the end effectively threw our country back into the Cold War era. Russia has again begun to be feared and hated.”

A judge punished Alex Jones for refusing to turn over data that could reveal how much he made from Sandy Hook coverage

Alex Jones.Tom Williams/CQ Roll Call
  • Alex Jones is in court again to determine how much he should pay the families of Sandy Hook victims.

  • On the trial's first day, the judge sanctioned Jones for refusing to turn over discovery material.

  • Jones was ordered last month to pay $50 million to the parents of Jesse Lewis in a separate trial.

InfoWars host Alex Jones has been punished by a judge for not turning over documents to Sandy Hook families' lawyers — again.

The right-wing conspiracy theorist was sanctioned by a Connecticut judge on Tuesday at the opening of his defamation damages trial in the state for not turning over enough web data about his coverage of the 2012 Sandy Hook school shooting.

Jones is on trial in Connecticut to determine how much he has to pay the families of several victims of the 2012 massacre over his repeated bogus claims that the mass shooting was a "hoax."

The families' lawyers wanted to draw a connection between the Google Analytics data and merchandise sales. Jones turned over data up through June 2019, but didn't reveal data from the last three years.

Judge Barbara Bellis called Jones' failure to fulfill his discovery obligations "stunningly cavalier" and sanctioned him. She also banned his lawyers from arguing that he didn't profit from his coverage of the Sandy Hook shooting.

"This stunningly cavalier attitude with respect to their discovery obligations is what led to the default in the first place," Bellis said in Connecticut Superior Court.

The judge added, "The defendants have consistently engaged in dilatory and obstructive discovery practices from the inception of these cases, right through to the trial."

Jones was nowhere to be seen at the courthouse in Waterbury, Connecticut, on Tuesday. The courtroom was packed with a mix of victims' family members and the media. About 20 family members entered together 15 minutes before the trial.

About an hour before the trial kicked off, a lone female protester held up a sign outside: "Alex Jones karma is a bitch," it read.

Last month, a Texas jury ordered Jones to pay nearly $50 million to the parents of 6-year-old Jesse Lewis, one of the 26 killed in the school massacre, after they sued him for defamation for falsely claiming the shooting was a hoax.

Bellis ruled in 2021 that Jones and his company, Free Speech Systems, were liable for defaming 15 plaintiffs. The plaintiffs are suing Jones for defamation, alleging intentional infliction of emotional distress.

The plaintiffs in the Connecticut trial were part of three separate lawsuits that have been consolidated and include relatives of several Sandy Hook shooting victims and one FBI agent.

The plaintiffs say they have been harassed in person and received death threats and abusive comments online from Jones's followers because of his claims that the shooting was a hoax, according to the Associated Press.

During his initial defamation trial in Texas, Jones admitted that the Sandy Hook shooting was 100% real and apologized for hurting the feeling of the victims' families, but he later reneged on his apology in an interview and said "I don't apologize anymore. I'm done."


Alex Jones' attorney suggests at

defamation trial that Sandy Hook 

plaintiffs are just anti-gun activists

Infowars host and conspiracy theorist Alex Jones speaks outside of the Dirksen building on Capitol Hill in Washington, Sept. 5, 2018.AP Photo/Jose Luis Magana, File
  • InfoWars' Alex Jones faces another trial for falsely claiming the Sandy Hook massacre was a "hoax."

  • Families of eight victims — plus an FBI agent who responded to the attack — are the plaintiffs.

  • The trial is in Waterbury, Connecticut – under 20 miles from where the 2012 mass shooting unfolded.

The defense attorney for InfoWars host Alex Jones suggested during his defamation damages trial Tuesday that parents of children who died during the 2012 Sandy Hook school massacre are exaggerating their claims to promote an anti-gun political agenda.

During his opening remarks, Norm Pattis said the plaintiffs were attempting to silence Jones for supporting the Second Amendment. Jones has long claimed the massacre was a charade designed to give the government a reason to take away people's guns.

The conspiracy theorist shock jock was nowhere to be seen Tuesday as he faced a second trial for spreading the false claim that the Sandy Hook school shooting was a government-orchestrated "hoax" played out by "crisis actors."

The trial is taking place in Waterbury, Connecticut — fewer than 20 miles from Newtown, where 20 first-graders and six educators were killed in the mass shooting — and is the second of three defamation damages cases against Jones.

Last month, the first of those trials ended with a Texas jury awarding the parents of one of the victims nearly $50 million.

Much more is at stake in Connecticut, where the families of eight victims plus an FBI agent who responded to the attack are all plaintiffs.

Jones has already lost all three defamation cases, and the current round of trials concern how much he owes the families. The Connecticut trial is expected to last five weeks, and Jones is expected to testify, though it is unclear when.

Day one kicked off with a major victory for the plaintiffs, who complained Jones had not turned over enough Google Analytics data to illustrate how Infowars monetizes web traffic.

As a result, Judge Barbara Bellis sanctioned Jones and banned his lawyer from arguing he didn't profit from his Sandy Hook coverage. Bellis called Jones' failure to fulfill his discovery obligations "stunningly cavalier."

Chris Mattei, an attorney representing the Sandy Hook families, kicked off opening statements Tuesday morning, telling the jury of three men and three women that Jones started claiming the massacre was fake the very morning of the shooting, before many of the families had even learned what had happened to their children.

Mattei said none of the family members wanted to sue Jones, but they were defenseless against his lies that questioned their grave loss and led to them to be harassed by Jones' legion of followers.

"None of them wanted to bring this lawsuit, they don't want to be here. We trust you to decide what's appropriate here," he told the jurors.

The families will never get back what they lost, he said, but this lawsuit may help stop Jones when another school shooting inevitably takes place.

"Where will Alex Jones be? Will he be in the studio ready to pounce? Or will you stop him?" Mattei asked the jurors.

Pattis then gave his opening remarks, which started off barely audible for those in the gallery. He said he was "stunned" to hear his opposing counsel's opening statements since "stopping Alex Jones" is "not why we're here."

Instead, jurors are tasked with deciding what the plaintiffs are owed according to the law, Pattis said.

Mattei made several objections when his opposing counsel started describing the parents as political activists for gun control, most of which the judge sustained. He warned Pattis that he was being "improper," and after the third objection, scolded him: "One more time and I will ask you to be seated," he said.

Pattis' arguments were largely tied to free speech. He said that while some people believe Jones, most simply tune him out. He questioned whether the Sandy Hook parents should try to "turn him off" simply because they object to his message.

When Pattis at one point said that "no one will minimize" what the families have lost, a Sandy Hook mother in the gallery could be heard whispering under her breath.

"He just did," she said.