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White House expected to narrow ‘Liberation Day’ tariffs
The White House is narrowing its approach to tariffs set to take effect on April 2nd, dubbed “Liberation Day” by President Donald Trump, likely omitting a set of industry-specific tariffs while applying reciprocal levies on a targeted set of nations that account for the bulk of foreign trade with the U.S. There had been plans…
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JPMorgan faces lawsuit over health benefits
JPMorgan Chase is facing a lawsuit filed in the United States District Court for the Southern District of New York alleging mismanagement of employee health benefits. The lawsuit accuses the bank of failing its employees by agreeing to overcharges in prescription drugs by the company’s pharmacy benefit manager (PBM), CVS Caremark, which sets the drug…
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Greenpeace ordered to pay more than $660m for defaming oil firm
A North Dakota jury has found Greenpeace liable for defamation, and ordered the environmental group to pay more than $660m in damages to Texas-based pipeline company Energy Transfer for its role in one of the largest anti-fossil fuel protests in U.S. history. Energy Transfer also accused Greenpeace of trespass, nuisance and civil conspiracy over the…
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Fintechs and crypto companies seek bank charters for growth
Fintech and cryptocurrency companies are increasingly pursuing bank charters to expand their operations and gain credibility, anticipating a more favorable regulatory environment under the Trump administration. Industry experts note a surge in interest, with firms like SmartBiz recently acquiring a national bank charter, a move that could lower borrowing costs and enhance legitimacy. Alexandra Steinberg…
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FIIG taken to court over cyber breach
The Australian Securities and Investments Commission (ASIC) has initiated legal proceedings against fixed-income broker FIIG Securities, alleging the firm failed to implement adequate cybersecurity measures over four years, leading to a significant data breach. The breach, which occurred between May 19 and June 8, 2023, resulted in the theft of around 385 gigabytes of confidential…
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Expected investment banking rebound is delayed
Market volatility and economic uncertainty are expected to delay the anticipated investment banking rebound in 2025, according to analysts at Morgan Stanley. Despite initial optimism following the election of President Trump, which raised hopes for less regulation and lower corporate taxes, actual capital markets activity has not met expectations. “We are now living in a…
