The US Court of Appeals for the 9th Circuit paused the implementation of a California law mandating that businesses with annual revenue of more than $500 million provide public disclosures of their climate-related financial risks. However, the court rejected a bid to halt enforcement of another California law requiring companies with annual revenue of more than $1 billion to report their greenhouse gas emissions every year. The US Chamber of Commerce has filed an emergency petition with the US Supreme Court as it challenges both laws.

US Bankruptcy Judge Sean Lane approved Purdue Pharma's $7.4 billion settlement, concluding litigation against the company with regard to the opioid crisis. The settlement requires the Sackler family, members of which formerly owned Purdue, to pay up to $7 billion over 15 years, with most funds going to governmental entities to address the opioid crisis. Purdue will dissolve, with its assets transferred to Knoa Pharma.

Cloudflare has confirmed that a global outage that affected services such as ChatGPT, Shopify and X was not caused by a cyberattack but by a bug in the bot mitigation system triggered by a routine configuration change. The incident affected New York City Emergency Management, New Jersey Transit and other critical organizations.

US District Judge Michael Nachmanoff during a hearing today asked Justice Department prosecutor Tyler Lemons if the final version of the indictment of former FBI Director James Comey had not been viewed by the entire grand jury in the case, to which Lemons responded, "Yes, that is my understanding." Comey, who is seeking the dismissal of the charges against him, is arguing that he is the target of a "selective and vindictive" prosecution. He is facing counts of making a false statement to Congress and obstructing a congressional proceeding.

The Justice Department will adhere to a 30-day time frame for releasing its files regarding the late convicted sex offender Jeffrey Epstein "while providing maximum transparency and protecting victims," Attorney General Pam Bondi said. The 30-day window would be required by the bill approved by Congress to compel the release of the Epstein files. That measure is now moving to President Donald Trump's desk.

A memo released by the Federal Reserve's Division of Supervision and Regulation calls on bank examiners to refrain from providing "excessive attention to processes, procedures and documentation that do not pose a material risk." In addition, Fed examiners should rely more on exams and supervisory work by a depository institution's primary state or federal regulator before carrying out their own examinations and when rating banks, the memo says. "By anchoring our work in material financial risks, we strengthen the banking system's foundation while upholding transparency, accountability and fairness," Fed Vice Chair for Supervision Michelle Bowman said.

Federal prosecutors have charged Samy Fadi Khouadja, a former Merrill Lynch banker, in connection with allegations of co-leading a global insider-trading ring that operated from 2016 to 2024. The group, which included seven others named in a Boston indictment, allegedly recruited insiders from public companies and paid them for confidential information about financial results and mergers. Prosecutors say the ring concealed its activities using burner phones, coded language and encrypted messaging and that it generated tens of millions of dollars in illicit profits through a complex international network.

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