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Ohio Attorney General sues 2 home-improvement companies, including Lorain County business
The Ohio Attorney General's Office filed separate lawsuits against two Ohio home-improvement companies, including one based in Lorain County.
Boston Mayor Joins Effort to Protect Legal Cannabis in Massachusetts
Mayor Michelle Wu is the latest in a list of a growing number of high-profile figures endorsing the ‘No on 8’ campaign to protect the Commonwealth’s cannabis laws against a prohibitionist-backed ballot Question 8 in the November mid-term election.
Flightless Jurassic bird was like a carnivorous pheasant with killer claws
An early bird with many dinosaur-like features discovered in China seems to have been a fast-running, land-based carnivore with killer claws.
SEC opposes LSU bid to end lawsuit - Dispute remains 'live'
The SEC is opposing LSU's request to dismiss the conference's lawsuit against the university and its officials, saying a live controversy still exists between the parties.
New NASA data shows why scientists struggle to model Western rivers
New satellite observations show that some global river models struggle to account for dams, reservoirs and other human influences, raising questions about their reliability for water planning.
SPECIAL REPORT: Tough Business
A string of vacant restaurant buildings shows that many restaurants in the region are struggling — and several are closing By Stefan Yablonski [caption id=attachment_11132 align=alignright width=401] Smokey Bones Bar & Fire Grill on Route 31 in Clay closed its doors in April. It had been in operation since at least 2008.[/caption] By their nature, most restaurants have a limited life. An astonishing 60% go out of business within three years of opening, largely due to fundamental flaws in the planning of the operation. But even restaurants that experience years of success almost always face eventual closure. The restaurant business is very hard and because of both personal factors and external factors beyond anyone’s control, restaurants don’t last forever. For many restaurants, age is a big factor, according to Kenneth Walsleben, professor of practice, entrepreneurship and emerging enterprises at Syracuse University. “The owners have been at it for 20 or 25 years, if not longer, they want some time to themselves,” he said. Such was the case for Jocko’s Famous Ritz Diner in Oswego. Jocko Reitz bought the building in the late 1970s from Robert Shapiro. However, when he stepped away from the business, it eventually closed. [caption id=attachment_11142 align=alignright width=402] For nearly 80 years, Vona’s Restaurant passed through three generations of family in Oswego. It closed its doors on Dec. 31, 2025.[/caption] For nearly 80 years, Vona’s passed through three generations of family in Oswego. Vona’s Restaurant officially closed its doors on Dec. 31, 2025, when no family member wanted to take over. It is on the market. The Ruby Tuesday in Oswego operated for about two decades before permanently closing in April 2026. The restaurant faced multiple temporary health department closures in 2024 and 2025 due to persistent fruit fly and foundation pest issues. Management posted a final closure notice on the doors in mid-April 2026 and the building was put up for sale. The same pattern has been happening in Onondaga County. The big building once used by Smokey Bones Bar & Fire Grill on Route 31 in Clay remains empty, more than six months after the restaurant closed its doors in April. It had been in operation since at least 2008. [caption id=attachment_11130 align=alignright width=401] Ruby Tuesday in Oswego operated for about two decades before permanently closing in April 2026.[/caption] Just down the road from Smokey Bones, the popular Outback Steakhouse closed in August 2024. Another restaurant took its place, La Cocina Mexican Restaurant, but it closed shortly after. The building sits empty. Other very popular restaurants in the northern suburbs of Syracuse have recently closed. Among them, Fireside by the River in Baldwinsville and Primo Nestico’s Bistro Bar in North Syracuse. “I haven’t really paid attention to the Syracuse area. There has always been some turnover, but there probably has never been a tougher time to be a restauranter than now. It’s just brutal,” Walsleben said. In the first year, roughly 20% to 25% of restaurants close or change hands, according to the National Restaurant Association. [caption id=attachment_11122 align=alignright width=401] Outback Steakhouse closed in August 2024. Another restaurant took its place, La Cocina Mexican Restaurant, but it closed shortly after. The building sits empty.[/caption] “Depending on what statistics you look at, you’ll find that any business has a high mortality rate in the first year. That is just the nature of entrepreneurship,” Walsleben said. “There are certain ones that are getting hit hard while others are more fruitful. “And when you look at the restaurant industry you have to factor in labor which is a large part — typically a third of your expenses — and those costs are going up. And there is always turnover which means investing money to train people. Then you’ve got food costs, which is also a third of the typical restaurant budget. Since the pandemic labor has gone up 41%, food costs have gone up 35%. That’s a big tight squeeze righty there. That’s two-thirds of your budget that has gone up 35% to 40% in the last few years. And then the only way you can make that work is to raise the prices.” The National Restaurant Association reports menu prices are up 36% since February of 2020. In a survey released by the association, more than eight in 10 restaurant owners reported that their food, beverage and labor costs are now higher than before the pandemic. You have to deal with the reality of are the customers willing to pay for that? Walsleben added. Restaurants historically have very thin margins; their profit margin is about 5%. “You have a third that goes into food, a third that goes into labor and about 28%, 29% that goes into everything else — overhead, insurance etc. So that brings you down to your 5% leftover,” he said. “Everything is going up. Customer expectations are going up and people aren’t going to spend that much more. So, you have a tight squeeze here,” Walsleben continued. “Restaurants who use delivery apps, they pay a fee to those guys. Those guys don’t work for free. So, you can kind of see where the squeeze comes from.” Stuck in the middle There are pockets of opportunity; the two extremes of the market can make a profit. But the middle gets squeezed out. “If you are a low-end fast-food kind of place, there is room for that. People have changed their budgets. They are still going out, but they are not spending more,” according to Walsleben. “The high end remains positive. If you have a restaurant that brings a specific experience … a great food product or you are catering to high end customers who aren’t so budget conscious, those patrons are going to expect a high-end experience. They expect excellent food every time. They are expecting excellent service. If you can meet those expectations there is room for you at the top. It’s just the guys in the middle are getting the squeeze from both ends. Tough competition, customer expectations, costs are up. Menu items, you can’t raise the prices as much as you need to. That is why you are seeing a lot of restaurants baling out.” The ones that can adapt quickly are the ones who are doing OK. “Success is heavily dependent on the strength of a restaurant’s concept development and the planning of its execution. Eventually things aren’t always new. Things change. So, if you are in the restaurant business you have got to change your menu — keep things new, fresh and update your meals. It is very fickle industry. One year carbs are out, the next year berries are out. Everybody’s diet changes — constantly chasing the latest phase. You have got to adjust your menu and move with those modifications. If you have a static menu that you have used the last couple years that hasn’t changed except for the pricing, you’ve got a problem,” he said. A lot of times these buildings are singular purpose, he added. “You have a commercially viable kitchen and you got a seating area. There is not a lot of other businesses that cater to that type of a layout. So, it’s pretty common to see another restaurant slide in,” he said. One of the things a banker learns early on is you don’t lend money to restaurants … because they fail so quickly. It is very hard to predict who the winners will be. So, if you are a restaurant in addition to all the other challenges, it is very difficult to get loans, according to Walsleben. “You might work really well in the kitchen. But that doesn’t mean you are a great businessperson,” he said. “Restaurants can fail because the owner didn’t know how to manage things properly. There are a lot of challenges. “There is opportunity at the high end and the low end. But in the middle, that’s the death valley. There are just so many things working against you. You really need to have something that will pull people in and continue to pull people in because you to constantly have to change. Think about a theme and a product that is unique to the area people don’t travel that far these days you have to be able to deliver it in an innovative fashion and keep updating to keep people coming in the door.” Out of Business? How Fast? Do nine out of 10 restaurants fail in their first year, as commonly claimed? No. Survival analysis of 1.9 million longitudinal microdata for 81,000 full-service restaurants in a 20-year U.S. Bureau of Labor Statistics non public census of business establishments in the western US shows that only 17% of independently owned full-service restaurant startups failed in their first year, compared with 19% for all other service-providing startups, according to ResearchGate. The median lifespan of restaurants is about 4.5 years, slightly longer than that of other service businesses (4.25 years). However, the median lifespan of a restaurant startup with 5 or fewer employees is 3.75 years, slightly shorter than that of other service businesses of the same startup size (4.0 years). What Makes a Restaurant Successful? Opening and maintaining a successful restaurant is not as easy as creating a great menu and serving excellent food. It takes more than that, according to local restaurant owners who have been in business for decades in the region. They all agree that there are some guidelines to running a successful restaurant. • Quality food: Successful restaurants know exactly what they serve and who they serve it to. Delivering the same great taste every single time builds loyal customers. • Smooth operations: Friendly greetings and attentive staff make guests feel welcome from the moment they walk in. Hiring staff for personality and training for skill ensures reliable, caring service. • Smart marketing: Exceptional food and experiences naturally get people talking and sharing online. Word of mouth can help entice customers. Consistent social media and targeted advertising brings in new and repeat guests also. The menu is what keeps patrons coming back to Mimi’s Diner in Fulton, located at 201 N. Second St. “We locally source our produce and our meats. Our chicken and biscuits is a popular, popular special,” said Richard Tagliareni, the third-generation owner and general manager. “It’s all homemade. We have consistently served quality food.” His grandfather started the business more than 55 years ago. Mimi’s is engrained in the community. They cater to the community and are very involved in everything from the schools to local events. The first Mimi’s Drive-In opened in Mexico. Then a second in Oswego and then Fulton. Fulton’s Mimi’s is the only one left. “The last couple of weeks have been kind of slower than normal. October is usually a busier month for us People will start coming back around again. Also, the price of gas is affecting some things,” Tagliareni added. “We try to keep our prices in line. You go out to eat, you’re going to spend about a hundred bucks or so for two people for dinner. You come here to Mimi’s you are probably for two people for dinner it’s between $50 and $60. We are trying to keep our prices in line. We did have to increase our prices a little bit but things are looking OK.” For the Press Box, 29 E. First St., Oswego, it’s also about great food and a family atmosphere. “Our sports bar and restaurant was established in 1984,” said Alison Canale Scanlon, manager. “I think putting the time into everything makes a big difference and treating people like family when they walk into your restaurant. That’s how we have always operated since 1984.” “It’s the family oriented aspect,” she added. “Consistency, quality and presentation of our food — that’s the secret to a successful restaurant. We try to be very consistent with it. We treat people like family when they come in; because we know how we want to be treated when we go to a restaurant. We treat people the same or better.”
Mom-and-Pop Business Owners Grapple with Harsh Times
Report shows small business owners in NYS less optimistic about the economy. Taxes, inflation, labor costs and competition from larger businesses are major concerns right now, they say By Aaron Gifford [caption id=attachment_11067 align=alignright width=300] Ashley Ranslow is director for New York state at The National Federation of Independent Business (NFIB).[/caption] Owners of mom-and-pop businesses in New York state have been less optimistic lately than their peers in other parts of the country, a recent report indicates. The National Federation of Independent Business (NFIB), based on a survey of 11,000 of its members in the Empire State, reported that taxes, inflation, labor costs and competition from larger businesses are major concerns right now. “Indeed, while taxes are a major problem in New York and the United States overall, New York small businesses notably are struggling more with the state’s onerous, multi-level tax burden,” Ashley Ranslow, NFIB’s director for New York state, said in the July report. Compared with surveys of business owners in other states, far fewer New York respondents rated their businesses as in excellent or good health. The report also said labor costs here are about 25% higher than the national average and are the “single most important problem” facing businesses. One respondent to the New York-specific survey complained that too much red tape, taxes and laws that restrict high-yielding companies have stifled their operation’s growth. Others said high disability and workers’ compensation insurance costs, alarming increases in utility rates and excessive building regulations are discouraging. Statewide, New York has a gross domestic product of $2.53 trillion (third in the nation, followed by Texas, $2.90 trillion; and California, $4.25 trillion), a per capita income of $90,500 (sixth) and an unemployment rate of 4.6% (34th). There are 2.4 million small businesses that employ 3.9 million people. [caption id=attachment_11112 align=alignright width=451] Member of the Greater Liverpool Chamber of Commerce gather at one of the several functions the chamber organizes monthly. “Everyone in this business community encourages each other to shop local. Everyone just wants to see each other succeed,” says Megan Wilmot, the chamber director[/caption] “New York state boasts one of the largest, wealthiest and most diverse cities in the world — and that’s still only about half the state’s population,” the report said. “In other words, the state is both its iconic city and so much more — geographically, demographically, economically. But New York is not without its challenges, challenges that include notably high taxes and other weaknesses that impact the small business environment,” it said. The report includes an optimism index that compares responses from New York (NFIB) members with those of their peers in other states across several categories. This ranges from plans to increase employment to expectations for higher sales, to plans to increase inventory or expand. The scores for Empire State business owners were lower in most categories, but they did score higher than the national average in noting that they have current employment openings, and that they are hopeful that the economy will improve. “The metrics so far paint a picture of a state with a series of challenges for small businesses, from a slightly below national average Optimism Index to a more seriously below national business health to very substantially below national Employment Index. What is going on with businesses that are creating these differences?” the report stated. In Central New York, the regional labor force comprises nearly 398,000 workers. The median household income here is $71,463, and the gross domestic product for the region last year totaled $61.3 billion, according to the CenterState CEO economic development and research organization. About half of the region’s labor force works for small and mid-sized businesses, although the number of people employed in that sector has decreased by 7% since 2010, according to CenterState’s 2026 economic forecast report. “While record-high employment in large-scale enterprises provides a strong foundation for Central New York,” the report says, “the long-term health of communities depends on a thriving small business sector to serve as a stabilizer.” Area employers identify several barriers to Central New York’s anticipated growth, including lack of specialized or skilled workers, government regulations, unaffordable housing options and long-term construction disruptions. In the city of Syracuse, the number of jobs in retail trade decreased by 1,500 or 4.7% between July 2025 and this past July. By contrast, the number of jobs in the leisure and hospitality sector increased by 2.5% or 700 jobs, in the same annual period, according to the New York State Department of Labor. Still, there’s plenty of interest for new businesses across Central New York. U.S. Census figures show that the number of applications for new businesses in all four counties increased significantly in the past 20 years. In Cayuga County, there were 324 applications in 2005 compared to 470 last year. In Madison County, the number increased from 385 to 480; Onondaga County, from 2411 to 4132; and Oswego County, from 553 to 836. Downtown Cazenovia is exemplary of Madison County’s trend: In the past year, the village welcomed a bait shop, a thrift store, a vitamin infusion center, a pizzeria, a Pilates studio and an Italian restaurant. A candy store is scheduled to open on the main drag in the months ahead. Oswego’s list of interesting new businesses in the past year includes a bubble tea shop, a hot dog eatery in Fulton, a specialty grocery store that features New York state products in Mexico, a beauty and esthetics studio in Hannibal and a hardware and farm supply store in Sandy Creek. In Onondaga County, the Liverpool area has also enjoyed a steady stream of new shops and eateries in recent years. That suburban community is unique in that, unlike neighboring communities, most of the restaurants are family-owned and not part of a national chain. [caption id=attachment_11116 align=alignright width=300] Megan Wilmot is the executive director of the Greater Liverpool’s Chamber of Commerce.[/caption] Megan Wilmot, executive director of the Greater Liverpool Chamber of Commerce, said independent business owners in her community maintain a strong sense of pride in holding their own against national companies. The chamber helps boost morale with red carpet events, ribbon cuttings, coffee hours and five-year anniversary celebrations for participating businesses. “We have built such a strong community,” Wilmot said. “Everyone in this business community encourages each other to shop local. Everyone just wants to see each other succeed.” In Syracuse, the downtown retail occupancy rate last year was about 82%, a slight improvement from 2024, according to the Downtown Syracuse Committee’s most recent annual report. Buildings with the largest amount of vacant space included The Galleries, One Park Place, and Equitable Towers, though not all of those spaces are designated for retail use. New businesses that opened in downtown Syracuse last year: Better with Time Clothing, Dakshin Curry & Biriyani, Havana Tattoo Society, Milano Bean Café, Miss Daisy, Pausa Coffee, Sweets for Babe, The Society CNY and Yafah Beauty Studio. The Destiny USA mall’s occupancy rate decreased from 80% in 2023 to 72% by the end of 2024, according to Integra Realty Resources. That leaves more than a quarter of the mall’s retail space vacant. “Looking ahead, the retail market is expected to see minimal rent growth, with vacancy rates likely remaining stable in community and neighborhood centers but continuing to rise in enclosed malls,” Integra’s report said. “New construction activity is low and redevelopment plans for former malls like Shoppingtown and Great Northern are still in the planning stages. The proposed Micron chip plant may spur development, but challenges remain in finding co-developers for large-scale projects.” Nationally, the U.S. Chamber of Commerce expects that small businesses will remain resilient and see their sales and revenues eventually improve. That organization, in a recent national survey, found that 25% of small business owners expect the economy to improve in 2027, while 45% indicated that they plan to increase employment in the next 12 months. And 69% said they believe their small business is in good shape and 70% said they are comfortable with their current cash flow. Thirty-one percent of small businesses reported raising their prices in July and 28% are planning to raise their prices within the next three to four months, the report said. Twelve percent indicated that this is a good time to expand their business. “Small business owners voice optimism for future revenues and hiring,” the report said. “High costs continue to be a wet blanket on reinvestment.” The NFIB reported in July that Main Street, despite gas price hikes, “is OK … for now.” Its small business economics trend report said sales across the country have been strong compared to last year, but continued inflation and higher prices from mom-and-pop establishments are causing some “cracks” to show. “If costs stay this high for much longer, reduced investment will have a tangible economic impact,” the report said. “The status quo is OK, but the outlook? The outlook is uncertain.”
Microsoft Patches Record 1,413 Flaws, Including Exploited Windows Shell Bug
Microsoft patched a record 1,413 flaws, including an exploited Windows Shell bug that can bypass Mark of the Web defenses.
'Football 301' diagnoses fatal flaws of 6 NFL contenders: What could derail Bills, Chiefs, Seahawks and more?
Judge extends order giving CNN, MS NOW and Politico access to the White House
The Trump administration must allow CNN, MS NOW, and Politico to access the White House while their lawsuit over the president’s press ban plays out, a federal judge ruled on Tuesday.
Trump's diesel deal with Putin draws bipartisan criticism from a frustrated Congress
The deal is being criticized by both Republicans and Democrats as fueling Russia's war against Ukraine, violating existing U.S. laws and drawing the U.S. closer to Russia.
Detroit family of man who was shot by bailiff during mental health crisis files $150M lawsuit
The story of an eviction, a mental health crisis and a man shot and killed has become a federal lawsuit alleging officials were to blame for what had happened.
CVS agrees to pay $315 million to settle Justice Department case over opioid prescriptions
The settlement resolves a lawsuit brought in 2024 that accused the healthcare giant of providing massive amounts of opioids and other controlled substances “to fuel its own profits at the expense of public health and safety.”
Microsoft October 2026 Patch Tuesday fixes 1,411 flaws, 3 zero-days
Today is Microsoft's October 2026 Patch Tuesday, with security updates addressing a record-breaking 1,411 flaws, including one actively exploited and two publicly disclosed zero-day vulnerabilities.
SerpApi GC on Fighting Two Tech Giants and Keeping the Business Moving
Speaking with Law.com, SerpApi's Chad Anson discussed what it means to be a startup GC in two David-versus-Goliath legal battles, why he believes companies sometimes need to litigate more openly, and the advice he would give any in-house lawyer suddenly facing a potentially existential lawsuit.
Supreme Court sides with Trump administration in lawsuit seeking records on Elon Musk’s DOGE
The Trump administration argues that DOGE is exempt from FOIA’s requirements as a presidential advisory body.
HR organization SHRM found liable in disability lawsuit
A jury found SHRM liable for failing to comply with the Americans with Disabilities Act and the Virginia Human Rights Act.
This 39-year-old quit 80-hour consulting weeks to make underwear for his struggling family business. He credits ‘sweaty feet’ for record profits
"If my sock doesn't fit just right, then when I get back from my hike, I go to the sock department," Minus33 President Lawson Glidden told Fortune.
Small group health insurance market rates announced
Media Release, Office of Superintendent of Insurance (OSI) Santa Fe, NM – The New Mexico Office of Superintendent of Insurance (OSI) has approved 2027 health insurance premium rates for the small group health insurance market. As of March 2026, over 31,000 New Mexicans were enrolled in a small group plan. The average increase across small group plans is 19.8%. These rates take effect on January 1, 2027. The carriers offering small group coverage in New Mexico in 2027 are: Blue Cross Blue Shield of New Mexico (HealthCare Service Corporation) Presbyterian Health Plan Presbyterian Insurance Company UnitedHealthcare of New Mexico UnitedHealthcare Insurance Company Key Factors Driving the Rate Increases The primary factors that contributed to the 2027 increases are: Claims Experience - Higher than expected 2025 New Mexico claims experience, which is the foundation for the 2027 rate development. Cost Trend - Higher utilization and inflation impacted healthcare costs services, which impacts medical services and pharmaceutical costs nationwide. Risk Pool Changes - Nationwide, businesses with healthier employees are opting for alternative health coverage not under the Affordable Care Act (ACA). This results ina smaller and less healthy small group ACA risk pool. Final approved rates will be posted on the OSI website. To view the carrier rate sheets and rate increase specifics, visit the Office of Superintendent of Insurance website here. The Rate Review Process Conducted by OSI The OSI rate review process focuses on approving rates for health insurance plans that are actuarially sound, not excessive, inadequate, or unfairly discriminatory and ensuring health insurance rates comply with all state and federal laws. For more information, visit the Office of Superintendent of Insurance website at https://osi.state.nm.us/en/. *** About the Office of Superintendent of Insurance The Office of Superintendent of Insurance (OSI) is New Mexico’s regulatory agency responsible for overseeing a wide range of insurance products, including private health and life insurance, auto, home, business, and title insurance. OSI regulates private health plans in the individual, small group, and large group markets, ensuring that premium rates are fair, companies are financially sound, and health care insurance coverage is reliable. While OSI does not have authority over self-funded health plans, where an employer assumes the financial responsibility for paying employee health care claims, Medicaid, Medicare, or TRICARE, OSI plays a vital role in protecting consumers by reviewing premium rates, monitoring insurance company conduct, and licensing producers (formerly known as insurance brokers and agents).
Lawsuit puts politics of Frederick County data centers in spotlight
Data centers have become more than a development debate in Frederick County; they are now an election issue, with voters already making their voices heard at th
Many GOP states have imposed voting rules mirroring Trump's midterm proposals
Nearly 40 laws are taking effect for the first time in this year's midterms, mostly in Republican-controlled states. Many of them mirror changes President Donald Trump tried but failed to implement at the national level.
Yankees coach fired at midseason gets second chance in MLB
Dillon Lawson is back as a uniformed coach in MLB. Three years after he was fired by the New York Yankees in the middle of the 2023 season, falling on the sword for the underwhelming performances of the team, Lawson…
Business Court Weakens Lawsuit Against Boeing for Downplaying Dangers of Aircraft
Only Southwest Airlines Pilots Association’s claims for direct damages are allowed to proceed.
Woman sues Upstate deputy for shooting husband during 2024 mental health crisis
A lawsuit filed on Thursday alleges that a Greenville County deputy acted negligently by shooting and killing a man experiencing a mental health crisis in 2024.
Alignment Health sues over 2027 star ratings
Alignment Healthcare’s lawsuit, based on previous years, is likely the first of more to come by other insurers that’s star ratings deteriorated.
Injunction hearing set Tuesday in Health Plan suit against Atrium
An injunction hearing is scheduled Tuesday morning in the State Health Plan’s lawsuit against Atrium. Superior Court Judge Matthew Houston will hold the hearing in Sanford.
Malaysian PM Anwar’s new budget tackles graft, but critics ask: is it too late?
Facing coalition pressure, Anwar has targeted anti-corruption in his 2027 budget, but analysts warn laws alone won’t restore trust.
If Virginia passes the proposed amendment on reproductive health, what happens to the state’s laws on abortion? Here’s what legal experts say.
Opponents have argued that Ballot Question 1 would invalidate existing state law regarding access to abortion care. Law experts say that it would take a court decision to overturn state statute.
Germany's Left Party sues opponents over antisemitism allegations: Are lawsuits a political weapon?
The Left Party is suing two government ministers for accusing them of antisemitism, while Chancellor Friedrich Merz has been sued several times by various parties. Is German politics descending into "lawfare?"
Scientists make stunning discovery that could help explain why life exists
Scientists have discovered that the universe's fundamental physical constants may be finely balanced to make life possible. Even tiny changes to these constants could make liquids too thick or too thin for essential biological processes, potentially preventing life as we know it. Surprisingly, these life-friendly conditions existed billions of years before living cells appeared. The findings raise intriguing questions about why the laws of physics seem so well suited to life.
Squadron 42 opens for Steam wishlisting ahead of a planned Q2 2027 release
Cloud Imperium's single-player space epic Squadron 42, starring Mark Hamill and Gary Oldman, is now on Steam for wishlisting ahead of a Q2 2027 release.
Starbucks lawsuit puts sugary drinks in spotlight as doctor warns of health risks
Dr. Michael Aziz, an attending physician at Lenox Hill Hospital, discusses the sugar content of specialty coffee beverages amid litigation involving Starbucks, with estimates reflecting specific sizes and customizations.
Ongoing lawsuits allege GLP-1s can cause serious harm. But we don't know how often
Scant data about serious adverse effects makes it harder to answer scientific and legal questions about how often the drugs might cause serious harm like blindness or pancreatitis.
NASCAR’s Legal Fight Will Freeze Talent Movement Forever
A judge ordered evidence in the JGR vs. Spire lawsuit, but Denny Hamlin calls the drama a mess. Talent movement could stop.
Trump asks Supreme Court to revive his 2016 election lawsuit against Hillary Clinton
President Donald Trump urged the Supreme Court on Friday to wade into his years long legal battle with former Democratic presidential nominee Hillary Clinton and ex-Justice Department officials over the 2016 election, appealing a case that a lower court concluded was “frivolous.”
Trump takes suit against Hillary Clinton over 2016 election to Supreme Court
Oct 9 (Reuters) - President Donald Trump asked the US Supreme Court on Friday to revive his dismissed lawsuit against his 2016 Democratic rival Hillary Clinton accusing her of conspiring along with fo...
NC State Health Plan sues Atrium to block new pricing program
The NC State Health Plan (SHP) filed a lawsuit against Atrium Health in Wake County Superior Court on Friday to stop the launch of a new program for SHP members on Jan. 1, 2027.
Data center lawsuit alleges Frederick County executive put politics ahead of development
Maryland data center developer filed a lawsuit against Frederick County and County Executive Jessica Fitzwater, alleging Fitzwater unlawfully blocked developmen
Data center lawsuit alleges Frederick County executive put politics ahead of development
Maryland data center developer filed a lawsuit against Frederick County and County Executive Jessica Fitzwater, alleging Fitzwater unlawfully blocked developmen
Valley Oaks Health Data Breach Settlement Gets First Nod from Court
Valley Oaks Health faced class action litigation over a June 2023 data security incident that affected 50,352 individuals. The consolidated lawsuit has Valley Oaks Health has agreed to settle a consolidated class action lawsuit stemming from a 2023 hacking incident that affected more than 50,000 individuals.
Adidas sues White Fox fashion label over four stripes design
Sportswear giant Adidas has filed a lawsuit against popular Australian online fashion brand White Fox Boutique for selling and promoting clothes featuring a four-stripe design that Adidas claims is deceptively similar to its own three-stripe trademark, CNN affiliate 7News reported.
Trump's memorial arch faces a new lawsuit from Arlington County, Virginia
The Arlington County Board in Virginia has filed a lawsuit opposing the construction of the Triumphal Arch, becoming the first governmental body to take legal action against President Donald Trump’s
Trump\'s memorial arch faces a new lawsuit from Arlington County, Virginia
The Arlington County Board in Virginia has filed a lawsuit opposing the construction of the Triumphal Arch, becoming the first governmental body to take legal action against President Donald Trump’s
Could dragons have ever existed? Science has a surprising answer
Dragons appear in stories as enormous reptilian creatures with wings, claws, armored bodies and, in many traditions, the ability to breathe fire. Science has found no evidence that an animal matching ...
Hershey changes Reese’s Pumpkins packaging after lawsuit over design
A new disclaimer is appearing on Reese’s Peanut Butter Pumpkins after litigation over claims that the decorative designs shown on the packaging did not match the actual candy.
Seminole Tribe of Florida sues DraftKings over sports betting
The lawsuit alleges DraftKings operates a sports book in violation of the gaming compact between the Tribe and the state inked in 2021, which provides the Tribe a monopoly on sports betting in Florida.
Political Deepfakes and the Limits of Regulation
At least 31 states have laws against AI-generated deepfake ads and campaign calls. As the laws in two of them demonstrate, there’s not much that can be done to guarantee voters that what they’re seeing or hearing is real.
Seminole Tribe sues DraftKings: What it means for sports betting
The Seminole Tribe of Florida has filed a federal lawsuit accusing DraftKings of running an illegal, unlicensed sports gambling operation across the state.
Trump\'s memorial arch faces new lawsuit from Arlington County, Virginia
The Arlington County Board in Virginia has filed a lawsuit opposing the construction of the Triumphal Arch, becoming the first governmental body to take legal action against President Donald Trump’s
In Depth: A look into the politics and laws surrounding Oklahoma's open U.S. Senate seat
Building momentum for new health care price transparency laws
Consumers and employers emphasize the power of competition to lower prices
Seminole tribe files lawsuit against DraftKings claiming it's illegal sports betting business
It's time to face the truth: Youth violence is a public health epidemic in Delaware
Across the state, young men are dying before they’ve had a chance to really live. From Sussex to New Castle County, families are weeping, and communities are reeling, as an ongoing wave of youth violence turns communities into crime scenes. Young people involved in gun violence are unlikely to be deterred by tougher laws or […]
Tribal Nations Urge Supreme Court to Halt Prediction Market Sports Betting
A broad coalition of Tribal Nations and Tribal organizations is urging the U.S. Supreme Court to take up a case involving prediction market company Kalshi and determine whether its sports-event contracts constitute sports betting subject to federal, state and Tribal gaming laws. In an amicus brief filed in Flaherty v. KalshiEX, the Tribal coalition argues […]
AI pricing lawsuit against McDonald's raises new antitrust questions
A federal antitrust lawsuit against McDonald's this week claims the fast-food giant is using AI-powered tools to fix menu prices, marking the latest case to allege companies are relying on new technologies to collude and harm consumers.
US Democrats sue Trump over alleged taxpayer-funded political ads
Democrats sued US President Donald Trump on Wednesday over allegations that taxpayer money was used to fund political advertising, according to a lawsuit filed by the Democratic National Committee (DN...
TikTok accused by NY of running secret safety tests on teens
New York Attorney General Letitia James has added new allegations to a child safety lawsuit against TikTok Inc., accusing the platform of running secret experiments on teen users. The new
Dolly Parton's nephew accused of using 'no trespassing' sign, barbed wire to deter process server
Dolly Parton’s estate is alleging that Bryan Seaver, the singer’s nephew and former head of security, is avoiding being served in a lawsuit, which alleges he threatened and extorted her estate.
Trump hit with second lawsuit over taxpayer-funded political propaganda ads
The lawsuit came the same day the Democratic National Committee (DNC) filed a separate challenge in Washington, D.C., seeking to stop the administration from using federal funds for the ad campaign.
Epic used AI to find potential security flaws that could expose patient health records
Epic Systems revealed last month that it used an advanced artificial intelligence tool to find security weaknesses that could have allowed undetectable access to patient health data. Epic maintains health records for more than 325 million patients around the world.
DNC files lawsuit alleging Trump's taxpayer-funded ads are illegal propaganda
The Democratic National Committee on Wednesday sued President Donald Trump’s administration for recent television advertisements that promoted his political message while costing taxpayers millions of dollars.
Animal welfare deserves science, not a patchwork of state laws
Animal welfare should be driven by science, not by a patchwork of state-by-state legislation.
Mayor Woodfin responds after wife's business subpoenaed in Birmingham data center lawsuit
Birmingham Mayor Randall Woodfin is pushing back after his wife and her real-estate company were named in a discovery dispute tied to a lawsuit over a proposed
DNC sues Trump administration, alleging taxpayer-funded ads violate propaganda law
The Democratic National Committee has sued the Trump administration over recent TV ads promoting the president. Its lawsuit filed Wednesday claims the ads are government-sponsored propaganda that runs afoul of
Lawsuit settled over state’s management of in-home care program
In the settlement, the NH Department of Health and Human Services agreed to hire a third party to assess gaps in service.
Some furloughed Star Wars Zero Company developers are returning to work, studio says
Bit Reactor, the Maryland based company, behind this summer’s well-received tactical combat game Star Wars Zero Company says that “more” of its team is returning to work after being furloughed ahead of the game’s release. This is the studio’s first statement on the matter since Game File’s August report that “most” of the development team had been furloughed—technically kept as employees, but without pay or benefits—a few weeks prior to launch. Some of those furloughs ended this week. “This week, we started the process of returning more of our team back to work at Bit Reactor, an important step forward in our continued support for Zero Company, “ Bit Reactor CEO Greg Foertsch said in a statement. He continued: “Having to ask team members to step away after we navigated unexpected business developments outside of our control and so close to launch was an incredibly difficult decision, but one that was necessary to help us eventually bring as many people back as possible. “This team means a tremendous amount to me, and I am incredibly proud of what we have accomplished together. Thank you to our fans for the incredible response to the game and for supporting us along this journey. We look forward to sharing more updates regarding Bit Reactor and Zero Company soon.” Game File reported in August that Bit Reactor had retained a small team to work on updates for Zero Company. One person familiar with the situation told Game File that the returns announced today bring the studio’s pay-rolled headcount to more than half of what it had been ahead of the furloughs. That means a considerable number of people have been brought back, but that a fair number also remain without pay. While companies in the U.S. are often legally required to publicly disclose how many people they’ve laid off, furloughs can often be kept private, for a time. The United States Department of Labor requires companies to publicly report mass furloughs if they meet specific criteria, including any expectation that they will last more than six months. For those game makers who remain furloughed by Bit Reactor, it’s now been about two months. For more about Bit Reactor, the furloughs, the studio’s back-story and the ongoing lawsuit that brought this to light, read my August report. [ ‘Most’ of Star Wars Zero Company studio Bit Reactor was furloughed ahead of launch ](https://www.gamefile.news/p/star-wars-zero-company-bit-reactor-furloughs-lawsuit) Stephen Totilo · Sep 1 Last week was meant to be a moment of triumph for Bit Reactor, the Maryland-based game studio founded in 2021 with ambitions to create a great new tactical combat game. [ Read full story ](https://www.gamefile.news/p/star-wars-zero-company-bit-reactor-furloughs-lawsuit)
The age of nuclear clocks is here: A new tool for probing the laws of physics
Chinese and European scientists have unveiled prototypes that usher in a new era of timekeeping, using thorium-229 as their ‘pendulum’
Colts sign veteran pass rusher Carl Lawson to practice squad
The Colts added veteran defensive end Carl Lawson as injuries continue to thin out their pass-rush rotation.
Bryan Seaver accused of evading service amid Dolly Parton estate lawsuit
After acquiring a restraining order against Dolly Parton's nephew Bryan Seaver, her company is leveling allegations that he implemented evasive measures to avoid being served legal documents in the
Scientists Find Major Flaws in The Research Behind Collagen Supplements
There's more to the story.
David Ellison backs CNN’s Trump lawsuit, pledges editorial independence
CNN’s new owner, David Ellison, says he supports CNN’s legal action against the Trump administration over White House access, and will not interfere in the news organization’s coverage.
McDonald's sued over AI tool that recommends prices to US franchisees
McDonald’s is facing a federal lawsuit that alleges its AI-enhanced pricing tool violates antitrust laws because it shares nonpublic data with competing franchisees. The lawsuit was filed on Friday in
What a way to reject a lawsuit
The company managing Dolly Parton’s estate alleges the late singer’s nephew, Bryan Seaver, used barbed wire and yellow caution tape to help keep a process server at bay, according to Rolling Stone.
McDonald’s faces antitrust suit over AI-driven pricing
The lawsuit alleges the company violated antitrust law by working with independent franchisees to fix prices using algorithms.
US Congresswoman Joins Fight to Keep Cannabis Legal in Massachusetts
Rep. Ayanna Pressley is urging Massachusetts voters to reject a ballot measure that aims to repeal the state’s adult-use cannabis laws.
Paramount-WBD deal closes; here are top quant-rated entertainment stocks
The merger of Paramount Skydance (SKYD) and Warner Bros. Discovery NASDAQ:WBD marks a major shift in the entertainment industry after months of competing bids, lawsuits, and uncertainty.With the deal now closed, here are the top 20 Seeking Alpha's quant-rated stocks in the Movies and Entertainment…
What’s in Trump’s $3.4 Trillion Tax and Spending Bill: 2025 Reconciliation Act
The Senate passed the Protect College Sports Act (S. 4668). Here's what the federal NIL bill means for revenue sharing, transfers, and state NIL laws.
US trade deficit widens in August amid strong imports
The US trade deficit rose to $105.6 billion in August due to a surge in imports, reflecting strong domestic demand and impacting economic growth.
From Promises to Pulse: Parliamentary Power for Women's, Children's and Adolescents' Health
At the 153rd Inter-Parliamentary Union Assembly, PMNCH is calling on parliamentarians to turn commitments into measurable results for women, children and adolescents through stronger laws, protected financing, effective accountability and meaningful participation. The goal is clear: institutions that listen, respond and deliver better health and rights for all.
UK probes Meta over risk assessment of Instagram Instants
Britain's communications regulator said on Tuesday it has opened an investigation into whether Meta Platforms breached UK online safety laws by failing to properly assess risks posed by its Instagram Instants feature before launching it in May.
Trump says he will stop using US taxpayer funds for ads
The ads, which tout Trump and his policies, could have violated US laws barring public government funds being spent on political advertising.
Lawsuits accused flight service of taking customers' cash as charter business was failing financially
Former ASU swimmer Grant House helped reshape college sports
Five years after becoming the lead plaintiff in House v. NCAA, former Arizona State swimmer Grant House reflects on the lawsuit that helped reshape college athletics, the leadership lessons he learned and his continued fight for athletes’ voices and collective bargaining with the Protect College Sports Act making its way through Congress.
A lawsuit accuses Starbucks of mislabeling 8 'sugar-free' protein drinks
Starbucks is facing a consumer lawsuit over claims that the protein drinks labeled as “sugar-free” on its cafe menus may actually contain more sugar than a Reese’s peanut butter cup.
City panel advances $260M settlement in wrongful-conviction cases tied to disgraced cop
The city's law department has turned to mass settlements to resolve cases sooner, resulting in significant savings if the lawsuits reach trial.
Democratic-led states sue Trump administration over childhood vaccine schedule
The lawsuit seeks to restore the recommended childhood vaccine schedule to protect against 18 diseases
Supreme Court weighs local governments' climate lawsuits against oil, gas firms
Key justices appeared wary about the potential sweep of litigation, but torn over the complex legal interplay of federal and state laws raised by the case
Supreme Court weighs local governments' climate lawsuits against oil, gas firms
Key justices appeared wary about the potential sweep of litigation, but torn over the complex legal interplay of federal and state laws raised by the case
Massachusetts Governor Urges No Vote on Cannabis Prohibition Measure
Gov. Maura Healey said she opposes Question 8, a ballot measure that aims to wipe out the state’s adult-use legalization laws.
Amy Coney Barrett calls oil companies’ arguments ‘slippery’
Supreme Court Justice Amy Coney Barrett criticized fossil fuel companies as “a little slippery” in oral arguments over a lawsuit in which oil majors claim that federal law blocks states from suing them for climate change-related damages. Her comment came in arguments Monday in the case Suncor Energy v. County Commissioners of Boulder County, which […]
Supreme Court kicks off new term with major climate case
The Supreme Court returns for its new term on Monday, and oral arguments in a major case over the fate of a costly climate change lawsuit brought by Boulder County, Colorado, will kick off a term set to feature several blockbuster legal battles. Suncor Energy v. County Commissioners of Boulder County will decide whether a […]
Supreme Court sounds wary of state-based climate change suits against oil producers
Oil and gas producers hope the Supreme Court will shut down scores of lawsuits over the impact of climate change.
Pub owner next to Jeff Daniels' new bistro says his business damaged
Pat Cleary, owner of Cleary's Pub in Chelsea, says construction of Jeff Daniels' JD's Stage Bistro next door has caused structural damage to his pub.
Doctors, Insurers Sue Newsom Over Health Insurance Premium Increases
The California Medical Association and California Association of Health Plans say in a new lawsuit that a healthcare tax violates Proposition 35, passed by voters in 2024.
Election office says there’s enough evidence to investigate Weiser
The Colorado Secretary of State's Office says there's enough evidence to warrant an investigation into Attorney General Phil Weiser's compliance with campaign finance laws.
Gypsy Rose Blanchard Is Advocating For Stricter Online Harassment Laws After Fiancé's Death
Ken Urker was found dead on his 34th birthday at his home in Louisiana.
California voters to decide Prop 45 to change how environmental laws impact key construction
California voters this November will decide Proposition 45, a measure that could change the state’s environmental laws to speed up construction projects such as housing, bridges, and clean energy infrastructure.
How Americans’ Financial Health Is Faring In The “K-Shaped” Economy
Hey all, Jason here. Money20/20 is still two weeks away, but I’ve already started packing (not procrastinating for once!). My calendar is already filling up with various sessions I want to catch, meetings, and of course happy hours, dinners, and other side events. If you’ll be in Vegas and want to catch up, let me know by replying to this email, and we can try to find a time amidst the chaos of the Venetian. A big if not totally unexpected piece of news dropped on Friday: the Independent Community Bankers of America, a trade group that represents smaller U.S. banks, filed a lawsuit against the OCC and Comptroller Jonathan Gould, arguing that the regulator’s move to grant trust bank charters to firms seeking to use them to conduct substantial non-fiduciary activities exceeds the authorities granted to the OCC by Congress. I haven’t had time to fully digest the legal filing or speak to folks in my network about it, but you can expect to see coverage and analysis on it in next week’s newsletter. Subscribe or Support by Upgrading The NerdCon agenda just dropped. It’s stacked. Partner content: Nubank built an AI-first bank. Chime built its own banking core. Figure and Valon are rebuilding the mortgage stack. At NerdCon, you’ll hear from the people behind those bets: what they chose, what they learned, and what they’re still figuring out. The agenda is live, with leaders from Nubank, Chime, OpenAI, Remitly, Mercury, Figure, Valon and more. Follow the mainstage conversations, bring the problem your team is wrestling with to a hands-on workshop, or pull up a chair at a roundtable. Pick your quests. Meet us in San Diego, November 18–20. Fintech Business Weekly readers save 20% with code FBW20. Explore the Agenda Things To Know & Other Good Reads Federal Reserve Board finalizes changes to enhance the transparency and public accountability of its stress test and reduce volatility in its stress test-related capital requirements (Federal Reserve Board of Governors) FDIC Announces Conclusion of Independent Monitorship (FDIC) Modernizing Financial Regulation: Initial Observations from eSLR (Fed Vice Chair for Supervision Michelle Bowman) The Data Version of Godzilla versus Kong: FRED Takes on AI (Fed Governor Christopher Waller) Financing the AI buildout (Brookings) Q3’26: Rules for Banks but Not for Crypto (Fintech Takes Banking) The Inevitability of Local Stablecoins (Lombard Notes) Delusions of AI Governance: The Human-in-the-Loop Comfort Blanket (Fintech Snark Tank) Stripe agrees to acquire Parafin to expand revenue opportunities for platforms and help small businesses grow (Stripe) Listen: Fighting Fraud in the Age of AI, with SEON’s Tamas Kadar (Fintech Business Weekly) How Americans’ Financial Health Is Faring In The “K-Shaped” Economy If there is one overarching theme across the economy and politics in the U.S. at the moment, it’s “affordability.” The term is vague enough to encompass a panoply of factors shaping Americans’ day-to-day lives: rising costs for the hallmarks of being “middle class,” including healthcare, housing, childcare, and education, inflation and rising interest rates, and a job market with the specter of AI hovering over it. At the same time, policy shifts under the Trump administration have resulted in reduced subsidies to those who get health insurance under the Affordable Care Act and new restrictions on qualifying for Medicaid and SNAP, the impacts of which have yet to be fully felt. These factors are contributing to declining consumer confidence and general dissatisfaction with the economy, despite continuing GDP growth and stock market records. This divergence is encapsulated in the idea of the “K-shaped” economy, in which a small proportion of Americans have seen their wealth balloon, while the majority of American households struggle to preserve the lifestyle they have. Perhaps the greatest determinant of which branch of the “K” a household is on is whether their wealth and income are primarily derived from employment vs. from assets. Nearly two decades of low interest rates and, more recently, elevated rates of inflation have benefited asset owners, while those whose income is primarily or solely derived from labor have largely seen real purchasing power stagnate or decline. This is reflected in recent Bureau of Labor Statistics data showing that labor share of U.S. GDP — the fraction of economic output that accrues to workers as compensation in exchange for their labor — dropped to just 52.8% in Q2 2026, the lowest since the BLS began keeping records. In 1947, approximately 2/3rds of economic output accrued to workers; even as recently as 2001, labor’s share of GDP was 64.1%. Against this backdrop, we’ve seen the rise of more credit and credit-like products: cash advance apps, “no-fee” overdraft, earned wage access, and buy now pay later, which are often used as small-dollar short-term borrowing mechanisms to meet immediate consumption needs or pay other bills (eg utilities, cell phone, other debt payments). With the markers of a middle class existence and, increasingly, basic financial stability seemingly out of reach for many, it should be no surprise there’s been an increase in “financial nihilism,” something industry peers like Alex Johnson and Frank Rotman have discussed and analyzed the roots of. The explosion of gambling and gambling-adjacent products and services — often marketed under the guise of being an “investment” — is inextricably intertwined with the rise of financial nihilism. Crypto, sports betting, and, more recently, prediction markets offer an escape or even hope of sorts, like a contemporary, digital version of a scratch-off lottery ticket, while leaving the overwhelming number of people who use such products worse off. Share of Households That Are Financially “Vulnerable” Ticks Up The Financial Health Network’s 2026 Financial Health Pulse® report adds context on how American households are faring. (I linked to this report in last week’s newsletter, but wanted to take time to further unpack the data in the report this week.) The Financial Health Network publishes the report annually, providing insight into how Americans’ financial circumstances are changing over time. The 2026 report is derived from a survey fielded in April and May 2026. The report leverages survey responses to assess indicators of financial health across spending, saving, borrowing, and planning/protecting and to determine a zero to 100 “FinHealth” score. Those with scores between 0 and 39 are considered “Financially Vulnerable,” consumers with scores ranging between 40 and 79 are defined as “Financially Coping,” and those with scores of 80 to 100 are “Financially Healthy.” The report found that moderate improvements in 2025 were reversed, with the share of respondents considered financially “vulnerable” rebounding to 17%. The longitudinal data reflect the impact of pandemic-era programs, like expanded unemployment, cash stimulus payments, and pauses of federal student loan payments. The positive impacts of those programs, as reflected in the Financial Health Pulse reports, had largely disappeared by 2023. While pandemic-era inflation — to be fair, in part caused by the various support and stimulus measures — had come down from as high as 9% in 2022, it has rebounded since the start of Trump’s second term, with tariffs and energy market disruptions owing to the war in Iran pushing prices back up. Specific indicators in the survey that deteriorated from 2025 to 2026 include the share of respondents spending less than their income over the past 12 months, the share paying all bills on time over the past 12 months, the share that have a manageable amount or no debt, the share that are “moderately” or “very” confident their insurance is adequate to cover them in an emergency, and the share that “somewhat” or “strongly” agree that their household plans ahead financially. Unsurprisingly, lower- and moderate-income households are more likely to struggle to pay their bills on time and have any funds leftover to save. The share of low-income households whose income exceeded their spending dropped from 35% in 2025 to 31% in 2026, while the share of upper-income households whose income exceeded expenses remained unchanged at 63%. Households with student loans or revolving credit card debt reported having “a bit more” or “far more” debt than was manageable at rates far higher than those not carrying these types of debts. The share of those with student loan debt indicating their debt load was too high to manage increased from 50% in 2025 to 55% in 2026, while the share of those with revolving credit card debt saying the same ticked up from 51% in 2025 to 54% in 2026. Households that had student loans were markedly more likely to be financially “coping” or “vulnerable” vs. those without student loans. In 2026, 27% of households with student loans were considered financially vulnerable, a jump of 6% points vs. 2025. Households without student loans saw just a 1% point increase (not statistically significant) in those considered financially vulnerable. Households’ perception of the affordability of categories of goods and services paints a stark picture, with less than one-fourth considering higher education affordable, about a third deeming childcare affordable, and less than half viewing healthcare as affordable. Fintech Business Weekly is made possible by the generous support of paying subscribers — bringing you independent analysis of banking, fintech, and crypto without fear or favor. You can support my work by becoming a paying subscriber if you aren’t already. Paying subscribers enjoy: access to the entire archive of nearly six years of newsletters extended versions of the weekly newsletter, with additional content and analysis and (for founding member tier) quarterly personal 1:1 fintech Q&A / strategy calls with me, tapping into my unparalleled knowledge of the intersection of banking and fintech and experience working in the sector, including helping to launch Goldman Sachs’ retail bank Marcus Support Fintech Business Weekly You can also support Fintech Business Weekly by sponsoring a newsletter or podcast, putting you in front of 93,000+ of the most influential decision makers in banking, fintech, and crypto. Learn more about sponsor opportunities or request a media kit by dropping me an email. Democratic Senate Report Highlights How Iran Uses Tether to Evade U.S. Sanctions Iran uses stablecoins, specifically Tether, to evade sanctions, fund regional proxies, and to purchase military drones, a report released last week by the Senate Permanent Subcommittee on Investigations says. The report was authored by committee ranking member Senator Richard Blumenthal (D-CT) and the minority staff. Crypto and stablecoin proponents will often push back on criticism that criminals make use of these assets by arguing that, on an absolute dollar basis, far more illicit funds flow through traditional banking systems and payment rails than via crypto and stablecoins. And while that is likely true, it elides the reality presented in news story after news story: whether state actors — Russia, Iran, North Korea — or criminal groups, those looking to engage in illicit transactions increasingly favor stablecoins and, specifically, Tether (USDT). The report from the Senate Permanent Subcommittee on Investigations released last week adds context to how Iran uses Tether has a lynchpin in its shadow banking system. The report analyzed 846 wallets that have been sanctioned or targeted for seizure, finding that 84% of them transacted exclusively or primarily in Tether. The ability to create near limitless, anonymous wallets and to move funds effectively instantaneously and irreversibly have made crypto a favored financial mechanism for bad actors. Stablecoins solved key drawbacks of bitcoin, namely, the original cryptocurrency’s highly volatile value in dollars. And while Tether (the company) has the technical ability to “freeze” or destroy funds, the company is often limited and reactive in its approach to doing so, the Senate report argues. Tether, which is nominally based in crypto-friendly El Salvador, “has stated that its compliance with OFAC sanctions is ‘voluntary’ and that it follows ‘OFAC guidelines,’” the Senate report says. Owing to these favorable attributes, Tether “became a primary cryptocurrency for Iran, Hamas, Hizballah, and the Houthis beginning in 2023 and has expanded in scale since,” according to the report. Tether’s role in Iran’s shadow banking system, the report says, is enhanced by crypto exchanges like Bybit, Kyrrex, OKX, Gate, and Binance, and through “over the counter” exchanges and hawala networks. The consequences of these financial flows aren’t hypothetical. The Senate report links Tether as a funds transfer mechanism to Iranian proxies in the region, including Hizballah, the Houthis, and Hamas. Tether has also been used to make payments to secure components necessary to manufacture drones, the report says. The report concludes by arguing that “[s]tablecoin issuers with a significant nexus to the United States, particularly those that offer dollar-denominated stablecoins, should be subject to American sanctions law rather than being allowed to hide behind foreign jurisdictions.” Stablecoin issuers like Tether must be held accountable for repeated failures to prevent illicit finance and sanctions violations by law enforcement, the Department of Justice, the Securities and Exchange Commission, and OFAC, the report argues. [Paying Subscriber Exclusive] OUSD Goes Live, Make Your Own Neobank, U.S. Sanctions Russia’s A7 Network As “Transnational Criminal Organization” OpenUSD, the stablecoin issued by the Open Standard consortium that includes Stripe, Visa, Mastercard, core providers, crypto firms, and numerous banks, went live last week. Social commerce platform Whop raised eyebrows in fintech by offering creators on its platform the ability to launch their own neobanks, which the company describes as “great businesses that are easy to run,” in just 15 minutes. And OFAC and FinCEN target Russia’s “shadow banking” A7 Network — more on these stories after the paywall.
At Supreme Court: Can oil companies be forced to pay for climate woes?
The outcome of the Colorado case could affect California's 2023 lawsuit against the five largest oil companies and other similar litigation.
Is Hims & Hers Health (HIMS) A Bargain After The Fraud Lawsuit Claims?
Hims & Hers Health (HIMS) is back in focus after a proposed securities fraud class action accused the telehealth provider of misleading investors about data sharing practices and prescription billing workflows. Recent price action for Hims & Hers Health has been choppy, with the share price slipping about 1% over the past day and week, climbing 4.7% over the past month, yet falling 24.2% across 90 days. The 1-year total shareholder return is down 44.8%, despite a very large 3-year gain that...