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☆ CNBC's Inside India newsletter: A disconnected stock market
▼ + stars: | 2024-05-10 | by ( Ganesh Rao | ) www.cnbc.com time to read: +5 min

CNBCThis report is from this week's CNBC's "Inside India" newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise. For local investors, Indian stocks would have underperformed the U.S. benchmark by more than 45 percentage points since Buffett's 2008 bet. It appears that India's near 8% GDP growth isn't transforming into stock market returns. But that has also meant significant competition for the incumbents, many of which are listed on the stock market. This year has also been particularly unlucky for Indian stock market investors thanks to the uncertainty added by politics.

Persons: Warren Buffett, it's, Jonathan Pines, Federated Hermes, Rajeev Agrawal, Agrawal, Narendra Modi's, Kevin Carter, Buffett, Carter, Modi, Narendra Modi, Amit Shah, Virat Kohli, Rajat Patidar Organizations: Berkshire, CNBC, BSE, Federated, DoorDarshi Advisors, Narendra Modi's BJP, India, Ecommerce, One97 Communications, Ujjivan Financial, BJP, Russia, Indian, Ukraine, India's Central Bureau of Investigation, Indian Premier League, Wednesday, Royal Challengers Bengaluru Locations: Omaha , Nebraska, Omaha, BSE India, India, United States, Gandhinagar Lok Sabha, Russia, Mumbai, Punjab Kings

☆ Guo Wengui chief of staff Yvette Wang pleads guilty to $1 billion fraud conspiracy in New York
▼ + stars: | 2024-05-03 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

Fugitive Chinese billionaire Guo Wengui hold a news conference on November 20, 2018 in New York, on the death of of tycoon Wang Jian in France on July 3, 2018. The chief of staff to controversial exiled Chinese businessman Guo Wengui pleaded guilty in New York on Friday to a fraud conspiracy that swindled more than $1 billion from hundreds of thousands of victims around the world, prosecutors said. Yvette Wang's plea came weeks before the 53-year-old Guo is set to stand trial in Manhattan federal court for related charges. Wang was scheduled to stand trial with Guo in that case before her plea. She faces a maximum possible sentence of 10 years in prison for the charges of conspiracy to commit wire fraud, and conspiracy to commit money laundering.

Persons: Guo Wengui, Wang Jian, Yvette Wang's, Guo, Wang, Steve Bannon, Damian Williams Organizations: Trump White House, Manhattan U.S Locations: New York, France, Manhattan, United States

☆ How a store manager from India ended up killed on the battlefields of Ukraine fighting for Russia
▼ + stars: | 2024-04-19 | by ( Vedika Sud | Brad Lendon | ) edition.cnn.com time to read: +10 min

“I saw holes on the back of his shoulder, his ribs right down till his lower back,” Imran told CNN. “He was going to work as a taxi driver or delivery boy in Russia – that process was on,” Imran said. Meanwhile, India, which has no law preventing its citizens from serving in a foreign state’s military, has acknowledged that a number of its nationals have been fighting for Russia in Ukraine. In early March, India’s Central Bureau of Investigation (CBI) said it had busted major human trafficking networks that were duping men into Russian military jobs, with 35 such cases identified. Asfran Mohammed, right, and his brother Imran are pictured with Asran's children before Asfran left for Russia.

Persons: New Delhi CNN —, Asfan Mohammed, he’d, Imran Mohammad, Vladimir Putin’s, “, ” Imran, Imran, ”, Asfan, Putin, Allen, He’d, Asfran, Mohammed Imran, Inna Varenytsia, Bimala Rai Paudyal, I’d, who’d, Asfran Mohammed, Mohammed Imran “, I’ve Organizations: New, New Delhi CNN, CNN, Russian, ”, United Arab Emirates, Reuters Foreign, Kremlin, Indian Ministry, External Affairs, India’s, Bureau of Investigation, Indian Nationals, CBI, Asfan, Indian, Indian Embassy Locations: New Delhi, India, Russia, Russian, Ukraine, Hyderabad, “, Australia, Moscow, Ukrainian, Kreminna, South Asia, Nepal

☆ CNBC Daily Open: A bumpy ride to beating inflation
▼ + stars: | 2024-02-15 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

A trader works, as a screen displays a news conference by Federal Reserve Board Chairman Jerome Powell following the Fed rate announcement, on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 31, 2024. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Wall Street reboundsU.S. stocks climbed on Wednesday as Wall Street rebounded modestly from the previous session when hotter-than-expected inflation data tanked stocks. [PRO] Berkshire Hathaway's secret betsWarren Buffett's Berkshire Hathaway once again asked regulators to keep its new stock buys a secret.

Persons: Jerome Powell, Dow, Andrew Amolis, that's, Warren Buffett's Berkshire Hathaway Organizations: Federal Reserve, New York Stock Exchange, CNBC, Nasdaq, Henley & Partners, Wealth, Cisco, Berkshire Hathaway's Locations: New York City, U.S, Omaha

☆ Generative AI financial scammers are getting very good at duping work email
▼ + stars: | 2024-02-14 | by ( Ellen Sheng | ) www.cnbc.com time to read: +8 min

Among the most common email scams are phishing emails. Instead of sending out generic emails, the emails are addressed to an individual or a specific organization. Now, criminals anywhere in the world can use ChatGPT or FraudGPT to create convincing phishing and spear phishing emails. If I'm going to do 1,000 spear phishing emails or CEO fraud attacks, and I find one in 10 of them work, that could be millions of dollars," said Davies. It will take some time for companies to adjust, but for now, cybersecurity experts say generative AI is leading to a surge in very convincing financial scams.

Persons: Chase, Christopher Budd, Elon, Gayle King, Tucker Carlson, Bill Maher, Andrew Davies, Cyril Noel, Tagoe, Davies, Venmo, Wise, Netcea, Banks, Ajay Bhalla, haven't, Noel, I've, Budd Organizations: Association of Financial, eBay, CBS, Fox News, Facebook, YouTube, PayPal, Mastercard Locations: Hong Kong, ComplyAdvantage

☆ Three people indicted in $400 million FTX crypto hack conspiracy
▼ + stars: | 2024-02-02 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

Three people were indicted for an identity theft conspiracy that allegedly included the $400 million hack from FTX on the same day in November 2022 that the doomed cryptocurrency exchange filed for bankruptcy protection, court records show. A source familiar with the case confirmed that FTX was the victim mentioned in the indictment. Later on Nov. 11 and continuing into the next day, "co-conspirators transferred over $400 million in virtual currency from [FTX's] virtual currency walls to virtual currency wallets controlled by the co-conspirators. The indictment says that several weeks before the FTX hack, the scheme looted $293,000 in virtual currency from one victim, and days later, stole more than $1 million in crypto from another person. A day after the FTX hack, the conspirators stole about $590,000 in crypto from an individual's virtual wallet.

Persons: Robert Powell, Carter Rohn, Emily Hernandez, Gal Pissetzky, FTX, Sam Bankman, Fried, Powell, Hernandez Organizations: Washington , D.C, U.S, Attorney's, FTX, CNBC PRO Locations: Krakow, Poland, Chicago, Indianapolis, Colorado, Washington ,, Washington, Manhattan, Texas

☆ Stability AI: Cofounder Sues Startup Behind Stable Diffusion for up to $300 Million
▼ + stars: | 2024-01-17 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

Tayab Waseem claims that he was a cofounder in Stability AI and that the company has reneged on its promise of a 10% stake in the London-based AI startup. Stability AI rose to prominence in 2022 when users flooded its Stable Diffusion program, generating images of everything from hyperrealistic portraits to fantasy landscapes. Stability AI raised an undisclosed amount from Intel in October 2023. Waseem joined Stability AI when the cofounders, Mostaque and Hodes, were launching a project called CAIAC, which used AI to combat COVID-19, Waseem told BI. AdvertisementAccording to the filing, Stability AI had not paid him a formal salary due to cash flow problems, instead promising him 10% in equity interest.

Persons: —, Tayab Waseem, Emad Mostaque, Cyrus Hodes, Mostaque, Mike Bloomberg, Waseem Organizations: Service, Business, Intel, Getty Images, Bloomberg, Court, Eastern, of Locations: London

WASHINGTON (AP) — Rep. George Santos of New York is facing a critical vote to expel him from the House on Friday as lawmakers weigh whether his actions, fabrications and alleged lawbreaking warrant the chamber's most severe punishment. “I will not stand by quietly,” Santos declared on the House floor Thursday as lawmakers debated his removal. But some Republicans, including Santos' colleagues from New York, said voters will welcome lawmakers being held to a higher standard. In early March, the House Ethics Committee announced it was launching an investigation into Santos. ___Follow the AP's coverage of U.S. Rep. George Santos of New York at https://apnews.com/hub/george-santos.

Persons: — Rep, George Santos, Santos, “, ” Santos, Mike Johnson, ”, Anthony D’Esposito, Clay Higgins, Higgins, Susan Wild, brazenly, ” Wild, “ Mr, Hakeem Jeffries, Marjorie Taylor Greene, “ George Santos, ” Jeffries, Farnoush Amiri, george, santos Organizations: WASHINGTON, —, Third, Union, Republican, Republicans, Wall, Eastern, of New York, Prosecutors, Justice Department, Federal, Commission, Democratic, New York, Associated Press, U.S . Rep Locations: George Santos of New York, New York, Santos, U.S, lawbreaking, New, Georgia

Assistant U.S. Attorney Adam Deitch said in court that Waithe's scheme victimized at least 50 women. Waithe worked at Northeastern from October 2018 to February 2019, when the university fired him, and had previously coached at Penn State University, Illinois Institute of Technology, University of Tennessee and Concordia University Chicago. Prosecutors said Waithe sent the women nude or semi-nude photos he had stolen and requested they send additional ones so he could conduct "reverse image searches." But, with the help of a hacker, Waithe stole nude pictures of one of the Northeastern athletes stored on her Snapchat account and cyberstalked her, Deitch said. While some ignored his emails, at least 17 women responded, sending him 350 nude or semi-nude photos, according to the indictment.U.S.

Persons: Steve Waithe, Adam Deitch, Deitch, Waithe, Prosecutors, Patti Saris, Jane Peachy, Nate Raymond, Will Dunham, Alexia Garamfalvi Organizations: BOSTON, Northeastern University, U.S, Northeastern, Penn State University , Illinois Institute of Technology, University of Tennessee, Concordia University Chicago, Prosecutors, Thomson Locations: Boston, Waithe, Northeastern, U.S

☆ Disgraced Nikola founder's argument for why he should avoid jail: He's no Elizabeth Holmes
▼ + stars: | 2023-11-17 | by ( Associated Press | ) www.businessinsider.com time to read: +4 min

Trevor Milton's lawyers say he should avoid prison because his fraud conviction is not like that of Elizabeth Holmes. Holmes was convicted on charges that she defrauded investors in blood-testing company Theranos. Milton was convicted on charges that he duped investors with exaggerated claims about zero-emission Nikola trucks. Court officials have calculated federal sentencing guidelines to recommend between 17 1/2 years and 22 years in prison, although Milton's lawyers object to the calculations, saying they substantially overstate the seriousness of the crimes. "Unlike Holmes, Trevor never put Nikola's customers at risk, whereas Holmes touted and used blood-testing technology that she knew to be unreliable, thus putting human beings at medical risk," the lawyers said.

Persons: Trevor, Elizabeth Holmes, Holmes, Milton, —, truckmaker Nikola, Trevor Milton, nastiness, Nikola, Milton's, Nikola — Organizations: Service, truckmaker, truckmaker Nikola Corp, Wall, The Associated Press, General Motors Corp, Securities and Exchange Commission, Nikola Locations: Manhattan, tatters, Utah, Arizona

NEW YORK (AP) — Lawyers for the founder of truckmaker Nikola Corp. say he should not face incarceration because his fraud conviction is nothing like the fraud that landed Theranos founder Elizabeth Holmes in prison. Milton, 41, was convicted last year of fraud for duping investors with exaggerated claims about his company’s production of zero-emission trucks. Holmes, 39, is serving an 11-year sentence for defrauding investors in the blood-testing company Theranos. “Unlike Holmes, Trevor never put Nikola's customers at risk, whereas Holmes touted and used blood-testing technology that she knew to be unreliable, thus putting human beings at medical risk,” the lawyers said. Lawyers for Holmes did not immediately comment.

Persons: truckmaker Nikola, Elizabeth Holmes, Trevor Milton, nastiness, ”, Milton, Holmes, Trevor, CNBC’s, Nikola, “ Trevor, Milton’s, Nikola —, — Organizations: —, truckmaker, truckmaker Nikola Corp, Wall, The Associated Press, General Motors Corp, Securities and Exchange Commission, Nikola Locations: Manhattan, ”, tatters, Utah, Arizona

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsCompanies Coinbase Global Inc FollowWASHINGTON, Nov 3 (Reuters) - The U.S. Supreme Court on Friday agreed to hear a dispute over Coinbase's (COIN.O) effort to move a dispute with users of the cryptocurrency exchange out of courts and into private arbitration, which businesses often prefer over litigation. The decision about which contract prevails, in turn, would determine if the dispute proceeds in arbitration or in court. Upon creating their Coinbase accounts, users agreed to resolve any disputes with Coinbase in arbitration. But a subsequent agreement that related specifically to the sweepstakes said disputes over the contest should be heard in court in California. A federal judge in California refused Coinbase's request to force the dispute into arbitration, as the company argued the user agreements required.

Persons: Dado Ruvic, duping, John Kruzel, Will Dunham Organizations: REUTERS, WASHINGTON, U.S, Supreme, Coinbase, Circuit, Thomson Locations: Coinbase, California, dogecoin, San Francisco, Coinbase's

NEW YORK (AP) — Amazon on Thursday reported strong revenue and profits from the summer months driven by growth in online sales and its advertising business. Amazon made $9.9 billion in profits, topping analysts' expectations and sending its stocks higher in after-hours trading. Amazon is also seeing strong customer demand across categories like beauty, health and personal care items, Olsavsky said. Meanwhile, Amazon's cloud competitors have delivered mixed results. Earlier this week, Microsoft reported strong revenue for its flagship cloud platform, Azure, while revenue from Google’s Cloud division fell below analysts’ expectations.

Persons: Andy Jassy, Brian Olsavsky, “, ” Olsavsky, Olsavsky, ”, Jassy, FactSet, Lina Khan Organizations: Amazon, Amazon's, Revenue, Web Services, AWS, Microsoft, Google’s, Federal Trade Commission, Big Tech Locations: San Francisco

☆ Amid Foxconn probe, China tells Taiwan firms to play positive role in ties
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +3 min

A Foxconn shareholder poses for photos after the annual shareholder meeting in New Taipei City, Taiwan May 31, 2023. REUTERS/Ann Wang Acquire Licensing RightsBEIJING, Oct 25 (Reuters) - Taiwanese companies should assume their social responsibilities and play a "positive role" in promoting the peaceful development of relations across the Taiwan Strait, China's government said on Wednesday, amid a probe into major Apple supplier Foxconn. "While sharing development benefits and growth dividends on the mainland and achieving rapid development, Taiwan enterprises should also assume corresponding social responsibilities and play a positive role in promoting the peaceful development of cross-Straits relations." China believes Lai, who is leading opinion polls, is a separatist bent on a formal declaration of independence. "As pointed out by the media on the island, Lai Ching-te has now changing from a Taiwan independence maniac to a Taiwan independence liar," she said.

Persons: Ann Wang, Zhu Fenglian, Zhu, Lai Ching, Democratic Progressive Party's, Lai, Ben Blanchard, Jacqueline Wong, Lincoln Organizations: REUTERS, Rights, Apple, Global Times, Taiwan Affairs Office, Taiwan, Democratic Progressive, Beijing, Thomson Locations: New Taipei City, Taiwan, Rights BEIJING, Taiwan Strait, China, Beijing

Judge Arthur Engoron said the website’s retention of the post was a “blatant violation" of his Oct. 3 order requiring Trump to immediately delete the offending message. “I’ll take this under advisement," Engoron said after Kise explained the mechanics of how Trump’s post was able to remain online. The judge ordered Trump to delete the post, which he did, and warned of “serious sanctions” for violations. Before Trump deleted the post from his Truth Social platform, as ordered, his campaign copied the message into an email blast to supporters. That email, with the subject line “ICYMI," was automatically archived on Trump’s website, Kise said.

Persons: — Donald Trump’s, Arthur Engoron, Trump, Engoron, Letitia James, Christopher Kise, “, Kise, Donald Trump, ” Engoron, Allison Greenfield, Greenfield, Chuck Schumer, ” Kise, ”, James ’ Organizations: Trump, New York Locations: York

[1/2] Small toy shopping cart is seen in front of displayed Amazon logo in this illustration taken, July 30, 2021. In its filing, Amazon said it "prominently and repeatedly" disclosed key terms — including price and automatic renewal — to Prime customers. Amazon also accused the FTC of seeking to punish the company through "undefined concepts" such as "manipulative" website designs. "In a case supposedly about clarity, the FTC's purported standards are unconstitutionally opaque," Amazon said. The FTC's Prime lawsuit said Amazon "under substantial pressure" from the FTC changed its cancellation process in April, before the agency filed its lawsuit.

Persons: Dado Ruvic, John Chun, Biden, Mike Scarcella, David Bario, Josie Kao Organizations: REUTERS, Amazon Prime, Federal Trade Commission, Amazon, Wednesday, U.S, District, FTC, Amazon.com, Thomson Locations: Seattle, Chun's Seattle

In his opening statement, Rehn said Bankman-Fried used more than $10 billion in FTX customer funds to amass his own wealth, power and influence. But Rehn said FTX collapsed because of Bankman-Fried's plundering of FTX customer cash. According to prosecutors, Bankman-Fried installed Ellison, his sometime romantic partner, as a "front" to lead Alameda in 2021. "In reality he was still calling the shots at Alameda," Rehn said. But Bankman-Fried's lawyer said that handing over the reins was normal as FTX grew and took up his time.

Persons: Sam Bankman, Attorney Thane Rehn, Jane Rosenberg REFILE, Fried, Thane Rehn, Mark Cohen, Rehn, Cohen, Zhao, FTX, duping, Caroline Ellison, Ellison, Jody Godoy, Luc Cohen, Amy Stevens, Matthew Lewis Organizations: U.S, Attorney, Federal Court, REUTERS, Alameda Research, Alameda, Bankman, Thomson Locations: Bankman, FTX, New York City, U.S, Bahamas, Alameda, New York

AUSTIN, Texas (AP) — A timeline of events that led to acquittal of three-term Texas Republican Attorney General Ken Paxton during his impeachment trial in the state Senate. The overwhelming impeachment vote in May by the GOP-controlled Texas House of Representatives suspended the 60-year-old Paxton from office. JUNE 21, 2023 Texas' Republican-controlled Senate resolves to try Paxton on 16 of the 20 impeachment charge s starting Sept. 5. SEPT. 5, 2023Paxton's impeachment trial begins in the Texas Senate. SEPT. 15, 2023After closing arguments from House impeachment managers and Paxton's defense attorneys, Texas senators begin deliberating on 16 articles of impeachment and whether to remove him from office.

Persons: Ken Paxton, Paxton, Nate Paul, Paul’s, Paul, Dade Phelan, Sen, Angela Paxton, —, acquit Paxton Organizations: Texas Republican, GOP, Texas Legislature, FBI, Justice Department, Republican, House, Texas House, Texas, Republicans Locations: AUSTIN, Texas, Dallas, Arizona, Austin, Washington, In Texas

☆ Lucy Letby: British nurse refuses to appear to be sentenced for murdering seven babies
▼ + stars: | 2023-08-21 | by ( Sana Noor Haq | ) edition.cnn.com time to read: +4 min

London CNN —A British nurse refused to appear in court on Monday to be sentenced for the murders of seven babies and attempted murders of six others at the UK hospital where she worked. It emerged during the trial that police had found a series of handwritten notes by Letby, including one that read: "I am evil I did this." It emerged that before Letby murdered Child E, he started bleeding when she tried to assault him. But the hospital’s management initially dismissed concerns raised by clinicians over the increased mortality rate of patients under Letby’s care, PA reported. In 2016, Letby won a grievance complaint that she had filed against her employers after learning of their initial allegations.

Persons: London CNN —, Lucy Letby, Rishi Sunak, Letby, ”, ” Letby, Countess, Chester, duping, ‘, Child, F, “, E Organizations: London CNN, Manchester Crown Court, Media, Prosecution Service, Prosecutors, Cheshire Constabulary, Authorities, National Health Service Locations: England, Manchester

CNN —A British nurse has been found guilty of murdering seven babies and attempting to kill six others at the hospital where she worked, making her the country’s worst baby serial killer in recent times. But concerns raised by consultants over the increased mortality rate of patients under Letby’s care were initially dismissed by the hospital’s management, the UK’s PA Media news agency reported. In September 2016, Letby filed a grievance against her employers after she was relocated from the hospital’s neonatal ward. “Justice has been served and the nurse who should have been caring for our babies has been found guilty of harming them. “We are heartbroken, devastated, angry and feel numb.”Letby will be sentenced at Manchester Crown Court on August 21.

Persons: CNN —, Lucy Letby, Countess, Chester, duping, Letby, Elizabeth Cook, ‘, ”, “, ” Pascale Jones, ” ‘, ’ Organizations: CNN, Manchester Crown Court, Police, Prosecution Service, Consultants, UK’s, Media, Royal College of Nursing, CPS, ”, “ Locations: Manchester, England

☆ ChatGPT has a style over substance trick that seems to dupe people into thinking it's smart, researchers found
▼ + stars: | 2023-08-14 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Researchers found programmers often prefer ChatGPT's (wrong) answers on coding questions. But a pre-print paper released this month suggests ChatGPT has a neat little trick to convince people it's smart: A kind of style over substance approach. Researchers from Purdue University analyzed ChatGPT's replies to 517 questions posted to Stack Overflow, an essential Q&A site for software developers and engineers. The Purdue findings follow research from Stanford and UC Berkeley academics indicating that the large language model is getting dumber. In response to the Purdue research, computer scientist and AI expert Timnit Gebru tweeted: "Great that Stack Overflow is being destroyed by OpenAI +friends."

Persons: ChatGPT, ChatGPT's, Alistair Barr, Adam Rogers, Elon Musk, OpenAI, Timnit Gebru Organizations: Morning, Purdue University, Purdue, Stanford, UC Berkeley

☆ A woman spent $1,400 on seats to the Taylor Swift Eras tour. Then StubHub told her the tickets didn't exist.
▼ + stars: | 2023-08-06 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +3 min

Resale sites are duping fans clamoring for tickets to Taylor Swift's Eras Tour. One woman paid $1,400 for tickets that didn't exist, and struggled to get a refund. Swifties are no strangers to ticketing issues on sites like StubHub. "This Fan Protect Guarantee did not protect me," Klein told NBC Los Angeles. "I'm embarrassed I did it, I regret it, and I kind of just wish I had a nosebleed ticket," a 31-year-old fan who paid $5,500 for seats told Insider.

Persons: Taylor, Taylor Swift, StubHub, Stefanie Klein, she'd, Klein, I'm Organizations: Service, TicketMaster, NBC, StubHub Locations: Wall, Silicon, NBC Los Angeles, California, didn't

☆ The FTC plans to file a huge antitrust suit against Amazon, accusing it of punishing sellers who don't pay to use its logistics services, report says
▼ + stars: | 2023-06-29 | by ( Grace Dean | ) www.businessinsider.com time to read: +2 min

The FTC plans to file an antitrust suit against Amazon in the coming weeks, Bloomberg reported. It's expected to focus on allegations that Amazon punishes sellers who don't use its logistics services. Bloomberg reported that FTC head Lisa Khan could seek to restructure Amazon. The Federal Trade Commission plans to file an antitrust suit against Amazon which could potentially land in the coming weeks, Bloomberg reported, citing documents and three people familiar with the case. The FTC has gathered evidence showing that the company disadvantages sellers who choose not to use Amazon's services, Bloomberg reported.

Persons: It's, Lisa Khan, FTX Organizations: Amazon, Bloomberg, Federal Trade Commission, FTC

The justices, in a 5-4 decision, overturned a lower court's ruling involving a user who sued after a scammer stole money from his account. The lower court had let a proposed class action lawsuit proceed while Coinbase pressed its appeal contending that the claims belong in arbitration. The justices dismissed a second case that Coinbase had asked it to review. It makes sense that lower court litigation should be paused while an appellate court decides whether a case belongs in court at all." In both cases, federal judges had refused to force the claims into arbitration, as the company argued the user agreements required.

Persons: Coinbase, Brett Kavanaugh, Kavanaugh, irretrievably, Clarence Thomas, Ketanji Brown Jackson, Jackson, Katherine Minarik, Minarik, Abraham Bielski, duping, Andrew Chung, John Kruzel, Will Dunham Organizations: U.S, Supreme, Conservative, Liberal, Circuit, Thomson Locations: California, dogecoin, San Francisco, New York, Washington

From big-box chains Walmart (WMT.N) and Best Buy (BBY.N) to specialty retailers like Savage X Fenty and Adore Me, retailers' subscription programs are facing growing scrutiny. Amazon is under fire from the U.S. Federal Trade Commission, which filed a lawsuit against it in Seattle. Amazon "substantially revamped its Prime cancellation process" to some customers before the lawsuit was filed, according to the complaint. He withdrew the lawsuit, according to the court docket. Best Buy in 2021 launched a subscription program offering tech support and discounts on products.

Persons: Amazon, William Kovacic, Kathleen Benway, SAVAGE, Savage X, Savage, Ranjan Roy, Me's, Morgan Stanley, Spencer Sheehan, Arriana McLymore, Kate Masters, Siddharth Cavale, Muralikumar Organizations: YORK, Amazon.com Inc, Euromonitor Inc, U.S . Federal Trade Commission, FTC, Amazon, George Washington University Law School, FTC's, Consumer, WALMART, BEST, Walmart, Thomson Locations: Seattle, United States, U.S, Europe, California, Michigan, New York City

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