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☆ Elon Musk files new lawsuit against OpenAI and Sam Altman
▼ + stars: | 2024-08-05 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +4 min

New York CNN —Elon Musk filed a new lawsuit against OpenAI and CEO Sam Altman Monday, re-opening a legal battle in his fights over artificial intelligence. He then dropped the lawsuit in June, without explanation, after OpenAI published old emails from Musk that revolved around OpenAI’s creation. The new lawsuit, filed against OpenAI, Altman and co-founder Gregory Brockman, made the same claims. The new lawsuit claims Altman and Brockman “manipulated” Musk into co-founding OpenAI. “Elon Musk’s case against Sam Altman and OpenAI is a textbook tale of altruism versus greed.

Persons: New York CNN — Elon Musk, Sam Altman, Musk —, —, OpenAI, Altman, Gregory Brockman, ”, Marc Toberoff, Musk, Microsoft “, Musk’s, Brockman “, “ Elon, ’, ” CNN’s Clare Duffy, Brian Fung Organizations: New, New York CNN, OpenAI, Microsoft, Inc, CNN, Federal Trade Commission, Securities, Exchange Commission, Reuters Locations: New York, California, Northern California, AGI, OpenAI, Europe, Britain, United States

☆ Nvidia is on an acquisition spree even as regulatory scrutiny heats up and AI M&A cools
▼ + stars: | 2024-08-05 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +5 min

According to public announcements, the firm has made four acquisition deals so far in 2024, exactly even with Nvidia's 2020 deal total. Nvidia declined to discuss its acquisition strategy for this report, citing a quiet period before it announces earnings on August 28. In May, Nvidia agreed to acquire Deci AI, another Israeli startup that makes tools for developers to build AI models, for $300 million. In July Nvidia competitor AMD announced an agreement to acquire Silo AI, a Finnish AI startup, for $655 million. And this quiet trickle of deals in various forms is unlikely to stop since the market for AI talent is so tight.

Persons: —, Nader Khalil, Colette Kress, Kress, it's, OpenAI, Paul Baier, GAI, Baier, Umesh Pavdal, Thomvest Organizations: Service, Nvidia, Microsoft, Department of Justice, Federal Trade Commission, Business, ARM, Softbank, Politico, Shoreline, LinkedIn, Citi Global, DOJ, FTC, Amazon, AMD, Silo Locations: Israeli, California, San Francisco, Finnish

☆ After Google Antitrust Ruling, Here’s Where Other Big Tech Cases Stand
▼ + stars: | 2024-08-05 | by ( Cecilia Kang | David Mccabe | ) www.nytimes.com time to read: +1 min

The U.S. government’s landmark antitrust trial against Google’s search business concluded on Monday with a federal judge’s ruling that the company acted illegally to maintain a monopoly. But the parade of major federal cases challenging the power of the tech giants is just getting going. Under the Trump administration, the Justice Department and the Federal Trade Commission started investigating Amazon, Apple, Google and Meta, the parent company of Instagram and WhatsApp, for monopolistic behavior. and 17 states sued Amazon, accusing it of protecting a monopoly by squeezing sellers on its vast marketplace and favoring its own services. A judge in U.S. District Court for the Western District of Washington set the trial for October 2026.

Persons: Trump, Here’s what’s Organizations: U.S, Justice Department, Federal Trade Commission, Apple, Google, Big Tech, Amazon, Western, of Washington Locations: U.S

☆ Saying the Quiet Part Out Loud
▼ + stars: | 2024-08-03 | by ( Lauren Hirsch | Sarah Kessler | ) www.nytimes.com time to read: +1 min

Wall Street Democrats have spent the last eight years complaining about their relationship with Washington. But now that Vice President Kamala Harris is the party’s presumptive presidential nominee, they see a chance to regain influence. “Waging war is not.” (He later clarified that he would support Harris regardless of whether she replaced Khan.) Few on Wall Street would disagree with that stance — Khan has moved to block deals with seemingly little concern over losing in court. But behind the scenes, many are irked by this kind of public lobbying, arguing that it exposes a misunderstanding of the way the Washington game is played, and that it could backfire.

Persons: Donald Trump’s, Biden, Kamala Harris, Elon Musk, Bill Ackman, Harris, Lina Khan, ” Barry Diller, Reid Hoffman, ” Hoffman, “, Khan, — Khan Organizations: Democrats, Democratic Party, Trump, Federal Trade Commission, IAC, CNBC, LinkedIn, CNN Locations: Washington

“TikTok knowingly and repeatedly violated kids’ privacy, threatening the safety of millions of children across the country,” FTC Chair Lina Khan said in a release. In 2019, the government sued Musical.ly, the company that later became TikTok, for alleged COPPA violations. There are 170 million American TikTok users. In 2020, Trump signed an executive order that would ban TikTok, which was struck down in court. In March, Trump said he no longer intended to ban TikTok if re-elected.

Persons: ByteDance, TikTok, “ TikTok, Lina Khan, Musical.ly, Joe Biden, Donald Trump, Kamala Harris, Trump Organizations: U.S . Justice Department, Federal Trade Commission, TikTok, CNBC, FTC, COPPA, Central, Central District of, U.S Locations: U.S, Central District, Central District of California, American

☆ US government sues TikTok for allegedly violating children’s privacy law
▼ + stars: | 2024-08-02 | by ( Clare Duffy | ) edition.cnn.com time to read: +4 min

The lawsuit accuses TikTok and its parent company, ByteDance, of violating the Children’s Online Privacy Protection Act (COPPA) by allowing children to create accounts without their parents’ knowledge or consent. TikTok also collects and retains personal data from children, such as email addresses, phone numbers and location data, and fails to to comply with requests from parents to delete their children’s information, the suit alleges. The Justice Department claims that TikTok has continued to violate the law, as well as that 2019 court order. TikTok has also faced previous allegations that it failed to keep young users safe , and was fined in Europe for violating children’s privacy protections. The FTC began investigating potential violations of COPPA by TikTok earlier this year, sources told CNN at the time.

Persons: New York CNN — TikTok, TikTok, “ TikTok, Lina Khan, ”, Michael Hughes, “, TikTok “ Organizations: New, New York CNN, US Justice Department, US Federal Trade Commission, COPPA, The Justice Department, FTC, TikTok, CNN, Department, Federal Trade Commission Locations: New York, TikTok, California, United States, Europe

☆ Harris’ economic stance in spotlight as jobs data stirs concerns
▼ + stars: | 2024-08-02 | by ( Kayla Tausche | ) edition.cnn.com time to read: +8 min

The data also points a spotlight on the economic platform of Vice President Kamala Harris, who is poised to accept the Democratic presidential nomination this month amid signs of a slowing economy. But her economic views are less defined, maintaining broad references to strengthening the middle class, even as her record investigating Wall Street and her farther-left 2019 primary campaign platform have executives and investors on edge. According to those close to Harris, advisers and administration officials, Harris’ economic views were described as “pragmatic,” “centrist,” and even “pro-business,” with a goal of leveraging private-sector friendships for better outcomes at the ground level. Personnel as policyHarris has two staffers who manage economic and domestic policy issues, and she was briefed by staff on the most recent jobs data. “He is as close to Harris and the second gentleman as almost anyone in the administration,” said an official close to Harris.

Persons: Harris, Kamala Harris, ”, Mike Pyle, Don Graves, David Turk, Wally Adeyemo, Janet Yellen, Pyle, Brian Deese, Rohini Kosoglu –, Brian Nelson, Nelson’s, Nelson, “ That’s, Jason Furman, Barack Obama, Rohit Chopra, Massachusetts Sen, Elizabeth Warren, Biden, Vermont Sen, Bernie Sanders, –, “, she’s, Tom Vilsack, Vilsack, Ray McGuire, Lazard, Blair Effron, Jamie Dimon, “ She’s, Lina Khan, Harris “, Lina Organizations: CNN, Biden, Federal Reserve, Democratic, National Security Council, National Economic Council, ”, Commerce, Energy, Consumer Financial, Bureau, Vermont, Democratic Party, White, Commerce Department, Department of Agriculture, Wall Street, Centerview Partners, JPMorgan Chase, Naval Observatory, Meta, Target, Citigroup, eBay, Federal Trade Commission Locations: Massachusetts, Columbus , Ohio, Syracuse , New York, Georgia, Central America, Columbia, California

☆ Kamala Harris has a murky antitrust record. Wall Street sees an opportunity
▼ + stars: | 2024-08-01 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Democratic presidential candidate, U.S. Vice President Kamala Harris speaks at a campaign rally at the Georgia State Convocation Center on July 30, 2024 in Atlanta, Georgia. Wall Street dealmakers said they believe Vice President Kamala Harris, if she were to win the November presidential election against Donald Trump, is a clean slate on antitrust regulation and a prime opportunity to loosen the Biden antitrust regime. "I don't think Harris will go that far. So far, Harris has stayed silent on antitrust enforcement, a cornerstone of the Biden administration's big-business crackdown. The Harris campaign did not respond to a request for comment on the vice president's antitrust position.

Persons: Kamala Harris, dealmakers, Donald Trump, Biden, Harris, George Paul, it's, Bill Kovacic Organizations: Democratic, U.S, Center, Wall, Biden, Kroger, Albertsons, Federal Trade Commission Locations: Georgia, Atlanta , Georgia

☆ In Harris, business leaders tired of Biden see a potential friend
▼ + stars: | 2024-07-30 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

Some business leaders and wealthy donors are hopeful that Harris will adopt more centrist policies as she outlines her agenda, especially by dialing back Biden-era antitrust crackdowns. “CEOs are wildly excited about Harris,” Jeffrey Sonnenfeld, founder and president of the Yale Chief Executive Leadership Institute, told CNN in a phone interview. Sonnenfeld pointed to confidence that Harris will protect the rule of law and hopes for recalibrated trade, regulatory and tax policies. Meanwhile, Harris, somewhat of an unknown commodity on business policy, hasn’t said much about where she stands. Another key sticking point is energy, where Trump has tried to blame the Biden-Harris administration for periods of high gas prices.

Persons: Kamala Harris, Harris, Biden, ” Jeffrey Sonnenfeld, Sonnenfeld, Lina Khan, Khan’s, hasn’t, “, ”, Greg Valliere, Democratic megadonor Reid Hoffman, Khan, Hoffman, Barry Diller, Diller, It’s, ” Diller, ‘, haven’t, PCCC, Adam Green, Harris –, ” Green, Lina Khan –, ” Sonnenfeld, “ It’s, Douglas Farrar, Donald Trump, Joe Biden, Trump, ” Trump, “ You’re, Lauren Hitt, didn’t Organizations: New, New York CNN, Biden, Big Tech, Democratic, Yale, Leadership, CNN, Federal Trade Commission, Progressives, AGF Investments, Business, Big Oil, Microsoft, FTC, “, Activision, CNBC, IAC, Progressive, Khan, Public Citizen, AFL, NAACP, Harris Administration Locations: New York, North Carolina

☆ Delta just issued a warning shot to CrowdStrike about the money it wants to help cover some losses from the huge outage
▼ + stars: | 2024-07-30 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +5 min

Read previewDelta Air Lines is gearing up to demand money following an outage that sent the world, including the airline, into chaos. The carrier hired star attorney David Boies to seek damages from CrowdStrike and Microsoft for the July 19 computer outage that forced Delta to cancel about 6,000 flights, CNBC reported on Monday. AdvertisementWhile no lawsuit has been filed, Delta plans to seek compensation from CrowdStrike and Microsoft, CNBC reported. AdvertisementEven individuals hoping to seek damages from CrowdStrike through proposed class action lawsuits may have little luck. Between customer agreements that favor CrowdStrike and SolarWinds largely beating the SEC, CrowdStrike stands a good chance in court, Sanchez said.

Persons: —, David Boies, Delta, Boies, Elizabeth Holmes, Al Gore, Boies Schiller, CrowdStrike, Elizabeth Burgin Waller, Woods Rogers, Mauricio Sanchez, Sanchez, SolarWinds, Andrew Selbst, Selbst Organizations: Service, Lines, Microsoft, CNBC, Business, Delta, Analysts, Bloomberg, CrowdStrike's Falcon, Dell'Oro, Fierce, Securities and Exchange, SEC, UCLA School of Law, Harvard Law, Federal Trade Commission, FTC Locations: CrowdStrike, Delta, Texas

☆ The 'great rotation' faces its biggest test yet: earnings from Microsoft, Meta, Apple and Amazon
▼ + stars: | 2024-07-28 | by ( Jim Cramer | ) www.cnbc.com time to read: +15 min

That will be the case in this jam-packed week , with the earnings from Microsoft on Tuesday, Meta Platforms on Wednesday, and Apple and Amazon on Thursday. If Alphabet said it cut back on data-center spending, then it would be alleged the company is falling behind Amazon and Microsoft in the AI race. The company also is now dogged by another competitor in search engines after ChatGPT creator OpenAI announced a prototype of SearchGPT . Apple reports on Thursday, and if you think the cloud-computing heavyweights are spending on too much AI, then you should be buying Apple. President Joe Biden always chose to have his agencies wear down tech companies.

Persons: Don Forst, There's, hadn't, OpenAI, Tesla, Elon Musk, —, Russell, Mark Zuckerberg, Nvidia's Jensen Huang, It's, Zuckerberg, EssilorLuxottica —, EssilorLuxottica, Andy Jassy, Stanley Black, Decker, it's, Kamala Harris, Tony West, Joe Biden, Harris, Biden, Biden couldn't, Gina Raimondo, Raimondo, Donald Trump, Sen, JD Vance, Vance, Trump, Xi Jinping's, Abbott, Jim Cramer's, ABT, Jim Cramer, Jim, Sebastien Bozon Organizations: Los Angeles Herald Examiner, Microsoft, Apple, Google, YouTube, Amazon, Nvidia, Siggraph, Federal Reserve, Mohawk Industries, Fortune Brands, Club, Democratic, Uber Technologies, titans, Department of Justice, Federal Trade Commission, Department of Commerce, Republican, Big Tech, Republican Party, Trump, Abbott Laboratories, Drug Administration, CNBC, AFP, Getty Locations: Los Angeles, Denver, Ray, California, U.S, Ohio, Taiwan, St, Louis , Missouri

Since Harris kicked off her presidential campaign, there’s been a string of good news for the US economy. Harris will have Biden’s mostly strong economy to run on. By June 2021, Biden’s sixth month in office, the nation’s inflation rate jumped to more than 5%. After the Federal Reserve hiked interest rate hikes to a 23-year high to stamp out inflation, the economy — eventually — started to run at a slower pace. The Biden administration canceled $168 billion in student loan debt for 4.8 million Americans.

Persons: Joe Biden, Biden, Kamala Harris, Harris, there’s, Biden’s, —, hasn’t, Evan Vucci, Eros Hoagland, Getty, Lina Khan, Jonathan Kanter, Stocks Organizations: CNN, White House, House, Federal, Trump, Biden, Federal Reserve, Gross, Commerce Department, of Labor Statistics, Infrastructure Investment, Jobs, AFL, National Labor Relations Board, United Auto Workers, Union, AP Relief, American, ARPA, Medicare, University of North, Hill, Apple, Google, Federal Trade Commission, Department, FTC, Activision, Big Tech, Justice Department, Fed Locations: Ukraine, Van Buren Township , Michigan, University of North Carolina, America, Valley, Silicon Valley

☆ Warner Bros. Discovery is counting on deregulation to unlock media deals — if there's even appetite
▼ + stars: | 2024-07-26 | by ( Alex Sherman | ) www.cnbc.com time to read: +10 min

If you ask Zaslav, though, the reason Roberts and other potential buyers of media assets aren't interested is because the government has scared them away. Or, perhaps, legacy media companies are simply undesirable assets to own. He extended the life of his previous company, Discovery Communications — and probably his own tenure running a media company — by merging it with AT&T's WarnerMedia in 2022. Without a deal, Discovery would have wallowed as a subscale content provider and owner of declining cable networks. Discovery with another legacy media company, such as Paramount Global , Fox or Disney , or NBCUniversal, if it were spun off from Comcast.

Persons: David Zaslav, David Grogan, Brian Roberts, " Roberts, Comcast's, Roberts, Zaslav, Shari Redstone, Rob Kindler, Paul, Weiss, they've, Kindler, haven't, Morgan Stanley's, Donald Trump's, There's, Joe Biden's, Simon, Simon & Schuster, JD Vance, Lina Khan's, Lina Khan, Biden, Vance, Kamala Harris Organizations: Allen & Company Sun Valley Conference, CNBC Comcast, Warner Bros, Discovery, Allen & Co, Sun, Paramount, Skydance Media, CNBC Redstone, Starz, AMC Networks, Vice Media, Discovery Communications, NBA, Apple, Paramount Global, Fox, Disney, Comcast, CNBC, Google, Scripps Networks Interactive, Time Warner, Scripps, Viacom, CBS, Sky, AMC, IFC, Sundance, Lionsgate, Media, Republican, Democratic, Donald Trump's Department of Justice, Simon &, Random, MGM, Federal Trade, & $ Locations: Sun Valley , Idaho, RemedyFest

☆ LinkedIn billionaire is going all-in on Kamala Harris. But he wants her to make a big change
▼ + stars: | 2024-07-26 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

New York CNN —LinkedIn co-founder Reid Hoffman is throwing his financial firepower behind Vice President Kamala Harris. Ohio Sen. JD Vance, the GOP nominee for vice president, is a fan. Harris campaign: No discussions on replacing KhanHoffman told CNN he “certainly” hasn’t directly pushed Harris to replace Khan. A Harris campaign aide told CNN that there have been “no policy discussions” about replacing Khan at the current time. That was a mistake,” Hoffman told CNN.

Persons: Reid Hoffman, Kamala Harris, Hoffman, CNN he’s, Harris, United States ’, Lina Khan, “ Lina Khan, ” Hoffman, Joe Biden, “, Khan, ”, Bernie Sanders, Hoffman Khan, Sen, Mr, Hoffman ”, Massachusetts Sen, Elizabeth Warren, Khan . Ohio Sen, JD Vance, Vance, Biden, Khan Hoffman, hasn’t, Brian Fung, Douglas Farrar, Biden Harris, Harris team’s, ” Farrar, Farrar, “ Trump, Donald Trump, Trump, Steven Cheung, George Soros ”, Mark Cuban, Peter Thiel, Thiel, Arizona Sen, Mark Kelly, Josh Shapiro, Gretchen Whitmer, Gina Raimondo Organizations: New, New York CNN, LinkedIn, Biden, Harris, PAC, CNN, Federal Trade, Democratic, Microsoft, FTC, “, Big Oil, Big Tech, Forward PAC, GOP, Republican, Activision Blizzard, Mattress, Trump, US Chamber of Commerce, Arizona Locations: New York, United States, America, Vermont, Massachusetts, Khan . Ohio, Pennsylvania, Michigan

☆ Automakers Sold Driver Data for Pennies, Senators Say
▼ + stars: | 2024-07-26 | by ( Kashmir Hill | ) www.nytimes.com time to read: +1 min

If you drive a car made by General Motors and it has an internet connection, your car’s movements and exact location are being collected and shared anonymously with a data broker. This practice, disclosed in a letter sent by Senators Ron Wyden of Oregon and Edward J. Markey of Massachusetts to the Federal Trade Commission on Friday, is yet another way in which automakers are tracking drivers, often without their knowledge. Previous reporting in The New York Times, which the letter cited, revealed how automakers including G.M., Honda and Hyundai collected information about drivers’ behavior, such as how often they slammed on the brakes, accelerated rapidly and exceeded the speed limit. It was then sold to the insurance industry, which used it to help gauge individual drivers’ riskiness. The two Democratic senators, both known for privacy advocacy, zeroed in on G.M., Honda and Hyundai because all three had made deals, The Times reported, with Verisk, an analytics company that sold the data to insurers.

Persons: Ron Wyden, Edward J, Markey Organizations: General Motors, Oregon, Massachusetts, Federal Trade Commission, The New York Times, Honda, Hyundai, Democratic, The Times Locations: G.M

☆ Openness in AI is necessary to promote fair and competitive markets, said FTC's Lina Khan
▼ + stars: | 2024-07-25 | by ( Sri Muppidi | ) www.businessinsider.com time to read: +6 min

"These conditions have allowed, in some instances, the biggest technology companies to get a layup in the AI space," Khan said. In particular, Khan called for AI models' weights to be publicly available. In the age of AI, Khan said both consumers and enterprises are uncertain of their data's protections when using foundation models. "We only focus on deals that have problems…it's a narrow set of deals that satisfy a narrow set of criteria." In March, Microsoft paid $650 million in a licensing deal to Inflection AI, an emerging OpenAI rival, to use its AI models and hire most of its employees.

Persons: —, Lina Khan, Khan, We've, you've, Jonathan Kanter, Kevin Dietsch, Kanter, execs Organizations: Service, Federal Trade Commission, FTC, Big Tech, Microsoft, Google, Business, Meta, Antitrust, Department of Justice, DOJ, Apple, Tech, New York VC, YC, Amazon Locations: OpenAI, America

☆ Adobe executive compared early termination fees to heroin for the company: court docs
▼ + stars: | 2024-07-25 | by ( Natalie Musumeci | ) www.businessinsider.com time to read: +1 min

US regulators say in a lawsuit against Adobe that an exec likened early termination fees to heroin. The DOJ and FTC sued the software company last month, alleging it violated consumer protection laws. Adobe has disputed the claims and said the government took old employee comments out of context. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAn Adobe executive allegedly likened early termination fees to heroin for the software company, according to newly unredacted documents in the US government's lawsuit against the Photoshop and Creative Cloud maker.

Persons: — Organizations: Adobe, DOJ, FTC, Service, Justice Department, Federal Trade Commission, Business

Credit Karma Savings Account FeaturesCurrent Credit Karma Savings Rate and How It ComparesThe Credit Karma Savings interest rate is significantly higher than the average savings account interest rate of 0.45% APY. How Credit Karma Savings WorksOpening a Credit Karma Savings AccountCredit Karma works as an online-only platform, so you'll need to open a savings account using its website or app. For customer support, Credit Karma offers both a phone line and a live chat for Credit Karma Money account holders. Credit Karma Savings Account FAQsIs Credit Karma savings a good idea? Yes, Credit Karma offers the Credit Karma Money Save Account, which is a high-yield savings account paying 5.10% APY.

Persons: It's, Karma, You'll, haven't, Ally, Synchrony Organizations: Credit, Karma, Social, Karma Savings, Credit Karma, Google, Apple, Better, MVB Bank, Intuit, Better Business, BBB, Federal Trade Commission, FTC, Ally Bank, Synchrony, Business Locations: Chevron

☆ Judge will not block Biden administration ban on worker 'noncompete' agreements
▼ + stars: | 2024-07-23 | by ( ) www.cnbc.com time to read: +1 min

US President Joe Biden arrives at Joint Base Andrews in Maryland on July 23, 2024. Biden is returning to the White House after spending nearly a week at his personal residence recovering from Covid and for the first time since dropping his reelection bid. A federal judge on Tuesday rejected a bid by a tree-trimming company to block a U.S. Federal Trade Commission rule from taking effect that would ban agreements commonly signed by workers not to join their employers' rivals or launch competing businesses. Hodge, an appointee of Democratic President Joe Biden, denied a bid by ATS Tree Services to block the rule pending the outcome of its lawsuit. About 30 million people, or 20% of U.S. workers, have signed noncompetes, according to the FTC.

Persons: Joe Biden, Biden, Judge Kelley Hodge, Hodge, Ryan Organizations: Base Andrews, U.S . Federal Trade Commission, FTC, Democratic, ATS Tree Services, U.S . Chamber of Commerce Locations: Maryland, U.S, Philadelphia, Texas

While you're rarely liable for any fraudulent charges made on a credit card, your liability for fraudulent charges made with a debit card depends on when you report the card missing. You might also cancel a debit card if you're switching banks, but in that case you'll be closing your entire account and your debit card along with it. Reasons to cancel a debit cardCanceling a debit card may be necessary if:It's lostIt's stolenYou never use itYou're closing your accountImmediate steps to cancel a debit cardTurn off the card via the bank's mobile app Report the card missing or stolen Confirm the cancelation with a customer service representative Report any fraudulent transactionsReporting your card as lost or stolenThere are two ways to report a lost or stolen debit card. Cancel automatic paymentsIf you have recurring payments attached to your debit card, you'll need to cancel these so your subscriptions or memberships stay current. After canceling your debit cardThe Federal Trade Commission recommends following up a request to cancel a lost or stolen debit card in writing.

Persons: it's, It's, you've Organizations: Bank and America, Ally Bank, Federal Trade, Social

☆ A Silicon Valley executive had $400,000 stolen by cybercriminals while buying a home. Here’s her warning
▼ + stars: | 2024-07-23 | by ( Hugh Son | ) www.cnbc.com time to read: +7 min

Real estate, with its large transaction sizes and frequent use of wire transfers, has proven to be an especially lucrative target for criminals. In early July, Robillard told CNBC she had no idea whether she would ever see her money again. Courtesy: Rana RobillardRobillard says she decided to publicize her story to boost awareness of real estate wire fraud, besides being a last-ditch attempt at getting her money back. "This is not what I thought my public representation would look like, which is that I've lost all this money," Robillard said. While Martinez, California-based Compass Mortgage denies being hacked, it acknowledged that the email with wire directions wasn't from them, according to Robillard.

Persons: Rana Robillard, she'd, Robillard, HackerOne, Fraudsters, Naftali Harris, Harris, Charles Schwab, she's, —, Robillard Robillard, I've, it's, should've, Kristy Aichinger, Aichinger, Kent Donahue, Donahue didn't Organizations: JPMorgan Chase, CNBC, Citigroup, Ally Bank, San, FBI, JPMorgan, Federal Trade Commission, Consumer Financial, Bureau, Chase, FTC, OS National, Opendoor, Robillard, Compass Mortgage Advisors, Mortgage Locations: Oakland, Orinda ,, California, Orinda, San Francisco, Real, Martinez

☆ Opinion | Is the Populism of the Trump G.O.P. Real or Fake?
▼ + stars: | 2024-07-23 | by ( Julius Krein | ) www.nytimes.com time to read: +1 min

Before last week’s Republican convention, Donald Trump seemed to be moving away from the populism that characterized his 2016 campaign. “He’s defending big business, cozying up to billionaires, and wooing C.E.O.s.”When Mr. Trump named Senator JD Vance of Ohio as his running mate, though, pundits quickly concluded that he was doubling down on populism. In his convention speech, Mr. Vance denounced NAFTA and China trade deals and promised to prioritize American workers over multinational corporations. On the other hand, in a long interview with Bloomberg (conducted in late June) that came out after the announcement of Mr. Vance’s selection, Mr. Trump hardly sounded like a firebrand economic populist. He floated the idea of reducing corporate tax rates to 15 percent and said he’d consider the JPMorgan Chase C.E.O., Jamie Dimon, as a potential Treasury secretary.

Persons: Donald Trump, isn’t, Karma, “, C.E.O.s, Trump, JD Vance, Ohio, Vance, Reagan, Bush, Lina Khan, he’d, JPMorgan Chase, Jamie Dimon, Trump’s Organizations: Republican, Federal Trade Commission, China, Bloomberg, JPMorgan, JPMorgan Chase C.E.O Locations: The

☆ FTC launches probe into 'surveillance pricing' that it says links cost to customer data
▼ + stars: | 2024-07-23 | by ( Contessa Brewer | ) www.cnbc.com time to read: +2 min

The Federal Trade Commission is launching an investigation into so-called "surveillance pricing," seeking more information about how artificial intelligence is used to change pricing rapidly based on data about customer behavior and characteristics. The FTC says the practice allows companies to charge different customers, different prices. "Firms that harvest Americans' personal data can put people's privacy at risk," FTC Chair Lina Khan said in a news release. Kahn describes surveillance pricing as a "shadowy ecosystem of pricing middlemen." Mastercard said in a statement, "We will cooperate with the FTC in this process."

Persons: Lina Khan, Kahn Organizations: Federal Trade Commission, CNBC, Summit, FTC, Mastercard, JPMorgan Chase, Accenture, McKinsey, Home Depot, Tractor Supply, Hannaford, Puma Locations: Washington ,

☆ Judge Refuses to Block F.T.C.’s Noncompete Ban as Lawsuits Play Out
▼ + stars: | 2024-07-23 | by ( Danielle Kaye | ) www.nytimes.com time to read: +1 min

A federal judge in Pennsylvania on Tuesday declined to block the Federal Trade Commission’s ban on noncompete agreements, diverging from another judge’s recent finding that the agency’s move was on shaky legal ground. The decision clears one obstacle to the F.T.C.’s move to prohibit virtually all noncompete agreements, which prohibit employees from switching jobs within an industry and affect roughly one in five American workers. Several business groups sued to block the ban as soon as the F.T.C. voted to adopt it in April, saying it would limit their ability to protect trade secrets and confidential information. Denying the company’s motion for a preliminary injunction, she said the lawsuit was unlikely to ultimately prevail on the merits.

Persons: Judge Kelley Brisbon Hodge Organizations: Federal Trade, ATS Tree Services, Eastern, Eastern District of Pennsylvania, ATS Locations: Pennsylvania, U.S, Eastern District, “

☆ Lawmakers introduce bipartisan bill aiming to crack down on drug middlemen as scrutiny ramps up
▼ + stars: | 2024-07-23 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Bipartisan lawmakers introduced a new bill on Tuesday that aims to crack down on the business practices of drug supply chain middlemen who are widely accused of inflating prescription medication prices and harming U.S. patients and pharmacies. The legislation aims to ensure community pharmacies can provide care to patients enrolled in federal health-care programs while being reimbursed "fairly and transparently" by so-called pharmacy benefit managers, or PBMs. Those middlemen also create lists of medications, also known as formularies, that are covered by insurance and reimburse pharmacies for prescriptions. Auchincloss said those practices have allowed PBMs to trap $300 billion in revenue in the middle of the drug supply chain between manufacturers and patients. Legislation targeting PBMs advanced through House and Senate committees with bipartisan support last year, and one proposal overwhelmingly passed the House in December.

Persons: Jake Auchincloss, Diana Harshbarger, Auchincloss, Biden Organizations: Medicare, CVS, PBMs, House, Federal Trade Commission, CNBC

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