SCOTUS poised to rule on voter map …
The U.S. Supreme Court’s conservative justices, holding a 6-3 majority, appeared poised to revive a Republican-drawn electoral map in South Carolina that was blocked by a lower court for racial bias after 30,000 Black residents were moved out of a congressional district. Plaintiffs have long borne a heavy burden in cases of racial gerrymandering – the redrawing of electoral district boundaries to marginalize a certain set of voters and increase the influence of others. If the high court sides with South Carolina, experts say it could make it even harder to win such legal challenges.
Sam Bankman-Fried’s fraud trial …
Caroline Ellison, the former CEO of Sam Bankman-Fried’s hedge fund, took the stand this week testifying that the former crypto mogul – her onetime boss and boyfriend – directed her and others to defraud customers of his FTX exchange by taking their money without their knowledge. The star witness grew emotional in describing how she had been “terrified” the truth would come out about the crypto exchange and that its ultimate collapse last year brought an “overwhelming feeling of relief.” Jurors at the trial also heard a recording of Ellison telling employees of Alameda Research hedge fund that Bankman-Fried had approved using money that belonged to FTX customers to pay off the fund’s loans. Ellison, a 28-year-old Stanford University graduate who took the reins at Alameda in 2021, is one of three former members of Bankman-Fried’s inner circle who have pleaded guilty to fraud charges and agreed to cooperate with the Manhattan U.S. Attorney’s office. Here’s an account of the key moments from Caroline Ellison’s testimony.
Challenges to US corporate diversity programs …
Edward Blum’s American Alliance for Equal Rights, whose lawsuits pushed two major law firms – Perkins Coie and Morrison & Foerster – to alter fellowships they offered law students to help bolster diversity in their ranks, said it was considering suing three more unless they did the same. The anti-affirmative action group in letters said it was considering similar legal action against Winston & Strawn, Hunton Andrews Kurth, and Adams and Reese and asked whether they planned to change their programs. Blum is the activist behind the successful U.S. Supreme Court challenge to race-conscious college admissions policies. In addition to the lawsuits against the law firms, Blum won a court order blocking a venture capital firm’s grant program for Black women-led businesses, and he is pursuing cases challenging race-conscious admissions policies in military academies.
Deals …
Exxon Mobil agreed to buy U.S. rival Pioneer Natural Resources in an all-stock deal valued at $59.5 billion that would make it the biggest producer in the largest U.S. oilfield … In the biggest-ever gaming deal, Microsoft closed its $69 billion deal for Activision Blizzard, after the Xbox-maker got the greenlight from Britain … California Attorney General Rob Bonta said that his office was concerned about Kroger’s proposed deal to buy rival Albertsons for $24.5 billion and may sue to stop it … EU antitrust regulators ordered U.S. genetic testing company Illumina to sell cancer test maker Grail after it completed the deal before securing their approval … AMD said it plans to buy an artificial intelligence startup Nod.ai as part of an effort to bolster its race to catch rival chipmaker Nvidia.
