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Oct. 3, 2023

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What’s going on today?

SBF’s fraud trial gets under way with jury selection.
Elon Musk must face a fraud lawsuit for disclosing his Twitter stake late.
Trump’s civil fraud trial is on day two.
Hunter Biden pleads not guilty.

U.S. Supreme Court appears wary in case targeting consumer financial watchdog

REUTERS/Kevin Wurm/File Photo

U.S. Supreme Court justices on Tuesday appeared skeptical of the payday lending industry’s challenge to the Consumer Financial Protection Bureau’s funding structure in a case that President Joe Biden’s administration has said imperils an agency set up to curb predatory lending after the 2008 global financial crisis. Read more about oral arguments.

It was the first of several cases the justices are tackling during their new nine-month term, which began on Monday, that could curb the power of federal agencies.

More top news:

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Sam Bankman-Fried fraud trial gets under way with jury selection

Sam Bankman-Fried in a courtroom sketch, Oct. 3, 2023. REUTERS/Jane Rosenberg

Sam Bankman-Fried’s fraud trial got under way with jury selection on Tuesday, nearly a year after his now-bankrupt cryptocurrency exchange’s collapse shocked markets and tattered his reputation.

U.S. District Judge Lewis Kaplan told a group of 50 prospective jurors that he would ask them questions to try to seat a panel of 12 jurors and six alternates that could be fair to both prosecutors and the defense.

Here’s a look at the charges SBF faces.

Catch up on they key events that led to the 31-year-old former billionaire’s trial.

Judge in Bankman-Fried trial leaves narrow opening for blame-the-lawyers evidence

On the eve of jury selection in the government’s criminal fraud trial against FTX founder Sam Bankman-Fried, a Manhattan federal judge has limited the erstwhile billionaire’s ability to undercut the prosecutors’ case by pointing to the involvement of FTX lawyers in his allegedly criminal scheme. Judge Lewis Kaplan said Bankman-Fried’s lawyers can’t refer to advice from FTX counsel during their opening arguments but may be allowed to introduce such evidence as the trial progresses. Alison Frankel has the details.

Check out other recent pieces from all our columnists: Alison Frankel, Jenna Greene and Hassan Kanu

In other news …

Embattled U.S. House Speaker Kevin McCarthy teed up a vote on a challenge to his leadership, in an intra-party dispute that could plunge Congress into chaos … Russia deployed punishment battalions in echo of Stalin … Here’s a look at how RFK Jr could hurt Biden and Trump in the 2024 election … Banks are behind a 70% jump in greenwashing incidents in 2023 … Pennsylvania mummy ‘Stoneman Willie’ will receive a proper burial after 128 years.