Dollar Weakens Ahead of Expected Federal Reserve Rate Cut 
U.S. Appeals Court Rules Trump Can Remove Members of Key Federal Labor Boards 
Bristol Myers Faces $6.7 Billion Lawsuit After Judge Allows Key Shareholder Claims to Proceed 
Northwestern University to Restore Research Funding Under $75 Million Agreement with U.S. Government 
Amazon Italy Pays €180M in Compensation as Delivery Staff Probe Ends 
Key Witness Seeks to Block Evidence in Potential Revival of Comey Case 
Germany’s Economic Recovery Slows as Trade Tensions and Rising Costs Weigh on Growth 
RBI Cuts Repo Rate to 5.25% as Inflation Cools and Growth Outlook Strengthens 
Asian Markets Mixed as Fed Rate Cut Bets Grow and Japan’s Nikkei Leads Gains 
Dollar Slides to Five-Week Low as Asian Stocks Struggle and Markets Bet on Fed Rate Cut 
Yellow Corp Reaches Major Settlement With Pension Plans Amid Ongoing Bankruptcy Case 
Asian Markets Mixed as RBI Cuts Rates and BOJ Signals Possible Hike 
Trump Pardons Former Honduran President Juan Orlando Hernández in Controversial Move 
Bolsonaro Blames Medication Mix-Up for Ankle Monitor Tampering as Detention Continues 
Citi Sets Bullish 2026 Target for STOXX 600 as Fiscal Support and Monetary Easing Boost Outlook 
Federal Judge Blocks Trump Administration’s Medicaid Funding Restrictions Targeting Planned Parenthood 
The 2nd US Circuit Court of Appeals ruled that six Chinese banks weren't liable for $150 million in sanctions due to the failure of Next Investments LLC to freeze the assets of hundreds of Nike counterfeiters.
Next, which acquired the $1.8 billion default award from Nike Inc, had failed to enforce the freeze against the banks for nearly six years before asking the court to hold them in contempt, said US Circuit Judge Michael Park for a unanimous three-judge panel.
In 2015, Nike and its Converse Inc unit won the default judgment against over 600 Chinese entities and individuals in the Manhattan federal court.
US District Judge Shira Scheindlin also restrained the defendants and everyone acting in concert or in participation with them from transferring their assets.
Nike sold its interest in the judgment to Houston-based Next Investments LLC in 2017.
Next subpoenaed six Chinese banks with New York branches where the counterfeiters allegedly had accounts and filed contempt charges against them in 2019 for failing to comply with the asset restraining orders, asking $150 million in compensatory damages.
Senior US District Judge Colleen McMahon rejected Next's motion in 2020 as US branches of foreign banks are separate legal entities.
The separate entity rule also kept the court from enforcing the freeze as to assets in China.
On appeal, Next insisted that the separate entity rule shouldn't enable counterfeiting, among other things.
Park, Senior Circuit Judge Jon Newman, and Circuit Judge Steven Menashi declined to hold the banks in contempt or enforce the order.
On top of its failure to enforce the orders against the banks for nearly six years, Nike and Next "explicitly disclaimed" that they would invoke the ruling against four of the banks.
The court also said that there was a "fair ground of doubt" about the orders' applicability to the banks due to the separate entity rule.
Adam Hoffinger, who represented the Agricultural Bank of China, said the decision reaffirmed that his client had done nothing wrong.
