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Chief financial officers at major commodity trading firms have warned that the prolonged closure of the Strait of Hormuz is likely to spark a wave of legal disputes, as disrupted energy flows lead to widespread contract breaches. With the strait - normally responsible for around one-fifth of global oil and LNG shipments - effectively shut to most shipping, producers have declared force majeure, leaving hundreds of millions of barrels undelivered and forcing refineries to cut output. Executives from firms including Mercuria, Vitol, and Trafigura say the situation is creating significant legal, operational, and market risks, with expectations of numerous claims and disputes over unfulfilled contracts likely to impact profits.

 

Insurance Journal

President Donald Trump has said he will remember companies that do not seek refunds on duties after the Supreme Court ruled against his tariffs. “It's brilliant if they don't do that,” Trump said on CNBC in response to a question about whether companies such as Amazon and Apple should request refunds on duties that have now been deemed unlawful. “If they don't do that, I'll remember them.” The Supreme Court's decision could lead to the largest-ever repayment by the U.S. government, with refunds potentially exceeding $160bn. Companies including Costco and FedEx have filed lawsuits to secure their refund rights.

 

CNBC	Los Angeles Times

Homeland Security Secretary Markwayne Mullin has said the Transportation Security Administration (TSA) may run out of funds to pay 50,000 workers in the coming weeks unless Congress intervenes. "The money would run out by early May," Mullin said during an appearance on "Fox and Friends." His warning follows President Donald Trump's directive in late March to utilize emergency funds to compensate TSA employees who had not received paychecks for approximately six weeks.

 

U.S. News

⁠The ⁠Gates Foundation ⁠is cutting up to ​500 jobs, or ‌roughly 20% of ‌its staff, ⁠over ⁠the next several years, and it ​has opened an external review of ​engagement with the ⁠convicted pedophile Jeffrey ​Epstein. The foundation's co-founder, Bill Gates, earlier this year said he regretted his association with Epstein and that he didn’t participate in the late sex offender’s crimes. Gates has been called to testify about his Epstein ties before Congress in June. “This is a challenging time for our organization in many ways, but it also highlights the critical importance of taking the tough actions now,” Gates Foundation CEO Mark Suzman wrote in a memo seen by the Wall Street Journal.

 

Wall Street Journal

The Reserve Bank of Australia (RBA) says it is actively monitoring Anthropic's new Mythos AI model, which the company says is powerful enough to enable sophisticated cyberattacks. As part of its role as chair of Australia's Council of Financial Regulators, the RBA said it is engaging with various regulatory bodies to address cybersecurity risks associated with Mythos. Reports indicate that unauthorized users accessed Mythos shortly after its announcement for limited testing. Anthropic says that Mythos can identify and exploit vulnerabilities in major operating systems and web browsers. The RBA said: "The RBA, along with peer regulators and government agencies will continue to assess the implications of these technological advancements to ensure the ongoing safety and resilience of the financial system." 

 

The Japan Times Online

North Korean hacking group Lazarus is believed to be behind the theft of nearly $300m in cryptocurrency last weekend. A cryptocurrency token linked to the major Ethereum currency was “drained” from KelpDAO. The South China Morning Post notes that North Korea's sophisticated cybercrime programme uses stolen cryptocurrency to help fund its nuclear weapons development, according to a United Nations panel. 

 

South China Morning Post

QBE and Beazley are among insurers that have proposed language for cyber insurance policies limiting payouts on AI losses, according to brokers and documents reviewed by the Financial Times.

 

Financial Times

Oil and gas companies fighting lawsuits over coastal land loss and environmental degradation in Louisiana have been handed a win by the Supreme Court. The companies have been given a new day in federal court after a state jury ordered Chevron to pay upward of $740m to clean up damage to the state's coastline, one of multiple similar lawsuits. They deny responsibility for land loss in Louisiana and argue  that it is wrong to sue them for what they did before state environmental regulations were in place. The companies commenced oil production and refining during World War II as U.S. contractors. 

 

The Baltimore Sun

Reuters reports that the Supreme Court on Monday appeared inclined to back the Securities and Exchange Commission (SEC) in a case testing the bounds of "disgorgement," a financial remedy in which the SEC seeks recovery of profits made from illegal activities. The SEC's general power to pursue disgorgement is not in dispute, Reuters notes. At issue in Sripetch v. SEC is whether the agency must demonstrate that victims suffered economic harm before it can seek the surrender of illegal ⁠profits. Some on the court, including conservative Justice Amy Coney Barrett, pushed back on the argument made by Sripetch's lawyer, Daniel Geyser, that the disgorgement in the case would amount to impermissible punishment by the SEC because it had ​failed to prove that victims had experienced economic harm.

 

Bloomberg

Reuters

Elon Musk's Tesla has reached a settlement in a wrongful death lawsuit related to a 2018 crash that killed a teenager riding in one of its vehicles. The trial was set to begin in Florida state court when Tesla was removed as a defendant, leaving only the driver's estate in the case. The plaintiff's lawyers indicated that the claim against Tesla had settled, although the terms remain undisclosed. The crash involved a 2014 Tesla Model S, where the 18-year-old driver was speeding at 116 mph in a 25 mph zone before losing control and crashing. Tesla has denied any wrongdoing, asserting that the driver's "reckless" operation caused the incident "with or without a speed limiter."

 

U.S. News

China has introduced new regulations to combat the extraterritorial application of foreign laws, effective from April 13. The Regulations on Countering Unjustified Extraterritorial Application of Foreign Legislation aim to block foreign measures deemed improper by Beijing. Analysts see the move as a shift from diplomatic protests to “legal warfare.” The European Chamber of Commerce in China has voiced concern that the “broad scope, vague language and wide discretion” of the rules go far beyond similar statutes in the West. The move added to uncertainty around global supply chains amid the U.S. blockade of the Strait of Hormuz, the chamber said.

 

South China Morning Post

The Consumer Financial Protection Bureau (CFPB) has ended certain anti-discrimination requirements for lenders, removing obligations tied to the Equal Credit Opportunity Act’s “disparate impact” standard, which previously addressed policies that unintentionally disadvantaged protected groups. The move, backed by CFPB Director Russ Vought, has drawn criticism from Democratic lawmakers who argue it weakens longstanding civil rights protections in lending, while the administration maintains the changes are intended to prevent what it views as unintended discriminatory practices. 

 

The Hill

Reuters

Americans’ confidence in having enough savings for retirement has dropped to its lowest level in nearly a decade, driven largely by rising living costs and concerns about the future of government benefits. A survey by the Employee Benefit Research Institute found that 61% of workers feel confident about their retirement finances, down from 67% in 2025 and 72% in 2021, while confidence among retirees also declined to 73% from 78% a year earlier. Inflation has been a key factor, with many retirees reporting higher-than-expected expenses, particularly for essentials such as groceries, healthcare, and fuel. The findings also highlight growing fears about the long-term stability of Social Security and Medicare, with some individuals opting to claim benefits earlier amid uncertainty. Overall, both workers and retirees reported declines in financial well-being and health, alongside rising concerns about debt, underscoring broader economic pressures affecting retirement planning.

 

Wall Street Journal