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A California federal judge has approved more than $22.6m in legal fees from a $68m Google privacy settlement while rejecting unusually high hourly billing rates. U.S. District Judge Beth Labson Freeman reduced Scott + Scott managing partner David Scott's proposed $3,000 hourly rate to $1,600, describing the original figure as "patently unreasonable". The court nevertheless approved lawyers receiving 33% of the settlement, recognising their successful resolution of allegations that Google's voice assistant improperly recorded private conversations and supported targeted advertising. Google denied wrongdoing. The ruling comes amid increasing legal fees, with major U.S. law firms raising hourly rates by an average of 7% in 2025 and some leading partners charging up to $4,000.  

 

Reuters

Cleveland-Cliffs chief executive Lourenco Goncalves has criticized Canada's threat of legal action over potential job losses at its Stelco steel operations in Ontario, warning that government intervention could discourage foreign investment. Following the company's decision to suspend certain production activities in Hamilton, up to 500 workers could be affected, although fewer layoffs have reportedly occurred. Canadian Industry Minister Mélanie Joly is considering legal measures to enforce employment commitments made when Cleveland-Cliffs acquired Stelco in 2024, including financial penalties or compulsory divestment. Goncalves argues that U.S. tariffs, trade disruptions and rising imports have made operations financially unsustainable, with the company supporting loss-making production for nearly two years. Describing the government's approach as "bullying and harassment", he warned that forcing asset sales could undermine Canada's attractiveness to international investors.  

 

Bloomberg

Nine former FBI agents and analysts, dismissed after the Mar-a-Lago classified-documents investigation, have filed a lawsuit claiming political retaliation and seeking reinstatement and back pay. The lawsuit alleges that their firings were unlawful and lacked due process, describing them as part of a broader campaign against employees involved in investigations of Trump. "In return for their service, they were fired because they did their jobs," said their attorneys, highlighting the agents' distinguished service. The suit details how the agents were assigned to the investigation and argues that their terminations stemmed from unfounded perceptions of political bias. The lawsuit seeks reinstatement, back pay, and a court declaration that the firings were unlawful, asserting that the actions were driven by a personal vendetta against the agents.

 

Los Angeles Times

U.S. News

The Snook Foundation, a philanthropic organization in Baldwin County, has filed lawsuits against former employees Brenda Lee, Thomas E. Lee II, and Heather Lee, alleging over $2.5m in fraud. The lawsuits claim the Lees established an unauthorized pension fund, diverting substantial funds without the board's knowledge. "Unbeknownst to the Board of Trustees, and taking advantage of the trust placed in them by the Board," the Lees allegedly launched this personal pension plan in 2019, forging signatures to do so. The foundation's accountant, Steven Slaughter, is also accused of complicity in the scheme. Despite the allegations, the foundation continues its philanthropic efforts, having awarded millions in grants over recent years. The case is currently in legal limbo as jurisdictional issues arise.

 

Al.com

New Jersey's Fair AI Regulations Act, or FAIR, has successfully passed its first legislative hurdle, aiming to establish guidelines for how employers and government agencies utilize artificial intelligence in hiring and monitoring. Sponsored by Senators Andrew Zwicker, Shirley Turner, and Nicholas Scutari, the bill mandates that before using AI systems, employers must demonstrate their purpose, limit data collection, and ensure human oversight. "We must make sure technology doesn't replace accountability," Zwicker said. The legislation also prohibits invasive monitoring practices and requires transparency in AI-driven employment decisions. Violations could lead to fines ranging from $1,000 to $5,000 per affected employee. The bill reflects growing concerns about AI's impact on jobs, with a Rutgers survey indicating that 41% of New Jersey workers use AI tools weekly, while 57% believe AI will eliminate more jobs than it creates. The bill now moves to the Senate Budget and Appropriations Committee for further consideration.

 

NJ.com

JP Morgan chief executive Jamie Dimon has warned consumers against allowing autonomous AI agents to manage their finances, saying customers could be liable for mistakes made by the technology. He said the bank would restrict access by external agents while developing safeguards. His comments come as technology companies introduce AI financial tools. A McKinsey survey found a quarter of UK consumers use AI for financial tasks monthly.

 

American Banker

Forbes

CoreWeave's sharp market selloff has exposed growing financial vulnerabilities among heavily indebted AI infrastructure companies as borrowing costs climb. The Nvidia-backed computing provider, carrying at least $35 billion in debt, saw its shares fall as much as 28% during the week before recovering following supportive comments from Nvidia CEO Jensen Huang. Rising Treasury yields and concerns over AI profitability have increased borrowing costs, pushing some CoreWeave bonds into distressed territory. David Busch, chief investment officer at Trajan Wealth, warned that the company's substantial financing requirements could exceed its ability to generate sufficient cash and refinance debt affordably. Competitors Nebius and IREN also experienced significant share price declines. Unlike cash-rich technology giants such as Microsoft and Alphabet, smaller AI infrastructure providers depend heavily on external financing.

 

Wall Street Journal

Netflix chief content officer Bela Bajaria is departing after a decade, with former Fox and Disney executive Peter Rice appointed as her successor amid slowing growth and declining customer engagement. Bajaria oversaw approximately $20bn in annual content spending, delivering major successes including Squid Game and Wednesday while expanding into live sports and events. Her departure follows Netflix's announcement of 1,000 job cuts, representing 6% of its workforce and its largest restructuring since 2022.  

 

Wall Street Journal

Albertsons has withdrawn its fiscal 2026 financial forecasts and launched an expanded business review to reduce costs, lower prices and revive sluggish sales. The initiative follows mounting competition from Walmart, discount retailers and private-label brands, alongside weakened spending among lower-income consumers. Executive Chair Meg Whitman emphasized the urgency of restructuring, saying: “We must turn things around.” CEO Susan Morris acknowledged that excessive complexity and overlapping initiatives have slowed operations and increased expenses. 

 

Reuters

JPMorgan reported $50.9bn in revenue for Q3, coming in lower than the $51.2bn forecast by LSEG analysts. Net interest income rose to $15.3bn, but earnings per share of $5.57 did not meet expectations. CEO Jamie Dimon highlighted a number of economic risks, including large fiscal deficits and rising interest rates, saying: "These forces may be manageable, but we remain prepared for a wide range of outcomes." Mr Dimon also expressed concerns over potential tax increases on the banking sector ahead of the upcoming Budget.

 

City AM

Okta co-founder and CEO Todd McKinnon says one of his earliest leadership lessons was recognising the importance of slowing down decision-making rather than acting quickly. Without a superior reviewing his choices, he realised that executive decisions could immediately shape organisational direction. He also learned to project confidence despite uncertainty, recognising that employees and investors take cues from their leader's convictions. However, as Okta expanded and financial pressures increased, McKinnon became overly reliant on external advice and lost some confidence in his instincts. Reflecting on this, he explained: "You have to balance it, right?" His experience highlights the importance of combining thoughtful deliberation, optimism and independent judgement with appropriate consultation.

 

Wall Street Journal

Tally, a six-foot inventory robot developed by Simbe Robotics, is now assisting grocery stores like Ralphs in Los Angeles by scanning shelves for missing and misplaced products. While the technology aims to help employees manage inventory more efficiently, concerns arise among grocery workers and unions about potential job losses and reduced hours due to automation. “Even an inventory job, like now, that's being shopped out to a computer,” said Rachel Fournier, a Ralphs employee. The retail automation market is projected to grow significantly, with estimates suggesting it could reach $77bn by 2034. Despite the benefits of increased efficiency, some customers and employees worry about the diminishing human interaction in stores and the implications for job security. Kathy Finn, president of UFCW Local 770, emphasized the need for discussions regarding technology deployment in workplaces.

 

Los Angeles Times

The number of new unemployment claims in the U.S. rose slightly last week, reaching 199,000, according to the Labor Department. This marks the fifth consecutive week that claims have remained below 200,000, indicating a stable labor market characterized by "low-hire, low-fire" conditions. The Federal Reserve's Beige Book report noted that labor market conditions have remained "little changed" from late August to early October, with adequate labor supply to meet demand. However, there are ongoing shortages for specialized and skilled workers, leading some firms to reduce staffing or delay hiring. The report also highlighted a decrease in continuing claims, which fell to 1.710 million, although this figure does not account for recent graduates or those ineligible for benefits. The unemployment rate stood at 4.2% last month.

 

U.S. News

Los Angeles Times

Nikhil Rathi, chief executive of the U.K. Financial Conduct Authority (FCA), has acknowledged the need for "difficult decisions" regarding whistleblowers following the suicide of BGC Group banker Simon Andriesz, who had raised concerns about alleged ties between Howard Lutnick, the U.S. commerce secretary, and disgraced financier Jeffrey Epstein. Andriesz accused authorities in the U.S. and U.K. of not holding BGC to account and failing to protect him from potential retaliation. He also accused the FCA directly of mistreating whistleblowers. Data shows that the FCA received 1,300 whistleblowing reports in 2025/26, a 20% increase on the previous year. “Whistleblowing work is some of the most sensitive work the FCA undertakes,” Rathi said in a hearing with the Treasury committee. “Over recent years we have established enhanced feedback.”

 

City AM

Sanofi will not be fined for disparaging an influenza vaccine sold by a rival, after the European Commission accepted the company's remediation pledges.  Regulators earlier this year launched a probe into whether a Sanofi marketing campaign disparaged CSL's rival ​vaccine, called 'Fluad,' which competes with its 'Efluelda' flu ​vaccine. Sanofi has proposed measures to address ​EU competition concerns which could have resulted in charges and a hefty fine. "There should be no room for misleading ​information or for companies to distort public health recommendations to promote ‌their ⁠own products," EU antitrust chief Teresa Ribera said.

 

pharmaphorum

Reuters

Wall Street Journal

Swiss lawmakers have backed a special lump-sum tax on systemically important banks with substantial foreign operations, applying only to UBS Group AG. The levy would grant access to public liquidity guarantees under Switzerland's "too big to fail" regime. Economic Affairs and Taxation Committees supported the concept Tuesday, but the vote was an in-principle endorsement, not final enactment.

 

Bloomberg Tax