– Seven Northeastern US states have sued the Trump administration over its decision to refund nearly $1 bn to TotalEnergies after the company agreed to abandon two offshore wind leases in the US and redirect investment toward fossil fuel projects.
According to The Financial Times (paywall), the lawsuit, led by New York and joined by Connecticut, Maine, Massachusetts, New Jersey, Rhode Island and Vermont lawmakers, argues the March agreement is unlawful and should be overturned. The states claim the deal violates federal law, misuses the justice department’s judgment fund and undermines economic, energy and climate objectives.
New York governor Kathy Hochul criticized the arrangement, calling it an 'outrageous abuse of taxpayer dollars'. According to the lawsuit, TotalEnergies’ proposed Attentive Energy One project off New York could have powered 700,000 homes, while a second project was planned for New Jersey.
The legal challenge adds to growing opposition to the administration’s efforts to curb wind energy development, including scrutiny from state pension funds, regulators and congressional Democrats.
– Walmart shareholders have voted against a proposal that would have required the company to report on how its growing use of AI affects employee well-being, according to preliminary results from the company’s AGM.
As reported by Reuters (paywall), the measure was submitted by advocacy group United for Respect amid concerns that AI-driven workplace targets could contribute to worker burnout, injuries and staff turnover.
The vote comes as Walmart increases its investment in AI and automation. The company said more than 60 percent of stores are supplied through automated distribution centers and over 50 percent of e-commerce fulfillment volume is automated.
Walmart executives defended their approach, saying AI is designed to support human judgment and improve training.
Shareholders also rejected a separate proposal seeking an assessment of how changes to US immigration policy could affect operations and staffing.
– The US Supreme Court has unanimously upheld the SEC’s authority to seek disgorgement of ill-gotten gains, preserving one of the agency’s enforcement tools in fraud cases. According to Reuters, the 9-0 ruling rejected a challenge from Ongkaruck Sripetch, who argued the SEC should be required to prove investors suffered direct financial losses before it could recover profits obtained through misconduct.
Justice Neil Gorsuch said the SEC can pursue disgorgement without demonstrating specific investor harm, reinforcing the regulator’s ability to force wrongdoers to surrender unlawful gains. The case stemmed from a penny stock fraud scheme that resulted in an order for Sripetch to repay more than $3 mn.
The ruling is expected to strengthen the agency’s ability to pursue financial fraud cases and recover proceeds linked to securities law violations.
– US President Donald Trump has signed a new executive order requiring AI companies to give the federal government access to their most advanced AI models 30 days before public release. According to The Wall Street Journal (paywall), the order replaces a previously proposed framework that would have required a 90-day review period.
The measure directs national security and cyber-security agencies to work with government departments and technology companies to identify software vulnerabilities and assess potential risks posed by AI systems. Officials said the policy is designed to balance innovation with national security concerns as AI capabilities advance.
The final framework is voluntary and stops short of establishing licensing requirements or mandatory pre-approval of new AI models.
Supporters said the new rules provide safeguards without slowing development, while critics argued the measures remain too light tough to adequately address the risks associated with increasingly powerful AI technology.
– Activist investor Elliott Investment Management has acquired a stake worth more than A$1 bn ($710 mn) in Australian gold miner Northern Star Resources and is urging the company to undertake a strategic review, including considering a potential sale. As reported by Reuters, Elliott’s holding exceeds 4 percent, making it one of Northern Star’s largest shareholders.
The hedge fund criticized the mining company’s performance, citing repeated operational setbacks, cost overruns, missed production targets and weaker disclosures compared with global peers. Elliott said Northern Star had missed guidance seven times in the past four years and called for urgent action to improve performance and unlock shareholder value.
The campaign comes as Northern Star searches for a successor to managing director Stuart Tonkin, who plans to step down in early 2027. Elliott is pushing for an external chief executive appointment, board changes and a review of strategic options.
Northern Star said it welcomes engagement with Elliott and is already reviewing broader strategic opportunities.
Natalie Bannerman
Natalie is a former telecoms and infrastructure journalist, a role she held for nearly seven years. Before this, she worked in the B2C startup space, covering lifestyle, arts and culture reporting. As senior reporter for Governance Intelligence she...
