Good morning. A federal judge in New Jersey has dismissed the Commodity Futures Trading Commission’s case against Canadian trading business Traders Global Group, also known as My Forex Funds, and its owner Murtuza Kazmi, after an investigative report found the regulator misled the court in the case.

• Investigative findings: The report, issued by a court-appointed special master and made public Tuesday, found the CFTC made false statements to the court and failed to correct the misrepresentations in its 2023 fraud case against My Forex Funds and Kazmi.
   
• What the special master said: The special master recommended that, along with dismissing the case, the court should sanction the CFTC and require the agency to pay the defendants’ attorney fees.
   
• Case dropped: Federal Judge Edward Kiel of New Jersey on Wednesday adopted the recommendations and findings in the report and dismissed the case with prejudice.
   
• New CFTC leader comments: The CFTC’s own leader, acting chairman Caroline Pham, this week blasted her agency over its handling of the case, saying the types of failures seen in the case “point to a broader breakdown in the culture of the Division of Enforcement.” Pham said she raised questions about the enforcement division’s handling of the case as much as two years ago.

On May 15, Dow Jones will host an event for risk & compliance professionals in Stockholm discussing the intersection of geopolitical risk and compliance, and sanctions and export controls.

Speakers are Bjorn Fagersten, chief executive of Politea, Lothar Lieske, chief compliance officer, Volvo Group; Haider Mannan, founder & CEO of BIGTXN; Sabina Ausfelt, head of compliance & risk control of Juni; Meri Djerf, corporate counsel for compliance at Atlas Copco Group. You can register here.

U.S. scraps ‘AI diffusion’ rule in revamp of Biden-era chip curbs.

The U.S. has revamped Biden-era rules on artificial-intelligence chips, scrapping a measure that had been unpopular with technology firms like Nvidia, which welcomed the move.

The Department of Commerce said in a statement Tuesday that it is rescinding the “AI Diffusion Rule” on the grounds that it would have stifled American innovation, saddled companies with onerous regulations and undermined diplomatic relations with dozens of countries.

New York sues Capital One, claims it misled consumers.

New York has sued Capital One for allegedly misleading consumers about savings account interest rates, stepping in after the federal Consumer Financial Protection Bureau dropped a similar action.

The charges: Capital One misled a swath of consumers about its savings account offerings, New York Attorney General Letitia James said in a lawsuit filed Wednesday in federal court in Manhattan. The bank said it strongly disagreed with the claims and will “vigorously defend” itself. New York’s suit comes after the CFPB in February abandoned its own legal action against the bank over related allegations.

• The Justice Department is investigating UnitedHealth Group for possible criminal Medicare fraud, people familiar with the matter said.
   
• The U.S. Securities and Exchange Commission expects some change in direction with new chairman Paul Atkins but will continue pursuing enforcement actions in its core areas, a senior agency official told a New York City Bar audience Wednesday.
   
• China convicted the former chairman of a once-highflying computer-chip conglomerate on corruption charges and gave him a de facto life sentence, concluding a high-profile case that had shaken the country’s semiconductor industry.
   
• Speaker Mike Johnson (R., La.) said he favors a ban on stock trading by members of Congress, arguing lawmakers “shouldn’t have any appearance of impropriety here.”
   
• Harley-Davidson’s shareholders on Wednesday rejected a proposal from activist investor H Partners to remove three long-serving members of the board of directors, including Jochen Zeitz, the company’s chairman and chief executive.
   
• A stunning fall from grace for World Economic Forum founder Klaus Schwab came amid threats against board members and allegations of financial impropriety, which he denies.

Trump officials balk at RFK Jr.’s attack on pesticides.

A bid by Health Secretary Robert F. Kennedy Jr. to label pesticides as a potential cause of U.S. health woes has attracted pushback from some White House and agency officials who are concerned the move would disrupt the food-supply chain, according to people familiar with the debate.

Kennedy, who is spearheading a coming report to “Make America Healthy Again,” wants to highlight what he views as the deleterious impact of pesticides, people familiar with the matter said. He previously campaigned on removing pesticides from the food supply.

White House officials have raised concerns about the pesticide push and are closely reviewing the coming report, the people said, though it wasn’t clear where President Trump himself stood on the issue.

• Ignoring Ukrainian President Volodymyr Zelensky’s call to meet for direct high-level talks in Turkey, Russian leader Vladimir Putin dispatched to Istanbul a team of junior officials, making it uncertain that negotiations between the warring nations would occur at all.
   
• Canadian Prime Minister Mark Carney said Tuesday he’s willing to amend federal rules that may pose headwinds toward getting energy projects built and capitalize on the country’s abundance of natural resources.
   
• The eurozone economy grew less rapidly than first estimated at the start of the year, despite a boost to factory output as American firms raced to stock up on imports ahead of the imposition of trade tariffs.
   
• South Korea’s state-run think tank halved its growth forecast for the country this year, citing higher U.S. tariffs as a major downside risk to the export-led economy.

• Legendary investor Warren Buffett opens up about his decision to hand the top job to Greg Abel.
   
• Conservative House members are fuming at some of their Republican colleagues from New York, New Jersey and California, whose insistence on a much larger state and local tax deduction is one of the biggest remaining hurdles to the party’s giant tax-and-spending bill.
   
• All of us like to think we are worth every penny of our paychecks—and then some. Many Americans who scored big raises a few years ago are coming to the harsh realization that they are overpaid in today’s cooler job market.
   
• Rediscovered Camp Century reveals the extent of Washington’s longtime involvement in Greenland. 

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