Good morning. The Supreme Court on Monday dealt a setback to Apple and Broadcom, declining to hear an appeal filed by the companies in a billion-dollar patent case brought by the California Institute of Technology.

• Background on the case: Caltech, a private research university in Pasadena, holds patents on technology that increases Wi-Fi speed and range on mobile devices. The university sued Apple and Broadcom in federal court in Los Angeles in 2016, alleging unauthorized use of the patented inventions. According to Caltech’s lawsuit, millions of iPhones, iPads and other Apple devices using Broadcom Wi-Fi chips infringed the patents.
   
• What comes next: The high court’s denial sets the stage for a damages-only jury trial to determine how much Apple and Broadcom should pay for infringing Caltech patents relating to wireless technology. Caltech at one point won a $1.1 billion verdict in the case, but a lower court said last year that the amount of damages needs to be recalculated.

Senior attorney helped FTX founder misuse customer funds, report says.

FTX Chief Executive John J. Ray III released a report that alleged an unnamed senior lawyer assisted the crypto exchange’s founder, Sam Bankman-Fried, in misusing customer deposits.

Who is the lawyer? Based on the actions that the report alleges, the unnamed lawyer in the document appears to be FTX’s former chief regulatory officer, Daniel Friedberg, people familiar with the matter said. Friedberg has been cooperating with the investigation and didn’t know about the misuse of FTX customer funds, said one of the people, who is close to Friedberg.

• The Supreme Court said Monday that it will hear arguments in a tax law case that could yield billions of dollars for large corporations, block Democrats’ proposals to tax wealthy Americans and upend longstanding chunks of the tax code.
   
• In our Pro Sustainable Business newsletter, Rochelle Toplensky argues that the new International Sustainability Standards Board's sustainability reporting standards could become the global baseline, beating out the more stringent climate reporting rules still to come from the Securities and Exchange Commission.

Russia tries to restore control, as Putin blasts mutineers.

The leader of an abortive military mutiny, Yevgeny Prigozhin, defended the short-lived insurrection and claimed on Monday he wasn’t trying to oust President Vladimir Putin of Russia, while Putin blasted the organizers of a revolt that presented the most serious challenge to his 23 years in power.

Prigozhin defended his actions in an 11-minute audio clip posted by his press service, saying Wagner’s aim wasn’t to overthrow the government but to protest the way the paramilitary group was being treated. Russian state media reported that the Wagner leader, whose whereabouts is unknown, is still under criminal investigation.

• Russia Says Wagner Is Preparing to Hand Over Heavy Weapons
• Ukraine Gains Territory as Russia Grapples With Aborted Mutiny
• After Russia Turmoil, EU and NATO Boost Support to Ukraine

• North Korea blamed the U.S. for bringing the Korean Peninsula to the brink of a nuclear war, sharpening its dissatisfaction with Washington as security tensions remain high across the region.
   
• Foreign nurses can’t get green cards to work in the U.S., alarming hospitals, nursing homes and other medical providers who have relied on them to help alleviate staffing shortages.
   
• Dangerous fungi are advancing faster than drugs to contain them.

• The White House on Monday kicked off a flood of new funding for state governments to spend on internet projects from the $1 trillion infrastructure law passed in 2021.
   
• One of China’s most vaunted electric vehicle startups, NIO is now a symbol of the challenges many automakers face amid a cutthroat price war in the world’s largest electric-vehicle market.
   
• Robinhood Markets is cutting about 7% of its full-time staff, the online brokerage’s third round of layoffs in just over a year as the company adjusts to a slowdown in customer trading activity.
   
• Thanks to a transformational oil find, Guyana has built ties in recent years with the world’s most influential energy companies, financiers and governments. Now, it has a powerful new suitor: OPEC.
   
• Electric-truck startup Lordstown Motors has filed for bankruptcy.

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