Good morning. The Supreme Court on Monday turned away appeals by oil companies seeking protection from potential liability under state laws for harms caused by climate change, a decision that at least for now allows a number of cases to move forward under state laws the industry sees as less favorable than federal environmental statutes.

Oil companies, among them Chevron Corp., Exxon Mobil Corp. and Shell PLC, are facing lawsuits alleging varied environmental harms from greenhouse-gas emissions filed under state laws by Rhode Island and several local governments, including the city of Baltimore; Boulder and San Miguel counties, Colo.; Honolulu and Maui counties, Hawaii; and Marin, San Mateo and Santa Cruz counties, Calif.

• Growing legal pushback: Since 2017, at least two-dozen lawsuits have been filed by states and local governments against oil companies. Lower courts largely have rejected industry motions to dismiss the cases or move them into federal courts the defendants believe may provide a legal advantage. The state-level litigation represents a major threat to the oil industry.

The Risk & Compliance Forum on May 9 will feature speakers including Glenn Leon, chief of the fraud section at the Justice Department, Assistant Secretary for Export Enforcement Matthew Axelrod, Elizabeth Atlee, chief ethics and compliance officer at CBRE, and Sidney Majalya, chief risk officer at Binance.US. You can register here.

First-ever NFT insider-trading case heads to trial. 

The first-ever trial involving alleged insider trading of digital tokens kicked off in a New York federal court Monday, a test of how the Justice Department applies age-old laws to a new and lightly regulated industry.

The defendant, Nathaniel Chastain, is a former employee of OpenSea, the largest online marketplace of nonfungible tokens, and his case turns on whether he used confidential information to purchase NFTs ahead of the company featuring them on its home page.

• To fend off a regulatory clash at home, Coinbase Global Inc. has been trying to expand into international markets. But some analysts are skeptical that the company can catch up to its deeply entrenched rivals overseas.
   
• A federal appeals court sided with Apple Inc. and upheld a 2021 ruling that mostly supported the company’s App Store policies against an antitrust challenge by Fortnite maker Epic Games Inc.

First Republic lost $100 billion in deposits in banking panic.

Customers pulled more than $100 billion in deposits out of First Republic Bank last month, when a pair of bank failures shook Americans’ faith in regional lenders.

The bank’s first-quarter earnings report Monday detailed its precarious financial situation following the massive withdrawals.

The bank’s profit fell 33% in the first quarter to $269 million from $401 million a year earlier. Revenue dropped 13% to $1.2 billion. Most of the quarter happened before the deposit run forced the bank to take on expensive loans from the Federal Reserve and Federal Home Loan Bank, which is likely to crimp future earnings.

Credit Suisse details painful final days before rescue.

Credit Suisse Group AG gave a glimpse of its chaotic final weeks before a rescue last month by UBS Group AG in a first-quarter earnings report that showed operating revenue diving and customers rushing to pull deposits.

The Swiss bank lost more than $2 billion from its businesses in the first quarter, but posted a prodigious net profit because of the paper gains realized from writing off $17 billion in bonds. Customers withdrew around $75 billion in deposits, in a run that the bank says has moderated since the UBS deal announcement on March 19. Revenue fell across its investment-banking and wealth-management arms and its domestic bank.

• A group of Tesla Inc. shareholders are standing against the nomination of a former executive to the electric-vehicle maker’s board over concerns he is a company insider coming in to replace an independent director.
   
• CNBC International anchor Hadley Gamble accused former NBCUniversal Chief Executive Jeff Shell of sexual harassment and sex discrimination in a complaint to the company, a lawyer for Ms. Gamble said Monday.

How Bud Light handled an uproar over a promotion with a transgender advocate.

The maker of Bud Light, after coming under fire for a social-media promotion with a transgender advocate, is now being criticized internally and externally by people who say the company didn’t support its own marketing manager when she came under attack.

Anheuser-Busch InBev SA placed on leave the executive overseeing Bud Light marketing, Alissa Heinerscheid, as well as her boss, Daniel Blake. And it named a replacement for Ms. Heinerscheid in the Bud Light role. Sales of Bud Light have slumped in recent weeks.

• UBS Group AG said Monday that Chief Risk Officer Christian Bluhm will remain in his role for the foreseeable future, rather than step down next month as originally planned, due to the planned acquisition of Credit Suisse Group AG.

• Fox News parted ways with prime-time host Tucker Carlson, a surprising move that comes after he made disparaging remarks about colleagues at the network that were disclosed during a legal battle with a voting-machine company.
   
• Atlanta-area District Attorney Fani Willis will make an announcement this summer about “charging decisions” arising from her election-interference investigation into former President Donald Trump and his allies, according to a letter.
   
• Meanwhile, a civil trial is set to begin this week concerning advice columnist E. Jean Carroll’s allegations that Donald Trump raped her in a department store dressing room in the 1990s.
   
• China said it respected the sovereignty of former Soviet republics, seeking to contain a diplomatic uproar after Beijing’s ambassador to France appeared to question their status under international law.
   
• Speaker Kevin McCarthy and House Republicans face a crucial test this week as they scramble to unite their factious party around a bill that would slash government spending in exchange for raising the nation’s borrowing limit.
   
• President Biden launched his re-election campaign, a declaration that puts him on the path to a potential rematch with Donald Trump.

WSJ Pro Private Equity is launching our latest annual survey of secondary market buyers. Now in its ninth year, our annual report on secondary buyers dives deep into a range of issues that shape secondary transactions, including pricing, deal structures, use of leverage and so much more. If you are a secondary investor you can access the survey at this link.