Good morning. The Supreme Court said Monday it would reconsider a 1984 precedent some conservatives have argued grants too much power to federal regulators by directing courts to defer to an agency’s legal approach when Congress has left the statutory language ambiguous.

The precedent, Chevron v. Natural Resources Defense Council, initially helped the Reagan administration fend off challenges from environmentalists. In more recent years, conservative legal groups have argued that federal judges should have more authority to set aside regulations. Several members of the Supreme Court’s current conservative majority have criticized the so-called Chevron deference.

• The case before the court: The case granted Monday involves a fishing-industry challenge to a National Marine Fisheries Service regulation involving the payment of onboard monitors who oversee compliance with federal fishery-management law. The court expressly declined to consider the technical issue of the payment scales and instead took on the far more consequential question presented: whether to overrule the Chevron decision or significantly curb its application.

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 & compliance officer at CBRE and Sidney Majalya, chief risk officer at Binance.US. You can register here.

Poloniex pays $7.6 million to settle sanctions violations.

Cryptocurrency exchange Poloniex LLC has agreed to pay about $7.59 million to settle allegations it allowed users in sanctioned regions to trade digital assets on its platform, the U.S. Treasury Department said.

The settlement agreement, which became public Monday, alleged that Poloniex processed digital assets transactions worth a total of more than $15.3 million for customers in sanctioned regions between 2014 and 2019, despite the platform having know-your-customer information and internet protocol address data that told them otherwise, according to the Treasury’s Office of Foreign Assets Control, which enforces U.S. economic sanctions.

FDIC signals support for narrow changes to deposit insurance.

Lawmakers could reduce the risk of bank runs by significantly raising deposit-insurance protection for accounts used for payroll and other business payments, the Federal Deposit Insurance Corp. said in a report Monday.

A targeted move to make sure businesses can get back money intended for such payments if a bank fails was the best of three options the FDIC considered for overhauling the deposit-insurance system, the agency said.

• The Federal Reserve’s restrictions on employees’ stock trading, among the strictest across the federal government, don’t go far enough, the agency’s watchdog said in a report released Monday.

Jamie Dimon wins again in First Republic bank deal.

America's biggest bank just go even bigger.

JPMorgan Chase & Co.’s purchase of failed First Republic Bank boosts the New York bank’s massive loan book and dominant deposit franchise. It gives the megabank a new crop of rich customers at a time when it is trying to expand its wealth-management operation. And it allows Chief Executive Jamie Dimon to once again play the role of industry savior.

Read more:

• First Republic Bank Had an Unbeatable Strategy—Until It Didn't
• With First Republic, Dimon Gets Over Financial Crisis Laments
• How Washington Got On Board With a Big-Bank Deal for First Republic

In a recession, companies should keep an eye on controls—and sticky fingers in the till.

An economic downturn can lead to a rise in employee theft as workers begin to worry about their job security, said Paul Larson, president of financial lines at Liberty Mutual Global Risk Solutions.

“If you think you're gonna get fired, your hand might be in the till a little bit more,” Mr. Larson said at a panel discussion Monday at the RIMS Riskworld conference, an annual gathering of risk professionals and insurance industry stalwarts, in Atlanta. Internal controls can also falter as businesses become much more stressed for resources, Mr. Larson said.

• A group of shareholders is suing Adidas, alleging the sportswear company failed to warn investors it was aware of Kanye West’s antisemitic remarks and “extreme behavior.”
   
• The board overseeing the district covering Walt Disney Co.’s Orlando-area theme parks authorized its lawyers to sue the entertainment giant in state court, without explaining what the suit would allege.
   
• Foxconn Technology Group, the world’s biggest contract manufacturer for electronics, is trying to back out of an investment deal with Lordstown Motors Corp., raising the prospect the electric-truck startup could seek bankruptcy protection.

• Donald Trump’s lawyer for a second day sought to discredit columnist E. Jean Carroll’s allegations that she was raped by the former president in a Manhattan department store.
   
• Russia launched another barrage of missiles at cities across Ukraine following last week’s deadly attacks, as Moscow seeks to erode Ukrainian air defenses ahead of a planned offensive by Kyiv in coming weeks.
   
• General Motors Co. cut several hundred full-time contract positions primarily from its engineering hub in suburban Detroit, the latest cost-reducing effort from the auto maker as it navigates an uncertain car market.
   
• Pilots at American Airlines Group Inc. voted overwhelmingly in favor of a measure authorizing union leaders to call for a strike, though the airline said negotiations are still progressing.