Good morning. The Federal Trade Commission and 17 states on Tuesday sued Amazon, alleging the online retailer illegally wields monopoly power that keeps prices artificially high, locks sellers into its platform and harms its rivals.

The FTC’s lawsuit, filed in Seattle federal court, marks a milestone in the Biden administration’s aggressive approach to enforcing antitrust laws and has been anticipated for months.

• Khan's view: The agency’s chair, Lina Khan, is a longtime critic of Amazon who wrote in the Yale Law Journal in 2017 that earlier generations of competition cops and courts abandoned the law’s concerns over conglomerates such as Amazon. She has had trouble convincing courts of her antitrust views, however, having earlier lost cases against both Microsoft and Meta Platforms.
   
• The FTC's case: The federal agency and the states alleged that Amazon violated antitrust laws by using anti-discounting measures that punished merchants for offering lower prices elsewhere. The government also said sellers on Amazon were compelled to use its logistics service if they want their goods to appear in Amazon Prime, the subscription program whose perks include faster shipping times.
   
• Amazon's response: “The lawsuit filed by the FTC today is wrong on the facts and the law, and we look forward to making that case in court,” said David Zapolsky, Amazon’s general counsel and head of public policy.

The WSJ Pro Sustainable Business Forum on Oct. 12 will include a discussion about risk and resilience in corporate sustainability programs with Maryam Golnaraghi, director of climate change and environment at The Geneva Association, and Torolf Hamm, head of physical catastrophe and climate risk management at Willis Towers Watson.

Other sessions will cover reporting to U.S. and European standards, the role of artificial intelligence and what corporate decarbonization measures are proving effective. Register here.

JPMorgan paying $75 million to settle suit over Jeffrey Epstein ties.

JPMorgan Chase closed a dark chapter involving one of Wall Street’s most infamous clients by paying $75 million to settle a lawsuit alleging that the bank aided Jeffrey Epstein’s sex trafficking.

The payment is the latest in a string of legal settlements by big banks, billionaires and the late Epstein’s estate that have exposed how deeply the convicted sex offender was embedded in the highest levels of finance and how he ensnared powerful businesspeople and world leaders.

U.K. says Wirecard’s Marsalek worked with five suspected Russian spies.

Jan Marsalek, a former fintech executive wanted in Germany for a 1.9 billion euro fraud, conspired with five people arrested in the U.K. on suspicion of spying for Russia, according to British prosecutors.

The five Bulgarian nationals appeared in a London court Tuesday charged with collecting information “intended to be directly or indirectly useful to an enemy” between 2020 and 2023, according to U.K. prosecutors.

• Google’s path to dominating online search included hardball tactics with Apple and Samsung Electronics, two partners key to making its search engine the default choice on most smartphones worldwide.
   
• 3M is looking at a government investigation in Belgium over water emissions from a company plant that allegedly contained a higher-than-allowed level of so-called forever chemicals.
   
• A senior investment banker at Nomura has been told by Chinese officials that he can move freely within the mainland but not leave, according to people familiar with the matter.
   
• Federal Communications Commission Chairwoman Jessica Rosenworcel said Tuesday she would push to restore utility-like “net neutrality” regulations on America’s internet-service providers.
   
• A New York judge on Tuesday found that Donald Trump and his family business committed fraud by making misleading valuations on much of his real-estate empire and ordered the cancellation of legal certificates that have allowed the Trumps to do business in New York.

The world’s biggest crypto firm is melting down.

After FTX crashed, the world of crypto seemed to belong to the largest exchange, Binance. Less than a year later, Binance is the one in distress.

Under threat of enforcement actions by U.S. agencies, Binance’s empire is quaking. Over the past three months, more than a dozen senior executives have left, and the exchange has laid off at least 1,500 employees this year to cut costs and prepare for a decline in business. And while Binance still looms large in crypto, its dominance is dwindling.

U.S. warns professional services firms of China risks.

Due-diligence companies and professional-services firms should weigh the risks of operating in China, the Biden administration said in an advisory that highlighted the continuing rift between the two countries as the U.S. cracks down on goods from China’s Xinjiang region that it says are linked to forced labor.

Firms in China have faced heightened scrutiny and have been subject to raids, actions that contradict the country’s message that it remains “open for business,” the State Department said Tuesday in an advisory statement on supply chains linked to Xinjiang.

• Federal Reserve officials are walking a tightrope to tame inflation without creating a needlessly severe economic slowdown. If that isn’t tricky enough, they might have to do it blindfolded if there is an extended government shutdown.
   
• Many companies borrowed at ultralow rates during the pandemic through so-called leveraged loans. Now, interest costs in the $1.7 trillion market are biting.
   
• China has become a much tougher place to make money for American companies, a new survey found.
   
• The U.S. power grid relied on a new Band-Aid to help it through this summer’s punishing heat: giant batteries.
   
• Russia, one of the world’s biggest oil exporters, is suddenly running low on fuel at home.

• Senate Democratic and Republican leaders unveiled their plan to avoid a government shutdown, releasing legislation to extend funding through Nov. 17 while also providing about $6 billion apiece for Ukraine and for disaster relief.
   
• Travelers are wondering whether a potential U.S. government shutdown would thwart their upcoming flights and other travel plans.
   
• The Supreme Court Tuesday rejected Alabama’s bid to maintain white majorities in six of its seven congressional districts.
   
• Companies spend a lot of time making sure employees know the rules regarding cybersecurity. And yet, somehow, it does little good.
   
• So, just how much cash should people keep at home in case of an emergency? When the question was put to advisers and disaster-preparation experts, there was some consensus: Few, if any, Americans need to stash anything near the $480,000 in cash investigators found in the home of Sen. Bob Menendez (D., N.J.), which he said was for emergencies.

Correction: DWS Investment Management Americas agreed to pay $25 million to settle allegations that it overstated how it used ESG factors in its funds and that it failed to comply with anti-money-laundering rules for its mutual funds. A version of the top story in Tuesday's newsletter incorrectly said the firm agreed to pay $25 million for overstating how it used ESG factors in funds.

Follow us on X at @WSJRisk. Follow Risk & Compliance editor David Smagalla @DSmagalla_DJ and reporters Mengqi Sun @_MengqiSun, Dylan Tokar @dgtokar and Richard Vanderford @VanderfordRich.

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