Good morning. Shareholders can’t sue a company for remaining silent on risks or trends that might have a material impact on its business, the Supreme Court ruled Friday.

• The decision: In a unanimous decision, reports Risk & Compliance Journal's Dylan Tokar, justices for the court found that Macquarie Infrastructure couldn’t be held liable by investors for securities fraud by failing to disclose how a United Nations regulation on fuel oil might impact the bottom line of the terminals it operates to store bulk liquid commodities.
   
• Applying limits: The ruling, which reverses a decision by the U.S. Court of Appeals for the Second Circuit, is part of a trend by the Supreme Court to limit civil liability for securities fraud. It benefits public companies that would have otherwise faced a new avenue for costly securities litigation, said Jonathan Wagner, a partner at law firm Kramer Levin Naftalis & Frankel.
   
• The impact: “In a way, it also benefits shareholders, because a decision opening the door to civil liability could have led to overdisclosure, to bombarding shareholders with information, making it harder for shareholders to focus on the important disclosures,” Wagner added.

U.S., U.K. to ban exchanges from dealing in Russian metals.

The U.S. and U.K. will limit trading of Russian aluminum, copper and nickel on their metals exchanges in a bid to deprive Moscow of a key source of revenue, reports Risk & Compliance Journal's Richard Vanderford, in a move coming despite concerns that rising commodity prices could fuel inflation.

Exchanges key to clampdown. The U.S. and U.K. on Friday announced they are tightening a clampdown on Russia’s metals trade with the London Metal Exchange and the Chicago Mercantile Exchange, the world’s leading metals exchanges, by no longer allowing trade in new aluminum, copper and nickel produced by Russia. The U.S. will also follow a previous U.K. move and ban imports from Russia of those metals.

U.S. Steel shareholders approve sale to Japan’s Nippon Steel.

United States Steel shareholders approved the sale of the storied company to Japan’s Nippon Steel, in the midst of union opposition and ongoing regulatory reviews that are raising doubts about the $14.1 billion deal.

Opposition to deal: President Biden has said he is opposed to foreign-ownership of U.S. Steel, but hasn’t said explicitly that he would block the deal. Democratic and Republican lawmakers have called for the deal to be blocked, arguing that allowing a foreign-owned company—even from a close U.S. ally in Japan—could undermine U.S. national security if steel is needed for defense purposes. U.S. Steel has said it doesn’t produce steel for military equipment.

Already under review: The Justice Department is reviewing the merger for market-concentration concerns. Nippon Steel operates a handful of businesses in the U.S. that process steel or produce finished goods with steel.

• The Group of 7 nations is considering additional sanctions on Iran after its drone and missile attack on Israel late Saturday.
   
• The gun industry faces a growing threat of civil liability over gun violence despite a federal law intended to shield manufacturers from costly lawsuits.
   
• China’s push to replace foreign technology is now focused on cutting American chip makers out of the country’s telecommunications systems.
   
• China has issued new national-level guidelines aimed at addressing stock-market volatility, including tightening supervision of new listings.
   
• The European Union’s drug regulator found no link between the class of medicines behind Novo Nordisk’s blockbuster Ozempic and Wegovy treatments and reports of suicidal thoughts in patients.
   
• Brightwood Capital, a private-credit lender to small and midsize businesses, faces a legal challenge over a roughly $253 million continuation-fund deal set up with Banner Ridge Partners involving several Brightwood funds, according to WSJ Pro Private Equity (subscription required).

Biden wanted to avoid a regional war. Now he’s got one.

President Biden’s cardinal objective since the outset of the Gaza conflict in October has been to prevent a wider war in the Middle East. On Saturday, he got the escalation he sought to avoid.

The trigger?  Iran fired more than 300 drones and missiles, marking the first time that Tehran has directly attacked Israel.

Biden's hopes. For now, the Biden administration is hoping that international political pressure on Iran and quiet suasion with Israel, which has become increasingly dependent on U.S.-led air and missile defense protection for its security, will dial down tensions.

• Iran Launches Drone and Missile Attack at Israel
• Biden Urges Caution as Israel Weighs Response to Iran
• Analysis: Israel Repelled Iran’s Huge Attack. But Only With Help From U.S. and Arab Partners.

• China has helped Russia revive its military production at a critical stage in its Ukraine war, providing Moscow with optics, microelectronics, drone engines and other dual-use material that have significantly strengthened Moscow’s battlefield capabilities, senior Biden administration officials said Friday.
   
• It has been two years since forecasters felt this good about the U.S.'s economic outlook.
   
• A tepid economic recovery, fear of Russian aggression, and the prospect of a Donald Trump electoral victory in the U.S. are nudging Europe closer to China.
   
• Supercooled gas has quickly become one of the world’s most important energy sources—and a flashpoint between Russia and the U.S.
   
• Some of the nation’s biggest banks said Friday the economy continues to look strong, but that they are starting to feel the pinch of higher-for-longer interest rates.

Roku says hackers gained access to 576,000 accounts in latest data-breach incident.

Roku said hackers gained unauthorized access to 576,000 accounts, the company’s second data-breach incident this year, prompting the streaming-hardware maker to institute additional security measures for users.

In a blog post Friday, Roku said the hackers likely gained access to the accounts by using usernames and passwords from other sites where customers may have used the same login credentials.

• Donald Trump will become the first former president to sit for a criminal trial when he appears in a New York court Monday.
   
• Homicides in American cities are falling at the fastest pace in decades, bringing them close to levels they were at before a pandemic-era jump.
   
• Taiwan's Kinmen archipelago has been on the front line of friction with Beijing for decades, but most of those who live there say a new political reality provides reassurance.
   
• Generative AI is reshaping the conversation around hiring at many companies as they realize that one way the pricey technology will pay off is if it helps them employ fewer people to do more work.
   
• The Justice Department is under growing pressure to reach a plea deal with Julian Assange, after a request to do so from the WikiLeaks founder’s native Australia.

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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