Good morning. A federal court in New Orleans handed Wall Street a win Wednesday, striking down a set of rules the Securities and Exchange Commission issued that would have governed the terms private-equity and hedge-fund firms set with their investors.

• The rules: Issued last year, the rules would have required funds to better disclose fees they charge and sought to limit the preferential deals they cut with some clients. The fund industry sued, led by groups representing giant managers like Apollo Global Management, Blackstone and Millennium Management, which now invest trillions of dollars on behalf of pensions, endowments and wealthy individuals.
   
• Funds industry's opposition: The funds industry said their sophisticated investors didn’t need the protection of the SEC in negotiations. But pensions representing public employees in California, Colorado, Florida and Missouri said they needed the rules to shine a light on how funds split profits and expenses between managers and their clients.
   
• Next steps: The SEC could appeal the decision to the U.S. Supreme Court, which in May voided a ruling by the Fifth Circuit that would have dismantled the Consumer Financial Protection Bureau. But that legal strategy would open the SEC to a potential loss in the country’s highest court that could erode its authority on other issues.

Also: 

Court Loss Leaves SEC With Tough Choices in Private-Equity Reform Push

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McDonald’s loses 'Big Mac' trademark over chicken in Europe. 

McDonald’s no longer has the exclusive right to call chicken sandwiches sold in the European Union a "Big Mac," an EU court ruled on Wednesday.

The decision means any company in the bloc can now use the name to sell poultry products, and use the word "Mac" in the company name.

The ruling comes after Irish fast-food chain Supermac’s previously tried to trademark its name and logo in the EU, seeking to expand into continental Europe. The move was originally blocked by McDonald’s based on its Big Mac trademark, which covered the moniker’s use for food and restaurant names.

Former sustainable fuel startup CEO sentenced for embezzlement. 

The former chief executive of a sustainable aviation fuel startup was sentenced Tuesday to three years in prison, after pleading guilty in a Washington, D.C., court to embezzling at least $5.9 million and defrauding investors out of around $15 million.

Between January 2021 and December 2022, Bryan Sherbacow, 55, founder of sustainable aviation fuel company Alder Fuels, made unauthorized transfers of company funds to his personal bank account, according to the Justice Department.

• Several members of Congress called on President Biden to step up efforts to release a U.S. Binance executive detained in Nigeria since February.
   
• The case that could prove to be one of the most explosive lawsuits in the history of American sports didn’t start out looking like a blockbuster. A class-action case over the National Football League's “Sunday Ticket” package is finally headed to trial in a fundamental challenge to the league’s media-rights model. 
   
• Chemical company Chemours named a new finance chief after suspending three top leaders earlier this year amid an accounting probe.
   
• Famed psychiatrist Henry Jarecki said he had a consensual relationship with a woman who has filed a lawsuit accusing him of sexual assault after she was sent to him for treatment by Jeffrey Epstein.

World’s leading nations failing to deliver on climate goals. 

As the G-7 group of rich countries prepares to gather for a summit, a new report claims they are failing to deliver on climate change goals. Instead, they could be on track to be the biggest polluters over the next decades.

“G-7 countries are massively expanding fossil fuel production at home and investing billions in more fossil fuel infrastructure abroad,” advocacy organization Oil Change International said in a report.

• Two top Biden administration officials are in the Middle East to revive long-stalled negotiations over a deal that would impose a cease-fire in the war in Gaza and free Israeli hostages held by Hamas.
   
• Israel and Hezbollah are moving closer to a full-scale war after months of escalating hostilities with the Lebanese militant group, adding pressure on Israel’s government to secure its northern border.
   
• The United Nations atomic agency formally rebuked Iran over advances in its nuclear program and failure to cooperate with the body, a measure that Tehran has threatened to retaliate against.
   
• Ukraine used U.S.-made missiles to strike in Russian territory this week as it counters a Russian offensive in the northeastern Kharkiv region that appears to have stalled.

• New York Gov. Kathy Hochul is pumping the brakes on congestion pricing.
   
• Estée Lauder is expected to keep longtime Chief Executive Officer Fabrizio Freda in the top job at the beauty giant despite its sagging performance and division in the founding family over the direction of the company.

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