Good morning. U.S. high-speed trading giant Jump Trading entered a secret deal to prop up the TerraUSD cryptocurrency a year before the coin’s collapse, new court filings show, highlighting the ties between Chicago-based Jump and disgraced crypto mogul Do Kwon.

The Securities and Exchange Commission posted the court filings late Friday as part of its fraud lawsuit against Mr. Kwon and his company, Terraform Labs. The filings confirm that Jump was the unnamed U.S. trading firm in the SEC’s lawsuit that made some $1 billion in profit through its dealings with Terraform Labs, according to the SEC.

• Jump's response: A spokeswoman for Jump declined to comment. Jump hasn’t been accused of any wrongdoing in connection with TerraUSD or the coin’s May 2022 collapse. The crash wiped out some $40 billion in value from the crypto markets and cost thousands of investors their savings.

Exxon Mobil settles Indonesians’ long-running abuse suit. 

Exxon Mobil has reached a settlement with Indonesian villagers who sued the oil giant more than 20 years ago for alleged human-rights abuses by contract soldiers hired to guard the company’s operations in Aceh province.

The settlement, announced in a court filing Monday, comes ahead of a widely anticipated trial that was scheduled to begin May 24. The villagers sued in U.S. court in 2001, alleging the soldiers committed atrocities including sexual assault, torture, and murder at or near ExxonMobil’s large natural gas operations in the Arun field.

Microsoft’s $75 billion Activision Blizzard deal gets EU approval.

The European Union’s antitrust watchdog approved Microsoft’s planned $75 billion acquisition of Activision Blizzard, giving the two companies a win after the deal hit a regulatory roadblock in the U.K.

The European Commission, the bloc’s competition enforcer, said it cleared the deal based on commitments by Microsoft to make Activision’s games, including those from its popular Call of Duty franchise, available on rival cloud-streaming platforms. The companies still need approval from other major competition authorities to close the transaction, legal experts say.

• Elon Musk is being asked to turn over documents as part of a civil lawsuit by the U.S. Virgin Islands against JPMorgan Chase over the bank’s relationship with Jeffrey Epstein, according to court documents filed Monday.
   
• 3M said it fired company president Michael Vale, citing “inappropriate personal conduct and violation of company policy” by the longtime executive.
   
• The U.S.’s top auto-safety regulator last week demanded a huge recall of an air bag part that is at risk of exploding during crashes. That was eight years after the government began investigating the issue, during which two people died and eight were injured.

Fire business files bankruptcy to weather ‘forever chemical’ lawsuits.

Kidde-Fenwal Inc., an industrial fire-detection and -suppression business owned by Carrier Global Corp., has filed for bankruptcy to deal with more than 4,000 lawsuits, becoming the first major reorganization to try to contain liability over health and property damage caused by “forever chemicals.”

Kidde-Fenwal filed chapter 11 on Sunday after being embroiled in mass litigation stemming from the past sale and distribution of firefighting foam that allegedly contained man-made substances commonly known as PFOA and PFOS, or forever chemicals because they take a long time to break down.

• Former Silicon Valley Bank Chief Executive Greg Becker plans to tell a Senate committee on Tuesday that no bank could have survived the unprecedented deposit run that led to his institution’s failure in March.
   
• The forecast around El Niño is pushing up sugar prices and could threaten some U.S. farmers.

• World leaders, already struggling with inflation and rising interest rates, now face the battle over raising the U.S. debt limit as the latest risk to their economic outlook.
   
• A special counsel appointed in President Donald Trump’s administration issued a highly critical report on how the FBI handled allegations linking Mr. Trump to Russia in 2016.
   
• Bankrupt cryptocurrency lender BlockFi plans to liquidate its cryptocurrency lending platform after concluding that selling the business to a new owner wouldn’t generate enough value for its creditors.
   
• Turkey will hold a runoff presidential election later this month, officials said Monday, with President Recep Tayyip Erdogan emerging from this weekend’s polls with a surprise advantage over his main challenger.
   
• Iran is expanding its military partnership with Russia and has already provided hundreds of drones to Russia to pursue its war in Ukraine, a senior White House official said Monday, warning of consequences if Iran continues down this path.

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