The financial news that actually matters
Bank customers who overdraw their checking accounts could soon face fees as high as $35 again after Congress used the Congressional Review Act to kill a Consumer Financial Protection Bureau rule that would have capped most overdraft charges at $5. The resolution, S.J.Res. 18, cleared both chambers and became Public Law 119-10 after presidential signature,…
James Wellesley, a British national who operated under at least two aliases, was sentenced to 10 years in federal prison for running a wine investment fraud that collected over $97 million from more than 140 victims worldwide. Wellesley and a co-defendant posed as executives of a company called Bordeaux Cellars, pitched fictitious wine-collateralized loans at…
Eddie Bauer LLC, the outdoor retailer once synonymous with rugged American sportswear, entered Chapter 11 bankruptcy in New Jersey federal court while carrying more than $1 billion in debt. The company had tried and failed to find a buyer before the filing, leaving its stores, employees, and brand future in the hands of a court-supervised…
Retail investors who sell a losing stock and buy it back within 30 days lose the right to claim that loss on their federal tax return. The rule, codified in Title 26 of the U.S. Code, creates a 61-day restricted window around every loss sale. With the 2026 filing season now open, any trader who…
A federal grand jury in Chicago indicted investment adviser John Sterling Myers on wire fraud charges for allegedly running a Ponzi scheme that raised approximately $4 million from roughly 28 investors. Prosecutors say Myers and his firms, Sterling Capital, LLC and Sterling Capital Management, LLC, funneled new client money to repay earlier participants while misappropriating…
OTB Hospitality, the company behind the On The Border restaurant chain, voluntarily filed for Chapter 7 bankruptcy on June 19, 2026, and began winding down operations entirely. In a separate action earlier this month, Neighborhood Restaurant Partners Florida, a 53-unit Applebee’s franchisee, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern…
Conroe Corral Murphy, LLC, the operator of a Golden Corral franchise location, has filed for Chapter 11 bankruptcy protection for the second time after a 2025 case ended without a confirmed reorganization plan. The new petition, docketed as case number 26-34166 in the Southern District of Texas, was filed voluntarily under Subchapter V, a streamlined…
A Village Inn franchisee operating locations in central Florida filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Middle District of Florida, adding fresh financial strain to a diner brand that has been serving pancakes and pot roast since the late 1950s. The debtor entities, including VI ZEPHYRHILLS, LLC, ran restaurants…
Morgan Stanley has set a target for the S&P 500 near 7,800, but the firm’s strategists warn that equity prices already reflect the best-case scenario on economic growth and Federal Reserve policy. That tension between an optimistic price target and a market that has front-run favorable data puts investors in an unusual position: the upside…
Michael Burry, the investor who famously profited from the 2008 housing collapse, is now putting real money behind his belief that the AI-fueled stock rally has gone too far. His fund, Scion Asset Management, held put option positions on Nvidia as of September 30, 2025, according to the firm’s quarterly filing with the Securities and…