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After backlash from Elon Musk and companies like Meta, Big Law is publicly supporting a bill seeking to reform the Delaware Court of Chancery.As Delaware lawmakers prepare to hold hearings tomorrow about a bill that could reshape corporate America, some of the biggest corporate law firms are coming out in favor of it.On Tuesday, 21 law firms — including Simpson Thacher and Bartlett; Cravath, Swaine & Moore; and Paul, Weiss, Rifkind, Wharton & Garrison — will publish a letter strongly supporting legislation that would override a series of decisions by the Delaware Court of Chancery. These rulings have prompted backlash from companies and led many, including Meta, to contemplate moving their incorporation outside the state.The bill is “an important step in maintaining Delaware’s status as the jurisdiction of choice for sophisticated clients when they create companies,” the law firms write.Delaware has been ensnared in controversy after several rulings, including Chancellor Kathaleen McCormick’s decision last year to nullify a big payout for Elon Musk at Tesla. While Mr. Musk’s ire over that decision brought attention to the chancery court, many corporate lawyers say they’re more broadly frustrated with the court’s treatment of companies with controlling shareholders, arguing that it has been overly deferential to noncontrolling shareholders.Given how corporate America fuels Delaware’s budget, a group of Delaware state senators proposed a bill last month to amend the state constitution that would effectively override years of case law by the Delaware Court of Chancery. The group sidestepped the usual process for proposing bills, allowing it to move swiftly — but critics say that it also left out early input from key members of the influential Delaware bar.The issue was a major topic at Tulane University’s Corporate Law Institute conference, a big gathering of deal makers held last week in New Orleans. “We are disempowering Delaware courts,” said Ned Weinberger, a partner at the plaintiffs’ law firm Labaton Keller Sucharow, arguing that the amendment would erode the voice of minority shareholders.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More
The former congresswoman is the most prominent candidate so far to start a campaign in the 2026 contest. But the race could be upended if former Vice President Kamala Harris decides to run.Katie Porter, the former Democratic congresswoman who rose to prominence by wielding a whiteboard while she grilled corporate executives on Capitol Hill, announced on Tuesday that she would enter the 2026 contest for California governor.Ms. Porter, 51, is the highest-profile Democrat to join the race. But a huge unknown remains: whether former Vice President Kamala Harris will jump in.Gov. Gavin Newsom cannot run for re-election because state law limits governors to two terms. Most of the Democrats who have entered the open race so far are current or former state officials who have experience in the statehouse but are little known to the public. Voters are much more familiar with Ms. Porter, a law professor who served six years in Congress representing Orange County, polls show.Ms. Porter announced her campaign on Tuesday by releasing a video that cast herself as someone who would fight to counter President Trump’s agenda and bring a fresh lens to the State Capitol, where she has never served in an elected office.After losing the presidential election in November, Ms. Harris returned home to Los Angeles and has contemplated a run for California governor. Ms. Porter will drop out of the race if Ms. Harris runs, a spokesman confirmed.Ms. Porter observed in December that Ms. Harris would have “a near field-clearing effect on the Democratic side” of the race.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More
Fears over the future health of the global economy are continuing to rattle markets around the world, as investors grapple with the reality of tariffs and fresh signs that consumers are pulling back on spending.After the S&P 500 suffered its worst day of the year on Monday, the sell-off continued into Asia trading on Tuesday.Asian markets opened mostly lower, with Japan’s Nikkei 225 index falling about 2 percent, weighed down by big declines in Japanese technology stocks. Stock markets in South Korea and Taiwan also fell around 2 percent in early trading.Equity markets in China were faring slightly better. Shares in Shanghai and Shenzhen ticked lower, down around 0.2 percent in morning trading. Hong Kong was down less than 1 percent.Investors have become increasingly cautious about the U.S. stock market in recent weeks as President Trump has flip-flopped on tariffs, causing confusion and uncertainty.Growing unease about the inflationary effects of the tariffs, coupled with a broadly darkening mood about the economy, provided the catalyst for a sell-off in a market that investors have long worried was overvalued.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More
Mr. Khalil, who helped lead protests at Columbia University against high civilian casualties in Gaza, was arrested by immigration officers and sent to a detention center in Louisiana.The Trump administration invoked an obscure statute over the weekend in moving to deport Mahmoud Khalil, a permanent legal resident of the United States who recently graduated from Columbia University, where he helped lead campus protests against high civilian casualties in Gaza during Israel’s campaign against Hamas.Mr. Khalil was arrested by immigration officers on Saturday and then sent to a detention center in Louisiana. On Monday, a federal judge in New York, Jesse M. Furman, ordered the federal government not to deport Mr. Khalil while he reviewed a petition challenging the legality of the detention.Here’s what to know about the administration’s attempt to deport Mr. Khalil.Who is the Columbia graduate?Mr. Khalil, 30, earned a master’s degree from Columbia’s School of International and Public Affairs in December. He has Palestinian heritage and is married to an American citizen who is eight months pregnant.At Columbia last spring, Mr. Khali assumed a major role in student-led protests on campus against Israel’s war efforts in Gaza. He described his position as a negotiator and spokesman for Columbia University Apartheid Divest, a pro-Palestinian group.What’s the legal basis for his arrest?The Trump administration did not publicly lay out the legal authority for the arrest. But two people with knowledge of the matter, who spoke on the condition of anonymity to discuss sensitive internal deliberations, said Secretary of State Marco Rubio relied on a provision of the Immigration and Nationality Act of 1952 that gives him sweeping power to expel foreigners.The provision says that any “alien whose presence or activities in the United States the Secretary of State has reasonable ground to believe would have potentially serious adverse foreign policy consequences for the United States is deportable.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More
A federal judge barred the Trump administration on Monday from “unlawfully impounding congressionally appropriated foreign aid funds” that the State Department and the U.S. Agency for International Development owed to grant recipients and contractors, requiring it to pay for work completed in the first several weeks of President Trump’s term.The ruling, handed down by Judge Amir H. Ali of the Federal District Court for the District of Columbia, was the latest step in a winding dispute over foreign aid payments since Mr. Trump has tried to vastly shrink the nation’s foreign assistance. While forcing the administration to pay for work completed before Feb. 13, Judge Ali said the limits of the case prevented him from ordering payments on future work or restoring canceled contracts.But he left no doubt that he believed that the administration had exceeded its authority in trying to block funding, a warning that could echo through a deluge of lawsuits over Mr. Trump’s efforts to unilaterally halt spending.“Here, the executive has unilaterally deemed that funds Congress appropriated for foreign aid will not be spent,” he wrote. “The executive not only claims his constitutional authority to determine how to spend appropriated funds, but usurps Congress’s exclusive authority to dictate whether the funds should be spent in the first place.”The order on Monday prohibited the State Department and U.S.A.I.D. from implementing much of a Jan. 24 memorandum outlining plans to reorient and shrink U.S. foreign aid. It further required them to pay out hundreds of millions of dollars still owed to a constellation of groups for work completed before Feb. 13, as Judge Ali had ordered last month.The order dealt with a broad freeze on foreign aid funding that Mr. Trump put into effect the day he took office. It stopped short of the much more significant step of invalidating the Trump administration’s decision to cancel thousands of contracts through what it described as an expedited line-by-line review, after the lawsuit was already underway. Judge Ali found that the court was restrained to addressing the specific harms laid out in the lawsuit, not “supervision of discrete or ongoing executive decisions.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More
The bus overturned near Montvale, N.J., officials said, closing all lanes in the area. It had been traveling from Lakewood, N.J., to Rockland County, N.Y.A school bus with at least 30 passengers on board overturned on the Garden State Parkway near Montvale, N.J., on Monday evening, injuring 13 people, the authorities said.According to the New Jersey Department of Transportation, the bus overturned on the northbound lanes of the Garden State Parkway north of Exit 171 at around 7:40 p.m. Monday, temporarily closing all lanes near the area.The bus was traveling from Lakewood, N.J., to Rockland County, N.Y., according to officials. The cause of the crash, the ages of the passengers, and what group the bus might have been associated with were not yet known.Mayor Mike Ghassali of Montvale said in a post on social media that 13 people had been injured and taken to to local hospitals. No fatalities were reported, he said.“I’ve been briefed on a crash on the Garden State Parkway earlier tonight near the James Gandolfini Service Area involving an overturned school bus from Lakewood,” Gov. Phil Murphy of New Jersey said in a post on social media.The New Jersey State Police and the New Jersey Department of Transportation were on the scene, he said, and an investigation into the incident was underway.The Montvale Police Department directed questions to the New Jersey State Police, who did not immediately respond to requests for comment.Mark Bonamo More
Jared Cappel sticks the landing in his New York Times Crossword debut.Jump to: Today’s Theme | Tricky CluesTUESDAY PUZZLE — Today’s crossword puzzle left me sore. As in it made me realize how sore my back was. After a week of desk work and slumped sitting, I was grateful for the reminder that I should really do something about the twinge in my shoulder. So I thank Jared Cappel, the constructor of today’s puzzle, for pointing me in the direction of some relief.This is Mr. Cappel’s first crossword for The New York Times, and it makes for a fabulous introduction to his sense of humor. I hope he, ahem, sticks around.Today’s ThemeWhether or not you’ve ever tried the [Traditional Chinese medicine component] at 27D, you can appreciate the ACUPUNCTURE-based wordplay in this puzzle. At 3-, 9- and 18-Down, italicized clues hint at expressions that double as things an acupuncturist may do during a session.To [Grasp a central idea] is to GET THE POINT (3D). To [Betray] is to STAB IN THE BACK (18D) (though if you’re feeling actual stabs in an acupuncture session, you might want to find a new practitioner). And if you [Make noticeable progress], then you MOVE THE NEEDLE (9D).I’ve tried acupuncture and enjoyed it, but it’s unsettling to think that, to the outside observer, I probably looked like a character from “Hellraiser” during my sessions.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More
