US SEC, SolarWinds reach preliminary deal to end breach lawsuit
The SEC, SolarWinds and its chief information security officer, Timothy Brown, asked a federal judge on Wednesday to stay court proceedings while they finalize paperwork for a settlement. The judge granted their motion, filings showed.
In what was seen as a landmark case, the SEC sued the software company and its top security executive in connection with a two-year cyberattack known as Sunburst that targeted Austin, Texas-based SolarWinds. A judge dismissed much of the regulator's case last year.
The SEC had said that the defendants defrauded investors by concealing security weaknesses, but U.S. District Judge Paul Engelmayer, who approved the stay, had said that the claims were based on "hindsight and speculation."
An SEC spokesperson declined to comment on the matter beyond the public filings. SolarWinds did not immediately respond to requests for comment.
The parties said they planned to file settlement paperwork or a joint status report by September 12.
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Daily Mail
25 minutes ago
- Daily Mail
Trump signs 'Big, Beautiful Bill' into law as B-2 bombers deployed to Iran fly overhead at the White House
President Donald Trump signed his 'Big, Beautiful Bill' into law with his signature flair complete with a massive patriotic display at the White House on the Fourth of July. The House passed his landmark piece of tax cuts and spending legislation containing many of the Republican's campaign promises a day earlier on July 3. The president's signing ceremony for his bill on the White House was timed to coincide with the nation's 249th birthday. Trump told allies, Cabinet secretaries and administration staff that the bill signing marked his 'the greatest victory yet,' as they gathered on the South Lawn for the annual July Fourth picnic and fireworks display. The spectacle included several military flyovers - including the B-2 bombers recently deployed to Iran by Trump to take out the nation's nuclear arsenal. And Melania was in attendance for a rare public appearance in her role as first lady, wearing a crisp white dress. Dubbed the One Big Beautiful Bill Act, the $3.3 trillion measure took an all-encompassing, multi-year effort from Republicans in Congress to pass. 'I think I have more power now,' Trump said following the bill's passage. 'More gravitas, more power.' 'Biggest tax cut in history, great for security, great on the southern the biggest bill ever signed of its kind,' Trump continued. The president has praised Speaker Mike Johnson and Senate Majority Leader John Thune for shepherding the measure through Congress despite nagging GOP pushback from conservatives and moderates. Johnson was seen mingling on the South Lawn ahead of the signing on Friday, along with other MAGA mainstays including Defense Secretary Pete Hegseth, Treasury Secretary Scott Bessent, DHS Secretary Kristi Noem, Interior Secretary Doug Burgum and his wife Kathryn, Small Business Administration Administrator Kelly Loeffler and White House press secretary Karoline Leavitt - who was decked out in red. Chief of Staff Susie Wiles was deep in conversation with Katie Miller, the wife of Stephen Miller, who has been working for Elon Musk, who railed against passage of the 'Big, Beautiful Bill.' The behemoth, nearly 900-page legislative package extends the president's 2017 tax cuts and further eliminates taxes on tips and overtime - a marquee promise that the president pledged repeatedly on the campaign trail. It doubles the child tax credit and includes a popular $1,000 'Trump investment account' - formerly known as MAGA accounts - for newborn babies. Also included in the measure are steep cuts to Medicaid, the Supplemental Nutrition Assistance Program (SNAP) and renewable energy programs expanded by former President Joe Biden. 'We are delivering on our promise to make America great again,' Johnson declared on the floor just before the passing vote. Only two Republicans voted against the measure, Reps. Thomas Massie of Kentucky and Brian Fitzpatrick of Pennsylvania. In the Senate, Republican Senators Susan Collins, Maine, Rand Paul, Kentucky and Thom Tillis, North Carolina, voted with Democrats against the bill. The tax cuts alone will cost $4.5 trillion over the next ten years, according to projections from the Congressional Budget Office. To offset the massive price tag Republicans included $1.2 trillion in spending cuts, mainly trimming Medicaid, the health care program for the poor and disabled. However, the measure stirred much controversy within GOP ranks and even drew the ire of billionaire Elon Musk for its massive spending, which he likened to 'political suicide.' Though that did not sway Trump and the White House from celebrating the measure. 'President Trump's One Big, Beautiful Bill delivers on the commonsense agenda that nearly 80 million Americans voted for – the largest middle-class tax cut in history, permanent border security, massive military funding, and restoring fiscal sanity,' Leavitt said in a statement following the successful vote. 'The pro-growth policies within this historic legislation are going to fuel an economic boom like we've never seen before. President Trump looks forward to signing the One Big, Beautiful Bill into law to officially usher in the Golden Age of America.' Trump wrote on Truth Social before the vote: 'The USA is on track to break every record on growth. Go Republicans, beat the Crooked Democrats tonight! Pro-growth tax cuts never fail.' 'We had great conversations all day, and the Republican House Majority is united, for the good of our country, delivering the biggest tax cuts in history and massive growth.' Using a parliamentary tactic called reconciliation, the tax and spending bill had to align the House and Senate Republicans on a single framework so they could avoid the typical 60-vote threshold needed in the upper chamber. Though no Democratic support was needed to push the bill through to completion, the process was still marred with controversies and hiccups as moderate and right-wing GOP lawmakers argued over the overall price tag and a handful of controversial provisions. Fraught negotiations between conservatives Moderates argued that spending cuts could endanger their reelection while conservative members railed against what they saw as runaway spending inside the OBBB. The Senate narrowly passed its version of the bill 51 - 50 on Tuesday. The vote was so close that Vice President JD Vance had to come in and break the tie, casting the final vote to get the bill out of the Senate and back to the House. The House's version of the bill passed in late May, also with just a one-vote margin. If more than four Republicans voted against the bill, it would have failed. Fraught negotiations between the House and Senate also endangered the final result since the House's original version of the bill was widely seen as more conservative than the Senate's copy, which was eventually swallowed by the House members. But just barely, a procedural vote setting up the final passage broke a record for the longest vote in House history, clocking in over 7 hours and 20 minutes. Putting up a fight until the end, conservative members of the House Freedom Caucus (HFC) held out on supporting the bill until they made their concerns known to GOP leadership and the White House. HFC member Rep. Chip Roy, R-Texas, said as late as Wednesday evening that he was a 'no' on the bill because it increases the deficit and does not fully repeal Biden-era renewable energy subsidies. 'We need to understand exactly, exactly how this stuff will get implemented because I need these subsidies to end because they are damaging Texas's grid,' Roy said before the final vote. HFC Chairman Andy Harris, R-Md., also said on Wednesday afternoon he was still a 'no' on the bill and that he wanted the Senate to come back into town so that changes could be made to the bill before the Friday deadline. Moderate Republicans also put up a fight against the tax and spending bill. A group of centrist GOP members went to the White House on Wednesday morning to discuss the bill with the president. At the top of their minds were the deep Medicaid cuts, while others were concerned with state and local tax (SALT) provisions - a popular policy among Republicans in high-tax blue states. Rep. Thomas Massie, R-Ky., firmly said he will vote against the bill all along over his concern for the ballooning national debt and deficit. Taking matters into his own hands, Trump was reportedly calling GOP dissidents to get them to buy into the OBBB throughout the process. 'He's been working the phones pretty consistently over the last several days, and members have been calling him as well,' an administration official told Politico. 'He's going to get it over the finish line.' Ultimately, Trump and the GOP leadership's efforts paid off, and with time to spare before the 4th of July deadline. Democrats' delay tactics While Republicans worked to gather the votes necessary for final passage of the massive Trump-backed bill Wednesday night and into Thursday morning, Democrats, led by House Minority Leader Hakeem Jeffries, deployed delay tactics. The New York Democrat took to the floor just before 5:00 am ET to begin an arduous, record-breaking 8-hour and roughly 45-minute speech about the dangers presented by the GOP legislation. 'I feel the obligation Mr. Speaker to stand on this House floor and take my sweet time,' the Democrat leader proclaimed well into his remarks. His speech began with stories of Americans who could be impacted by the Trump bill's cuts to Medicaid and social programs. The New Yorker was still droning on while several of his fellow Democrats could be seen behind him with eyes closed and heads folded down. Despite his enthusiasm for hampering the GOP's plans, his colleagues seemed less excited. In fact, many appeared to be asleep. But that did not deter him from breaking former House Speaker Kevin McCarthy's record for the longest floor speech around 1:30 pm ET. Shortly after the Democrat leader finished, Speaker Mike Johnson took to the floor to read off the highlights of what is contained in the mega-bill. What's in the 'Big, Beautiful Bill' The president noted on Tuesday how there's 'something for everyone' in the multi-trillion-dollar bill. One of the primary functions of the bill is to extend Trump's 2017 tax cuts that would have expired at the end of this year. In total, the tax cut extension is estimated to cost $4 trillion from the loss of tax revenue collected by the federal government. It also exempts pay from overtime and tips from being hit by federal income taxes - a fulfillment of one of the president's most ambitious campaign promises. It also allows individuals to deduct up to $10,000 of auto loan interest for vehicles made in the U.S. In addition, the bill allows individuals in high-tax states to deduct up to $40,000 per year for half a decade in state and local taxes (SALT) from their federal taxes - a top priority for conservatives in blue states. The big bill also increases the annual child tax credit to $2,200 and creates 'Trump investment accounts,' which will see the U.S. investing $1,000 into accounts for babies born after 2024. Border security efforts will also be getting a major cash infusion estimated to be around $150 billion for increased immigration enforcement. It includes $46 billion for Customs and Border Patrol to build border wall and enhanced security measures and around $30 billion for Immigration and Customs Enforcement. Another roughly $150 billion in the bill will be provided to the military to create Trump's 'Golden Dome' missile defense system, increase U.S. ship-building capacity and to fund nuclear deterrence programs. To pay for all of this, Republicans had to cut major spending initiatives like Medicaid, SNAP and green energy initiatives. The Senate's bill has work requirements for both Medicaid and SNAP recipients, along with other cuts, which are expected to save over $1 trillion in spending in the coming years. Green energy subsidies passed under former President Joe Biden
The Guardian
38 minutes ago
- The Guardian
Sean ‘Diddy' Combs faces growing wave of civil suits as criminal trial ends
After two months, the federal sex-trafficking and racketeering conspiracy trial of Sean 'Diddy' Combs came to a close on Wednesday with a mixed verdict. The jury acquitted the 55-year-old music mogul of the most serious charges – racketeering conspiracy and sex trafficking – but found him guilty on the two lesser counts of transportation to engage in prostitution. Still, this verdict marks only one chapter in Combs's mounting legal battles. Combs, who remains incarcerated at the Metropolitan detention center in Brooklyn, is now awaiting sentencing and faces a growing number of civil lawsuits against him alleging sexual assault and abuse. While the guilty verdict on two counts means that Combs is likely to face prison time, it spared him the possibility of a life sentence. The outcome was widely seen as the best outcome Combs and his legal team could have hoped for, outside of a full acquittal. The federal criminal case against Combs began after singer Casandra 'Cassie' Ventura – one of his former girlfriends – filed a civil lawsuit against him in 2023. In the civil suit, Ventura, who became the government's key witness in this criminal trial, accused Combs of physical and sexual abuse, rape and forcing her to have sex with male escorts. Combs denied the allegations, and the lawsuit was settled within 24 hours. During the federal trial, Ventura testified that the settlement amount was $20m. Since Ventura's 2023 lawsuit against Combs, more than 50 additional civil lawsuits have been filed against the music mogul by both men and women, accusing him of sexual assault, rape, drugging and physical violence. More lawsuits were filed as recently as this week and last week. Combs has repeatedly denied all the allegations against him in the civil filings. The judge overseeing the case denied his request for bail following Wednesday's verdict. The judge tentatively proposed October for sentencing, though Combs's legal team has requested an earlier date. Each of the two counts that Combs was convicted of carry maximum sentences of 10 years. The judge has discretion to impose a shorter sentence and may allow the two terms to run concurrently. The 10 months Combs has already spent in custody will also likely count toward his sentence. Outside the courthouse on Wednesday, a crowd of Combs's supporters gathered to celebrate the partial acquittal, chanting his name and cheering as members of his family exited the building. But while his fans rejoiced, many victims' advocacy organizations expressed disappointment in the verdict. UltraViolet, a women's rights organization that staged a demonstration last week outside the trial in support of sexual assault survivors, called the verdict 'not just a stain on a criminal justice system that for decades has failed to hold accountable abusers like Diddy, it's also an indictment of a culture in which not believing women and victims of sexual assault remains endemic'. Fatima Goss Graves, president and CEO of the National Women's Law Center and co-founder of the Time's Up legal defense fund, issued a statement expressing solidarity with the 'courageous and inspiring survivors who chose to tell their stories, hold their abuser accountable, and seek justice'. Douglas Wigdor, an attorney for Ventura, said that 'although the jury did not find Combs guilty of sex-trafficking Cassie beyond a reasonable doubt, she paved the way for a jury to find him guilty of transportation to engage in prostitution'. 'By coming forward with her experience,' he said, 'Cassie has left an indelible mark on both the entertainment industry and the fight for justice.' In the wake of the verdict, several celebrities took to social media to share their reactions and support for Ventura. Singer Kesha posted on X: 'Cassie, I believe you. I love you. Your strength is a beacon for every survivor.' Actress Christina Ricci called Ventura a 'hero' and 'an inspiration' in a message on Instagram. Singer Aubrey O'Day, who was previously signed to Combs's Bad Boy Records label, shared a lengthy statement on her Instagram that read in part: 'It is heartbreaking to witness how many lives have been impacted by their experiences with Sean Combs, only for those stories to fall short in the eyes of a jury.' Actress Rosie O'Donnell expressed outrage online, writing: 'I guess a jury just never wants to believe that a woman stays because of power and coercion- wow – they just think women stay because what? money – fame – 'they love the abuse' – what a fucking joke – this decision got me angry.' And actress Evan Rachel Wood also weighed in, writing on Instagram that 'there is no consent in a domestic violence relationship. Period. Once the threat of violence is there, you comply. You do not consent, it is self preservation and survival.'
BBC News
an hour ago
- BBC News
US debt is now $37trn – should we be worried?
As Donald Trump cheered the passage of his self-styled, and officially named, Big Beautiful Budget Bill through Congress this week, long-sown seeds of doubt about the scale and sustainability of US borrowing from the rest of the world sprouted tax-cutting budget bill is expected to add at least $3 trillion (£2.2 trillion) to the US's already eye-watering $37tn (£27tn) debt pile. There is no shortage of critics of the plan, not least Trump's former ally Elon Musk, who has called it a "disgusting abomination".The growing debt pile leaves some to wonder whether there is a limit to how much the rest of the world will lend Uncle doubts have been showing up recently in the weaker value of the dollar and the higher interest rate investors are demanding to lend money to America. It needs to borrow this money to make up the difference between what it earns and what it spends every year. Since the beginning of this year, the dollar has fallen 10% against the pound and 15% against the US borrowing costs have been steady overall, the difference between the interest rates paid on longer-term loans versus shorter-term loans - what's known as the yield curve - has increased, or steepened, signalling increased doubts about the long-term sustainability of US that is despite the fact that the US has lowered interest rates more slowly than the EU and the UK, which would normally make the dollar stronger because investors can get higher interest rates on bank founder of the world's biggest hedge fund, Ray Dalio, believes that US borrowing is at a its current trajectory he estimates the US will soon be spending $10tn a year in loan and interest repayments."I am confident that the [US] government's financial condition is at an inflection point because, if this is not dealt with now, the debts will build up to levels where they can't be managed without great trauma," he says. So what might that trauma look like?The first option is a drastic reduction in government spending, a big increase in taxes or Dalio suggests that cutting the budget deficit from its current 6% to 3% soon could head off trouble in the new budget bill did cut some spending, but it also cut taxes more, and so the current political trajectory is going the other as in previous crises, the US central bank could print more money and use it to buy up government debt - as we saw after the great financial crisis of that can end up fuelling inflation and inequality as the owners of assets like houses and shares do much better than those who rely on the value of third is a straightforward US default. Can't pay won't pay. Given that the "full faith and credit of the US Treasury" underpins the entire global financial system, that would make the great financial crisis look like a picnic. 'Cleanest dirty shirt' So how likely is any of this?Right now, mercifully, not the reasons why are not actually that comforting. The fact is, whether we like it or not, the world has few alternatives to the and former bond supremo Mohamed El-Erian told the BBC that many are trying to reduce dollar holdings, "the dollar is overweight and the world knows it, which is why we have seen a rise in gold, the euro and the pound, but it's hard to move at scale so there's really very few places to go"."The dollar is like your cleanest dirty shirt, you have to keep wearing it."Nevertheless, the future of the dollar and the world's benchmark asset - US government bonds - is being discussed at the highest governor of the Bank of England recently told the BBC that the levels of US debt and the status of the dollar is "very much on [US Treasury] Secretary Bessent's mind. I don't think the dollar is fundamentally under threat at the moment but he is very aware of these issues and I don't think it is something that he underestimates."Debt of $37tn is an unfathomable number. If you saved a million dollars every day, it would take you 100,000 years to save up that sensible way to look at debt is as a percentage of a country's income. The US economy produces income of around $25tn a its debt to income level is much higher than many, it's not as high as Japan or Italy, and it has the benefit of the world's most innovative and wealth creating economy behind home I have a book called Death of the Dollar by William F Rickenbacker in which he warns of the risks to the dollar's status as the world's reserve currency. It was written in 1968. Mr Rickenbacker is no longer with us - the dollar it doesn't mean that its status and value is a divine right.
