Ticker: Australia launches $1.4B lawsuit against 3M
The day's business news at a glance
Australia is suing the U.S. company 3M for more than $1.4 billion due to contamination from “forever chemicals” in firefighting foam at defense bases.
The government announced the lawsuit on Thursday, focusing on per- and polyfluoroalkyl substances, or PFAS, at 28 sites. These “forever chemicals” don’t break down naturally. Australia filed the suit in the Federal Court of Australia.
California sues 23andMe over unprotected data
California’s attorney general is suing the genetic testing company formerly known as 23andMe, alleging it failed to protect sensitive user data in a 2023 breach that affected nearly 7 million people across the country.
Attorney General Rob Bonta filed the lawsuit Thursday against Chrome Holding Co., which 23andMe rebranded under after filing for bankruptcy last March. Bonta’s office said the company failed to implement common security measures and investigate red flags that showed months before the breach that malicious actors were trying to access their systems.
Google employee facing insider trading charges
U.S. prosecutors slapped insider trading charges against a Google employee this week, alleging the software engineer used confidential company information to pocket more than $1.2 million on prediction market platform Polymarket.
Authorities say 36-year-old Michele Spagnuolo used Google’s “Year in Search” data to place bets on search trends before the data was published.
CBS leader replaces producer at ’60 Minutes’
Saying it was time for a new approach and a new chapter, CBS News editor-in-chief Bari Weiss has replaced the executive producer of “60 Minutes.”
Nick Bilton, a documentarian, tech journalist and former New York Times columnist with no traditional broadcast TV experience, was named to the job. Executive producer Tanya Simon leaves.
Anthropic vaults to $965 billion valuation
Artificial intelligence company Anthropic said Thursday it raised $65 billion in private funding that will push its valuation to $965 billion, a whopping number that makes the 5-year-old research laboratory behind the Claude chatbot one of the world’s most valuable startups as it careens toward a likely Wall Street debut.
The announcement pushes Anthropic ahead of its chief rival, ChatGPT maker OpenAI, both in market value and in reported revenue.
ABC stations decry early license renewal call
ABC-owned TV stations across the U.S. are criticizing the Federal Communications Commission for an early review of their broadcast licenses.
On Thursday, WABC in New York called the move “unlawful” and “unconstitutional,” accusing the FCC of targeting disfavored editorial voices.
Long-term US mortgage rate climbs to 6.53%
The average long-term U.S. mortgage rate rose again this week, reaching its highest level in nine months, another setback for prospective homebuyers.
Mortgage buyer Freddie Mac said Thursday that the benchmark 30-year fixed rate mortgage rate rose to 6.53% from 6.51% last week.
USPS, DHL partner in a $10 billion agreement
The United States Postal Service is announcing a $10 billion deal to provide “last-mile” package delivery services for DHL eCommerce, an arm of German package services provider DHL.
The USPS said in December it intended to open its “last-mile” delivery network to large and small shippers.
