Senate kills rule that made it easier to sue banks, repeals big bank arbitration clause.

Vice President Mike Pence cast the tie-breaking vote Tuesday night to repeal a rule that made it easier for Americans to sue their banks and credit card companies.

Senators passed the measure by a vote of 51-50, handing Wall Street its first major win since President Donald Trump took office in January.

Two Republican senators, Lindsey Graham of South Carolina and John Kennedy of Louisiana, sided with Democrats in opposition to the resolution.

Wiping out the rule would affect tens of millions of Americans who often don't know they are covered by an arbitration clause when they sign up for a credit card, checking account or prepaid card.

Many companies tuck arbitration clauses into contracts as a way to resolve disputes outside the court system, making it harder for an individual to bring a case against a bank or credit card company. read more »

U.S. law firm files class suit against Rio Tinto over Mozambique coal

Seattle-based Hagens Berman Sobol Shapiro LLP said in a statement released in Australia on Tuesday it filed the suit on behalf of purchasers of Rio Tinto American Depositary Receipts (ADRs) between Oct. 23, 2012 and Feb. 15, 2013 in the U.S. District Court for the Southern District of New York.

The SEC last week charged Rio Tinto and two of its former top executives with fraud, saying they inflated the value of Mozambique coal assets and concealed critical information while tapping the market for billions of dollars.

The assets were acquired for $3.7 billion in 2011 from an Australian company, Riversdale Mining, but sold a few years later for $50 million. read more »

Two-person energy firm's $300 million Puerto Rico contract raises eyebrows

A $300 million contract to help rebuild Puerto Rico's electrical infrastructure, which was awarded to a small, two-year-old Montana company that had only two employees when Hurricane Maria struck the U.S. territory, has sparked calls for an investigation from both Republicans and Democrats on Capitol Hill.

In addition to its size and relative inexperience, the fact that Whitefish Energy Holdings is based in Interior Secretary Ryan Zinke's hometown of Whitefish, Mont., is fueling questions about how Whitefish Energy Holdings secured the lucrative contract. The former Montana congressman's son also had a summer job at a Whitefish construction site. read more »