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GameStop’s stock is back to the races Friday, and the overall U.S. market is down again, as the saga that’s captivated and confused Wall Street ramps up the drama.

GameStop shot up more than 70% in midday trading, clawing back most of its steep loss from the day before, after Robinhood said it will allow customers to start buying some of the stock again. GameStop has been on a stupefying 1,900% run over the last three weeks and has become the battleground where swarms of smaller investors see themselves making an epic stand against the 1%.

The assault is directed squarely at hedge funds and other Wall Street titans that had bet the struggling video game retailer’s stock would fall. A couple have already essentially admitted defeat, with one saying Friday it would stop publishing reports on stocks it expects to fall. The army of smaller and novice investors, meanwhile, is pledging to keep up the momentum for GameStop’s stock in hopes of inflicting more pain on the financial elite.

The moves are reverberating across Wall Street, as concerns rise about how much damage the frenzy could do as its effects spill out into the broader market. The big professional investors who had been banking on a drop for GameStop’s stock are taking sharp losses. Investors say that’s pushing them to sell other stocks they own to raise cash, and that is helping to pull down parts of the market completely unrelated to the revolt by Main Street investors.

Supreme Court ends Trump emoluments lawsuits

•  State Bar News     updated  2021/01/25 11:04


The Supreme Court on Monday brought an end to lawsuits over whether Donald Trump illegally profited off his presidency, saying the cases are moot now that Trump is no longer in office.

The high court’s action was the first in an expected steady stream of orders and rulings on pending lawsuits involving Trump now that his presidency has ended. Some orders may result in dismissals of cases since Trump is no longer president. In other cases, proceedings that had been delayed because Trump was in the White House could resume and their pace even quicken.

The justices threw out Trump’s challenge to lower court rulings that had allowed lawsuits to go forward alleging that he violated the Constitution’s emoluments clause by accepting payments from foreign and domestic officials who stay at the Trump International Hotel and patronize other businesses owned by the former president and his family.

The high court also ordered the lower court rulings thrown out as well and directed appeals courts in New York and Richmond, Virginia, to dismiss the suits as moot now that Trump is no longer in office.

The outcome leaves no appellate court opinions on the books in an area of the law that has been rarely explored in U.S. history.

The cases involved suits filed by Maryland and the District of Columbia, and high-end restaurants and hotels in New York and Washington, D.C., that “found themselves in the unenviable position of having to compete with businesses owned by the President of the United States.”

The suits sought financial records showing how much state and foreign governments have paid the Trump Organization to stay and eat at Trump-owned properties.

The cases never reached the point where any records had to be turned over. But Karl Racine and Brian Frosh, the attorneys general of Washington, D.C., and Maryland, respectively, said in a joint statement that a ruling by a federal judge in Maryland that went against Trump “will serve as precedent that will help stop anyone else from using the presidency or other federal office for personal financial gain the way that President Trump has over the past four years.”

Other cases involving Trump remain before the Supreme Court, or in lower courts.

Trump is trying to block the Manhattan district attorney ’s enforcement of a subpoena for his tax returns, part of a criminal investigation into the president and his businesses. Lower courts are weighing congressional subpoenas for Trump’s financial records. And the justices also have before them Trump’s appeal of a decision forbidding him from blocking critics on his Twitter account. Like the emoluments cases, Trump’s appeal would seem to be moot now that he is out of office and also had his Twitter account suspended.

Republican senators and some legal scholars have said that Trump’s impeachment trial in the Senate cannot proceed now that he is once again a private citizen. But many scholars have said that Trump’s return to private life poses no impediment to an impeachment trial.



A Pennsylvania woman facing charges that she helped steal a laptop from the office of House Speaker Nancy Pelosi during the attack on the U.S. Capitol will be released from jail, a federal judge decided Thursday.

U.S. Magistrate Judge Martin Carlson directed that Riley June Williams be released into the custody of her mother, with travel restrictions, and instructed her to appear Monday in federal court in Washington to continue her case.

“The gravity of these offenses is great,” Carlson told Williams. “It cannot be overstated.”

Williams, 22, of Harrisburg, is accused of theft, obstruction and trespassing, as well as violent entry and disorderly conduct on Capitol grounds. Carlson noted Williams has no prior criminal record.

The FBI says an unidentified former romantic partner of Williams tipped them off that she appeared in video from the Jan. 6 rioting and the tipster claimed she had hoped to sell the computer to Russian intelligence.

Williams’ defense lawyer, Lori Ulrich, told Carlson the tipster is a former boyfriend who had been abusive to Williams and that “his accusations are overstated.”

Video from the riot shows a woman matching Williams’ description exhorting invaders to go “upstairs, upstairs, upstairs” during the attack, which briefly disrupted certification of President Joe Biden’s electoral victory.

“It is regrettable that Ms. Williams took the president’s bait and went inside the Capitol,” Ulrich told the judge.

Williams surrendered to face charges on Monday. She was expected to leave the county jail in Harrisburg later Thursday, and will be on electronic monitoring to await trial.

Heavican said the court’s online payment systems allowed residents to pay traffic tickets and court fines without leaving their homes, and the judiciary also offered an online education system to help judges, lawyers, guardians and others meet continuous education requirements.

New attorneys were sworn into office via online ceremonies across the state, Heavican said. In Dawson County, one judge is broadcasting court proceedings on YouTube.

Heavican said schools and private organizations have hosted trials in counties whose courthouses are too small for adequate social distancing to prevent transmission of the coronavirus. He said jury trials were held at the University of Nebraska-Kearney, Grand Island Central Community College and local K-12 schools and the Lincoln Masonic Lodge.

Heavican also touted the benefits of probation services and problem-solving courts. He said probation costs nearly $2,000 per person, per year, and problem-solving courts costs about $4,000, compared to $41,000 for a person in prison. “Do the math,” he said. “Probation is the taxpayers’ friend.”

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