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The owner of a New York-based hedge fund that collapsed when it defaulted on margin calls was arrested Wednesday on charges alleging he defrauded leading global investment banks and brokerages of billions of dollars by telling them lies so his private investment firm could grow its portfolio from $10 billion …

A federal appeals court on Tuesday agreed to reconsider a ruling that rejected the state’s first-in-the-nation ban on for-profit private prisons and immigration detention facilities. The 9th U.S. Circuit Court of Appeals ordered a new hearing before an 11-judge panel, the San Francisco Chronicle reported. Last October, a three-judge appellate panel …

Inflation hit a fresh 40-year record in March as U.S. consumer prices rose 8.5% from a year ago, the Labor Department said on Tuesday. The Consumer Price Index, which tracks a basket of goods and services, jumped 1.2% in March after increasing 0.8% in February, showing that inflation gained speed …