Latest news for Forbo Holding (OTC:FBOHY) Stock

Forbo Holding AG manufactures and sells flooring and movement systems. The company organizes itself into two segments based on product type. The Flooring Systems segment, which generates the majority of revenue, sells commercial and residential floor coverings, entrance flooring systems, and building and construction flooring adhesives to the construction and remodeling industries. The Movement Systems segment sells conveyor and processing belts, plastic modular belts, power transmission belts, and flat modular belts, to the food, automotive, and fitness equipment industries. The majority of revenue comes from Europe.

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Forbo Holding AG

Leading cryptocurrencies fell Thursday after a festive surge on Christmas gave way to profit-taking.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 7:30 p.m. ET)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>-3.69%</td>
<td>$95,658.87</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-4.37%</td>
<td>$3,338.32</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-6.97%</td>
<td>$0.3116</td>
</tr>
</tbody>
</table>
</figure>
What Happened: After teasing the $100,000 mark on Christmas, Bitcoin witnessed a steep decline, falling to an intraday low of $95,170.
Ethereum dropped to the $3,300 region following the to-and-from movement between $3,440 and $3,510.
Trading volumes for both currencies rose, indicating that traders returned from their Christmas break to book profits.
Over $270 million was liquidated from the market in the last 24 hours, with long liquidations accounting for $200 million.
Bitcoin's Open Interest increased by 0.97% in the last 24 hours. The majority of them were short positions, as evidenced by a drop in the Long/Short Ratio.
That said, nearly $760 million in short positions risked liquidation if Bitcoin rebounds to $100,000.
The market sentiment was "Greed," according to the Crypto Fear &amp; Greed Index.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 7:30 p.m. ET)</td>
</tr>
<tr>
<td>Bitget Token (BGB)</td>
<td>+29.39%</td>
<td>$7.48</td>
</tr>
<tr>
<td>FTX Token (FTT)</td>
<td>+3.98%</td>
<td>$5.77</td>
</tr>
<tr>
<td>Hyperliquid (HYPE)</td>
<td>+3.43%</td>
<td>$27.35</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization stood at $3.31 trillion, following a contraction of 3.88% in the last 24 hours.
Trading resumed on Wall Street after the Christmas holiday. The Dow Jones Industrial Average squeezed out a narrow gain of 0.07% to close at 43,325.80. The S&amp;P 500 slid 0.04%, ending at 6,037.59, while the tech-focused Nasdaq Composite closed down 0.05% at 20,020.36.
<a href="https://www.benzinga.com/markets/commodities/24/12/42686302/nasdaq-dips-over-100-points-us-initial-jobless-claims-fall">U.S. jobless claims</a> for the week ending Dec. 21 came at 219,000, lower than analyst estimates of 224,000.
The benchmark 10-year Treasury yield remained broadly unchanged at 4.587% after pushing beyond 4.6% early morning.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Influential cryptocurrency analyst and trader Ali Martinez called attention to Bitcoin dipping below its "most significant" support level at $97,300.
"So, for the bearish outlook to be invalidated, BTC must reclaim this critical area of support and, more importantly, sustain a daily close above $100,000," Martinez stated.
As it turned out, the leading cryptocurrency failed to reach these predictions, remaining stuck in the $95,000 range.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> recently broke below one of its most significant support zones at $97,300. So, for the bearish outlook to be invalidated,<a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> must reclaim this critical area of support and, more importantly, sustain a daily close above $100,000!<a href="https://t.co/oaE6S8cP0Q">https://t.co/oaE6S8cP0Q</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1872271711414219129?ref_src=twsrc%5Etfw">December 26, 2024</a></blockquote>
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Bitcoin's Christmas rally and subsequent retrace made it one of the top trending tokens on social media, according to on-chain analytics firm Santiment.
Discussions about its upcoming price moves, such as a climb to $100,000 or a drop to $90,000, dominated social media.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f5e3;&#xFE0F; As crypto markets look to recover after the Christmas $100K BTC tease and immediate drop thereafter, the top trending tokens across social media are: &#x1fa99; Bitcoin <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>: Discussions about investment strategies, its role as a store of value, and its adoption for international… <a href="https://t.co/3KkPBzan7I">pic.twitter.com/3KkPBzan7I</a>
&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1872376820311437684?ref_src=twsrc%5Etfw">December 26, 2024</a></blockquote>
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Image via Shutterstock
Read Next:    
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42690488/are-donald-trumps-ambitious-bitcoin-goals-feasible">Are Donald Trump&#8217;s Ambitious Bitcoin Goals Feasible?</a></li>
</ul>

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

News

Markets

Movers

Trading Ideas

$BTC

$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Pull Back After Christmas Rally: Top Analyst Reveals What Happens Next After BTC Fails To Record Daily Close Above $100K

On Thursday, Cathie Wood-led Ark Invest made significant trades involving Palantir Technologies Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>). and Block Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>). Notably, the firm had sold shares of both these companies ahead of Christmas as well.
The Palantir Trade
Ark Invest decided to sell 103,410 shares of Palantir Technologies Inc. through its ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>). The sale, valued at approximately $8.5 million based on Palantir&#8217;s closing price of $82.14, aligns with Ark&#8217;s recent trend of reducing its position in Palantir. 
Palantir&#8217;s stock has seen a <a href="https://www.benzinga.com/24/12/42673408/palantir-stock-is-trading-at-all-time-highs-whats-going-on">remarkable surge</a>, climbing over 380% since the beginning of the year, largely due to its strong positioning in the AI sector. This rally gained momentum in November following the company&#8217;s impressive quarterly results, which highlighted robust demand for AI solutions.
The Block Trade
In another strategic move, Ark Invest sold 15,342 shares of Block Inc. from ARKK. This transaction was valued at approximately $1.4 million, calculated from Block&#8217;s closing price of $91.48. Block, previously known as Square, has been a key player in the digital payments space and has a Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) focus. Bitcoin has been in focus as the leading cryptocurrency has been consistently hitting <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42334991/as-bitcoin-hits-100k-for-the-first-time-ark-invests-cathie-wood-calls-it-a-much-bigger-idea-than-gold-and-that-it-is-still-is-in-early-innings">new all-time highs</a> this year. For more insights into Ark&#8217;s recent trading activities, visit this <a href="https://www.benzinga.com/24/12/42676432/cathie-woods-pre-christmas-sale-ark-invest-dumps-even-more-tesla-palantir-stock">Benzinga report</a>.
See Also: <a href="https://www.benzinga.com/24/12/42679707/bitcoin-ethereum-gain-dogecoin-slips-as-sentiment-turns-positive-on-christmas-analyst-throws-reality-check-for-overexcited-participants?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum Rise, Dogecoin Slides Amid Positive Christmas Sentiment: Analyst Cautions $110K Target For BTC Possible Only When&#8230;</a>
Other Key Trades:
<ul>
<li>GitLab Inc: Ark Invest purchased 219,606 shares through the ARKK.</li>
<li>CRISPR Therapeutics AG: A buy of 57,889 shares was made by Ark through the ARKK.</li>
<li>Adaptive Biotechnologies Corp: Ark sold 75,957 shares from the ARKG.</li>
</ul>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/24/12/42649292/mark-cubans-surprising-purchase-of-a-whole-town-near-dallas-was-a-favor-for-a-friend-and-he-wanted-to-rename-it-to-dinosaur-texas?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban&#8217;s Surprising Purchase Of A Whole Town Near Dallas Was A Favor For A Friend – And He Wanted To Rename It To Dinosaur, Texas</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Equities

ETFs

ARKK

PLTR

Cathie Wood Takes Profit On Hot AI Stock Palantir Again, Continues To Sell Block Shares Amid Bitcoin Buzz

On Thursday, former U.N. Ambassador and 2024 presidential candidate Nikki Haley took to X to express her support for American workers and culture in response to Department of Government Efficiency Co-head Vivek Ramaswamy.
What Happened: Ramaswamy, who is set to lead DOGE along with Elon Musk under President-elect Donald Trump, had said that the reason why top tech companies often hire foreign-born engineers over U.S.-born engineers isn&#8217;t because of IQ deficit but rather because of &#8220;culture.&#8221;
He said, &#8220;A culture that celebrates the prom queen over the math olympiad champ, or the jock over the valedictorian, will not produce the best engineers.&#8221;
Ramaswamy went on to say that under Trump, the U.S. could have a potential &#8220;Sputnik&#8221; movement and witness the &#8220;beginning of a new golden era.&#8221;
Haley responded by saying that there was &#8220;nothing wrong with American workers or American culture.&#8221; She said, &#8220;All you have to do is look at the border and see how many want what we have. We should be investing and prioritizing in Americans, not foreign workers.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">There is nothing wrong with American workers or American culture. All you have to do is look at the border and see how many want what we have. We should be investing and prioritizing in Americans, not foreign workers. <a href="https://t.co/fIGr45C3LD">https://t.co/fIGr45C3LD</a>
&mdash; Nikki Haley (@NikkiHaley) <a href="https://twitter.com/NikkiHaley/status/1872344248915554712?ref_src=twsrc%5Etfw">December 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/markets/24/12/42638957/warren-buffetts-timeless-advice-if-youre-gonna-do-dumb-things-because-your-stock-goes-down-you-shouldnt-own-a-stock-at-all?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Warren Buffett&#8217;s Timeless Advice: &#8216;If You&#8217;re Gonna Do Dumb Things Because Your Stock Goes Down, You Shouldn&#8217;t Own A Stock At All&#8217;</a>
Why It Matters: Ramaswamy and Haley have a history of heated exchanges. Haley&#8217;s post can be seen as a continuation of her strong stance during the <a href="https://www.benzinga.com/news/23/09/34964396/nikki-haley-clashes-with-vivek-ramaswamy-over-tiktok-every-time-i-hear-you-i-feel-a-little-bit-dumbe">GOP debates</a>. She has been vocal about her disapproval of Ramaswamy&#8217;s decision to join TikTok, a platform she considers dangerous due to its connections with the Chinese government.
During the&nbsp;<a href="https://www.benzinga.com/news/23/11/35691834/things-turn-nasty-during-gop-debate-after-vivek-ramaswamy-attacks-nikki-haleys-daughter-for-using-ti">third GOP debate</a>, things turned sour when Ramaswamy accused Haley of hypocrisy for criticizing his use of TikTok while her own daughter was using the platform.
Despite these controversies, Haley emerged as the winner in the third GOP presidential debate, according to a <a href="https://www.benzinga.com/news/23/11/35717884/nikki-haley-winner-vivek-ramaswamy-loser-in-third-gop-presidential-debate-but-trump-remains-top-choi">poll</a> conducted by 538, Washington Post, and Ipsos. Ramaswamy, on the other hand, found himself at the bottom of the ratings.
Image via Shutterstock
Did You Know?
<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Politics

General

Nikki Haley Blasts DOGE Co-Head Vivek Ramaswamy For His Take On 'American Culture' — 'All You Have To Do Is Look At The Border And See How Many Want What We Have'

SYTA

Trading Halt: Halted at 7:50:00 p.m. ET - Trading Halt: Halt News Pending

SYTAW

HYBI

Walker & Dunlop Arranges $245M Loan From TYKO Capital To Facilitate Construction Of The Greyson Tower, New Jersey

The Master Services Agreement will become effective on January 1, 2025, at which time, the master services agreement, dated September 22, 2022, between LiveWire and H-D, will terminate.
The Master Services Agreement has an initial term of seven years and will be renewable upon mutual agreement.&nbsp;
&nbsp;

LVWR

On December 23, 2024, LiveWire Group Entered Master Services Agreement With Harley-Davidson - Filing

GDYN

GEAR

Grid Dynamics Holdings To Replace Revelyst In S&P SmallCap 600, Effective Prior To The Opening Of Trading On January 2, 2025

Also, on December 23, 2024, the Company and Chris Clark, the Chief Technology Officer of the Company agreed that Clark's employment would be terminated, effective February 16, 2025.

Management

GROV

Grove Collaborative Says Stuart Landesberg Will Step Down As Executive Chair, Effective February 17, 2025; Plans To Transition To Role Of Non-Employee Member Of Board, Initially As Chairperson

Streaming giant Netflix Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) aired its first NFL games on Christmas Day with two games featuring four of the<a href="https://www.benzinga.com/general/sports/24/12/42354185/nfl-games-set-thanksgiving-day-records-why-this-is-good-and-bad-news-for-streaming-giant-netflix"> top teams in the league.</a>
Here's a look at what happened and a poll that shows the holiday may have hurt viewership.
What Happened: Netflix <a href="https://www.benzinga.com/general/sports/24/12/42512587/netflix-analyst-say-its-only-investable-media-stock-projects-150-million-nfl-christmas-day-boost">spent an estimated</a> $150 million on the rights to two 2024 NFL games on Christmas Day. Strong advertising demand may help the streaming giant recoup the fees and turn the events into free marketing plays.
The big question will be how many viewers tuned in to the NFL games as they were Netflix exclusives and also competed against NBA games, which have traditionally been a staple on Christmas. Family gatherings and events also likely took top billing on Christmas, leaving investors and analysts to eagerly await official viewership data.
Using Benzinga's own methods of polling, the data doesn't suggest that viewership will be as strong for the NFL games as some may be expecting.
"Did you watch Netflix football games?" Benzinga asked during its <a href="https://www.youtube.com/watch?v=mgZkTiF6WnU">morning YouTube show </a>"Benzinga's Market Edge Live."
The results from the show&#8217;s YouTube viewership were:
<ul>
<li>Yes: 27%</li>
<li>No: 72%</li>
</ul>
Benzinga also<a href="https://www.benzinga.com/24/12/42653325/exclusive-netflix-to-have-merry-christmas-with-nfl-games-will-viewers-tune-in-60-say"> recently polled readers</a> and asked if they would be watching ahead of the Christmas Day games.
&#8220;Will you watch Christmas NFL games on Netflix?&#8221; Benzinga asked.
Here were the results:
<ul>
<li>Yes, I already have Netflix: 39%</li>
<li>No, I don&#8217;t have Netflix and won&#8217;t watch: 30%</li>
<li>No, even though I have Netflix: 30%</li>
<li>Yes, I plan to subscribe to Netflix to watch: 1%</li>
</ul>
The largest percentage of readers said they are subscribers and will be watching, getting 39% of the vote. Thirty percent of Netflix subscribers said they won&#8217;t be watching despite being able to watch the games for free with their subscription. Thirty percent said they do not have Netflix and won&#8217;t subscribe just to gain access to the NFL games.
In total, the poll found that 60% of readers don&#8217;t plan on watching the NFL games on Christmas Day.
Why It's Important: NFL viewership has been strong during the 2024 season, with the Chiefs being one of the most popular teams. The official Netflix viewership figure could show what the appetite is like for more holiday NFL games and more streaming exclusives.
In the first Christmas Day game this year, the Kansas City Chiefs defeated the Pittsburgh Steelers 29-10 to take their record to 15-1 on the season. The Steelers dropped to 10-6 on the season, with both teams already having NFL Playoffs spots clinched.
Chiefs tight end Travis Kelce led the way with eight catches for 84 yards and a receiving touchdown, which set the record for the most receiving touchdowns by a Chiefs player all time with 76.
In the second Christmas Day game on Netflix, the Baltimore Ravens defeated the Houston Texans 31-2 to improve their record to 11-5. The Texans fell to 9-7 on the season. Both these teams have also clinched spots in the 2024 NFL Playoffs.
In the Ravens dominant win, quarterback Lamar Jackson rushed for 87 yards and a rushing touchdown. Jackson now has 6,110 career rushing yards, breaking a record previously held by Michael Vick.
With the win and dominant performance, Jackson remains a favorite to win a second-straight NFL MVP. Jackson, who won MVPs for the 2019 and 2023 seasons, ranks second in the betting odds at sportsbook DraftKings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>) with odds of +170. Buffalo Bills quarterback Josh Allen is the current favorite at -225.
Here are the current Super Bowl LIX betting odds from DraftKings:
<ul>
<li>Kansas City Chiefs: +360</li>
<li>Detroit Lions: +390</li>
<li>Buffalo Bills: +600</li>
<li>Philadelphia Eagles: +650</li>
<li>Baltimore Ravens: +650</li>
<li>Minnesota Vikings: +1,100</li>
<li>Green Bay Packers: +1,300</li>
<li>Los Angeles Rams: +3,000</li>
<li>Washington Commanders: +5,000</li>
<li>Pittsburgh Steelers: +5,000</li>
<li>Los Angeles Chargers: +5,000</li>
<li>Houston Texans: +5,000</li>
<li>Denver Broncos: +5,000</li>
</ul>
The Chiefs are back to being the betting favorite as they try to win three straight Super Bowls, which would be a first for any NFL team.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/general/entertainment/24/12/42662975/exclusive-squid-game-broke-netflix-records-will-viewers-watch-season-2-70-of-benzinga-readers-say">EXCLUSIVE: &#8216;Squid Game&#8217; Broke Netflix Records, Will Viewers Watch Season 2? 70% Of Benzinga Readers Say…</a></li>
</ul>
Photo courtesy of Netflix.

Entertainment

Sports Betting

Sports

Exclusives

DKNG

NFLX

Netflix NFL Games Show Off Super Bowl Contenders, MVP Frontrunner: Benzinga Poll Says 27% Watched

SEALSQ Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LAES#NASDAQ">LAES</a>) shares closed Thursday up more than 60%, and the stock isn&#8217;t slowing down after hours. Shares are up more than 3% in extended trading after the company announced it regained compliance with <a href="https://www.benzinga.com/pressreleases/24/12/g42694574/sealsq-regains-compliance-with-nasdaqs-minimum-bid-price-requirement">Nasdaq listing rules</a>.
What Happened: After the market close on Thursday, SEALSQ said it received formal written notice from the Nasdaq confirming that the company regained compliance with the Nasdaq&#8217;s minimum bid price requirement.
SEALSQ received a letter from the Nasdaq on Aug. 1, stating that the company was not in compliance with the&nbsp;$1&nbsp;minimum bid price requirement for continued listing on the Nasdaq. The company was required to maintain a minimum bid price of at least $1 for 10 consecutive trading days prior to Jan. 28. 
SEALSQ said it was informed that it regained compliance after its shares traded above the $1 level from Dec. 11 to Dec. 24. Shares are responding favorably to the announcement that the matter is now closed. SEALSQ shares are now up more than 2,000% over the past month, per <a href="http://pro.benzinga.com">Benzinga Pro</a>.
SEALSQ stock rallied more than 60% during normal trading hours on Thursday after the company announced the launch of SEALQUANTUM.com Lab, designed to support organizations transitioning to&nbsp;quantum-safe encryption. 
&#8220;As quantum technologies become a reality, the need for quantum-safe encryption solutions grows increasingly urgent,&#8221; said Carlos Moreira, CEO of SEALSQ. 
&#8220;Our&nbsp;SEALQUANTUM.com&nbsp;Lab is more than just a platform, it&#8217;s a commitment to future-proofing our clients&#8217; security. By combining cutting-edge research with actionable tools, we&#8217;re empowering businesses to navigate the complexities of quantum cryptography with confidence.&#8221;
SEALSQ describes itself as &#8220;a company that focuses on developing and selling semiconductors, PKI and post-quantum technology hardware and software products.&#8221;
Check This Out: <a href="https://www.benzinga.com/24/12/42686387/sealsq-launches-sealquantumcom-lab-to-help-businesses-transition-to-quantum-safe-encryption">SEALSQ Launches SEALQUANTUM.com Lab To Help Businesses Transition To Quantum-Safe Encryption</a>
LAES Price Action: <a href="http://benzinga.com/quote/laes">SEALSQ shares</a> were up 0.23% in after hours, trading at $8.78 at the time of publication Thursday, per <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Photo: Shutterstock.

Tech

LAES

SEALSQ Corp Shares Are Moving Higher After Hours: What's Going On?

Editor&#8217;s note: This story has been updated with comment from Zelle and Bank of America. 
The Consumer Financial Protection Bureau sued three of the nation's largest banks and the operator of Zelle last week, alleging a failure to protect consumers from widespread fraud on the peer-to-peer payment network, resulting in customer losses of more than <a href="https://www.benzinga.com/markets/equities/24/08/40155365/zelle-controversy-heats-up-jpmorgan-considers-legal-action">$870 million since 2017.&nbsp;</a>
The Details: The CFPB's <a href="https://www.consumerfinance.gov/enforcement/actions/early-warning-services-llc-bank-of-america-na-jpmorgan-chase-bank-na-wells-fargo-bank-na/">lawsuit</a> alleges that JP Morgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) and Early Warning Services rushed to complete the Zelle payment network in order to compete with Venmo and CashApp and neglected to enact effective fraud safeguards. 
Read Next: <a href="https://www.benzinga.com/news/24/12/42669113/waymos-autonomous-vehicles-are-safer-than-human-drivers-report">Waymo&#8217;s Autonomous Vehicles Are Safer Than Human Drivers: Report</a>
"The nation's largest banks felt threatened by competing payment apps, so they rushed to put out Zelle," said CFPB Director Rohit Chopra. "By their failing to put in place proper safeguards, Zelle became a gold mine for fraudsters, while often leaving victims to fend for themselves."
The lawsuit further alleges that the banks "systemically failed" their customers by failing to properly investigate customer complaints or share information on known acts of fraud which allowed bad actors to hop between banks and commit repeated fraudulent transactions.&nbsp;
Zelle told Benzinga in an emailed statement that it sees the CFPB's lawsuit as politically motivated and&nbsp; "legally and factually flawed." Zelle said it "leads the fight against scams and fraud" and that its reimbursement policies exceed those required by law.
"The CFPB's misguided attacks will embolden criminals, cost consumers more in fees, stifle small businesses and make it harder for thousands of community banks and credit unions to compete,&#8221; said&nbsp;Jane Khodos, Zelle spokesperson.
A Bank of America spokesperson told Benzinga that more than 99.5% of Zelle transactions go through without incident and when an issue arises, the bank works directly with the customer to resolve it.
"We strongly disagree with the CFPB's effort to impose huge new costs on the 2,200 banks and credit unions that offer the free Zelle service to clients," Bank of America added.
Benzinga also contacted JPMorgan, Wells Fargo, Bank of America and Early Warning Services for comment on the lawsuit.
JPMorgan told CBS News that the CFPB has a &#8220;political agenda,&#8221;and the agency is &#8220;overreaching its authority by making banks accountable for criminals, even including romance scammers.&#8221;
The CFPB said its lawsuit aims to stop the banks' alleged unlawful practices, secure penalties for the violations and obtain other relief for consumers.&nbsp;
"The banks failed to fix glaring flaws in their systems even as hundreds of thousands of customers filed complaints about fraud," Chopra said in a <a href="https://www.consumerfinance.gov/about-us/newsroom/prepared-press-call-remarks-of-cfpb-director-rohit-chopra-on-the-zelle-lawsuit-announcement/">statement</a>.
"The banks knew their customers were having their money stolen, but since they weren't bearing the cost of these losses themselves, they dragged their feet on fixing the problems," he added.&nbsp;
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Image: Shutterstock.

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Federally funded&nbsp;survey data&nbsp;provided by the University of Michigan indicates&nbsp;that teen marijuana use has declined significantly over the past decade and is now at historic lows.
Consistent with data previously reported by the <a href="https://norml.org/blog/2024/08/07/cdc-data-highlights-sustained-decline-in-youth-marijuana-use/">Centers for Disease Control and Prevention</a> and the <a href="https://norml.org/blog/2024/07/31/government-survey-data-shows-nearly-20-percent-decline-in-teen-marijuana-use-over-past-decade/">National Survey on Drug Use and Health</a>, the University of Michigan's annual Monitoring the Future report finds that cannabis use by young people is at a 30-year low. The federally funded Monitoring the Future survey has been operating since 1975.
This year's&nbsp;<a href="https://monitoringthefuture.org/data/index.html" target="_blank" rel="noreferrer noopener">findings</a> are based on responses from about 24,000 students in grades 8, 10 and 12 in schools across the U.S. The survey is "one of the best, if not the best" source of national data for substance use by teens, said Noah Kreski, a Columbia University researcher who has studied teen drug use, <a href="https://apnews.com/article/teen-drug-use-b5e877b4c7eecb5354c3b8214e7d8692">noted</a> the AP.
In a Dec. 17 <a href="https://nida.nih.gov/news-events/news-releases/2024/12/reported-use-of-most-drugs-among-adolescents-remained-low-in-2024">press release</a> issued by the National Institutes of Health on the same day of the report, <a href="https://www.benzinga.com/topic/nora-volkow">Nora Volkow</a>, M.D., director of NIH's National Institute on Drug Abuse described the overall decline in substance use by young people as "unprecedented."
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"This trend in the reduction of substance use among teenagers is unprecedented," Volkow said. "We must continue to investigate factors that have contributed to this lowered risk of substance use to tailor interventions to support the continuation of this trend."&nbsp;
Over the past 10 years, during which time 24 states legalized adult-use marijuana sales, the percentage of 8th graders, 10th graders and 12 graders who reported having ever consumed cannabis declined 32%, 37% and 23%, respectively, according to the study.
"Sensational claims that adult-use legalization laws are linked with greater marijuana use by teens are simply not backed by reliable data," said <a href="https://www.benzinga.com/topic/paul-armentano">Paul Armentano</a>, deputy director  of the National Organization for the Reform of Marijuana Laws. "These findings ought to reassure lawmakers that cannabis access can be legally regulated in a manner that is safe, effective, and that does not inadvertently impact young people's habits."
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Image created using artificial intelligence via Midjourney.

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Government

Cannabis Use Among Teens Plummets To 30-Year Low, Study Finds

The company announced the sale of a portion of its available-for-sale investment securities portfolio as part of a strategic balance sheet repositioning.
Additionally, the Bank maintains liquidity metrics, including holding over $35 million in cash, cash equivalents, and Treasury securities. Additionally, the Bank has an unused secured line of credit of over $250 million with the Federal Home Loan Bank of New York.
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Rhinebeck Bancorp Says Remained 'Well Capitalized' Following Restructuring; Says Restructuring Decreased Average Life Of The Securities Portfolio And Is Expected To Improve Earnings Stream Beginning In Q1'25

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