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Yale Law School scholars back UMG in Drake’s ‘Not Like Us’ defamation fight, arguing rapper ‘consented’ to Kendrick Lamar’s lyrics


Two amicus briefs filed on Friday (April 3) in the United States Court of Appeals for the Second Circuit have backed UMG Recordings in its defense against Drake’s defamation appeal over Kendrick Lamar’s Not Like Us.

Both briefs support the dismissal of Drake’s lawsuit and urge the appeals court to affirm the October 2025 ruling by Judge Jeannette Vargas, who found that the diss track “constitutes protected opinion rather than actionable defamation.”

The filings, obtained by MBW, can be read in full here (1) and here (2).

The first brief was submitted by the Floyd Abrams Institute for Freedom of Expression at Yale Law School and Professor Lyrissa Lidsky, described in the filing as one of the country’s leading defamation scholars.

Lidsky holds the Raymond & Miriam Ehrlich Chair in U.S. Constitutional Law at the University of Florida’s Levin College of Law and is a co-reporter for the in-progress Restatement (Third) of Torts: Defamation and Privacy.

The brief was prepared by the Media Freedom & Information Access Clinic at Yale Law School, with John Langford serving as counsel of record alongside David A. Schulz.

The second brief was filed on behalf of a group of social scientists and legal scholars from institutions across the country, represented by Jack I. Lerner of the UCI Intellectual Property, Arts, and Technology Clinic at the University of California, Irvine School of Law. The amici include scholars from Howard University, the University of Richmond, Virginia Polytechnic Institute, Tulane University, and other institutions.


‘Consent is a complete defense’

The Floyd Abrams Institute brief advances an argument that wasn’t previously central in the case: that Drake consented to the allegedly defamatory statements, barring his lawsuit under established defamation law.

“Suppose a self-assured boxer challenges the world champion to a prize fight, is knocked out on live television, and, with bruised ego and body, files a lawsuit for battery.”

Floyd Abrams Institute amicus brief

The brief opens with an analogy: “Suppose a self-assured boxer challenges the world champion to a prize fight, is knocked out on live television, and, with bruised ego and body, files a lawsuit for battery. That lawsuit would fail at the outset for a simple but important reason: the challenger consented to the fight, and consent is a classic defense to an intentional tort.”

“Defamation is also an intentional tort, and defamation claims are likewise foreclosed by consent,” the brief states.

Under New York law, the brief argues, consent to defamation is an “absolute defense,” whether it is expressly given or implied by the circumstances.

The brief’s central claim is that Drake specifically invited the statements he now challenges in court. It points to Drake’s Taylor Made Freestyle, released on April 19, 2024, in which he urged Lamar to continue the rap battle and — the brief alleges — “specifically encouraged Lamar to ‘talk about him[—i.e., Drake—]likin’ young girls.’”

Lamar responded days later with Not Like Us, released on May 4, 2024, containing the lyrics Drake now alleges are defamatory. According to the brief, Drake then confirmed in The Heart Part 6, released on May 5, 2024, that “This Epstein angle was the shit I expected.”

“It is difficult to imagine a clearer call-and-response,” the brief states.

The brief also addresses Drake’s framing of the lawsuit as being about UMG’s promotional conduct rather than Lamar’s lyrics. Drake’s complaint makes no mention of Taylor Made Freestyle and contends that the suit “is not about the artist who created ‘Not Like Us.’ It is, instead, entirely about UMG, the music company that decided to publish, promote, exploit, and monetize allegations that it understood were not only false, but dangerous.”

The amici reject that argument: “By urging Lamar to respond in a diss track and specifically inviting Lamar to put allegedly defamatory lyrics in that diss track, Drake cannot now escape the applicability of a consent defense by suing the record company that published that track and challenging a scale-of-dissemination he had every reason to anticipate.”

The brief also argues that dismissal at the pleading stage is appropriate, citing New York courts’ recognition that resolving defamation claims early “has particular value, where appropriate, in libel cases, so as not to protract litigation through discovery and trial and thereby chill the exercise of constitutionally protected freedoms.”


‘Diss track lyrics are far from factual representations’

The second amicus brief, filed by the group of social scientists and legal scholars, takes a different but complementary approach, arguing that rap lyrics — and diss track lyrics in particular — should not be treated as factual statements.

“Drake’s defamation claim rests on the assumption that every word of ‘Not Like Us’ should be taken literally, as a factual representation,” the brief states. “This assumption is not just faulty — it is dangerous.”

The scholars’ brief provides an account of the history and conventions of rap music, describing diss tracks as “an emblematic and long-standing feature of the history and cultural context of rap” that are “understood by audiences not to represent factual assertions about the opposing artist, but rather to demonstrate skill and dominance meant to build allegiance and win competitions through clever wordplay, hyperbole, bluster, and demonstrations of disrespect.”

The brief also argues that treating rap lyrics as literal statements threatens First Amendment rights and risks introducing racial bias in judicial proceedings, citing three decades of empirical research. According to the filing, studies have shown that violent lyrics labeled as rap music are, on average, “interpreted as more literal and more threatening than identical lyrics represented as a different genre.”

The scholars note that Drake himself previously endorsed a “Protect Black Art” campaign criticizing the use of rap lyrics as literal evidence in court. “Though Drake has previously acknowledged this danger publicly, he now paradoxically and problematically embraces it,” the brief states.

The amici urge the Second Circuit to establish “a presumption that artistic expression is not a factual admission,” citing a 2021 ruling in the Eastern District of Pennsylvania which held that “courts should start with a presumption that art is art, not a statement of fact.”

Drake filed his defamation lawsuit against UMG in January 2025. The case was dismissed by Judge Vargas in October 2025. Drake appealed the ruling in January 2026, and UMG filed its response brief late last month.

Both Drake and Kendrick Lamar release their records via UMG and its Republic Records and Interscope labels, respectively.

ANZ and banking giants drive ASX to near-record high | Finance Report | ABC NEWS



While Australia’s largest companies have continued to announce their profit results, it was a particularly strong day for bank stocks — like ANZ, which reported its quarterly profit surged 17 per cent to $1.9 billion.
The ASX 200 is close to reclaiming its record high from October 2025, while the Australian dollar remains near its highest level in years.
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An inside look at how your loans — and spending — affect your credit score




Having a variety of loans could help strengthen your credit score — or harm it, depending on your spending and payment history. But a credit card, car loan and mortgage work differently, making it hard to know how to improve your number.

$180 Billion in Student Loans Are Now in Default, New Federal Data Shows


Key Points

  • Approximately 7.7 million borrowers with $180 billion in federal student loans are now in default as of December 2025.
  • More than 4 million borrowers remain 30+ days delinquent on their accounts, with 1.8 million at risk of defaulting within six months.
  • The total federal student loan portfolio has grown to $1.7 trillion across 42.8 million recipients.

Federal Student Aid released its latest quarterly data update, and the numbers paint a stark picture: 7.7 million borrowers with $180 billion in outstanding federal student loans are now in default as of December 2025.

The quarter ending in December marked the first time many borrower accounts could the threshold for default following the end of the pandemic-era payment pause and the subsequent on-ramp protection period.

While the number is large, FSA noted that it mirrors the default count from December 2019, when 7.7 million recipients with approximately $168 billion in federal student loans were in default. The $12 billion increase in default balances reflects the growth in the overall portfolio during the intervening years.

However, the Department of Education has still continued to pause some collections efforts in light of all the major student loan changes happening.

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The Student Loan Default Wave Arrives After Years Of Protection

The Covid-19 payment pause began in March 2020 and lasted until September 2023 – more than three and a half years during which no federal student loan borrowers were required to make payments or face collections. 

When repayment resumed, the Department of Education implemented an additional 12-month “on-ramp” program through October 2024 that prevented the worst consequences of missed payments, including default and negative credit reporting.

In January 2025, we started to see the first impacts of credit scores dropping because loans were reported as 90 days late.

Q4 2025 was the first period when many accounts could accumulate 360 days of delinquency and formally enter default status.

The result: approximately 2.5 million additional recipients moved into default between September and December 2025 alone. 

Delinquency Rates Exceed Pre-Pandemic Levels

Among borrowers in active repayment, 76% are current on their payments (on time or less than 31 days delinquent). 

That means 23.2% of recipients (more than 4 million people) are more than 30 days behind. Of those, approximately 1.8 million are in late-stage delinquency (271–360 days) and at risk of defaulting on their student loans within the next six months.

By dollar balance, the 31+ day delinquency rate stands at 18.6%, compared to 12.7% in December 2019.

FSA attributed the lower 2019 rate to a multi-year decline in delinquencies driven by improving portfolio quality and, to a lesser extent, the strengthening economy following the post-recession recovery. 

The current elevated delinquency rate suggests that many borrowers are struggling to reestablish their repayment habits after years without required payments.

What This Means For Borrowers

For the millions of borrowers now in default or at risk of it, the consequences are real: wage garnishment, tax refund seizure, Social Security offset, damaged credit scores, and loss of eligibility for additional federal student aid.

Student loan default is generally one of the worst financial mistakes that a person can make because the consequences are so impactful.

Steps Borrowers Should Take Now

  • Check your account status. Log into StudentAid.gov to see exactly where each of your loans stands: whether current, delinquent, in forbearance, or in default.
  • Explore income-driven repayment options. If you’re struggling with payments, IDR plans can cap your monthly obligation based on income. The SAVE Plan is ending, but other IDR plans (IBR, ICR, PAYE) remain available.
  • Act before you hit 360 days delinquent. If you’re behind on payments, contact your servicer now. Rehabilitation or consolidation can help.
  • Understand student loan default consequences. Default triggers involuntary collection actions. It’s almost always more expensive to be in default than enrolled in a repayment plan.

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How Delta uses Tom Brady to train its 100,000 workforce on leadership and a winner’s mindset



Business leaders look everywhere for inspiration, from eyeing their peers’ successes to tapping industry vets for insight. But Delta’s CEO, Ed Bastian, chose to form a close relationship with seven-time Super Bowl champion Tom Brady to shape the airline giant’s leadership—and Brady’s wisdom is revamping the company’s playbook. 

“He’s a great leader,” Bastian recently told Fortune’s Editor-in-Chief Alyson Shontell on the Fortune 500: Titans and Disruptors of Industry podcast. “He’s got a great mind. He’s [got] a way of continuing to push the envelope.”

The leader of the $42.2 billion business doesn’t want his operating philosophy to exist in an echo chamber. Bastian explained that after a number of years at the top, companies don’t appreciate how hard it is to maintain their success. Many may fall into the trap of repeating the same formula over and over again in hopes of sustaining that momentum—but the Delta CEO says that’s the wrong approach. What really fuels success is constantly evolving. 

“What got you to the top is continuing to reinvent, continuing to think differently, to be bold, push against all the strategies that made you great in order to sustain even greater performance,” Bastian continued. “And I don’t know anyone, at least in the sports world, for a longer time on a global stage that did that better than Tom did.”

The football star is bringing his own leadership flair to the company’s more than 100,000 employees with his “Tom Brady playbook.” Young staffers pose questions on how to succeed, move forward, and grapple with challenges; he’s also part of a video series that Delta workers complete as part of the company’s learning and development experience. 

Staffers hear directly from Brady on his own personal career lessons—and Bastian says he leans on the quarterback legend “for an awful lot” in the transformation.

“Rather than just hearing from me all the time, having different voices come into our room and our leadership meetings and our 100,000 people, to share what greatness means—not to get there, but to sustain it—Tom is a great advocate for it,” the CEO said. 

Brady’s post-football retirement in the corporate world

Brady first partnered with Delta Airlines in 2023, when the champion athlete, whose mother was, fittingly, a flight attendant, signed on as a strategic advisor to the Fortune 500 company. Bastian said his team needed continued inspiration to keep climbing up the industry ranks, and the five-time Super Bowl MVP was a perfect fit. 

“He’s going to be talking to our people about greatness, about resilience, about excellence, about performance,” Bastian told CNBC in 2023, right after announcing their partnership. “He played with the greatest teams in the world. I think we run the greatest team in the airline space in the world, and putting our two brands together, magic is going to happen.”

Earlier that year, Brady had retired from an iconic 23-season stint in the NFL; however, he wasn’t ready to throw in the towel on his career just yet. Since 2023, he’s staked a claim in the business world as well; he’s become a part-owner of companies like NoBull and CardVault, while also speaking at major businesses, including Cisco and Cloudera. At Delta, he says he’s helping inspire people and grow a great team of workers. 

“In this next chapter of my life, to continue to do things like that really stimulates my own personal growth in a lot of ways,” Brady told CNBC alongside Bastian in 2023. “I’m excited to share a lot of the lessons I’ve learned.”

The football icon says that successful teamwork “always starts at the top”; leaders should inspire others to maximize their opportunities and potential. And even though he spent decades performing at the top of the game, Brady says he’s not immune to criticism. In fact, he encourages it; Brady says resting on his reputation would be “the worst thing to do.” Throughout his football career, and in his current partnership as a strategic advisor, he still values being coached to sustain his ongoing success. 

“I’m always one of the teammates,” Brady told Bastian in a 2024 Delta Gaining Altitude podcast episode. “Some of these guys were brand-new, but I wanted them to treat me like it was my first day on the job, too.”

Even during the early days of his football career, success didn’t come immediately, and Brady learned a lot from failure. He got his start as a benched, second-string quarterback on his California high school team, which didn’t win a single game. Even though he played at University of Michigan as a starting quarterback, he was a sixth-round pick in the 2000 NFL draft, selected 199th overall. Still, he persisted and became one of the greatest athletes of all time. Staying resilient in the face of failure is key to success in any profession, from sports to business. 

“The reality of your business and career is overcoming adversity,” Brady told Shontell at the Fortune Global Forum in 2024. “The only way to do that is to fail, and the only way to fail is to put yourself in uncomfortable positions.” 

“If you fail, and then you figure out a solution for the people you work with to overcome the failure, you gain a lot of self-confidence, and if you gain self-confidence, you’ll get a better chance for the next opportunity to succeed.”

US Bank Business Checking Bonus, Get $1500 with New Account


US Bank Business $1,500 Checking Bonus

 

US Bank is offering a bonus of $400 or $2,000 for new business checking accounts. You can open the account online, but you need to be in US Bank’s footprint to do so. If you’re in a state with no US Bank branches you could still apply if you have an existing relationship with the bank. This $500 bonus for the US Bank Business Triple Cash card could be a good way to start a relationship. Let’s take a look at the details of this latest offer.

How to Earn This Bonus

In order to earn the bonus, you need to open an eligible account using promo code Q1AFL26. Here’s how it works:

  • Earn your $400 Business Checking bonus by opening a new U.S. Bank Silver Business Checking or Business Essentials (not available in all markets) account.
    • You must make deposit(s) of at least $5,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $5,000 until the 60th day after account opening.
    • You must also complete 5 qualifying transactions within 60 days of account opening. That includes debit purchases, ACHs, Zelle debit and credits and more.
  • Earn your $1,200 Business Checking bonus by opening a new U.S. Bank Platinum Business Checking account.
    • You must make deposit(s) of at least $25,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $25,000 until the 60th day after account opening.
    • You must also complete 5 qualifying transactions within 60 days of account opening. That includes debit purchases, ACHs, Zelle debit and credits and more.

Offer Terms

  • The business checking bonus will be deposited into your new eligible U.S. Bank Business Checking account within 30 days following the last calendar day of the month you complete all of the offer requirements, as long as the account is open and has a positive available balance.
  • Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. 

Eligibility

  • Offer is available almost nationwide, but only in states that have US Bank branches. If you don’t have a branch in your state, you could still be eligible to open an account if you have an existing relationship.
  • Existing customers (businesses) with a business checking account or customers (businesses) who had an account in the last 12 months, do not qualify.
  • Current U.S. Bank employees are not eligible.

Account Fees

  • US Bank Silver Business Checking has no monthly fees. Just make sure to select paperless statements to avoid a $6 fee.
  • US Bank Platinum Business Checking has a $30 monthly fee. It is waived with U.S. Bank Payment Solutions Merchant Banking OR $25,000 average collected balance OR $75,000 combined average collected business deposits and outstanding business credit balances.

Guru’s Wrap-Up

This bonus has now increased from a maximum of $1000 to $1,200 while the deposit requirements are still the same. However, you now need to open a Platinum Business Checking account to earn the $1,200 bonus.

With the new $1,200 bonus you need to deposit $25,000, while the $400 bonus only requires a deposit of $5,000.  You will need to keep the money in the account for about 30 days.

Offer code Q1BUS26 has worked in the past for a bonus of $1,500 with the same requirements as the $1,200 bonus shown below. So Q2BUS26 may work.

Bank bonuses are a great way to earn some extra income, often from the comfort of your home. You can take a look at my bank bonus results for 2022 where I made over $6,000. If this bonus is not for you, then you can check our full list of available bank bonuses. And, if you’re new to bank account bonuses, you can learn more about churning bank accounts here.


💡 Link & Key Details

  • OFFER PAGE
  • Promo Code: Q2AFL26
  • Bonus: $400/$1200
  • Account Type: Silver Business or Platinum Business
  • Availability: States with US Bank branches only, otherwise prior relationship needed
  • Inquiry Type: Soft pull
  • Opening Deposit Credit Card Funding: Up to $3K
  • Direct Deposit Requirement: No
  • Other Requirements: $5K/$25K deposit
  • Monthly Fee: Yes, can be waived
  • Closing Account Fee: None
  • Expiration Date: 1/15/25 3/31/25 6/30/25 9/30/25 6/30/26

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The Pitfalls of an Interim CEO


Interim CEOs are often framed as low-risk bridges in moments of disruption, but research suggests they can unsettle stakeholders and stall strategy.

Crypto vs. Forex Trading: Which is More Profitable?



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Jobs rebound in March, unemployment at 4.3%



Processing Content

  • Key insight: Payrolls increased modestly in March, adding 178,000 new hires
  • Supporting data: The unemployment rate held steady at 4.3%.
  • Forward look: Concentrated hiring in certain sectors, with simultaneous layoffs in others, could test the Fed’s patience on rate cuts.

U.S. job growth rebounded in March, with nonfarm payrolls rising by 178,000 after a February decline, while the unemployment rate was at 4.3%, according to a report by the Bureau of Labor Statistics released Friday.

The results suggest some hopeful signs for the economy even as that stability was unevenly distributed. Gains were concentrated in a handful of sectors and federal employment continued to contract. Employers added 130,000 jobs in January and the economy lost 92,000 jobs the following month.

“March’s report showed stronger gains than anticipated,” said Ger Doyle, North America regional president at ManpowerGroup, “offering an early signal that employers may be moving ahead with hiring plans more decisively than earlier in the quarter.” 

The health-care sector added 76,000 jobs, including a 35,000 increase in doctors’ offices as health-care workers ended a strike. Construction, which added 26,000 jobs, and transportation and warehousing, which added 21,000, also demonstrated gains, “reflecting a gain in couriers and messengers,” according to BLS. Social assistance added 14,000 jobs.

Outside those pockets, hiring was less widespread. The financial sector lost 15,000 jobs, and federal-government employment fell by 18,000, continuing a sharp decline since the fall of 2024. 

“Since reaching a peak in October 2024, federal government employment is down by 355,000, or 11.8%,” the BLS report stated. “Federal employees on furlough during the partial government shutdown were counted as employed in the establishment survey because they worked or received (or will receive) pay for the pay period that included the 12th of the month.”

Most other major industries, including manufacturing, retail and professional services, were flat with last month.

The number of unemployed and the unemployment rate held at 7.2 million and 4.3%, respectively. Labor-force participation and the employment-population ratio were unchanged at roughly 60% each. Long-term unemployment creeped higher on a yearly basis to 1.8 million, representing a quarter of all unemployed workers.

The number of workers employed part time for economic reasons stayed high, at 4.5 million. Job-seeker sentiment was particularly dismal, with the number of discouraged workers, or those “who believed that no jobs were available for them,” increasing by 144,000 to hit a total of 510,000.

The Federal Reserve is mulling these mixed results as it considers whether to cut rates this year. The Federal Open Market Committee held rates steady last month with Federal Reserve Chair Jerome Powell saying  rate cuts would depend on signs of progress toward the Fed’s 2% inflation target rate. Powell also said the economic effects of the war in the Middle East were continuing to push inflation higher over the short term, but that the longer term outlook was unclear.

“The thing I really want to emphasize [is], nobody knows,” Powell said at a press conference in March. “The economic effects could be bigger. They could be smaller. We just don’t know.”



Backtests, Causality, and Model Risk in Quantitative Investing


An epidemiologist would not analyze an epidemic as a purely statistical pattern detached from what is known about transmission. If susceptible individuals can become infected and infected individuals can recover or be removed, that knowledge becomes part of the model’s structure.

Compartmental models such as SIR (susceptible, infected, recovered) and SEIR (susceptible, exposed, infected, recovered) formalize those transitions. Statistical methods remain essential for estimating parameters and testing fit. But the analysis does not begin from a blank slate; it begins from established causal structure.

Finance can draw a similar lesson. Where durable mechanisms are reasonably well understood, they should be represented explicitly. If leverage amplifies forced selling, refinancing conditions shape default risk, inventories influence pricing power, passive flows affect demand, or network structures transmit distress, these are more than recurring correlations. They are mechanisms that can be modeled, tested, and challenged.

Dynamic models can be especially useful here. A regression captures co-movement; a dynamic model represents stocks, flows, delays, and feedback. In finance, that may mean balance-sheet capacity, funding conditions, capital flows, or adoption dynamics. Such models help clarify how the state of the system evolves and how today’s conditions shape tomorrow’s outcomes.