Good morning. New York Attorney General Letitia James is suing the owner of Zelle for allegedly failing to protect its users from fraud, reviving claims the Trump administration had abandoned as part of its moves to gut a federal watchdog for consumers.

• Filling the void: The Consumer Financial Protection Bureau filed a similar lawsuit against the payments platform and three of its bank owners at the end of the Biden administration, but that lawsuit and others have been rolled back under Trump. Some Democratic states have indicated that they intend to fill the void left by the CFPB.
   
• Alleged design flaws: The lawsuit filed by James’s office Wednesday said Zelle-owner Early Warning Services failed to include critical safety features when it launched the payments platform in 2017, allowing scammers to steal more than $1 billion from users. The company, which is owned by a consortium of banks including JPMorgan Chase, Bank of America and Wells Fargo, knew about design flaws that allowed scams to proliferate but pushed ahead anyway, the suit said.
   
• ‘Stunt’: An Early Warning Services spokesman blasted the lawsuit, calling it a “political stunt.” James has positioned herself as one of President Trump’s most high-profile political foes and is among the Democratic attorneys general strategizing on how to thwart his policies.

SEC case against Indian billionaire Adani on hold.

The U.S. Securities and Exchange Commission said India’s government hasn’t acted on the agency’s request to serve billionaire Gautam Adani and his nephew Sagar with a lawsuit alleging bribery and securities fraud, stalling the high-profile case, Risk Journal’s Max Fillion reports. 

The SEC charged the Adanis last November but efforts to convince India’s Ministry of Law and Justice to serve notice to the billionaire, a close ally of Indian Prime Minister Narendra Modi, has been fruitless, the agency said Monday in a court filing.

Hospital operator to pay $1 million in EEOC vaccine case.

A Midwest hospital operator will pay $1 million for prodding employees to get the Covid-19 vaccine in a settlement with the U.S. Equal Employment Opportunity Commission, which has launched a retrospective crackdown on employers’ pandemic policies.

Mercyhealth agreed to pay a group of employees more than $1 million and reinstate some fired employees. The EEOC, whose priorities have sharply shifted under President Trump, said Wednesday that Mercyhealth’s vaccine policies failed to accommodate religious employees.

• President Trump issued an executive order that aims to speed up rocket launching and opens the door to more spaceport developments.
   
• China’s Ministry of Commerce has sanctioned Lithuanian banks UAB Urbo Bankas and AB Mano Bankas, prohibiting Chinese individuals and entities from transacting with them. The ministry, also known as Mofcom, said it was responding to recent actions by the European Union to add two Chinese banks to its sanctions list for their alleged involvement with Russia.
   
• The Financial Accounting Standards Board voted to set first-ever requirements on how companies account for environmental credits such as renewable-energy certificates and carbon offsets, while dialing back the extent of disclosures it had proposed last year.

Why China loves and fears Nvidia’s H20 chip.

U.S. export controls on Nvidia’s artificial-intelligence chips have been at the center of U.S.-China trade negotiations for months, yet it appears China is discouraging its companies from buying one of them: the H20.

Chinese authorities are worried about becoming too reliant on U.S. technology. They have repeatedly pushed domestic chip users to support Chinese chip makers whenever possible so that—eventually—the country can be self-reliant.

• Bessent Says More Nvidia-Style Export Deals Could Be Coming

Trump agrees on Ukraine red lines with Europe before Putin summit.

President Trump agreed with European leaders including Ukrainian President Volodymyr Zelensky to red lines for the coming talks with Russian President Vladimir Putin in Alaska and said he hoped to follow up quickly with a trilateral summit with the two warring leaders.

Trump also threatened Putin with “very severe consequences” if the Russian president refused a cease-fire in their coming meeting.

• Trump’s tariffs are hindering India’s bid to steal manufacturing from China.
   
• July was a bumper month for seaports across the country as retailers and manufacturers rushed in goods ahead of August deadlines when tariffs on a host of U.S. trading partners, including China, were set to rise.
   
• When alarms ping across firewalls at major U.S. companies every day, robots are probably behind the attempts to break in. These days, it’s likely that a robot is answering those alarms, too.

• The travel industry is gearing up for a more positive backdrop for the rest of the year as higher-income Americans increasingly hit the road, analysts said.
   
• Tesla is taking early steps to bring its robotaxis to New York City.
   
• Amazon plans a massive expansion of its grocery-delivery business, a move to boost growth in one of the few retail arenas in which it doesn’t yet have a dominant position.
   
• The Trump administration is facing increasing pressure over the conditions at immigration detention centers, including at the newly constructed Florida facility known as Alligator Alcatraz.
   
• Ingka Group, which owns most IKEA stores globally, promoted Juvencio Maeztu to the top job as its first non-Swedish chief executive.

Follow us on X at @WSJRisk. Send tips to our reporters Mengqi Sun at mengqi.sun@wsj.com and Richard Vanderford at richard.vanderford@wsj.com.

You can also reach us by replying to any newsletter, or by emailing our editor David Smagalla at david.smagalla@wsj.com.