Business news in brief

By The Associated Press

SCOTUS leaves in place Avenatti Nike extortion conviction

WASHINGTON | The Supreme Court has left in place lawyer Michael Avenatti’s conviction for plotting to extort up to $25 million from Nike. The justices did not comment Tuesday in rejecting an appeal from the California-based lawyer, who represented porn actor Stormy Daniels in litigation against ex-President Donald Trump.

The timing of the court’s action, while Trump is on trial in New York over a hush money payment to Daniels, is coincidental.

Avenatti’s lawyers argued the fraud statute under which he was convicted is unconstitutionally vague. The lawyers also contended Avenatti cannot be criminally charged with plotting to extort money from Nike because he was engaged in settlement negotiations.

The conviction and sentence had been upheld by the federal appeals court in New York.

T-Mobile to buy almost all of U.S Cellular

T-Mobile is buying U.S. Cellular’s wireless operations and certain spectrum assets in a deal valued at $4.4 billion, and further consolidating the industry.

T-Mobile will get U.S. Cellular’s wireless operations and about 30% of spectrum assets across several spectrum bands. T-Mobile will also enter into a new master license agreement on more than 2,000 towers and extend the lease term for the approximately 600 towers where T-Mobile is already a tenant.

U.S. opens up banking to private Cuban businesses

WASHINGTON | The U.S. lifted some financial restrictions against Cuba on Tuesday, in a move designed to boost private businesses on the island.

The measures will allow independent entrepreneurs to open and access U.S. bank accounts online to support their businesses. They also include steps to open up more internet-based services and expand private companies’ ability to make certain financial transactions.

“These regulatory amendments update and clarify authorizations in support of internet-based services to promote internet freedom in Cuba, support independent Cuban private sector entrepreneurs, and expand access to certain financial services for the Cuban people,” the Treasury Department said in a news release.

—From AP reports