The nation’s largest retailer of used cars, CarMax, will pay at least $420,000 to resolve allegations that it repossessed vehicles from U.S. service members without court orders, the U.S. Department of Justice announced Monday.

In addition to compensating affected service members, the company will pay a $79,380 civil penalty to the U.S., according to the DOJ.

Federal officials accused CarMax of violating the Servicemembers Civil Relief Act (SCRA) by seizing vehicles owned by members of the armed forces without first obtaining court approval.

“Federal law prohibits businesses from repossessing service members’ vehicles without a court order,” Assistant Attorney General Harmeet K. Dhillon said. “The Department of Justice is proud to defend the rights of those who serve in our military and will continue to vigorously enforce the laws that protect them.”

TRUMP DEFENDS TARIFFS, SAYS US HAS BEEN ‘THE KING OF BEING SCREWED’ BY TRADE IMBALANCE

The violations allegedly occurred between March 1, 2018, and at least Oct. 24, 2023, affecting at least 28 service members. Each is entitled to a minimum payment of $15,000, plus lost equity in the vehicle and interest on that amount.

SUPREME COURT DEALS BLOW TO TRUMP’S TRADE AGENDA IN LANDMARK TARIFF CASE

As part of the settlement, CarMax – which did not admit or deny the allegations – agreed to revise its policies and procedures to better protect the rights of U.S. service members. FOX Business has reached out to CarMax for comment.

The SCRA is a federal statute designed to safeguard the legal and financial interests of U.S. service members and their families while they are on active duty.

US TARIFF REVENUE UP 300% UNDER TRUMP AS SUPREME COURT BATTLE LOOMS

It bars auto lenders and leasing companies from repossessing a service member’s vehicle without a court order if the borrower made at least one payment before entering military service.

For reservists, those protections begin when they receive official orders to report for active duty.

CLICK HERE TO GET FOX BUSINESS ON THE GO

Service members or their dependents who believe their rights were violated are encouraged to contact their nearest Armed Forces Legal Assistance Program office.

NEW YORK: Wall Street stocks tumbled on Monday, as ongoing fears of artificial intelligence-related disruption and the fallout from Friday’s U.S. Supreme Court ruling sent investors fleeing from high-risk equities

A broad selloff sent all three major U.S. stock indexes more than 1% lower by the closing bell, as risk appetite was dampened by a combination of persistent fears over potential disruption due to emergent artificial intelligence technology and Trump’s erratic statements on trade ‌policy, which fueled much ⁠of the market ⁠volatility during the first year of the president’s second term.

Financial stocks were off 3.3%, while software-related firms slid 4.3% amid ongoing AI disruption fears.

“The question about AI is twofold: How much is it going to cost, and who all is going to be disrupted?” said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management in Minneapolis. “You’ve seen the market react to headlines, it’s ‘sell first, assess later.’”

He added: “It’s a perspective of what may happen as opposed to what has happened.”

On Friday, the top court in the nation issued a 6-3 ruling that Trump overstepped his presidential authority by enacting reciprocal tariffs under an economic emergency law, a ruling that provoked condemnation from the president, who threatened a 15% temporary tariff on all imports, despite having reached trade agreements with many U.S. ⁠trading partners.
Gold ‌prices, benefiting from a flight to safety, surged 2.6%. “The Supreme Court decision wasn’t unexpected,” Hainlin said. “But you put these uncertainties on top of each other, the heightened geopolitical situation in the Middle East, tariff uncertainty, and potential AI displacement and that’s leading investors to a broad ⁠risk reassessment.”

A powerful winter storm buried much of the U.S. under more than 15 inches of snow and paralyzed travel in the Northeast. At airports in the New York City area, 89% to 98% of flights were canceled, according to Flightaware.com. Airlines and travel/leisure-related stocks tumbled 3.8% and 3.7%, respectively. Dow Transports dropped 2.9%.

With only 77 of the companies in the S&P 500 yet to post results, fourth-quarter earnings season has neared the finish line, a smattering of high-profile companies are expected to report this week, most notably vanguard artificial intelligence chipmaker Nvidia due on Wednesday. Home improvement rivals Home Depot and Lowe’s are also on the docket, which is rounded out by Salesforce and Universal Health Services.

Of the companies that have reported, 73% have beaten expectations, and analysts now expect aggregate year-on-year S&P 500 earnings growth of 13.9%, significantly ‌higher than the 8.9% forecast as of January 1, according to LSEG data. The Dow Jones Industrial Average fell 821.91 points, or 1.66%, to 48,804.06, the S&P 500 lost 71.76 points, or 1.04%, to 6,837.75 and the Nasdaq Composite lost 258.80 points, or 1.13%, to 22,627.27.

Among the 11 major sectors of the S&P 500, ⁠financials suffered the biggest percentage, while consumer staples led the gainers. The healthcare index advanced 1.2%, boosted by a 4.9% gain in Eli Lilly after rival Novo Nordisk’s obesity drug CagriSema underperformed Eli Lilly’s drug Zepbound in a head-to-head trial. Among other movers, Domino’s Pizza climbed 4.1% after the fast-food chain’s fourth-quarter same-store sales beat Wall Street estimates. PayPal jumped 5.8% after Bloomberg News reported that the payments firm is attracting takeover interest. Declining issues outnumbered advancers by a 2.2-to-1 ratio on the NYSE. There were 390 new highs and 204 new lows on the NYSE. On the Nasdaq, 1,432 stocks rose and 3,277 fell as declining issues outnumbered advancers by a 2.29-to-1 ratio. The S&P 500 posted 41 new 52-week highs and 18 new lows while the Nasdaq Composite recorded 67 new highs and 264 new lows. Volume on U.S. exchanges was 18.39 billion shares, compared with the 20.62 billion average for the full session over the last 20 trading days.

The Heart of England Co-Op group, which runs 38 stores in the West Midlands, Warwickshire, Leicestershire and Northamptonshire, told the BBC chocolate theft cost it £250,000 last year. It was the group’s most stolen product in 2024 and topped only by alcohol in 2025, it said.

Mumbai: India’s equity benchmarks rose 0.6% on Monday as investors balanced optimism around lower US tariffs against the fresh uncertainty over renewed tariff negotiations ahead. The Nifty closed at 25,713, up 141.75 points, while the BSE Sensex ended at 82,294.7, rising 479.95 points.

The US Supreme Court ruled Trump’s tariffs illegal. In response, Trump imposed fresh duties – starting at 10% and then lifting them to 15% – on all countries. This is lower than the rates negotiated between New Delhi and Washington agreed upon earlier this month, but analysts fear the lower tariffs may not last for long.

“The 15% tariffs are limited to 150 days, and Trump will attempt to revert to earlier rates,” said Pankaj Pandey, head of Retail Research at ICICI Securities. “For now, China appears to be the biggest beneficiary, as it had faced the steepest rates earlier, which slightly dims prospects for other economies, including India.”

FPIs bought ₹3,483.7 crore worth of shares on Monday, while domestic institutions sold ₹1,292.24 crore. FPIs have purchased ₹17,426.3 crore so far in February. Across Asia, Hong Kong jumped 2.5%, while South Korea and Taiwan gained 0.7% and 0.5%. China and Japan were closed for holidays. In commodities, gold inched 0.9% higher, and silver rose 2.8% to $86.9. At home, the Nifty PSU Bank and Nifty Auto indices advanced 1.4% and 0.8%, while the Nifty IT index slipped 1.4%.

Technical analysts expect the downside to be limited to 25,500, but say broader participation is essential to sustain upside.

We are visiting the Esrange Space Centre near the city of Kiruna, run by the Swedish Space Corporation (SSC Space), where more than 600 rockets have launched since the 1960s, mostly sub-orbital rockets used for scientific research, or to test-run space flights.

Kwashie Senam Zilevu did not set out to work in oil and gas. He set out to solve problems.

Today, he is the Chief Technology Officer at Mizan Energy, where he leads digital transformation efforts across a global energy operation. His path from software engineer to technology executive reflects a steady focus on systems, discipline, and long-term thinking.

This spotlight looks at how Kwashie built his career, how he approaches leadership, and why his work sits at the intersection of technology and modern energy.

Early Life and Interest in Technology

Kwashie grew up in Alexandria, Virginia. From an early age, he showed a natural interest in how things work.

“I was always curious,” he says. “I liked taking systems apart, understanding the logic, and figuring out how to make them better.”

That curiosity extended beyond computers. He played soccer and learned the value of teamwork early. He also grew up in a family that valued education and technical excellence. His sibling, Setor Zilevu, would later become a recognized expert in artificial intelligence.

Seeing that path up close shaped Kwashie’s mindset.

“It made technology feel real,” he explains. “It wasn’t abstract. It was something you could build a life around.”

Education at Virginia Tech

Kwashie attended Virginia Tech, graduating in 2008. The experience sharpened both his technical skills and his work ethic.

“Virginia Tech taught me how to think under pressure,” he says. “You learn fast that clean code and clear logic matter.”

During this time, he focused on building a strong foundation rather than chasing trends. He spent hours refining fundamentals and learning how large systems interact.

That focus would later become central to his leadership style.

From Software Engineer to Technology Leader

After college, Kwashie began his career as a software engineer. He worked close to the code and close to real operational problems.

“I wanted to understand the ground level,” he says. “You can’t lead engineers if you’ve never sat where they sit.”

As his responsibilities grew, so did his scope. He moved from writing code to designing systems. From solving isolated problems to thinking about scale, risk, and reliability.

That progression eventually led him to Mizan Energy.

Driving Digital Transformation at Mizan Energy

As CTO of Mizan Energy, Kwashie now focuses on using technology to support complex energy operations. His work centers on efficiency, data integrity, and long-term system resilience.

“Energy is physical,” he says. “But the decisions behind it are digital.”

He views technology as an operational backbone, not a side project. Systems must be stable. Data must be trusted. Tools must support people, not slow them down.

“My job is to make technology invisible when it’s working,” he explains. “If teams can focus on operations, then the systems are doing their job.”

Leadership Philosophy in High-Stakes Industries

Kwashie’s leadership style is calm and methodical. He values clarity over speed and structure over noise.

“Good leadership is about consistency,” he says. “People need to know what to expect from you.”

He believes credibility is earned through decisions, not titles. That belief comes from his early engineering years.

“Engineers respect leaders who understand the work,” he adds. “You don’t need to know everything. But you need to know enough.”

In a high-stakes industry like energy, that mindset matters.

Life Outside the Office

Outside of work, Kwashie enjoys flying private planes, traveling, and reading. Aviation, in particular, reflects his personality.

“Flying teaches discipline,” he says. “You plan carefully. You respect systems. You stay humble.”

He still plays soccer and values the balance it brings.

“Sports remind you that progress is incremental,” he explains. “You train. You improve. You stay patient.”

Values and Philanthropy

Kwashie also remains committed to giving back through regular church-based donations. For him, success comes with responsibility.

“It’s important to stay grounded,” he says. “Giving keeps your perspective clear.”

That grounding influences how he leads and how he measures success.

Looking Ahead in Energy and Technology

Kwashie does not frame his work around hype. He focuses on durability.

“Trends come and go,” he says. “Strong systems last.”

As energy companies continue to rely on data, automation, and digital infrastructure, leaders like Kwashie play a critical role. His career shows how technical depth, steady leadership, and long-term thinking can shape complex industries.

“I’m still learning,” he says. “That’s the job.”

And for Kwashie Senam Zilevu, that mindset has made all the difference.

The Securities and Exchange Board of India (Sebi) is preparing a comprehensive overhaul of its portfolio management services (PMS) regulations, chairperson Tuhin Kanta Pandey said on Monday. The regulator will also look into brokers’ representations seeking its intervention on the Reserve Bank of India’s new capital market funding norms, he said at a PMS conclave.

On the PMS norms, Pandey said, “We propose to carry out a comprehensive review… so that the framework remains effective, adaptable, and aligned with evolving market dynamics.” The draft regulations will be released for public consultation before Sebi’s June board meeting, he added.

The PMS industry, which has about 2.15 lakh clients, managed Rs 10.5 lakh crore in assets (excluding EPFO and PF) as of January 31, 2026, growing at a 17% CAGR, according to Sebi data.

“But regulation alone cannot build a strong industry. The real strength of PMS will come from what firms do every day — in governance, suitability, technology and conduct,” Pandey said.

He stressed that investor suitability must remain central to the business model. “Risk profiling, suitability assessment, and client communication must be clear, consistent, and evidence‑based. Going ahead, PMS distributors conduct matters the industry must guard against mis‑selling,” he said.

New RBI funding norms

Separately, Pandey said Sebi would examine representations from stock brokers on the Reserve Bank of India’s new capital market funding norms. The RBI has proposed raising bank‑guarantee collateral requirements for proprietary traders to 100% from 50%.
“We have received a representation. I saw it on Friday. We will see what we can and need to do on it because RBI had initially opened draft guidelines and sought their opinion,” Pandey said. “It is in relation to issues around bank guarantees and how much collateral has to be given for proprietary trading. There are three to four issues. Since the representation has come to us, we will have a look at it.”
Speaking to the media after RBI’s board meeting in New Delhi, Governor Sanjay Malhotra said the central bank is not considering a review of the recently announced rules on bank financing of stock‑market intermediaries. The framework was finalised after due consultation, he said. “There is no change that we are contemplating.”
Under the new regulations, banks’ lending to brokers will face more scrutiny in terms of collateral requirements as well as purpose of the loan, while proprietary trading is seen taking the biggest hit

Oversight on grey‑market trading

Pandey said Sebi is working on a mechanism to introduce oversight on ‘to‑be‑listed’ stocks — a move aimed at grey‑market activity linked to upcoming IPOs.

“I think we have fairly deliberated this issue internally, and there is a possibility of such through the exchange mechanism for to‑be‑listed stocks — not the entire unlisted space, but the to‑be‑listed space where Sebi’s jurisdiction comes from the statute,” he said.

He added that Sebi would work out the operational details and issue a consultation paper in due course.

Senior Sebi employee suspended

Pandey also addressed the suspension of a general manager on Friday in connection with a “sensitive vigilance matter.” The regulator is contemplating disciplinary proceedings.

“The evidence was egregious enough for us to act,” Pandey said. “It is important that if there is any such case, we will get to the bottom of it.”