The jig is up for the Texas two-step

The UK Treasury and Bank of England are designing a “digital pound”, Google revealed plans on Monday to launch a chatbot to rival OpenAI’s popular ChatGPT, more than 11,000 residents of Nigeria’s oil-producing Niger Delta have filed a claim for compensation against Shell, and a ruling by a US court will make companies think twice about using bankruptcy schemes such as the Texas two-step to handle lawsuits.

Mentioned in this podcast:

UK to design ‘digital pound’ that could fend off a future private tech rival

Google reveals plans for chatbot ‘Bard’ as AI tech race heats up

Talc ruling a blow to the ‘Texas two-step’ bankruptcy jig

Shell hit with damages claim by 11,000 Nigerians in UK High Court

Behind the Money episode about the Texas Two-Step

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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