Business
Fed Governor Lisa Cook sues Trump over his attempt to fire her
Federal Reserve governor Lisa Cook has sued President Donald Trump over his attempt to fire her, setting up a potential legal battle with implications for the US central bank’s autonomy.
Cook has asked the court to declare Trump’s firing order “unlawful and void”, and also named Fed Chairman Jerome Powell as defendant.
Trump has said there was “sufficient reason” to believe Cook had made false statements on her mortgage, and cited constitutional powers which he said allowed him to remove her. Cook previously said that “no cause exists under the law” to sack her.
The president has put increasing pressure on the Fed over what he sees as an unwillingness to lower interest rates.
Cook is part of the board responsible for setting interest rates in the US.
Thursday’s lawsuit is likely to bring up a number of legal challenges that could end up at the US Supreme Court.
“This case challenges President Trump’s unprecedented and illegal attempt to remove Governor Cook from her position which, if allowed to occur, would be the first of its kind in the Board’s history,” Abbe Lowell, Cook’s attorney, wrote in the lawsuit.
“It would subvert the Federal Reserve Act … which explicitly requires a showing of ’cause’ for a Governor’s removal, which an unsubstantiated allegation about private mortgage applications submitted by Governor Cook prior to her Senate confirmation is not,” Lowell wrote.
White House spokesperson Kush Desai told the BBC the president “exercised his lawful authority to remove” Cook.
“The President determined there was cause to remove a governor who was credibly accused of lying in financial documents from a highly sensitive position overseeing financial institutions,” he said. “The removal of a governor for cause improves the Federal Reserve Board’s accountability and credibility for both the markets and American people.”
The Federal Reserve Act does not give the president authority to remove a Fed official at will, but as Trump has said, it does allow him to do so “for cause”.
The allegations against Cook were first made in a public letter from housing finance regulator, Bill Pulte, a Trump ally. In the letter he accused Cook of falsifying records to obtain a mortgage.
The letter alleges that she signed two documents, two weeks apart, attesting that two homes in different states were both her primary residence. No charges have been brought against Cook and it is unclear if she is under investigation for these allegations.
Cook’s lawsuit does not address those allegations.
She previously denied that there was any cause to sack her and legal experts have shown scepticism in Trump’s standing.
She is one of seven members of the Fed’s board of governors, and in this position sits on the 12-member committee which is responsible for setting interest rates in the US.
Since returning to Washington, Trump has put increasing pressure on the Fed – especially Powell – over interest rates.
The US president nominates candidates for the role, so removing Cook would mean she could be replaced by someone more favourable to lower interest rates and to the Trump economic agenda.
The Fed’s decision affects the rate at which Americans can borrow money as well as the savings rates on their bank accounts. US interest rates are also closely watched by central banks who set monetary policy in other countries.
Cook voted alongside Powell and most other members of the committee to maintain US interest rates at the Fed’s last rate-setting meeting at the end of July.
Danielle KayeBusiness reporter
ReutersDisney+ and Hulu cancellations rates doubled in September after TV host Jimmy Kimmel was briefly taken off air, suggesting the move may have hurt the entertainment giant financially.
Data from analytics firm Antenna shows Disney+’s so-called churn rate – the percentage of subscribers who cancel each month – jumped from a 4% average to 8%, which equates to about three million cancellations, while Hulu’s rose to 10% or more than 4 million.
Disney suspended Kimmel after comments he made about the shooting of Charlie Kirk, following pressure from a federal regulator. The decision sparked free speech debates.
ABC, which airs Jimmy Kimmel Live, reinstated him within a week after a backlash.
Disney, which owns ABC, decided on 17 September to take the comedian off air, two days after Kimmel had said, during one of his shows, the “Maga gang” was “desperately trying to characterise this kid who murdered Charlie Kirk as anything other than one of them” and of trying to “score political points from it”.
The abrupt suspension came hours after Brendan Carr, chair of broadcast regulator, the Federal Communications Commission (FCC), threatened to revoke ABC’s broadcast licence.
The move was met with protests in California and lambasted by the writers and actors guilds, lawmakers and the American Civil Liberties Union (ACLU).
Critics and First Amendment advocates had railed against ABC’s decision as censorship and a violation of free speech. They also called for economic pressure on Disney, urging people to boycott the company’s services.
Hundreds of celebrities and Hollywood creatives signed a letter backing Kimmel, who was later reinstated.
ReutersThe new data from Antenna, released on Monday, offers the first indication that Disney may have taken a hit from the blow-back.
Disney+ and Hulu lost millions more subscribers in September compared to recent months, while Netflix saw its churn rate hold steady at 2%.
But it is not clear whether Kimmel’s suspension was the only factor driving the surge in cancellations.
Disney’s move to suspend Kimmel coincided with its announcement of previously planned increases to subscription prices, as the company faces pressure to boost its profit from streaming services.
Despite the rise in cancellation rates, both Disney+ and Hulu saw an uptick in new sign-ups in September, offsetting some of the loss, according to Antenna.
Disney declined to comment and Hulu is yet to respond. However, Disney noted discrepancies between Antenna’s data and its internal figures.
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By Farah Stockman, Gabriel Blanco, June Kim and Claire Hogan
October 20, 2025
Charlotte EdwardsBusiness reporter, BBC News
Getty ImagesPizza Hut is to close 68 restaurants and 11 delivery sites in the UK with the loss of 1,210 jobs, after the firm running them fell into administration.
DC London Pie Limited, which operates Pizza Hut’s UK restaurants, appointed FTI Consulting as administrators on Monday.
However, Pizza Hut’s global owner Yum! Brands has agreed to save 64 restaurants, preserving 1,276 jobs.
Pizza Hut is well known for its family-friendly dining and salad bar, but its UK business has been struggling and had previously gone into administration less than a year ago.
DC London Pie had bought Pizza Hut UK’s restaurants from insolvency in January this year. The company also owns Pizza Hut franchises in Sweden and Denmark.
A spokesperson for Pizza Hut UK said: “We are pleased to secure the continuation of 64 sites to safeguard our guest experience and protect the associated jobs.”
Nicolas Burquier, managing director for Pizza Hut Europe and Canada, said: “This targeted acquisition aims to safeguard our guest experience and protect jobs where possible.”
He added that the immediate priority for Pizza Hut was “operational continuity at the acquired locations and supporting colleagues through the transition”.
Zoe Adjay, a senior lecturer in hospitality at the University of East London, said Pizza Hut had been “at the forefront of bringing fast food into the UK” in the 1970s, but had struggled to remain relevant amid increased competition.
“The pizza market has become a lot more upmarket,” she said. “There’s a lot more high-end pizza and they’ve taken a huge market share.”
Ms Adjay added that Pizza Hut had also failed to establish itself on social media in the same way as some of its competitors.
Increased operating costs and “ongoing consumer caution” will likely have contributed to Pizza Hut’s challenges, according to Danni Hewson, head of financial analysis at AJ Bell.
“DC London Pie had rescued Pizza Hut’s UK operations from insolvency less than a year ago, but making a success of a big-name casual dining businesses is a tough job.
“Taking back the brand looks a smart move by Yum! Brands as it has decades of data about how pizza lovers like to consume and exactly what factors need to coalesce to make a location a success.”
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