The bigger issue, according to Ms. Morrissey, is that many people have gotten used to the stock market going up. That’s not a guarantee — especially in the near term.

“It’s not just the loss from January; it’s what happens going forward,” she said. “If you were counting on the amount that you have in your 401(k) to continually grow, well, then you may never get to what you had planned for.”

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What to Know About France’s Parliamentary Elections

PARIS — Weeks after re-electing President Emmanuel Macron, voters in France return to the polls on Sunday to choose their parliamentary representatives, elections that will determine whether Mr. Macron’s bills sail or stumble through the legislature during his second term.

All 577 seats are up for grabs in the National Assembly, France’s lower and more powerful house of Parliament, which Mr. Macron’s party and its allies currently control. Most polls predict that will remain the case — to a degree.

France’s modern presidential and parliamentary elections are held only months apart, on the same five-year cycle. Over the past two decades, voters have always given their newly elected president strong parliamentary backing, and polls and experts suggest that would be a likely outcome for Mr. Macron this time, too.

surging inflation than by the campaign, and pollsters say they expect record-low turnout.

Here is a primer on the elections, which will be held in two rounds, on Sunday and on June 19.

most powerful political office, with broad abilities to govern by decree. But they need Parliament, and especially the National Assembly, to accomplish most of their bigger domestic policy goals, push through spending bills or change the Constitution.

Some of Mr. Macron’s prominent campaign promises, like his vow to raise the legal age of retirement, require legislation. His new government also wants to tackle the effects of inflation, requiring lawmakers to vote on measures like food subsidies.

a wave of political newcomers as candidates.

  • La Nouvelle Union Populaire Écologique et Sociale, more commonly known by its acronym NUPES, a left-wing alliance brought together by Mr. Mélenchon’s France Unbowed party that includes the Socialist, Green and Communist parties.

  • A group of traditional right-wing parties, led by Les Républicains, the mainstream conservatives.

  • The far-right National Rally party of Marine Le Pen, who was defeated by Mr. Macron in the presidential runoff in April.

  • The latest polls suggest that Ensemble and NUPES are neck-and-neck, with about 25 to 28 percent each. The National Rally is predicted to receive around 20 to 21 percent of the vote, with Les Républicains roughly 10 to 11 percent. Smaller groups, including the party of Éric Zemmour, a far-right pundit who ran for president, are polling in the single digits.

    Élisabeth Borne, the prime minister. Their races will be closely watched, as a loss by one or several of them would be seen as a rebuke of Mr. Macron, who has warned that those who are not elected will leave his cabinet.

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    Exclusive: How a Russian billionaire shielded assets from sanctions

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    • Melnichenko ceded ownership of coal, fertilizer firms to wife
    • Cession occurred the day before EU imposed sanctions on him
    • Transfers of assets fuel doubts over sanctions’ effectiveness

    ISTANBUL/BRUSSELS, May 27 (Reuters) – Russian businessman Andrey Melnichenko ceded ownership of two of the world’s largest coal and fertilizers companies to his wife the day before he was sanctioned by the European Union, according to three people familiar with the matter.

    Melnichenko, who built his fortune in the years following the 1991 fall of the Soviet Union, gave up his stakes in the coal producer SUEK AO and fertilizer group EuroChem Group AG on March 8, the day of his 50th birthday, leaving his wife, Aleksandra Melnichenko, the beneficial ownership of the companies, the people said.

    Until March 8, Melnichenko owned the two companies through a chain of trusts and corporations stretching from Moscow and the Swiss town of Zug to Cyprus and Bermuda, according to legal filings reviewed by Reuters.

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    Since 2006, Melnichenko’s wife was second in line behind her husband on the list of beneficial owners of the two companies in trust documents, according to the three people, who spoke on condition of anonymity because they aren’t allowed to speak publicly about the couple’s assets. That meant that she stood to inherit ownership of the companies in the event her husband died, the people said.

    When the war in Ukraine began in February, however, Melnichenko grew concerned that he would be designated under the European Union’s Russia sanctions regime, the people familiar with the matter said. On March 8, Melnichenko notified trustees of his retirement as the beneficiary, the people said. That triggered the same chain of changes in trust records that would have happened if the businessman had passed away, and made his wife the beneficiary.

    Reuters was unable to reach Melnichenko and his wife for comment.

    A spokesman for Russia-based SUEK didn’t respond to messages seeking comment. Switzerland-based EuroChem confirmed that Aleksandra Melnichenko had replaced her husband as beneficial owner.

    “Following the departure of its founder, the primary beneficial ownership of a trust holding a 90% stake in the global fertilizer company has automatically passed to his wife,” the company said in a statement to Reuters on Wednesday.

    The role of Melnichenko’s wife at EuroChem was first reported by Swiss newspaper Tages-Anzeiger. Her role at SUEK as well as the timing of ownership changes and other details are reported here for the first time.

    Melnichenko, who founded SUEK and EuroChem two decades ago, was ranked as Russia’s eighth richest man last year by Forbes, with an estimated fortune of $18 billion.

    The European Union sanctioned Melnichenko, citing his alleged proximity to the Kremlin, on March 9 as part of a Western attempt to punish Russian President Vladimir Putin for the Feb. 24 invasion of Ukraine. The sanctions – which include freezing his assets, banning him from entering the European Union and prohibiting EU entities from providing funds to him – do not apply to his wife nor the couple’s daughter and son.

    Britain also put Melnichenko, who is Russian but was born in Belarus and has a Ukrainian mother, on its sanction list on March 15. Switzerland imposed sanctions against him the following day.

    The businessman said in a statement to Reuters in March, after the EU sanctions were imposed, that the war in Ukraine was “truly tragic” and he appealed for peace. A spokesman for Melnichenko said at that time he had “no political affiliations”.

    Western governments have imposed sweeping sanctions against Russian companies and individuals in an effort to force Moscow to withdraw.

    But some sanctioned Russian businessmen, including Roman Abramovich and Vladimir Yevtushenkov, have transferred assets to friends and family members, fuelling doubts over the effectiveness of these attempts to pressure Moscow.

    Melnichenko, whose residence was registered in the Swiss alpine resort town of St. Moritz until he was hit by sanctions, gave his instructions to change the ownership of his companies from a retreat near Mount Kilimanjaro where he was celebrating his birthday, according to a person familiar with the matter. A Boeing 737 emblazoned with the billionaire’s signature “A” on the fuselage had landed in Tanzania on March 5, arriving from Dubai, according to flight-tracking service Flightradar24.

    A lawyer for Melnichenko didn’t respond to questions about the Kilimanjaro trip.

    Melnichenko’s transfer of ownership at SUEK and EuroChem had far-reaching implications.

    After reviews lasting several weeks, Swiss financial authorities concluded that the two companies could continue operating normally on the grounds that Melnichenko was no longer involved with them. SUEK and EuroChem said that British and German financial regulators have reached similar conclusions.

    The British and German regulators didn’t respond to requests seeking comment.

    Upon completion of the reviews in late April, SUEK and EuroChem – which had revenues last year of $9.7 billion and $10.2 billion respectively – were able to resume distribution of millions of dollars in interest payments to bondholders.

    In recent weeks, SUEK and EuroChem have also approached Western clients, showing them documents with the new ownership structure in a bid to reassure them that they can continue doing business with Mr. Melnichenko’s former companies, two people familiar with the matter said.

    NO MORE PAYMENTS

    In Switzerland, the Secretariat for Economic Affairs (SECO) said neither SUEK nor EuroChem were under sanctions in the country.

    SECO said that, as far as it was aware, Melnichenko was no longer a beneficiary of the trust to which EuroChem belonged at the time of his sanction by the EU and Switzerland.

    SECO also said it sought confirmation from Eurochem that it would no longer provide funds to Melnichenko.

    “The company and its management have guaranteed in writing to SECO that the Swiss sanction measures will be fully complied with and in particular that no funds or economic resources will be made available to sanctioned persons,” SECO said in response to a query.

    Swiss authorities have defended their decision not to extend sanctions to Melnichenko’s wife or to his former companies, pointing to the fact that EU authorities had not sanctioned them either.

    “In this case, we have done exactly what the EU has done,” Switzerland’s Economy Minister Guy Parmelin told Swiss television on Wednesday.

    Parmelin added that Switzerland was also wary that sanctioning EuroChem at a time when fertilizer prices have soared in most parts of the world could have dire consequences on agriculture markets. EuroChem said it produced more than 19 million metric tons of fertilizer last year – roughly equivalent to 10% of the world’s output, according to U.N. data.

    The European Commission, the EU’s executive arm, said it had no information about the transfer of Melnichenko’s assets to his wife. The commission has said it is willing to close loopholes allowing individuals and companies to elude its sanctions. Earlier this week, it unveiled proposals aimed at criminalising moves to bypass sanctions, including by transferring assets to family members, across the 27-nation bloc.

    Under the trust structure, control over SUEK and EuroChem is exercised by independent trustees while beneficial ownership, which was in the hands of Melnichenko until March 8, has moved to his wife.

    A mathematician who once dreamt of becoming a physicist, Melnichenko dropped out of university to dive into the chaotic – and sometimes deadly – world of post-Soviet business.

    He founded MDM Bank but in the 1990s was still too minor to take part in the privatizations under President Boris Yeltsin that handed the choicest assets of a former superpower to a group of businessmen who would become known as the oligarchs due to their political and economic clout.

    Melnichenko then began buying up often distressed coal and fertilizer assets, making him one of Europe’s richest men.

    The EU said, when it announced its sanctions, that Melnichenko “belongs to the most influential circle of Russian business people with close connections to the Russian government”.

    Melnichenko was among dozens of business leaders who met with Putin on the day Russia invaded Ukraine to discuss the impact of sanctions, showing his close ties to the Kremlin, the EU said in its March 9 sanction order.

    At the time, a spokesman for Melnichenko denied that the businessman belonged to Putin’s inner circle and said he would dispute the sanctions in court. On May 17, Melnichenko challenged the sanctions by lodging an appeal with the EU’s General Court, which handles complaints against European institutions, court records show.

    Russia calls its actions in Ukraine a “special operation” to disarm Ukraine and protect it from fascists. Ukraine and the West say the fascist allegation is baseless and that the war is an unprovoked act of aggression.

    Italy seized Melnichenko’s superyacht – the 470-foot Sailing Yacht A, which has a price tag of 530 million euros – on March 12, three days after he was placed on an EU sanctions list.

    SUEK and EuroChem said on March 10, a day after the EU announced sanctions against Melnichenko and 159 other individuals tied to Russia, that their founder had resigned from his board positions at the companies.

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    Reporting by David Gauthier-Villars and Gabriela Baczynska; Additional reporting by Chris Kirkham in Los Angeles, Andrew MacAskill in London, Michael Shields and Brenna Hughes Neghaiwi in Zurich
    Editing by Daniel Flynn

    Our Standards: The Thomson Reuters Trust Principles.

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    Carol Moerdyk Announces Retirement from American Woodmark Board of Directors

    WINCHESTER, Va.–(BUSINESS WIRE)–American Woodmark Corporation (NASDAQ: AMWD) announced today that Carol Moerdyk will not stand for re-election to the Company’s Board of Directors at the next annual shareholders meeting.

    Please join American Woodmark’s Board of Directors in extending best wishes to Carol Moerdyk, who has served on the Board for the past seventeen years and has been part of the Audit and Governance, Sustainability and Nominating Committees.

    Mr. Vance Tang, Chair of the Board, commented, “We have greatly appreciated and benefited from Carol’s seventeen years of service to American Woodmark’s Board and Committees. As part of our Board’s refreshment planning, we have taken this transition as an opportunity to bring new perspectives and insights through the recent addition of Latasha Akoma with her substantial experience in manufacturing operations, among other areas.”

    Mr. Scott Culbreth, President and CEO, remarked, “Our organization has grown and become stronger thanks to Carol’s commitment to our mission, vision and values. I have had the honor of working with Carol for the past eight years as a member of the management team and most recently as a member of the Board. She has been an advocate and supporter of American Woodmark, and I thank her for her many contributions over the years.”

    The Board thanks Carol for her many years of dedicated service, and we wish her the best in her retirement.

    About American Woodmark

    American Woodmark celebrates the creativity in all of us. With over 10,000 employees and more than a dozen brands, we’re one of the nation’s largest cabinet manufacturers. From inspiration to installation, we help people find their unique style and turn their home into a space for self-expression. By partnering with major home centers, builders, and independent dealers and distributors, we spark the imagination of homeowners and designers and bring their vision to life. Across our service and distribution centers, our corporate office, and manufacturing facilities, you’ll always find the same commitment to customer satisfaction, integrity, teamwork, and excellence. Visit americanwoodmark.com to learn more and start building something distinctly your own.

    Safe harbor statement under the Private Securities Litigation Reform Act of 1995: All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors that may be beyond the Company’s control. Accordingly, the Company’s future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K. The Company does not undertake to publicly update or revise its forward looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.

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    How Jack Welch’s Reign at G.E. Gave Us Elon Musk’s Twitter Feed

    When Jack Welch died on March 1, 2020, tributes poured in for the longtime chief executive of General Electric, whom many revered as the greatest chief executive of all time.

    David Zaslav, the C.E.O. of Warner Bros. Discovery and a Welch disciple, remembered him as an almost godlike figure. “Jack set the path. He saw the whole world. He was above the whole world,” Mr. Zaslav said. “What he created at G.E. became the way companies now operate.”

    Mr. Zaslav’s words were meant as unequivocal praise. During Mr. Welch’s two decades in power — from 1981 to 2001 — he turned G.E. into the most valuable company in the world, groomed a flock of protégés who went on to run major companies of their own, and set the standard by which other C.E.O.s were measured.

    Yet a closer examination of the Welch legacy reveals that he was not simply the “Manager of the Century,” as Fortune magazine crowned him upon his retirement.

    broken up for good.

    the fateful decision to redesign the 737 — a plane introduced in the 1960s — once more, rather than lose out on a crucial order with American Airlines. That decision set in motion the flawed development of the 737 Max, which crashed twice in five months, killing 346 people. And while a number of factors contributed to those tragedies, they were ultimately the product of a corporate culture that cut corners in pursuit of short-term financial gains.

    Even today Boeing is run by a Welch disciple. Dave Calhoun, the current C.E.O., was a dark horse candidate to succeed Mr. Welch in 2001, and he was on the Boeing board during the rollout of the Max and the botched response to the crashes.

    When Mr. Calhoun took over the company in 2020, he set up his office not in Seattle (Boeing’s spiritual home) or Chicago (its official headquarters), but outside St. Louis at the Boeing Leadership Center, an internal training center explicitly built in the image of Crotonville. He said he hoped to channel Mr. Welch, whom he called his “forever mentor.”

    The “Manager of the Century” was unbowed in retirement, barreling through the twilight of his life with the same bombast that defined his tenure as C.E.O.

    He refashioned himself as a management guru and created a $50,000 online M.B.A. in an effort to instill his tough-nosed tactics in a new generation of business leaders. (The school boasts that “more than two out of three students receive a raise or promotion while enrolled.”) He cheered on the political rise of Mr. Trump, then advised him when he won the White House.

    In his waning days, Mr. Welch emerged as a trafficker of conspiracy theories. He called climate change “mass neurosis” and “the attack on capitalism that socialism couldn’t bring.” He called for President Trump to appoint Rudy Giuliani attorney general and investigate his political enemies.

    The most telling example of Mr. Welch’s foray into political commentary, and the beliefs it revealed, came in 2012. That’s when he took to Twitter and accused the Obama administration of fabricating the monthly jobs report numbers for political gain. The accusation was rich with irony. After decades during which G.E. massaged its own earnings reports, Mr. Welch was effectively accusing the White House of doing the same thing.

    While Mr. Welch’s claim was baseless, conservative pundits picked up on the conspiracy theory and amplified it on cable news and Twitter. Even Mr. Trump, then merely a reality television star, joined the chorus, calling Mr. Welch’s bogus accusation “100 percent correct” and accusing the Obama administration of “monkeying around” with the numbers. It was one of the first lies to go viral on social media, and it had come from one of the most revered figures in the history of business.

    When Mr. Welch died, few of his eulogists paused to consider the entirety of his legacy. They didn’t dwell on the downsizing, the manipulated earnings, the Twitter antics.

    And there was no consideration of the ways in which the economy had been shaped by Mr. Welch over the previous 40 years, creating a world where manufacturing jobs have evaporated as C.E.O. pay soars, where buybacks and dividends are plentiful as corporate tax rates plunge.

    By glossing over this reality, his allies helped perpetuate the myth of his sainthood, adding their own spin on one of the most enduring bits of disinformation of all: the notion that Jack Welch was the greatest C.E.O. of all time.

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    Small players lose faith in crypto after sell-off

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    WASHINGTON/MUMBAI, May 17 (Reuters) – Nofe Isah, a 25-year old based in Nigeria, has been investing in crypto since January. Last week, she lost all of her $5,000 in savings as cryptocurrency luna went into free fall.

    Isah, a recently unemployed administrative officer, vowed she would never invest in crypto again.

    “I can’t believe I fell for crypto,” she told Reuters by phone. “I’m just trying not to get myself depressed. Crypto has taken my money, fine. It shouldn’t take my head.”

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    The crypto market, known for its wild price swings, slumped last week as investors yanked money from riskier assets amid worries over soaring inflation and rising interest rates.

    Bitcoin, the world’s largest cryptocurrency, fell as low as $25,401 on Thursday, its lowest since Dec. 2020. It hit a record high of $69,000 in November.

    Small tokens were hit too, with ether, the second-largest token, dropping more than 15% to its lowest since June. Luna – a digital coin widely hyped on social media and backed by institutional crypto investors – shed nearly all of its value.

    Small traders such as Isah have flocked to cryptocurrencies in the hope of quick returns, despite warnings from regulators that the emerging assets can be high risk.

    Platforms such as Robinhood, which has 23 million customers across a variety of assets, have helped spur retail investing, including in crypto. Around a quarter of Robinhood’s transaction-based revenues came from cryptocurrencies in the first quarter of this year, Robinhood said in its latest earnings statement.

    Overall user numbers at crypto platforms have ballooned. Binance, the world’s biggest crypto exchange, had some 118 million clients last month, up from 43.4 million in the first quarter of last year.

    But after last week’s turmoil, online forums were awash with tales of woe, as retail investors expressed anguish about their losses.

    “I’m 49, big mortgage, 3 kids etc. My retirement party is on ice for the foreseeable future!”, a user with the handle Boring-Fun-3646 said on Reddit.

    Another user with the handle AdventurousAdagio830 posted on Reddit: “It doesn’t seem real that I lost $180,000.”

    ‘DEATH SPIRAL’

    Emblematic of crypto risks was the collapse last week of terraUSD, a stablecoin designed to keep a constant value via a complex algorithm that involved luna.

    When the coins came under heavy selling pressure, the system broke down. TerraUSD – designed to keep a value of $1 – traded around 9 cents on Tuesday while luna plunged to near-zero, based on CoinGecko data. read more

    Tejan Shrivastava, a 31-year old graphic designer from Mumbai, who has been investing in cryptocurrencies for the last year, had his $250 investment wiped out by luna’s collapse.

    “It was stuck in a death spiral. All the money was gone in 15 minutes,” he told Reuters.

    “I don’t even know if I’ll invest in crypto in the future. I have a crypto portfolio, but I am planning to liquidate it once it reaches break even.”

    Luna’s fall wiped out most of its market value which had been above $40 billion as recently as early April, CoinGecko data shows.

    Retail investors’ online frustration even spilled over into the real world.

    Seoul police last week said they were seeking a suspect after an unidentified individual rang the doorbell of the apartment of Do Kwon, the founder of terraUSD, and ran away.

    Police would investigate whether the suspect had invested in cryptocurrencies, a Seoul police officer told Reuters.

    PATCHY REGULATION

    Through its 13-year life, the crypto sector has been peppered by vertiginous climbs and sudden free falls. In November, for instance, bitcoin slumped by a fifth in just under two weeks after touching a record $69,000. Six months earlier, it had tumbled by almost 40% in just nine days.

    Yet crypto’s latest crash – which pushed the sector’s combined value to $1.2 trillion, less than half of where it was last November – led to the crushing of luna, which on May 1 was the eighth-largest cryptocurrency by market capitalisation.

    Cryptocurrencies are subject to patchy regulation across the world, with traders of bitcoin and the panapoly of smaller tokens typically unprotected against price slumps.

    But it is difficult to gauge the scale of retail investors’ pain from the crypto plunge and the repercussions on future appetite given the opaque nature of the market.

    In Britain more than 4% of adults – some 2.3 million people – own cryptocurrencies, data published last year by the UK financial watchdog showed.

    Britain’s watchdog said understanding of crypto was falling compared with a year earlier, “suggesting that some crypto users may not fully understand what they are buying”.

    Still, some small investors are keeping the faith.

    Eloisa Marchesoni, based near Tulum in Mexico and investing with a crypto syndicate, said she would not give up.

    “I am looking to buy the dip – we are all waiting for bitcoin to go down to $22,000, which is not something too probable but not something that’s ‘not probable at all’.”

    Marchesoni is also hedging her crypto bets with physical assets — “cars because you can lease them, watches, real estate”.

    Bitcoin was hovering around $30,000 on Tuesday, having lost more than 20% so far this month.

    Regulators remain on alert. The British government said last month it will regulate stablecoins. read more

    The U.S. Securities and Exchange Commission is toughening its stance. Gary Gensler, SEC chair, said this week investors in cryptocurrencies needed more protections. read more

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    Additional reporting by Alun John in Hong Kong and Soo-hyang Choi in Seoul; Writing by Carolyn Cohn, Elizabeth Howcroft and Tom Wilson in London. Editing by Jane Merriman

    Our Standards: The Thomson Reuters Trust Principles.

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    Wells Fargo wins dismissal of shareholder lawsuit over commercial lending

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    May 6 (Reuters) – A federal judge on Friday dismissed class-action claims that Wells Fargo & Co (WFC.N), the fourth-largest U.S. bank, misled or defrauded shareholders about its commercial loans.

    U.S. District Judge William Alsup in San Francisco said shareholders failed to adequately allege that Wells Fargo unjustifiably inflated the quality of its loans, understated loss reserves or misstated its lending practices.

    Shareholders claimed to have lost billions of dollars in Wells Fargo stock as the San Francisco-based bank in 2020 gradually revealed the “previously unknown level of risk” in its commercial loans.

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    The proposed class covers shareholders in the three years ending Oct. 13, 2020, a period when Wells Fargo’s share price fell 54%.

    But the judge concluded that Wells Fargo had underwriting standards that “proved largely accurate or conservative, not inflationary,” and did not mislead shareholders about the size of loans relative to the value of borrowers’ businesses.

    Because he found no false or misleading statements, Alsup did not address whether Wells Fargo intended to defraud anyone.

    He said the shareholders, led by the Employees’ Retirement System of the State of Hawaii, could file an amended complaint to address deficiencies in their case.

    Lawyers for the shareholders did not immediately respond to requests for comment. Wells Fargo and its lawyers did not immediately respond to similar requests.

    Since 2018, Wells Fargo has operated under consent orders from the Federal Reserve and two other U.S. financial regulators to improve governance and oversight. The Fed also capped the bank’s assets at $1.95 trillion.

    The bank has faced much criticism over its practices since 2016, including for opening accounts without customer permission and charging borrowers for auto insurance they did not need.

    The case is Employees’ Retirement System of the State of Hawaii v. Wells Fargo & Co, U.S. District Court, Northern District of California, No. 20-07674.

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    Reporting by Jonathan Stempel in New York; Editing by David Gregorio

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    How Roe Shaped the World of Work for Women

    When Barbara Schwartz looks back at her younger days working as a Broadway stagehand, she remembers the electricity of it: the harried dancers slipping into their costumes backstage, the props people shoving past with flashlights between their teeth.

    She was able to throw herself into that high-pressure career, she said, because of a choice she made in 1976. She got an abortion at a clinic she found in the Yellow Pages. It was three years after the Roe v. Wade ruling established the constitutional right to an abortion; to Ms. Schwartz, the world seemed full of new professional opportunities for women. She got a credit card in her own name, became one of the first women to make it into the local stagehand union and joined the throngs backstage at shows including “Cats” and “Miss Saigon.”

    Ms. Schwartz, 69, is now retired. She is spending her retirement years escorting women to the doors of an abortion clinic on the border of Virginia and Tennessee. She was drawn to this volunteer work, she said, because to her, the promise from her 20s has dimmed — the result of laws that have chipped away at abortion access, with a leaked draft Supreme Court ruling this past week revealing that Roe is likely to be overturned.

    “This is my giant pay it forward,” Ms. Schwartz said.

    That is how Ginny Jelatis, 67, thinks about it too. She was of high school senior age the year Roe v. Wade was decided; she began serving as a clinic escort after retiring from her work as a history professor in 2016.

    43 percent in 1970 to 57.4 percent in 2019. Many different factors drove women into the work force in greater numbers in those years, but scholars argue that abortion access was an important one.

    poll in 2021 found that 59 percent of Americans said they believed abortion should be legal in all or most cases, and 39 percent said it should be illegal in all or most cases. Recent Pew data indicates that women are slightly more likely than men to say abortion should be legal in all cases, and younger people, between the ages of 18 and 29, are far more likely than older adults to say abortion should be legal in some or all cases.

    Justice Harry A. Blackmun, a modest Midwestern Republican and a defender of the right to abortion, wrote the majority opinion.

    Recent research has tried to understand the role abortion access plays in women’s employment. Most notable is the Turnaway Study, conducted at the University of California, San Francisco. Researchers followed two groups of women — a group that wanted and got abortions, and another that wanted abortions and were unable to obtain them — for five years and found that those unable to get abortions had worse economic outcomes. Almost two-thirds of those who did not have an abortion they had sought out were living in poverty six months later, compared with 45 percent of those who got the procedure.

    patchwork of state laws on abortion access, with 13 states set to ban abortion immediately or very quickly after the court’s ruling. There is likely a correlation between the regions of the country where it is most difficult to get an abortion, and those with the fewest child care and parental leave options, according to an analysis of research findings from the financial site WalletHub.

    For older women who felt they were able to attain financial stability because of the decision to have an abortion, there is resonance in sharing their stories with the younger women they meet at clinics today.

    “The older folks I work with can remember that dread of, ‘My God, what if it happens to me?’” said Ms. Deiermann, who spent most of her career working in reproductive health advocacy.

    Many clinic volunteers, like Ms. Deiermann, remember when their classmates and friends got illegal abortions. Telling those stories feels more urgent than ever.

    Karen Kelley, 67, a retired labor and delivery nurse in Idaho, who volunteers at an abortion clinic there, spent her childhood aligned with her Roman Catholic family’s anti-abortion views. Then she found herself pregnant in her early 20s, without an income to support a baby. Realizing that motherhood could “derail all her hopes,” she chose to terminate that pregnancy, about six years after Roe.

    That’s a memory Ms. Kelley conveys to the women she escorts to the clinic’s steps. “If I’m asked, I’m always honest that I understand how they’re feeling because I had an abortion and they have every right to make the decision,” she said.

    And some older women said that the position they’re in now — retired, with savings and stability — is something they trace back to Roe.

    “It gave us a chance to decide to marry and have a family later,” said Eileen Ehlers, 74, a retired high school English teacher and a mother.

    What Roe gave her, she said, is something she can now pour back into volunteering: “We have time.”

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