Eric Schmidt has leveraged his $27 billion fortune to build a powerful influence machine in Washington that’s allowed him to shape public policy to reflect his worldview and benefit the industries in which he’s deeply invested — most recently, artificial intelligence. 

John Paulson's longtime business partner in Puerto Rico, Fahad Ghaffar, alleges the hedge fund billionaire made fraudulent claims to persuade him to invest $17 million in a luxury automobile dealership on the island. He's asking for more than $50 million in damages.

With the delay, however, employees will have a couple of more years to make contributions to their standard 401(k)s. With a pretax 401(k), money grows tax-free, and the tax is paid when a withdrawal is made later in life. 

Six industry organizations filed a lawsuit against the SEC challenging its controversial private fund adviser rule.

As proposed, the new rules would require hedge funds and private equity firms to disclose details of what they charge investors, while blocking certain types of fee arrangements. It would also be easier for pensions and endowments to successfully sue managers over investment decisions. 

Estate taxes prompt many super-rich residents to move to states without the levies, especially as they get older, according to a new study from economists Enrico Moretti and Daniel Wilson.