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Illustration: Eniola Odetunde/Axios

Adam Neumann, founder and former CEO of WeWork, yesterday filed suit against SoftBank, alleging breaches of contract and fiduciary duty related to SoftBank's decision to walk away from a $3 billion tender for WeWork shares.

Why it matters: Because when a special committee of WeWork's board filed a similar lawsuit last month, SoftBank responded by questioning its standing to represent minority shareholders who could have participated in the tender offer. Neumann is unquestionably a minority shareholder.

Primary source: Read the lawsuit

What SoftBank is saying: “SoftBank will vigorously defend itself against these meritless claims. Under the terms of our agreement, which Adam Neumann signed, SoftBank had no obligation to complete the tender offer in which Mr. Neumann – the biggest beneficiary – sought to sell nearly $1 billion in stock.”

The bottom line: The most damning allegation in Neumann's complaint is that SoftBank unilaterally amended its agreement with WeWork late last year, reversing the sequencing of new debt financing and the stock tender. Neumann claims that SoftBank tried to negotiate the amendment with him but, when unable to reach agreement, SoftBank "simply removed Plaintiffs’ signature block from the document."

Go deeper

House Judiciary Committee advances reparations bill in historic vote

Sheila Jackson Lee. Photo: Al Drago/Getty Images

The House Judiciary Committee voted 25 to 17 Wednesday to advance a bill that would create a commission to study reparations for Black Americans who are the descendants of slaves.

Why it matters: "No such bill has ever come this far during Congressional history of the United States," said Rep. Sheila Jackson Lee (D-Texas), who sponsored the bill, per the Washington Post.

Updated 4 hours ago - Politics & Policy

Officer Kim Potter arrested, charged with manslaughter in Daunte Wright's death

Kim Potter's booking photos. Photo: Hennepin County Sheriff's Office

Kim Potter, the former police officer charged with second-degree manslaughter in the fatal shooting of Daunte Wright, was released on a $100,000 bond on Wednesday, Hennepin County jail records show.

Why it matters: Sunday's shooting of the 20-year-old Black man in Brooklyn Center, Minnesota, just 10 miles from where George Floyd was killed by a Minneapolis police officer last year, has reinvigorated Black Lives Matter protests and led to three consecutive nights of unrest.

Updated 5 hours ago - Politics & Policy

Biden names Erika Moritsugu as senior AAPI liaison

Erika Moritsugu. Photo courtesy: National Partnership for Women & Families

President Biden has named Erika Moritsugu as deputy assistant to the president and Asian American and Pacific Islander senior liaison, the White House announced Wednesday.

Driving the news: The decision follows weeks of pressure from AAPI leaders to include more Asian American representation at the Cabinet level and in senior administration roles.