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Fred and Cindy Warmbier, the parents of Otto Warmbier. Photo: Chip Somodevilla/Getty Images

Otto Warmbier’s parents have filed a claim for a seized North Korean cargo ship in an attempt to force the country to pay part of $500 million awarded to them in a wrongful death court judgment, CNN first reported Saturday.

The big picture: Warmbier was detained in North Korea for 17 months. He died in 2017 after being flown to the U.S. in a coma. "The Warmbiers are committed to holding North Korea accountable for the death of their son Otto, and will work tirelessly to seize North Korean assets," Fred and Cindy Warmbier's attorney said in a statement to AP.

Go deeper: North Korea billed U.S. $2 million before returning Otto Warmbier

Go deeper

Dan Primack, author of Pro Rata
43 mins ago - Economy & Business

Trump blocks banks from limiting loans to gun and oil companies

Illustration: Sarah Grillo/Axios

Big banks are no longer allowed to reject business loan applicants because of the industry in which they operate, according to a new rule finalized on Thursday by the Trump administration.

Why it matters: Wall Street has curtailed its exposure to industries like guns, oil and private prisons, driven by both public and shareholder pressures. This new rule could reverse that trend.

Former FDA commissioner: "Reliable drug supply is absolutely critical"

Axios' Caitlin Owens and former FDA commissioner Mark McClellan. Photo courtesy of Axios Events

Having a reliable supply of pharmaceutical drugs throughout America will be "absolutely critical" to boosting affordability in health care during the Biden administration, former Food and Drug Administration (FDA) commissioner Mark McClellan said at a virtual Axios Event on Friday.

The big picture: McClellan, who served under President George W. Bush, says drugs having limited supply and limited competition leads to elevated pricing. He considers drug supply to be a national security and public health issue.

Felix Salmon, author of Capital
3 hours ago - Economy & Business

Americans are still spending money

Source: Census Bureau; Chart: Axios Visuals

Americans spent more money at stores and restaurants in 2020 than they did in 2019 — even in the face of a devastating global pandemic that shut down broad sectors of the economy.

Why it matters: The monthly retail sales report this morning came in well below expectations, and showed consumer spending falling on a seasonally-adjusted basis. Total expenditures were still higher in December 2020 than they were a year previously, however.