News Briefing: August 27, 2025

NEW YORK (Reuters) - Key developments citing CNBC on Wednesday, August 27:

A federal lawsuit challenging President Donald Trump’s authority to remove Federal Reserve Governor Lisa Cook could be filed today, according to people familiar with the matter who spoke to CNBC. Cook’s attorney, Abbe Lowell, may initiate proceedings as early as Wednesday to contest Trump’s Monday order dismissing her over alleged mortgage-fraud misstatements.

Bain Capital’s controlling shareholder of luxury apparel maker Canada Goose has received take-private bids valuing the company at about $1.4 billion, CNBC reported, citing sources close to the transaction. Goldman Sachs is advising on the sale, and Bain is awaiting further offers before making a decision on the future of the parkas-and-outerwear brand.

Google has eliminated 35% of managers overseeing small teams over the past year in an effort to streamline operations, the company told CNBC. The cuts target managers with fewer than three direct reports, as part of a broader push to reduce bureaucracy and enhance efficiency across Alphabet’s units.