Federal prosecutors on Wednesday unveiled indictments outlining a massive insider trading scheme that allegedly netted tens of millions of dollars using nonpublic information about mergers and acquisitions worked on by some of the nation's biggest law firms.
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THURSDAY, MAY 7, 2026 Law360 iOS App Law360 Android App Follow Law360 on Facebook Follow Law360 on LinkedIn Follow Law360 on Twitter

TOP NEWS

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Feds Say Stolen BigLaw Deal Info Aided Huge Trading Scheme

By Chris Villani

Federal prosecutors on Wednesday unveiled indictments outlining a massive insider trading scheme that allegedly netted tens of millions of dollars using nonpublic information about mergers and acquisitions worked on by some of the nation's biggest law firms.

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TikTok Not Shielded From Mass. AG Case, Judge Says

By Julie Manganis

A Massachusetts judge will allow a social media addiction suit brought by the state attorney general against TikTok to proceed, rejecting claims that the company is shielded by the Communications Decency Act and the First Amendment.

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Meta's Exploitation Reporting Needs Work, NM Judge Told

By Cara Salvatore

An executive for a child protection organization told a New Mexico judge Wednesday that "ongoing quality issues" with Meta's reporting and the use of message encryption have made it harder to deliver actionable reports to law enforcement, as the state seeks $3.7 billion in reforms at the social media company.

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DHS Can Withhold Some Border Search Records, Judge Says

By Elaine Briseño

A federal judge in Washington has partially sided with immigration officials' decision not to provide some information about border searches of electronic devices that a First Amendment group at Columbia University requested, finding the documents contained privileged, decision-making details.

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High Court Rejects Apple's Bid To Pause App Store Ruling

By Matthew Perlman

The U.S. Supreme Court on Wednesday rejected Apple's request to pause a mandate in the case from Epic Games that directs a lower court to determine what commission Apple can charge developers for purchases made outside of its app store through links.

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POLICY & REGULATION

Mobile Industry's Pai Calls For More Exclusive Airwaves For AI

By Christopher Cole

Major wireless carriers are looking toward a future driven by artificial intelligence, but say its full potential can only be reached if policymakers give them more access to exclusive airwaves in the prime midband range.

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ENFORCEMENT

'GothFerrari' Gets 6.5 Years For Role In $250M Crypto Heist

By Bonnie Eslinger

A 20-year-old California man with the nickname "GothFerrari" was sentenced in federal court Wednesday to 78 months behind bars for his role in a sprawling cyber scam involving more than a dozen defendants who stole more than $250 million in cryptocurrency from people across the United States, according to prosecutors.

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LITIGATION

Amazon Sees What You See On Your Fire TV, Users Claim

By Ben Adlin

Amazon customers claimed in a proposed nationwide class action Wednesday that the e-commerce giant's Fire TV products illegally capture and analyze everything that users see and hear through their devices, including streamed content, personal photos and security camera streams.

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Pot Patients Defend Claims In Dispensary Data Privacy Suit

By Mike Curley

A group of medical cannabis patients are pushing back on a bid from a technology company to dismiss their claims that it shares their medical information with outside vendors, saying they have sufficiently pled their allegations that they did not consent to such sharing and they were injured by the disclosure.

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Home Security Firms Hit With TCPA Suit Over Sales Calls

By Matthew Santoni

A pair of home security companies violated the federal Telephone Consumer Protection Act by making unsolicited robocalls to try and sell security systems, according to a proposed class action filed in a Pennsylvania federal court.

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Booz Allen Says Fla. Senator's Tax Leak Suit Is Too Late

By Carolina Bolado

U.S. Sen. Rick Scott, R-Florida, waited too long to file a lawsuit over the leak of his personal tax returns, according to federal contractor Booz Allen Hamilton, which moved to dismiss the suit Tuesday.

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Conn. Credit Union Says Data Breach Anxiety Can't Spur Suit

By Brian Steele

Threats of future harm and "generalized anxiety" about possible identity theft are not enough to support a proposed class action against a Connecticut credit union hit with a data breach, and there's no reason to believe cybercriminals accessed member accounts, the defense has told a federal court in seeking dismissal.

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Citizens Bank Customer Says Software Vendor Leaked Info

By Sydney Price

Communications software company Sefas Innovation Inc. has been hit with a proposed class action in Massachusetts federal court accusing it of failing to safeguard the data of its clients' customers from cybercriminals, resulting in a breach of its records in April.

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EXPERT ANALYSIS

High Court's Cox Ruling Leaves ISP Copyright Rules Intact

Though some commentators predicted a cataclysmic impact from the U.S. Supreme Court's recent decision in Cox v. Sony, in actuality the decision correctly maintains the status quo for internet providers' copyright infringement liability, says Courtney Sarnow at CM Law.

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LEGAL INDUSTRY

Alston & Bird Adds Ex-Katten Corporate Pro In Chicago

By Kevin Penton

Alston & Bird LLP has added a capital markets attorney previously with Katten Muchin Rosenman LLP as a partner in its Chicago office, the firm announced Thursday.

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FBI Assistant GC Joins FBI Alum At Fenwick

By Jack Rodgers

Fenwick & West LLP has hired the former assistant general counsel of the FBI, who will work as a counsel to support technology and life sciences companies and who is rejoining the former FBI director's chief of staff in the Washington, D.C., office.

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Toss Of Ex-Shkreli Atty's Deal May Be Error, 2nd Circ. Hints

By Pete Brush

A Second Circuit judge hinted Thursday that a trial judge may have erred in rejecting a retirement-fund garnishment deal that would have protected Martin Shkreli's convicted former lawyer from a potential $1 million "punitive tax event."

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Financial Cos. Say Atty Can't Represent Self In Securities Suit

By George Woolston

A group of financial services companies fighting an attorney's proposed securities class action has urged a New Jersey federal court to disqualify the attorney from serving as class counsel, arguing that precedent and ethical obligations prevent him from serving as both class counsel and the proposed class's named representative.

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King & Spalding Adds Congressional Health Policy Duo In DC

By Alison Knezevich

Two former congressional staffers experienced in health policy recently joined King & Spalding LLP in its Washington, D.C., office, the firm announced this week.

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Analysis

Why Compliance Is Getting Complicated In Latin America

By Phillip Bantz

White collar compliance is getting trickier for companies that do business in Latin America, according to experts, who say they are seeing big shifts in the region connected to cartel crackdowns and efforts to strengthen corporate regulations, including relatively recent pushes for voluntary self-disclosure.

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Comey Retains NC Criminal Defense Pro For 2nd Indictment

By Rachel Rippetoe

Former FBI Director James Comey has added a North Carolina white collar defense pro to his legal team fighting an indictment by the Trump administration over a social media post last year that prosecutors characterized as a threat of violence against the president, according to a court filing on Thursday.

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Broadfield Adds Corporate Partners From Sidley, Cooley In NY

By Tracey Read

Broadfield announced Thursday that two former BigLaw attorneys have joined the firm as partners in its U.S. corporate practice in New York.

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Judge Grants Additional Deposition Time In Retaliation Suit

By Melanie Dorsey

An attorney suing her ex-mentor and former law firm for sexual harassment and retaliation has been ordered by a Michigan federal judge to sit for two additional hours of deposition testimony after the court found that conduct during her first deposition impeded the examination and that further questioning is warranted based on developments in discovery.

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Shipman, Pullman Attys Among Dozen Added To Conn. Bench

By Brian Steele

Connecticut lawmakers confirmed 12 new judges to the Superior Court, including partners at Shipman & Goodwin LLP and Pullman & Comley LLC, as the 2026 legislative session wound to a close this week.

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NC Judge Tosses Atty's Suit Against State Bar Panel Member

By Andrea Keckley

A North Carolina federal judge dismissed a suspended attorney's lawsuit against a State Bar Disciplinary Hearing Commission member he accused of bias and due process violations, finding Thursday that the defendant is entitled to absolute quasi-judicial immunity.

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Ex-Jackson Walker Atty Seeks Breakup With Romance Suit

By Adrian Cruz

A former Jackson Walker LLP partner said Thursday that she should be dropped from a suit accusing her, a former Texas bankruptcy judge she had a secret relationship with and multiple law firms of allegedly fomenting "mass corruption" in Houston's bankruptcy court.

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LAW FIRMS IN TODAY'S NEWS

A&O Shearman

Akin Gump

Alston & Bird

Bandas Law Firm

Black Helterline

Bracewell LLP

Bradley Arant

Brown Legal Group PLLC

Brown Rudnick

Bryson Harris Suciu & DeMay

CM Law PLLC

Campbell Conroy

Cole & Van Note

Cooley LLP

Cravath Swaine

DLA Piper

Deborah Gordon Law

Faegre Drinker

Federman & Sherwood

Fenwick & West

Goodman Kalahar

Goodwin Procter

Gordon Rees

Holtzman Vogel

Jackson Walker LLP

Jenner & Block

Katten Muchin

Kellogg Hansen

Kienbaum Hardy

King & Spalding

Kirkland & Ellis

Latham & Watkins

Law Office of Keith Altman

Law Office of Tom Kirkendall

Levi & Korsinsky

Marshall Dennehey

McGinn Montoya

Milbank LLP

Milberg PLLC

Miller & Chevalier

Miller Nash LLP

Motley Rice

O'Melveny & Myers

Olsen Barton

Olsman MacKenzie

Orrick Herrington

Perkins Coie

Pullman & Comley

Reardon Scanlon

Saul Ewing

Schubert Jonckheer

Shamis & Gentile

Shipman & Goodwin

Shook Hardy

Sidley Austin

Siri & Glimstad

Skadden Arps

Squire Patton

Stoel Rives

Tycko & Zavareei

Wachtell Lipton

Weil Gotshal

White & Case

WilmerHale

COMPANIES IN TODAY'S NEWS

AOL

AT&T Inc.

Actelion Ltd.

Alvarez & Marsal Holdings LLC

Amazon.com Inc.

American Academy of Actuaries

American College of Trial Lawyers

American Public Power Association Inc.

Amphenol Corp.

Anadarko Petroleum Corp.

Apple Inc.

BMG Rights Management GmbH

Booz Allen Hamilton Holding Corp.

CTIA

Chemtura Corp.

Chesapeake Energy Corp.

Citadel Enterprise Americas LLC

Cornerstone OnDemand Inc.

Coupang, Inc.

Courier Plus Inc.

Cox Communications Inc.

Curaleaf Holdings Inc.

Epic Games Inc.

Equifax Inc.

Ferro Corp.

Financial Industry Regulatory Authority Inc.

Fordham University

Garden Remedies Inc.

Google LLC

Instagram Inc.

Johnson & Johnson

Judicial Watch Inc.

LinkedIn Corp.

Meta Platforms Inc.

Microsoft Corp.

Morgan Stanley

New England Treatment Access LLC

North Carolina State Bar

Occidental Petroleum Corp.

PGA TOUR Inc.

Paypal Holdings Inc.

Permira

Purdue Pharma LP

RTX Corp.

Rhapsody International Inc.

Sony Group Corp.

Sony Music Entertainment Inc.

T-Mobile US Inc.

TikTok Inc.

Travere Therapeutics Inc.

Trump Organization Inc.

UBS Group AG

Uber Technologies Inc.

Universal Studios Inc.

Verizon Communications Inc.

YouTube Inc.

eBay Inc.

iRobot Corporation

GOVERNMENT AGENCIES IN TODAY'S NEWS

Commonwealth of Massachusetts

Federal Bureau of Investigation

Federal Communications Commission

Federal Trade Commission

Food and Drug Administration

Government of Mexico

Internal Revenue Service

Massachusetts Supreme Judicial Court

New Mexico Attorney General's Office

North Carolina Department of Justice

Superior Court of Massachusetts

U.S. Attorney's Office

U.S. Attorney's Office for the District of Massachusetts

U.S. Attorney's Office for the Eastern District of New York

U.S. Copyright Office

U.S. Court of Appeals for the Fourth Circuit

U.S. Court of Appeals for the Ninth Circuit

U.S. Customs and Border Protection

U.S. Department of Health and Human Services

U.S. Department of Homeland Security

U.S. Department of Justice

U.S. Department of the Treasury

U.S. District & Bankruptcy Courts of Southern District of Texas

U.S. District Court for the District of Columbia

U.S. District Court for the District of Connecticut

U.S. District Court for the District of Massachusetts

U.S. District Court for the District of New Jersey

U.S. District Court for the District of Oregon

U.S. District Court for the Eastern District of Michigan

U.S. District Court for the Eastern District of North Carolina

U.S. District Court for the Eastern District of Virginia

U.S. District Court for the Middle District of Florida

U.S. District Court for the Northern District of California

U.S. District Court for the Southern District of New York

U.S. District Court for the Western District of Pennsylvania

U.S. District Court for the Western District of Washington

U.S. House of Representatives

U.S. Immigration and Customs Enforcement

U.S. Senate

U.S. Supreme Court