Dem Says 'Compromise' Can Thread Stablecoin Yield Needle

By Jon Hill

A key U.S. Senate Democrat called Tuesday for closing what bankers say is a stablecoin interest "loophole" that could siphon deposits from traditional lenders, stressing that compromise may be needed to avoid letting the "perfect be the enemy of good."

Read full article » | Save to favorites »

Atkins Promises End To 'Duplicative' SEC-CFTC Enforcement

By Jessica Corso

The U.S. Securities and Exchange Commission is in the process of updating its protocols for coordinating enforcement efforts with the Commodity Futures Trading Commission with an eye toward ending "duplicative enforcement actions," SEC Chair Paul Atkins said Tuesday.

Read full article » | Save to favorites »

DOJ Unveils Superseding Policy For Corporate Criminal Cases

By Sarah Jarvis

The U.S. Department of Justice on Tuesday released its first-ever, department-wide, corporate enforcement policy for criminal matters, outlining how it will decline to prosecute companies that voluntarily disclose misconduct, cooperate with investigators and remediate wrongdoing.

Policy attached | Read full article » | Save to favorites »

Feds Want October Retrial For Tornado Cash Founder

By Aislinn Keely

Federal prosecutors have requested an October retrial for the alleged operator of the Tornado Cash crypto mixer in a letter that told the Manhattan federal court the government intends to take another crack at bringing money laundering and sanctions charges that deadlocked a jury in August.

Letter attached | Read full article » | Save to favorites »

Texas Crypto Exec Seeks To Vacate $141M Wyoming Judgment

By José Luis Martínez

A cryptocurrency executive is asking the Texas Business Court to vacate a $141 million Wyoming state court default judgment tied to an investment deal that is part of separate litigation from the U.S. Securities and Exchange Commission, according to a notice of removal.

Complaint attached | Read full article » | Save to favorites »

Polymarket Loses Bid To Block Mich. Gambling Enforcement

By Jonathan Capriel

There's "no logical way" to view Polymarket's event contracts — which allow people to profit or lose on sports-related outcomes — as financial "swaps" as defined in the Commodity Exchange Act, a federal judge said Tuesday, denying the company's request to temporarily block Michigan officials from imposing state gambling laws.

Opinion attached | Read full article » | Save to favorites »

Calif. Judge Says EFTA Doesn't Cover Wires In Discover Suit

By Sydney Price

Discover Bank has escaped a proposed class action accusing it of failing to reimburse consumers for wire fraud, ruling that a key federal payments law does not make Discover liable for the fraudulent $110,000 transfer made from the plaintiff's account.

Order attached | Read full article » | Save to favorites »

Robinhood Wants Mich. Gambling Law Enforcement Blocked

By Tom Lotshaw

Robinhood Derivatives LLC has asked a Michigan federal judge to block the state from enforcing gaming laws against it, arguing that federal statutes give the Commodity Futures Trading Commission jurisdiction over sports-related event contracts.

2 documents attached | Read full article » | Save to favorites »

Ill. Swipe Fee Ruling Sets Stage For A High-Stakes Appeal

In Illinois Bankers Association v. Raoul, an Illinois federal court upheld the state's ban on credit and debit card swipe fees on tax and tip payments, while permanently enjoining the statute's data usage limitation, but an imminent appeal could significantly influence the trajectory of state-level payments regulation, say attorneys at Latham.

Order attached | Read full article » | Save to favorites »

Military Attys In DOJ 'Erodes Democratic Norms,' Ex-JAGs Say

By Lauren Berg

Nearly a dozen former military lawyers raised the alarm about the Trump administration appointing judge advocate officers to U.S. attorneys' offices, urging a Minnesota federal judge Tuesday to bar an Army lawyer from prosecuting a case that accuses a civilian of assaulting federal immigration enforcement agents.

4 documents attached | Read full article » | Save to favorites »

DOJ Official Faces Ethics Case Over Georgetown DEI Letters

By Alison Knezevich

U.S. Pardon Attorney Ed Martin has been hit with disciplinary charges in the nation's capital over threatening letters he sent to Georgetown University Law Center last year while he was interim U.S. attorney for Washington, D.C.

Complaint attached | Read full article » | Save to favorites »

Dems Confront Roberts At Wide-Ranging Judiciary Gathering

By Jeff Overley

The federal judiciary's top administrator voiced "serious and urgent concerns" Tuesday regarding threats of retribution against judges, a warning that coincided with a judicial gathering where Democrats discussed security fears and controversial U.S. Supreme Court rulings.

2 documents attached | Read full article » | Save to favorites »

Prosecutor Resigns, Judge Shows Slide Deck On AI Errors

By Abigail Harrison

A federal prosecutor told a North Carolina federal court Tuesday that he was separating from the office after admitting in open court to using artificial intelligence to help draft a response brief, what he called "the worst decision I've ever made in my 30-year career."

Order attached | Read full article » | Save to favorites »

Calif. Atty Gets Over 11 Years For Solar $1B Ponzi Scheme

By Dorothy Atkins

A California federal judge has sentenced a corporate attorney to 11 years and five months behind bars after he pled guilty to nearly two dozen charges for his role in DC Solar's $912 million Ponzi scheme, which duped major investors including Berkshire Hathaway, Progressive and SunTrust Equipment Finance & Leasing.

Read full article » | Save to favorites »

Ex-Moses & Singer Partner Admits Tax Crimes, Will Pay $2.8M

By Aaron Keller

A former Moses & Singer LLP partner admitted to practice in New York and North Carolina courts has pled guilty to three counts of failing to file personal income tax returns and will pay $2.8 million in restitution, the U.S. Attorney's Office for the District of Connecticut announced Monday.

2 documents attached | Read full article » | Save to favorites »

Judiciary Approves Supreme Court Public Defender Office

By Katie Buehler

The federal judiciary approved a new office Tuesday aimed at improving the quality of representation for indigent defendants with cases in front of the U.S. Supreme Court. 

Read full article » | Save to favorites »

Judge Fumes As Live Nation Antitrust Trial Remains In Limbo

By Stewart Bishop

The status of Live Nation Entertainment's antitrust trial and proposed settlement over federal and state government claims of anticompetitive conduct remained up in the air Tuesday amid pushback by several states, while the Manhattan federal judge overseeing the case upbraided the parties for keeping him out of the loop about negotiations.

Read full article » | Save to favorites »

DLA Piper Can't Rep Itself At Bias Trial, Fired Atty Says

By Pete Brush

DLA Piper should not be permitted to represent itself at trial in a pregnancy discrimination case brought by a senior associate who was fired in 2022, lawyers for the plaintiff told a Manhattan federal judge.

4 documents attached | Read full article » | Save to favorites »

Judge Nixed Over MAGA Op-Ed Seeks Reinstatement

By Emily Sawicki

A retired Illinois state trial court judge pursuing First Amendment claims against the state Supreme Court after his right-wing opinion column resulted in his removal from a temporary judgeship has moved for immediate reinstatement to the Cook County Circuit Court.

2 documents attached | Read full article » | Save to favorites »

Wisconsin Judges Decline To Extend Interim US Atty's Term

By Courtney Bublé

A majority of judges in the Eastern District of Wisconsin have declined to extend the tenure of interim U.S. Attorney Brad Schimel, according to an announcement Tuesday.

Read full article » | Save to favorites »

J&J Opposes Beasley Allen Reinstatement Bid In NJ Talc Fight

By Emily Sawicki

Johnson & Johnson is urging the New Jersey Supreme Court to not take the "extraordinary step" of intervening in an appellate panel ruling that disqualified Beasley Allen from representing hundreds of women in product liability litigation against the pharmaceutical giant after the Georgia-based firm "knowingly collaborated" with a former Johnson & Johnson outside counsel.

1 document attached | Read full article » | Save to favorites »