CFTC's Selig Vows 'Grounded' Oversight Of Agentic Finance

By Aislinn Keely

U.S. Commodity Futures Trading Commission Chairman Michael Selig said Wednesday that his agency plans to take a "grounded" approach to agentic finance that's also mindful of the risks it poses and courted industry feedback on how to address the rise of artificial intelligence in derivative markets.

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Missouri, Louisiana Sued By Prediction Market Giants

By Katryna Perera

Missouri and Louisiana are the latest states to become embroiled in litigation with event contract platforms, after Kalshi and Polymarket sued them, respectively, to prevent pending enforcement action.

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Robinhood Agrees To Pause Sports Event Contracts In Ohio

By Tom Lotshaw

Robinhood Markets Inc. on Wednesday said it struck an agreement with Ohio's gaming commission to stop offering new sports-related event contracts in the Buckeye State in exchange for an enforcement reprieve while litigation over the contracts' legality plays out in federal courts.

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PayPal's Financial Offerings Are Under Fresh FTC Scrutiny

By Sarah Jarvis

PayPal has disclosed that it is facing a Federal Trade Commission investigation into its financial products and services, including marketing, fees and purchase protections.

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CFPB Audit Flags Cybersecurity Gaps Amid Staff Departures

By Jon Hill

The Consumer Financial Protection Bureau has failed to promptly fix serious cyber weaknesses and consistently track data in its possession as staffing losses have hampered the agency's ability to safeguard its systems, according to a federal watchdog audit released Wednesday.

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Sportsbooks Say DC Law Bars Bettor Loss Recovery

By Elaine Briseño

Sportsbook operators are urging the D.C. Circuit not to revive a lawsuit challenging the legality of their operations there, arguing the city expressly excluded licensed sports wagering from the statute being invoked to recover losses for bettors.

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Midterm Elections Outlook For Financial Services

A change in congressional control after the upcoming midterm elections could bring about slower regulatory approvals, intensified oversight and shifting enforcement priorities for the financial services industry, say attorneys at Covington.

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New Manhattan DA Task Force Puts Antitrust In Its Crosshairs

The Manhattan District Attorney's Office's new corporate crime and antitrust task force is adding local criminal enforcement to a field long led by federal authorities, meaning companies need to account for potential parallel federal and state antitrust investigations when responding to misconduct, say attorneys at Ropes & Gray.

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3 Strategies To Reduce AI Sycophancy In Legal Work

The tendency of generative artificial intelligence models to tell users what they want to hear can reinforce attorneys’ confirmation bias when testing the strength of arguments, and it can’t simply be prompted away — but a few practices can help mitigate it, says Michael Ott at Ice Miller.

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Weil To Wind Down As Top Attorneys Abandon Firm

By Daniel Moritz-Rabson, Alex Wittenberg and Aebra Coe

Weil Gotshal & Manges LLP, the restructuring powerhouse that led Lehman Brothers, Enron and General Motors through bankruptcy, told Law360 Pulse Wednesday that the firm is preparing to wind down operations.

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BigLaw Tip Middleman To Admit Role In $3.5M Trading Scheme

By Chris Villani

An alleged middleman in a sweeping scheme to trade off of deal information stolen from major law firms has agreed to plead guilty and potentially faces a prison term of nearly a decade, according to a plea agreement filed Wednesday in Massachusetts federal court.

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Judge Hellerstein, Gruff Moderator Of Major Cases, Dies At 92

By Pete Brush

Judge Alvin K. Hellerstein, a former litigator and sometimes impatient Manhattan federal jurist who presided over decades of high-profile cases that often came under close appellate scrutiny, died Wednesday at the age of 92.

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LA's Top Federal Prosecutor 'Unlawfully Serving,' Judge Finds

By Christine DeRosa

A federal judge has ruled that Los Angeles' top federal prosecutor isn't legally serving in the role and that he is disqualified from participating in or supervising two criminal prosecutions.

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Proskauer, Reddit Attys Called To Testify In Data-Scraping Suit

By Bryan Koenig

A New York federal judge on Wednesday called for live testimony from two Proskauer Rose LLP attorneys and Reddit's deputy general counsel as he weighs the law firm's bid to represent Perplexity AI in a lawsuit from Reddit, the firm's former client, over alleged data scraping.

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BakerHostetler Malpractice Case To Expand With RICO Claim

By Emily Johnson

A Georgia federal judge has allowed a trustee who has accused BakerHostetler and an Atlanta-based attorney of legal malpractice to file an amended complaint after the trustee asked to add claims of Georgia RICO Act violations.

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Mich. Judge Weighs Toshiba Legal Bills Discovery Fight

By Melanie Dorsey

A Michigan federal judge on Wednesday questioned whether she needs to review specific objections to DTE Electric Co. and Consumers Energy Co.'s multimillion-dollar attorney fee request before deciding whether Toshiba Corp. must disclose its own legal bills and litigation expenses following a nearly $394.4 million jury verdict over a botched power plant overhaul.

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SC Gov.'s Counsel Still In The Running For Federal Judgeship

By Courtney Bublé

The chief legal counsel for South Carolina Gov. Henry McMaster is "being actively considered" for a federal judgeship, according to the White House, but it's not a done deal yet.

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Analysis

Albright Left Key Issue In Billion-Dollar IP Fight Unanswered

By Dani Kass

In May 2025, then-U.S. District Judge Alan Albright watched a jury hold that VLSI Technology is controlled by Fortress Investment Group, but by the time he left the bench in August 2026, the judge had yet to decide whether that ownership would let Intel avoid billions of dollars in patent infringement verdicts.

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