Kalshi's Sports Betting Temporarily Halted In Michigan

By Lauren Berg

A Michigan judge Monday issued an order temporarily blocking Kalshi from offering sports wagers to residents, as the state's attorney general pursues a lawsuit alleging the prediction market is running an unlicensed online sports betting platform.

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Analysis

The End Of An 'Independent' FTC

By Bryan Koenig

Federal Trade Commission members, responsible for merger review, antitrust enforcement, consumer protection safeguards and rulemaking, and industry analysis, no longer serve at a remove from presidential authority, thanks to Monday's U.S. Supreme Court ruling that could dramatically remake the FTC and other independent agencies.

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Justices Strike Down Humphrey's Presidential Firing Limits

By Katie Buehler

The president has unlimited authority to fire members of independent agencies, the U.S. Supreme Court ruled Monday in a major win for President Donald Trump's campaign against officials at the Federal Trade Commission and beyond.

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Analysis

High Court Gives Fed Independence A 'Fragile' Reprieve

By Jon Hill

The U.S. Supreme Court has thrown its weight behind Federal Reserve independence by rejecting President Donald Trump's bid to immediately oust Fed Gov. Lisa Cook, but experts say the fight over central bank control may not be finished — just moving to a new phase.

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High Court Lets Fed's Lisa Cook Keep Job For Now

By Jon Hill

The U.S. Supreme Court ruled Monday that Federal Reserve Gov. Lisa Cook cannot be immediately removed from her post, a setback for President Donald Trump as he seeks to further remake the central bank's leadership.

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Citibank Defeats Texas Man's $20M NFT Romance Scam Suit

By Hailey Konnath

A New York federal judge Monday threw out a Texas man's suit accusing Citibank NA of ignoring red flags that allowed scammers to siphon nearly $4 million from his family trusts after he fell for a social media romance scam involving nonfungible tokens.

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Chinese Exile Guo Gets 30 Years For $1.4B Fraud

By Stewart Bishop

Exiled Chinese businessman and dissident Miles Guo on Monday was sentenced to 30 years in prison, after a Manhattan federal jury convicted him of defrauding investors of more than $1.4 billion in connection with what prosecutors say was "a criminal enterprise built on lies."

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Justices Turn Away Case Challenging SEC's 'Gag Rule'

By Jessica Corso

The U.S. Supreme Court on Monday said it would not hear a constitutional challenge to a now-rescinded U.S. Securities and Exchange Commission policy that prohibited defendants from denying allegations against them when settling an enforcement action with the agency.

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SEC Fines Wedbush $1.9M Over Electronic Blue Sheet Errors

By Katryna Perera

The U.S. Securities and Exchange Commission on Monday fined Wedbush Securities Inc. $1.9 million over alleged electronic blue sheet filing errors that resulted in the misreporting of EBS data for at least 51.8 million transactions.

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Brief

SEC Wins $5.4M Default In 1st Crypto 'Pig Butchering' Case

By Aislinn Keely

The U.S. Securities and Exchange Commission has won its first suit targeting a type of crypto scam known as pig butchering with a roughly $5.4 million default judgment against NanoBit Limited and its related entities.

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Circle Faces $232M Suit From N. Korea Victim's Family

By Aislinn Keely

The family of a missionary who was kidnapped and murdered by North Korean agents is seeking to collect over $232 million from blockchain company Circle after the stablecoin issuer allegedly failed to freeze funds linked to North Korean hackers amid the April Fools' Day exploit of crypto project Drift Protocol.

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Chinese Broker Futu Hit With Investor Suit Over Penalty Risk

By Sydney Price

China-based brokerage firm operator Futu Holdings Ltd. has been hit with a proposed shareholder class action in New York federal court accusing it of concealing risks associated with its noncompliance with Chinese securities laws, causing company shares to fall by nearly a third of their value when Futu disclosed regulatory shortcomings.

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Fed. Circ. Declines WDTX Transfer Bid In Crypto Patent Case

By Elliot Weld

The Federal Circuit on Monday refused to back cryptocurrency mining company Core Scientific Inc.'s bid to move a case accusing it of infringing cryptography patents to the Western District of Texas, rejecting Core's arguments that it had clearly shown a transfer was necessary and that a magistrate judge had committed legal errors in disagreeing.

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China Crackdown Spurred $100M Insider Trading, Suit Says

By Katryna Perera

A suit filed in New York federal court Monday alleges a group of unknown traders carried out a $100 million insider trading scheme tied to a Reuters report and other disclosures about a Chinese regulatory crackdown on cross-border securities platforms.

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Fish & Richardson Faces DQ Bid In Texas Patent Suit

By Adam Lidgett

A company that accused LVMH of infringing its nonfungible tokens display technology patents says Fish & Richardson PC should be blocked from representing the luxury goods giant because the firm met with the patent owner in the past.

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2 Prediction Market Cases Will Test Insider Trading Theory

Prosecutors in two recent Southern District of New York cases have filed separate charges against two defendants who used confidential information gathered from each employer to place prediction market bets, but each prosecution must overcome different legal hurdles established by the U.S. Supreme Court and the Second Circuit, says John Siffert at Lankler Siffert.

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Ill. Law Firm MSO Bill Clashes With Court Power, Ethics Rules

An Illinois bill prohibiting law firms from certain business arrangements with management service organizations, sent to the governor for signature last week, encroaches upon the courts' constitutional powers and goes beyond the Illinois Rules of Professional Conduct in regulating investment in law-related services, says Matthew O’Hara at Smith Gambrell.

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2 Ex-Clifford Chance Attys Say Firm Wants To Claw Back $6M

By Jake Maher

Two former practice group leaders at Clifford Chance LLP have sued in New York federal court alleging the firm is trying to claw back nearly $6 million in total from the pair after they moved to Sidley Austin LLP early this year.

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Trump Nominates Just Confirmed La. Judge For 5th Circ.

By Courtney Bublé

Judge Anna St. John has been on the federal bench for less than four months, and now she's being put forth for a higher court.

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McCarter Atty Says He Didn't Know NY Law Before $20M Deals

By Brian Steele

A onetime McCarter & English LLP partner in Hartford testified Tuesday that he did not research New York's municipal contracting laws before helping two insurers enter into doomed $20 million loan repayment agreements with a Long Island town, but contended that he was under no obligation to do so.

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NJ Assembly Passes Litigation Funding Disclosure Bill

By Jake Maher

The New Jersey Assembly passed a bill requiring the disclosure of third-party litigation funding arrangements on Tuesday by an overwhelming margin after similar pending legislation in the state Senate received pushback from trial lawyers and litigation finance representatives.

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Apple Gets High Court Review Of Epic Case Sanctions

By Bryan Koenig

The U.S. Supreme Court agreed Tuesday to take up Apple's challenge to a California federal court contempt order against it for violating a ban, won by Epic Games, on company policies that barred app developers from steering users to outside payment options.

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Analysis

Justices' Birthright Ruling Leaves Little Room For Congress

By Britain Eakin

The U.S. Supreme Court's 5-4 holding Tuesday that President Donald Trump's executive order limiting birthright citizenship is unconstitutional did more than invalidate the policy, it effectively foreclosed Congress from trying to implement the executive order through legislation, experts told Law360.

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High Court Scraps Caps On Coordinated Campaign Spending

By Katie Buehler and Jeff Overley

The U.S. Supreme Court on Tuesday struck down federal limits on political party spending in coordination with individual candidates, agreeing with a Republican-led challenge that the caps violate the First Amendment.

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Uber, FedEx Slam Pa. Law Firm Counterclaims In RICO Suit

By James Boyle

Philadelphia-based personal injury firm Simon & Simon PC and its founder have failed to support a counterclaim in Pennsylvania federal court saying Uber Technologies Inc. and FedEx Corp. filed a sham litigation and abused the legal process with their ongoing RICO complaint against the firm, the companies argued Monday.

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NY State Bar Wants New Bar Exam Rules For Emergencies

By Kevin Penton

Following two recent incidents that drew scrutiny over their handling, the New York State Bar Association is calling for new standardized protocols to be followed should emergencies occur during the administration of the bar exam.

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