Underdog Sues 5 States To Shield Sports Wagers

By Aislinn Keely

Prediction market operator Underdog sued five states Tuesday to head off potential gambling enforcement actions over its sports event contracts, becoming the latest firm to argue its federally-regulated platform is beyond the reach of state gaming laws.

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Ostium Faces $15M Asset Freeze After $23M Hack

By Caroline Simson

The assignee of a lender owed some $15 million by crypto trading platform Ostium Labs has obtained a temporary restraining order from a New York federal court as it pursues arbitration over an alleged default that followed a July hacking incident, court records showed Tuesday.

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Humboldt To Pay FTC $12M Over 'Sham' Merchant Payment Biz

By Katryna Perera

Payment processing company Humboldt Merchant Services has agreed to pay $12 million and be permanently banned from processing payments for merchants with a higher risk of fraud to resolve Federal Trade Commission claims that it processed payments for more than 1,000 merchants that defrauded customers.

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10th Circ. Won't Block Utah Enforcement Amid Kalshi Appeal

By Aislinn Keely

A pair of Tenth Circuit judges on Tuesday declined to shield Kalshi from Utah gaming regulators while it challenges a lower court ruling that cleared the way for the state to enforce its gambling laws against the firm's sports event contracts.

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Venable Adds Ex-SEC Commissioner Crenshaw To DC Office

By Jack Rodgers

Venable LLP announced Tuesday it has hired Caroline Crenshaw, who was the lone Democratic member of the U.S. Securities and Exchange Commission until her term ended in January, as a partner in the firm's Washington office.

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Gaming Group Says CFTC Can't Override NY's Gambling Laws

By Elaine Briseño

The American Gaming Association has pushed back against efforts by the U.S. Commodity Futures Trading Commission to permanently bar New York from cracking down on prediction markets, arguing that states are responsible for tailoring sports betting rules for their communities.

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SEC Sues Proxy Adviser Firm ISS For Client Voting Records

By Jessica Corso

The U.S. Securities and Exchange Commission has asked a Pennsylvania federal court to enforce a subpoena against Institutional Shareholder Services, alleging the proxy advisory firm is improperly withholding information about the voting advice ISS gives institutional investors due to fears of retaliation.

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DOJ, Pinnacle Reach RealPage Rent-Fixing Settlement

By Isaac Monterose

The federal government wants to settle its antitrust claims against Cushman & Wakefield unit Pinnacle Property Management Services LLC, which was accused in North Carolina federal court of using property management software company RealPage Inc.'s revenue management technology to fix rental prices, according to the U.S. Department of Justice.

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Binance Seeks Dismissal Of Terrorist Attack Victims' Suit

By Madeline Lyskawa

Binance and its former CEO pushed a federal judge in Manhattan to dismiss a lawsuit claiming the cryptocurrency exchange aided and abetted 30 terrorist attacks, saying the plaintiffs still couldn't plausibly allege that the company provided knowing and substantial assistance to foreign terrorist organizations.

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Catching Up With Delaware's Chancery Court

By Jarek Rutz

The Delaware Chancery Court this past week saw disputes involving a former NFL star and a $2.5 million solar venture, Morgan Stanley's role in Fox Corp.'s planned $22 billion acquisition of Roku Inc., and JPMorgan Chase & Co.'s effort to pause more than $20 million in legal-fee payments to former Frank executives.

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Brief

Quantitative Trader's Trade Secret Trial Pushed To November

By Elliot Weld

A trial that was set to begin Sept. 14 in a case of a quantitative trader accused of stealing his former employer's trade secrets was pushed to November after a New York federal judge ruled Tuesday that the court and parties needed more time to litigate the admissibility of a defense witness.

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SEC's Adit Case Maps 5 Fault Lines In Pre-IPO Funds

The U.S. Securities and Exchange Commission's recent case brought against Adit Ventures Management offers fund counsel, limited partners and private market intermediaries a useful example of where a pre-initial public offering vehicle can fail, and how familiar fiduciary and anti-fraud principles apply, says Ben Dubin at VC Expert Services.

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ABA Law School Accrediting Arm Repeals Diversity Standard

By Emma Cueto and Andrea Keckley

The American Bar Association council responsible for law school accreditation voted Tuesday to eliminate its diversity and inclusion standard, the final step in a process that the council hopes will ensure it remains an accreditor recognized by the U.S. Department of Education.

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Ex-DLA Piper Partner Must Face Claim He Raped Associate

By Lynn LaRowe

A Massachusetts state court has ruled it has jurisdiction over an assault and battery claim alleging a former DLA Piper partner raped a former Boston-based associate in Delaware, finding that purported incident was part of "a larger course of conduct encompassing multiple torts across several states, all circling around plaintiff's residence and work in Massachusetts."

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5th Circ. Backs Ax Of $125M Judgment Over Judge Friendship

By Mike Curley

A split Fifth Circuit panel Tuesday affirmed the vacatur of a trial by a magistrate judge that resulted in a $125 million judgment against Port of Lake Charles, finding the district court correctly found that the magistrate judge didn't fully disclose her 40-year, "close, multifaceted, and personal friendship" with IFG Port Holdings LLC's attorney.

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AG Blanche To Speak At GOP Midterm Convention

By Courtney Bublé

Attorney General Todd Blanche will speak at the Republican midterm convention this week in his "personal capacity."

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