Kalshi Sports Offerings Appear On Shaky Ground At 6th Circ.

By Alex Lawson

A Sixth Circuit panel looked askance at Kalshi's push to have its sports event contracts shielded from state gambling regulators Thursday, pointedly questioning the prediction market giant about the difference between its offerings and traditional sports bets.

Read full article » | Save to favorites »

Coinbase Beats Bulk Of Users' Unregistered Securities Suit

By Aislinn Keely

A Manhattan federal judge delivered a significant victory to Coinbase on Thursday with a split ruling that found the crypto exchange can't be held responsible as a "statutory seller" for the vast majority of transactions on its platform, though the proposed securities class action will continue over a smaller number of orders Coinbase fulfilled from its own inventory of tokens.

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

2nd Circ. Judge Denies Kalshi Shield From NY Action, For Now

By Aislinn Keely

Kalshi faced a setback in its bid for a temporary shield against a potential New York enforcement action when a Second Circuit judge said she wouldn't rule on the request on her own, and sent the matter to a three-judge panel to decide.

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

OCC, FDIC Say Ore. Opt-Out Law Threatens Interstate Lending

By Jon Hill

Top federal banking regulators have lined up behind the banking industry in a challenge to a new Oregon law aimed at capping interest rates on loans from out-of-state banks, warning in federal court filings that it threatens "confusion" and disruption for interstate lending.

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

FTX Deal Would Route $160M To Victims Of Korean Fraudster

By Lauren Berg

The FTX Recovery Trust asked a Delaware bankruptcy judge to greenlight a settlement with the foreign representative of Junho Bang, a Korean citizen jailed over cryptocurrency fraud, that would return more than $160 million to the fraudster's victims.

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

Mets Become 1st MLB Team To Partner With Prediction Market

By Elaine Briseño

Sports trading app Novig announced Thursday that it has become the exclusive, official prediction market partner of the New York Mets, marking the first time a Major League Baseball team has collaborated with such a company.

Read full article » | Save to favorites »

Latham Secures SEC Relief For Data Center Securitizations

By Jessica Corso

U.S. Securities and Exchange Commission staff have freed some types of data center financing from having to comply with Dodd-Frank Act rules on credit risk retention and conflicts of interest, agreeing with Latham & Watkins LLP attorneys' arguments that the financial instruments are not asset-backed securities.

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

SEC Beats Fintech CEO's Suit Over Shutdown-Era Case

By Sydney Price

A D.C. federal judge dismissed a suit from the founder of Triterras Fintech alleging the U.S. Securities and Exchange Commission violated federal law by suing him during the government shutdown last year, holding that the founder has another avenue to fight the agency's claims.

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

Polymarket Says Hidden Sports Bets Suit Must Be Arbitrated

By Hailey Konnath

Polymarket is urging a New York federal court to send to arbitration users' claims that the prediction market company disguises its sports gambling offers as sports event contracts to get around regulations, arguing that its terms of use include an arbitration provision.

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

3 Firms Steer NYSE Owner ICE's $6B MarketAxess Deal

By Al Barbarino

The parent company of the New York Stock Exchange announced Thursday it has agreed to acquire MarketAxess Holdings Inc., a trading platform for fixed-income markets, for $6 billion, in a deal steered by three law firms.

Read full article » | Save to favorites »

Deals Rumor Mill

Curium, Sazerac And Stripe Pursue Megadeals, And More

By Al Barbarino

Reports of potential multibillion-dollar deals were plentiful this week, with U.S. alcohol producer Sazerac steadfast in its $15 billion pursuit of the maker of Jack Daniel's; Curium reportedly in advanced talks to acquire fellow radiopharmaceutical firm Lantheus Holdings Inc. for up to $8 billion; and Nvidia, Stripe and Devon Energy all linked to sizable strategic bets of their own.

Read full article » | Save to favorites »

3 Ways Tokenization Is Moving To Traditional Finance

Recent initiatives reflect efforts to integrate distributed ledger technology into existing regulatory frameworks for securities, banking and payments settlements while preserving the underlying rights and obligations of market participants, say attorneys at Hughes Hubbard.

Read full article » | Save to favorites »

Key Post-Proposal Shifts Likely In CFPB Loss Mitigation Rule

Mortgage servicers, borrowers and consumer advocates should prepare for a likely narrowed version of the Consumer Financial Protection Bureau's loss mitigation rule, which is likely to permit sequential reviews, defer to investor guidelines, extend compliance timelines and preempt conflicting state standards, say attorneys at Goodwin.

Read full article » | Save to favorites »

Series

Teaching SEC Investigations Makes Me A Better Lawyer

Instructing a law school course on U.S. Securities and Exchange Commission investigations has made me a more thoughtful, deliberate practitioner because it requires me to continually reassess and challenge what I know about securities law enforcement, how I know it and how best to explain it, says David Chase at Miami Law.

Read full article » | Save to favorites »

How Does In-House Pay Compare? Take The Law360 Survey

How do in-house salaries vary across industries, roles, and organizational revenue? What compensation tools are companies using to lure top talent? Help Law360 Pulse answer these questions and more in this year's In-House Compensation Survey.

Read full article » | Save to favorites »

Law360's Legal Lions Of The Week

By Andrea Keckley

Two Texas personal injury firms lead this week's edition of Law360 Legal Lions for their work securing a $604 million verdict against a freight broker and logistics company for their roles in a deadly 2021 highway collision.

Read full article » | Save to favorites »

Goldstein Launches Appeal Of Tax, Mortgage Fraud Case

By Jared Foretek

Imprisoned SCOTUSblog founder Thomas Goldstein is formally launching a Fourth Circuit appeal challenging his 12 convictions for tax and mortgage fraud, as well as his six-year prison sentence and the $3.1 million restitution judgment against him, according to a new filing from his attorneys.

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

Judges Rip DHS GC's 'Worst' Posts As Intimidation Campaign

By Jake Maher

Sitting federal judges on Friday blasted the general counsel of the U.S. Department of Homeland Security for "painting a target" on judges' backs in a recent series of social media posts attacking judges who ruled against the Trump administration in immigration cases and called on him to take them down.

Read full article » | Save to favorites »

NY Public Defense Org. Denies Union's ULP Claims

By Andrea Keckley

The Neighborhood Defender Services of Harlem's leadership on Friday denied allegations from the union representing its more than 100 employees that it has offered unlawful incentives to break its ongoing strike.

Read full article » | Save to favorites »

UK Litigation Roundup: Here's What You Missed In London

By Laura Stewart Liberty

The past week in London has seen George Michael's estate bring an intellectual property claim against the late star's friend over footage shared online, collapsed law firm Axiom Ince sue the U.K. branch of State Bank of India and Ryanair face a group claim from 262 people. Here, Law360 looks at these and other new claims in the U.K.

Read full article » | Save to favorites »

Hub Hires: Pierson Ferdinand, Biogen, FisherBroyles

By Chris Villani

While not as sizzling as the temperatures or the Red Sox, the Boston legal market remained hot through the month of July, with Hogan Lovells Cadwalader adding a mergers and acquisitions partner, Pierson Ferdinand snagging a veteran litigator and Foley & Lardner hiring a finance attorney.

Read full article » | Save to favorites »

Roundup

GC Cheat Sheet: The Hottest Corporate News Of The Week

By Michele Gorman

There has been a wave of cases alleging employers and their insurance brokers violated the Employee Retirement Income Security Act, and experts say this marks an increasing litigation trend. In the meantime, the American Bar Association is eyeing the elimination of the first of multiple diversity-related law school standards. These are among the stories in corporate legal news you may have missed in the past week.

Read full article » | Save to favorites »

In Case You Missed It: Hottest Firms And Stories On Law360

For those who missed out, here's a look back at the law firms, stories and expert analyses that generated the most buzz on Law360 last week.

Read full article » | Save to favorites »