Kalshi Uses CFTC Order To Build Case For NY Shield

By Alex Lawson

Kalshi intensified its push for the Second Circuit to shield it from a New York state lawsuit targeting its sports event contracts Wednesday, arguing a new U.S. Commodity Futures Trading Commission directive demonstrates the company's need for protection.

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NYC Probes Polymarket, Kalshi Over Ads Targeting Minors

By Sarah Jarvis

The New York City Council announced Wednesday that it is investigating Kalshi, Polymarket, Coinbase and Gemini Titan for potentially false, deceptive or abusive advertising tactics for their prediction market platforms, expressing concerns about marketing directed toward young people.

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Lender Groups 'Wrong' On Interest Opt-Out Law, Ore. Says

By Jon Hill

Oregon is pushing back against financial industry groups' request to halt the state's new law aimed at capping interest rates on loans from out-of-state banks, arguing the lender trade groups suing in federal court over this so-called opt-out law are trying to impose limits on it that Congress never intended.

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Novig Loses Bid To Halt NY Action Over Prediction Market

By Sydney Price

A New York federal judge has refused to grant a temporary restraining order that would block the state from taking action against prediction market Novig, stating she was following the lead of another judge in her district who issued a similar ruling against Kalshi.

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Newrez Pays $15.5M Over Force-Placed Insurance Charges

By Gina Kim

Rithm Capital-owned mortgage servicer Newrez LLC will pay $15.5 million to resolve allegations that force-placed insurance charges were erroneously levied against customers, following a multistate mortgage loan servicing examination, according to an announcement Wednesday from the New York State Department of Financial Services.

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In 'Close' Call, 7th Circ. Backs FDIC In-House Enforcement

By Lauren Berg

In what the court called a "close and challenging call," the Seventh Circuit on Wednesday ruled the Federal Deposit Insurance Corp. could use in-house proceedings to adjudicate claims of unsound banking practices, rejecting a former Illinois community bank chairman's contention that such proceedings violate his right to trial by jury.

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PayPal Wins Final Dismissal Of Merchant Rules Antitrust Suit

By Sydney Price

PayPal on Wednesday beat for good a proposed class action over its alleged restrictive merchant agreements, with a California federal judge finding that the third version of the suit still fails to establish the consumers' standing to bring antitrust claims.

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WSJ Says Binance Sued Because It's Unhappy With Facts

By Stewart Bishop

The publisher of the Wall Street Journal on Wednesday urged a Manhattan federal judge to deep six a defamation suit brought by Binance over reporting about internal investigators at the crypto exchange who were allegedly fired after flagging Iranian sanctions violations, saying the company is just unhappy with the way the Journal reported the facts.

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Goldman Sachs To Buy NEOS Investments For Up To $2.25B

By Al Barbarino

Goldman Sachs said Wednesday that it has agreed to acquire NEOS Investments, a provider of options-based income exchange-traded funds, for up to $2.25 billion in cash and equity, in a transaction steered by three law firms. 

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What Regulatory 'Reputation Risk' Purge Means For Banks

Banks should expect closer scrutiny of account closures and service denials after federal regulators recently stripped "reputation risk" from supervisory guidance, and should tie customer decisions to documented, objective legal and financial criteria to protect against debanking-related enforcement, say attorneys at Troutman.

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How Axing SEC Trade-Through Rule Could Reshape Markets

The proposed elimination of a Securities and Exchange Commission rule that mandates a price benchmark for equity securities trades could allow blockchain-based trades to compete with legacy frameworks in registered markets, potentially serving as a test case for updated regulatory models, say Alex Zozos at Superstate, and Lewis Rinaudo Cohen and Edward Leaf at Cahill Gordon.

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Trump Picks Ex-Arkansas SG, Walmart Lawyer For 8th Circ.

By Courtney Bublé

President Donald Trump has announced that he's looking to elevate Judge Lee Rudofsky of the Eastern District of Arkansas to the U.S. Court of Appeals for the Eighth Circuit.

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NYC Bar Committee Calls For Nationwide AI Rules Framework

By Andrea Keckley

A New York City Bar Association committee concluded in a policy paper published Wednesday that artificial intelligence tools "may assist legal work but cannot substitute for professional legal judgment," calling for a national framework to be built into the Model Rules of Professional Conduct governing its use.

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NC Biz Court Bulletin: Judges Retire, HCA Suit Heads To Trial

By Hayley Fowler

The North Carolina Business Court dropped a host of heavy-hitting opinions in July ahead of two judicial retirements and a new chief judge rising in the ranks.

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JP Ward Attorney Exodus Delays Pa. Labor Trafficking Suit

By Matthew Santoni

A "staffing disruption" at the Pittsburgh law firm J.P. Ward & Associates led the firm to request a stay of a labor-trafficking case against hotels in Pennsylvania and West Virginia, after the firm was reduced to one attorney and two staff members, according to court filings.

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Brief

DOJ Fraud Division To Reach 500 Staffers This Month

By Courtney Bublé

By the end of the month, there will be about 500 attorneys and staff in the U.S. Department of Justice's new fraud division, with more to come as time goes on.

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Latham Leads List Of Client Service 'All-Stars,' Report Says

By Ryan Boysen

Latham & Watkins LLP, Gibson Dunn & Crutcher LLP and Orrick Herrington & Sutcliffe LLP all delivered exceptional client service in a fast-changing, high-pressure era where "the business decision is also the legal decision," a new report by BTI Consulting Group says.

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