SEC Floats Crypto Custody Rule Updates For Funds, Advisers

By Aislinn Keely

The U.S. Securities and Exchange Commission on Thursday proposed updates to custody rules that would allow investment advisers and funds to hold clients' crypto with state trust companies or safeguard the assets themselves if they can't find a suitable custodian.

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Interview

Exit Interview: SEC's Hester Peirce On Crypto, Clarity And AI

By Jessica Corso

Outgoing U.S. Securities and Exchange Commissioner Hester Peirce doesn't mind being referred to as "Crypto Mom" for her work championing the industry, but she thinks investors should know: "The government is never your mom."

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Uranium Finance Jury Sees 'I Did A Crypto Heist' Chat

By Stewart Bishop

A federal jury in Manhattan was shown chat threads Thursday that purport to show a cybersecurity consultant saying "I did a crypto heist," in a computer fraud and money laundering trial over what prosecutors say was a short-lived hacking campaign that drained $53 million from crypto exchange Uranium Finance.

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NY, Wyo. To Collaborate For Faster Crypto Reviews, Exams

By Aislinn Keely

Financial regulators in New York and Wyoming on Thursday said they have agreed to collaborate on crypto oversight in ways that could cut down on duplicative review processes and exams for fintechs operating in both states.

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Kalshi Looks To Shield Sports Offerings At 2nd Circ.

By Alex Lawson

Prediction market giant Kalshi has asked the Second Circuit to shield its sports offerings from Connecticut gaming enforcers, drilling down on its position that those offerings ought to be immune from state scrutiny.

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FDIC Says Workplace Culture Monitorship Has Ended

By Jon Hill

The Morrison Foerster LLP attorney hired to oversee the Federal Deposit Insurance Corp.'s efforts to address past issues with workplace misconduct has concluded her assignment after two years on the job, declaring the agency "well positioned" to move forward.

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CFPB Couldn't Verify Security Of Tech Left In Offices, IG Says

By Jon Hill

The Consumer Financial Protection Bureau left computer equipment sitting in its now-closed regional offices for more than a year and a half without confirming that the hardware, and any sensitive material on it, was locked down, a federal watchdog said Thursday.

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DOJ Outlines New Corporate Fraud Enforcement Priorities

By Phillip Bantz

Federal prosecutors "must place great weight" on a new list of factors when considering potential charges in corporate fraud cases, including whether the matters involve government programs, threats to national security or immigration offenses, according to a memo released Thursday by the U.S. Department of Justice.

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SEC Fines Ex-NFL Player, Influencers Over 'White-Label' Firms

By Sarah Jarvis

The U.S. Securities and Exchange Commission has levied industry bars and a total of nearly $600,000 in fines on seven people, including a former professional football player, for allegedly acting as unregistered brokers by operating and marketing white-label platforms purchased from a third party for trading in so-called contracts for differences.

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DOJ's RealPage Deal Doesn't End States' Antitrust Claims

By Matthew Perlman

A North Carolina federal court has refused to toss antitrust claims from state enforcers accusing RealPage of providing software that allows residential building owners to inflate rents, despite RealPage's settlement in the case with the U.S. Department of Justice.

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Super Micro Fraud Suit Dismissed Over Vague Allegations

By Katryna Perera

Super Micro Computer has beaten, for now, a shareholder suit accusing it of violating a previous settlement with the U.S. Securities and Exchange Commission over accounting improprieties, with a California federal judge finding the allegations vague and lacking specificity.

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Opinion

CFTC's New Award Policy Punishes Whistleblower Success

The U.S. Commodity Futures Trading Commission recently capped four whistleblower awards because it considered them too large, arguing that it could lead to frivolous reporting, but the move instead penalizes the program for its own success and flies in the face of the framework enacted by Congress, say attorneys at Whistleblower Partners.

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Testing AI's Promise For Large-Scale Document Review

Our document-review comparison of attorneys' responsiveness and issue coding decisions versus predictions generated by artificial intelligence across 1,600 documents suggests that these tools can offer a reasonable and reliable basis for improved discovery workflows, provided lawyers understand where guardrails are needed, say attorneys at Redgrave.

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Justice Alito Says He's Weighing The Best Time To Retire

By Katie Buehler

U.S. Supreme Court Justice Samuel Alito has confirmed that he considered retiring at the end of the high court's latest term, and that he will continue to weigh that decision "every term." 

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Munger Tolles Announces Clerkship Bonus Increases

By Matt Perez

Munger Tolles & Olson LLP announced Thursday that it is increasing its clerkship bonuses to $180,000 for one qualifying clerkship and $200,000 for two or more qualifying clerkships.

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Roberts Wants Less Talk. Supreme Court Attorneys Disagree.

By Katie Buehler

Near the end of last term, Chief Justice John Roberts voiced his frustration with the U.S. Supreme Court's lengthening oral argument sessions and suggested the justices might tweak their format over the summer. But as the new term begins Monday, the court has yet to announce any changes, and advocates see little need for improvement.

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5 Supreme Court Cases To Watch This Fall

By Katie Buehler

The U.S. Supreme Court will convene Monday to begin its 2026 October term, which includes several cases that could determine the future of climate change tort litigation, expand religious freedoms and parental rights, and grant states authority to require proof of citizenship when individuals register for presidential elections using state forms. 

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Analysis

DOJ Envisions 'Full-Fledged Law Firm' To Combat Gov't Fraud

By Phillip Bantz

The National Fraud Enforcement Division was created less than six months ago, but it is rapidly reshaping the U.S. Department of Justice and spurring an uptick in internal corporate investigations, white collar experts say.

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Legal Sector Adds 2K Jobs, For 6th Straight Month Of Growth

By Tracey Read

While the overall U.S. economy's unemployment rate ticked up to 4.2% last month, the legal industry was in the midst of a six-month hot streak.

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Judge Clevenger Retires After 36 Years On Fed. Circ.

By Dani Kass

U.S. Circuit Judge Raymond C. Clevenger III has retired from the Federal Circuit, 20 years after taking senior status, the court said Friday.

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Jackson Walker May Face New Sanctions Over Old Romance

By Rick Archer

A Texas bankruptcy judge Friday threatened Jackson Walker LLP with sanctions over yet another bankruptcy case where the firm's retention was approved by a judge in a relationship with a former attorney at the firm.

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Keesal Young Owes Duty To Safeguard 316K People's Data

By Matt Perez

A California federal judge has kept negligence and consumer privacy claims intact against law firm Keesal Young & Logan over a 2024 data breach that exposed the personal information of more than 316,000 people, finding the plaintiffs have standing because their data apparently landed on the dark web.

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Trump Asks 9th Circ. To Pause Seattle US Atty Reinstatement

By Rachel Riley

The Trump administration called on the Ninth Circuit Friday to suspend a federal judge's Thursday order reinstating Roger Rogoff as U.S. attorney for the Western District of Washington, seeking to keep Charles Neil Floyd as acting head of the Seattle office pending the government's appeal.

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Thomson Reuters Hit With Antitrust Case Over 'Killer' AI Deal

By Matthew Perlman

A California law firm has accused Thomson Reuters of violating antitrust law when it purchased artificial intelligence research tool Casetext for $650 million and then shuttered the platform to extinguish a rising competitor to its Westlaw service.

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Amazon Seeks Records Around Lawyer's USPTO Suspension

By Ben Adlin

An attorney Amazon has accused of furthering a scheme to fraudulently register thousands of trademarks and use them to report infringement by rival Amazon merchants must hand over documents related to her discipline in California and Washington, the retail giant argued in a Washington federal court filing Thursday.

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Tenn. High Court Keeps ABA As Law School Accreditor

By Emma Cueto

The Tennessee Supreme Court on Friday declined to follow other conservative states in dropping the American Bar Association as the state's law school accreditor, though it indicated it is open to approving other accreditors in addition to or instead of the ABA in the future.

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Analysis

3rd Circ. AI Ruling May Reach Beyond Westlaw Content Fight

By Ivan Moreno

The Third Circuit went out of its way to say its ruling against a defunct legal research startup was not a generative artificial intelligence case, but copyright lawyers expect the reach of its reasoning to be tested almost immediately in pending AI litigation.

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Roundup

GC Cheat Sheet: The Hottest Corporate News Of The Week

By Michele Gorman

The Department of Justice has unveiled new corporate fraud enforcement priorities, and a report found that more than four out of five legal departments have adopted artificial intelligence. These are among the stories in corporate legal news you may have missed in the past week.

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Law360's Legal Lions Of The Week

By Kevin Penton

Quinn Emanuel Urquhart & Sullivan LLP leads this week's edition of Law360 Legal Lions after a California federal jury said Apple owes $5.7 billion to headphone-maker Taction for infringing two vibration technology patents, issuing the largest patent verdict in U.S. history.

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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.

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