Zaria, a fintech startup that includes a former Manatt Phelps & Phillips LLP partner as an organizer, has applied for an Office of the Comptroller of the Currency charter to establish what it says is the first national trust bank to offer "digitally native" loan servicing.
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TOP NEWS

Fintech Seeks OCC Trust Charter For Crypto Loan Servicing

By Katryna Perera

Zaria, a fintech startup that includes a former Manatt Phelps & Phillips LLP partner as an organizer, has applied for an Office of the Comptroller of the Currency charter to establish what it says is the first national trust bank to offer "digitally native" loan servicing.

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Crypto Founder Stole Millions From NFT Investors, Feds Say

By Aislinn Keely

A Miami crypto founder is facing securities and wire fraud charges for misappropriating investor funds on gambling and crypto trades after raising more than $10 million for a nonfungible token marketplace that ultimately failed.

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TitleMax Rebuffed In 4th Circ. Bid To Halt Pa. Usury Case

By Jon Hill

The Fourth Circuit has cleared Pennsylvania's banking regulator to continue its pursuit of $52.7 million in penalties from TitleMax for alleged interest-rate violations, rejecting a bid by the title lender's South Carolina arm to block the out-of-state enforcement proceeding. 

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LITIGATION

KPMG Must Face Beefed Up Investor Suit Over SVB Failure

By Rae Ann Varona

A California federal judge allowed Norway's central bank and a Swedish public pension fund to lodge an additional claim against KPMG in their proposed securities fraud class action over Silicon Valley Bank's 2023 failure, saying they sufficiently alleged KPMG ignored red flags as SVB's auditor.

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Ex-GC Hijacked Accounts And Posted Klan Imagery, Suit Says

By Ben Adlin

A Washington state court granted a temporary restraining order Wednesday in a school fundraising company's lawsuit accusing its former general counsel of taking control of its social media accounts and allegedly replacing its LinkedIn photo with a manipulated image of its president in a Ku Klux Klan robe.

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DEALS

Polymarket Adds Yankees To Sports Partnership Portfolio

By David Steele

Polymarket announced Thursday that it had agreed to become the New York Yankees' official prediction market, partnering with an individual Major League Baseball franchise after signing an exclusive deal with MLB before this season.

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PEOPLE

Hogan Lovells Cadwalader Adds Ex-Treasury Crypto Atty

By Jack Rodgers

Hogan Lovells Cadwalader has hired a former Treasury Department counsel, who in his last role was the agency's first official dedicated to focusing on digital asset policy and blockchain technology, the firm announced Thursday.

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EXPERT ANALYSIS

5 Financial Statement Fraud Red Flags To Spot Post-Sripetch

The U.S. Supreme Court recently held in Sripetch v. U.S. Securities and Exchange Commission that disgorgement exists to strip a wrongdoer of unjust enrichment, not merely to compensate victims for what they lost, shifting the work at the center of securities fraud cases in five ways, says Rand Manasse at Green Lane Partners.

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9th Circ. Rule Block Unlikely To Deter FinCEN Cartel Focus

The Ninth Circuit recently blocked the Financial Crimes Enforcement Unit's border cash reporting rule, interpreting it as an impermissible use of an emergency anti-money laundering tool, but regulators are more likely to see the opinion as a road map for building a more defensible rule, say attorneys at Bradley Arant.

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Justices' FTC Ruling Weakens Qui Tam's Constitutional Base

The U.S. Supreme Court’s holding in Trump v. Slaughter, expanding presidential control over those exercising executive power, suggests that courts may be receptive to arguments challenging the constitutional foundations of the False Claims Act’s qui tam mechanism, says Daniel Passeser at Wiggin.

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Series

Being A Sommelier Makes Me A Better Lawyer

Being a sommelier has quietly shaped how I practice law by changing the way I think, communicate and connect with people, and offers a constant reminder that expertise is about making your knowledge useful and accessible to others, says Kara Du at Sheppard.

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LEGAL INDUSTRY

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.

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No Simpson Thacher Malpractice In PIPE Case, Jury Finds

By Madison Arnold

Simpson Thacher & Bartlett LLP escaped a malpractice lawsuit late Thursday over its representation of Patriot National Inc. in a private investment in public equity transaction in the years before the company's downfall.

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Dems Slam Skadden's 'Nothing To See Here' Trump Deal Reply

By Hailey Konnath

Three Democratic lawmakers on Thursday criticized Skadden Arps Slate Meagher & Flom LLP's response to their request that the firm disclose details of its pro bono arrangement with the Trump administration, saying the firm's "three sentence letter essentially saying 'nothing to see here'" is "not going to cut it."

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New ABA Chief Seeks To 'Streamline' Org., Defend Democracy

By Emily Sawicki

The American Bar Association's new president, Barbara J. Howard, will focus on twin goals of defending democracy against expected unprecedented attacks associated with this year's midterm elections, while also reorganizing the association to run more efficiently, as she kicks off her one-year term this month.

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Richards Layton Under Fire Amid Bid To Avoid AI Sanctions

By Rose Krebs

A firm has asked a Delaware vice chancellor to allow it to submit more "factual information" regarding what it says are inconsistencies in Richards Layton & Finger PA's attempt to avoid sanctions for submitting a filing with errors generated by artificial intelligence.

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Analysis

The Dramatic Moments Set To Shape Tom Goldstein's Appeal

By Jeff Overley and Jared Foretek

Prurient revelations, brash recriminations and purportedly glaring judicial errors in Tom Goldstein's criminal case have captivated the appellate bar for nearly 19 months, and many of those moments will be center stage in the star attorney's imminent appeal.

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2nd Circ. Says Pillsbury Must Surrender $3.6M Retainer

By Jessica Corso

Pillsbury Winthrop Shaw Pittman LLP was ordered on Thursday to hand over a $3.6 million retainer it was paid to defend a client against criminal and civil fraud charges, with the Second Circuit upholding a ruling that the funds were part of an asset freeze order issued in a U.S. Securities and Exchange Commission case.

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Ex-Girardi Atty Gets Probation For Keeping Silent On Theft

By Lauraann Wood

A former Girardi Keese attorney was sentenced to one day time-served and two years of probation Thursday for staying quiet and failing to report disgraced plaintiff's attorney Tom Girardi's theft of millions of settlement dollars owed to Lion Air Flight 620 plane crash victims.

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Wash. Justices Offer Bar Waiver After July Exam Tech Failure

By Rachel Riley

The Washington State Supreme Court said Thursday it's offering to waive the bar exam requirement for first-time applicants who were unable to take the test last week due to an abrupt cancellation driven by technical issues at the Yakima Convention Center where it was scheduled to be administered.   

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COMPANIES IN TODAY'S NEWS

American Bar Association

Association of Tennis Professionals

Coinbase Global Inc.

Executive Health Resources Inc.

FMR LLC

Galaxy Digital

George Washington University

Google LLC

Hard Yaka Inc.

Intel Corp.

Interactive Brokers Group Inc.

KPMG International

LinkedIn Corp.

Major League Baseball Inc.

Major League Soccer LLC

National Hockey League

New York Mets

New York Rangers

New York Yankees

Norges Bank Investment Management

Patriot National Inc.

Payward Inc.

Public Co. Accounting Oversight Board

SVB Financial Group

The Boeing Co.

TitleMax

Vimeo Inc.

Washington State Bar Association

Yelp Inc.

YouTube Inc.

LAW FIRMS IN TODAY'S NEWS

Anderson Kill

Ashurst Perkins

Bernstein Litowitz

Bradley Arant

Burns Charest

Cairncross & Hempelmann

Conrad & Scherer

Crowell & Moring

Girardi & Keese

Greenberg Traurig

HSF Kramer

Hogan Lovells

Hughes Hubbard

Jenner & Block

Kessler Topaz

King & Spalding

Manatt Phelps

Morrison Cohen

Paul Hastings

Pillsbury Winthrop

Reed Smith

Richards Layton

Seila Law

Simpson Thacher & Bartlett

Skadden Arps

Stearns Weaver

Sullivan & Cromwell

Susman Godfrey

Troutman

Werksman Jackson

Wiggin & Dana

Williams & Connolly

WilmerHale

GOVERNMENT AGENCIES IN TODAY'S NEWS

Consumer Financial Protection Bureau

Delaware Court of Chancery

Federal Deposit Insurance Corp.

Federal Reserve System

Federal Trade Commission

Financial Crimes Enforcement Network

Office of the Comptroller of the Currency

Pennsylvania Department of Banking and Securities

U.S. Attorney's Office for the Northern District of Alabama

U.S. Attorney's Office for the Northern District of Illinois

U.S. Attorney's Office for the Southern District of New York

U.S. Court of Appeals for the Eleventh Circuit

U.S. Court of Appeals for the Fifth Circuit

U.S. Court of Appeals for the Fourth Circuit

U.S. Court of Appeals for the Ninth Circuit

U.S. Court of Appeals for the Second Circuit

U.S. Court of Appeals for the Sixth Circuit

U.S. Court of Appeals for the Tenth Circuit

U.S. Department of Commerce

U.S. Department of Justice

U.S. Department of the Treasury

U.S. District Court for the District of Maryland

U.S. District Court for the Middle District of Florida

U.S. District Court for the Northern District of California

U.S. District Court for the Northern District of Illinois

U.S. District Court for the Southern District of California

U.S. District Court for the Southern District of New York

U.S. District Court for the Western District of Texas

U.S. House of Representatives

U.S. Securities and Exchange Commission

U.S. Senate

U.S. Supreme Court