Soldier Wants To Fight DOJ, CFTC Maduro Bet Cases At Once

By Aislinn Keely

The U.S. Army soldier accused of reaping prediction market profits with his knowledge of the January operation to capture Venezuelan President Nicolás Maduro wants to fight parallel actions from the U.S. Commodity Futures Trading Commission and the U.S. Justice Department at once, and contends the government can't use his case as an "experiment" for how to police trading on platforms like Polymarket.

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

Utah Can Enforce Gambling Laws Against Kalshi, Judge Says

By Alex Lawson

A Utah federal judge has allowed the state's gambling regulators to crack down on Kalshi's sports event contracts, rejecting the prediction market giant's argument that it should be shielded by federal law.

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

Novig Sues New York To Preempt Prediction Market Suit

By Lauren Berg

Sports betting app Novig is taking an offensive stance against New York, telling a federal judge Wednesday that the state can't enforce its gambling and sports wagering laws over event-contract trading it says is regulated by the Commodity Futures Trading Commission.

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

CFPB Sends Open-Banking Rule Redo To White House

By Jon Hill

The Consumer Financial Protection Bureau has finished a proposal to overhaul its Biden-era open-banking rule and has submitted it for White House clearance, a move that signals the agency is nearing publication of the highly anticipated draft changes.

Read full article » | Save to favorites »

NY Judge Chucks Voyager's Ch. 11 Plan Exculpations

By Emlyn Cameron

A New York federal judge threw out an exculpatory provision in former cryptocurrency exchange Voyager's Chapter 11, saying that while the language wasn't precluded by a U.S. Supreme Court case, it was nonetheless invalid.

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

Kalshi To Block Wash. Betting But Said Pause Is Overbroad

By Ben Adlin

Kalshi agreed to implement geofencing restrictions by Aug. 26 to prevent people in Washington from making bets on the platform in accordance with a state judge's preliminary injunction, but the prediction market is still at odds with state officials over the scope of the court order.

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

Crypto Platform Founder Sentenced In Wash-Trading Case

By Carolyn Muyskens

The founder of a cryptocurrency market-making platform avoided prison time as he was sentenced Wednesday in Massachusetts federal court for manipulating crypto markets through illegal wash trading.

Read full article » | Save to favorites »

SEC Establishes New Accounting Fraud Unit

By Sarah Jarvis

The U.S. Securities and Exchange Commission announced Wednesday that it will create a specialized unit within its enforcement division to focus on fraud and misconduct in accounting, financial reporting and auditing, tapping a former Gibson Dunn & Crutcher LLP lawyer as head of the new unit.

Read full article » | Save to favorites »

BofA Must Face Some Claims In Military Interest Cap Suit

By Katryna Perera

A North Carolina federal judge declined to fully adopt a magistrate judge's recommendation to dismiss a proposed class action accusing Bank of America of violating an interest cap law for military service members, though he trimmed some claims from the suit.

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

AI Blockchain Co. Accused Of Covering Up CEO's Past

By Jessica Corso

A company that says it uses artificial intelligence to tokenize data was sued in Pennsylvania federal court Wednesday by an investor who claims the company failed to alert shareholders that its CEO had previously settled a U.S. Securities and Exchange Commission enforcement action.

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

Inside SEC Crypto Vault Statement's Securities Law Warning

Although the U.S. Securities and Exchange Commission's posture toward crypto products and activities has been more favorable under the current administration, Commissioner Hester Peirce's recent statement on crypto vaults highlights why that posture does not eliminate the need for careful securities law analysis, say attorneys at Skadden.

Read full article » | Save to favorites »

3 Private Suits Test Influencer Ads As FTC Stays On Sidelines

Three lawsuits filed so far this year illustrate how influencer campaigns are facing growing scrutiny from private plaintiffs, despite the Federal Trade Commission not bringing an influencer marketing enforcement action since revising its endorsement guides to address the topic in 2023, but brands can take concrete steps to reduce the risks, says Gonzalo Mon at Kelley Drye.

Read full article » | Save to favorites »

Brown Rudnick Adds 34 Attys, Will Open Silicon Valley Office

By Daniel Moritz-Rabson

Brown Rudnick LLP announced on Wednesday that it had lured a 34-attorney intellectual property litigation group from Herbert Smith Freehills Kramer LLP and would be opening a Silicon Valley office with many of those lawyers.

Read full article » | Save to favorites »

Law Grad Employment Remains High As BigLaw Drives Hires

By Aebra Coe

Class of 2025 law school graduates posted near-record high employment rates, with large law firms hiring more graduates than any other industry category as federal government hiring experienced a significant decline, according to new data released Wednesday.

Read full article » | Save to favorites »

Analysis

These Firms Are Picking Up The Most PTAB Work

By Theresa Schliep

Intellectual property heavyweight Fish & Richardson PC remains the busiest firm in front of the Patent Trial and Appeal Board, as it again secured the top spot on a list of firms with the most PTAB trials over the past three years.

Read full article » | Save to favorites »

Murdaugh Loses Jury Tampering Suit Against Ex-Court Clerk

By Jake Maher

A South Carolina federal judge on Wednesday dismissed disgraced attorney Alex Murdaugh's jury tampering suit against a former court clerk who was found to have interfered in his murder trial, ruling there was no connection between his alleged damages and the ex-clerk's misconduct.

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

New Mexico Joins States With Alternative Atty License Paths

By Jack Karp

Law school graduates will soon be able to earn their license to practice in New Mexico by working under an attorney's supervision and demonstrating their legal skills rather than by taking the bar exam, the state's Supreme Court chief justice told Law360 Pulse on Wednesday.

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

New Mexico Says Blanche, DOJ Blocked Epstein Ranch Probe

By Lauren Berg

The state of New Mexico asked a Washington, D.C., federal court Wednesday to force the U.S. Department of Justice to hand over unredacted Jeffrey Epstein investigative files, saying it needs the materials for its own investigation of alleged crimes at the late sex offender's Santa Fe County ranch.

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

Texas Firm Lands $150M HHS Services Deal For Migrant Kids

By Britain Eakin

The U.S. Department of Health and Human Services said it has entered into a $150 million contract with a small Texas law firm to provide legal services to unaccompanied immigrant children, raising concerns from former subcontractors about the firm's experience with immigration matters.

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

Simpson Thacher Witness Takes Aim At PIPE Stocks Claim

By Madison Arnold

Simpson Thacher & Bartlett LLP wrapped up its defense Wednesday to a Florida state malpractice suit from the founder of Patriot National Inc. over the firm's handling of a private investment in public equity transaction, with a stock market expert testifying that short selling stock allowed under the deal didn't lead to the insurance services company's downfall.

Read full article » | Save to favorites »

Conn. Atty To Fork Over $3,500 For AI Errors In Taco TM Beef

By Brian Steele

A Connecticut federal judge imposed a $3,500 fine on a defense attorney who submitted two motions riddled with AI-generated mistakes in a taco restaurant's trademark battle, finding that although the lawyer expressed remorse and promised to make changes to his verification process, he still showed "subjective bad faith."

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

Sierra Leone Isn't Responding To Its Own Attys, Judge Told

By Aneeta Mathur-Ashton

A second law firm now says it is being iced out by the government of Sierra Leone in a yearslong legal battle that began over the country's dispute with a U.K.-based mining company.

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

NY Legal Aid Union Averts Strike After 4 Months Of Talks

By Andrea Keckley

Another New York legal aid union has reached a deal with its organization's management, averting the possibility of a strike after its contract and those of four other unions expired at the end of June.

Read full article » | Save to favorites »

CREXi Wants 9th Circ. To Undo Quinn Emanuel CoStar Row DQ

By Bryan Koenig

Commercial Real Estate Exchange Inc. doesn't want to replace Quinn Emanuel Urquhart & Sullivan LLP after a California federal judge disqualified the firm from defending a copyright infringement suit by CoStar, seeking Ninth Circuit intervention and a pause on the district court case.

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