FDIC Urged To Align Stablecoin Rules With Other Regulators

By Aislinn Keely

Banks and fintechs alike urged the Federal Deposit Insurance Corp. to iron out differences between its proposed standards for stablecoin issuers and those floated by the Office of the Comptroller of the Currency, though the industries continued to battle over crypto firms' ability to offer interest to stablecoin holders.

Read full article » | Save to favorites »

Paxton's ActBlue Suit Blocked As Retaliatory By Mass. Judge

By Carolyn Muyskens

A Massachusetts federal judge on Thursday blocked Texas Attorney General Ken Paxton's fraud lawsuit against Democratic fundraising platform ActBlue, citing evidence that Paxton targeted the organization because of its role supporting his political opponent in a U.S. Senate race. 

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

Bank, Crypto Groups Seek Limits In Stablecoin AML Regs

By Sarah Jarvis

Industry groups and firms in the financial and crypto sectors have called for further clarification, flexibility and safe harbors in rules recently proposed by regulators with the U.S. Department of the Treasury for implementing the anti-money laundering and sanctions compliance program requirements of the federal stablecoin framework known as the Genius Act.

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

Sports Prediction Co. Wins CFTC OK To Launch Event Market

By Katryna Perera

Sports prediction company ProphetX on Thursday received approval from the U.S. Commodity Futures Trading Commission to register as a federally regulated prediction market exchange focused on sports-based event contracts, becoming the first American sports-native, direct-clearing prediction market to launch and operate in full compliance with federal law.

Read full article » | Save to favorites »

SEC Proposes Rescinding Trade-Through Rule

By Sarah Jarvis

The U.S. Securities and Exchange Commission on Thursday proposed rescinding its rule preventing exchanges from executing trades at lower prices than the best displayed price available on other exchanges, with SEC Chairman Paul Atkins calling the measure "a grave misstep."

Read full article » | Save to favorites »

CFTC Eyes Faster 30% Whistleblower Awards In Small Cases

By Katryna Perera

The U.S. Commodity Futures Trading Commission is looking to amend its whistleblower rules to align with those of the U.S. Securities and Exchange Commission and to establish an immediate minimum 30% payout for whistleblower awards of $5 million or less.

Proposed Rule attached | Read full article » | Save to favorites »

Another GOP Nominee For SEC Could Violate Law, Dems Say

By Sydney Price

Senate Banking Committee Democrats are warning the White House not to put another Republican on the U.S. Securities and Exchange Commission without also naming a Democrat, saying it would violate a federal mandate for partisan balance.

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

Robinhood Accused Of Tricking Users Into Illegal Betting

By Katryna Perera

Robinhood purportedly tricks consumers into illegally gambling by disguising its event contracts as a "modern, sophisticated form of investing" when, in reality, the contracts are just plain old-fashioned sports betting that is unregulated and in violation of state gambling laws, a new lawsuit alleges in California federal court.

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

Investment Cos. Push To Nix Consumers' Tribal RICO Suit

By Joyce Hanson

A couple of investment firms are asking a North Carolina federal court to toss a proposed consumer class action over a so-called tribal lending scheme that charges annual interest rates as high as 490%, saying the borrowers fail to show they helped manage the short-term loan company.

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

Skadden, Simpson Thacher Steer Digital Bank's $142M IPO

By Hailey Konnath

Skadden Arps Slate Meagher & Flom LLP and Simpson Thacher & Bartlett LLP guided financial services company Forbright Inc. in raising $142 million in its initial public offering on Thursday, which closed at $18 per share.

Read full article » | Save to favorites »

How FCA, FCPA Risks Are Shifting As Feds Pull Back

As the federal government continues its retreat from white collar enforcement, companies should expect False Claims Act risk to grow through private whistleblower suits and Foreign Corrupt Practices Act scrutiny to shift toward foreign prosecutors, requiring more adaptability as accountability becomes less centralized, says Temidayo Aganga-Williams at Selendy Gay.

Read full article » | Save to favorites »

Series

Cow Horse Makes Me A Better Lawyer

Moving an unwilling 800-pound cow while riding a horse at high speed is exhilarating, a little unhinged and, at least for me, a surprisingly effective training ground for litigation — both demand focus, preparation over rigid planning and the willingness to act despite fear, says Ashley Zitrin at Glenn Agre.

Read full article » | Save to favorites »

More BigLaw Raises Predicted Despite Silence After Milbank

By Alison Knezevich

While boutiques make up many of the law firms that have quickly matched Milbank LLP's recently announced associate raises, recruiters told Law360 Pulse this week that they predict more BigLaw firms will eventually reveal their own salary hikes.

Read full article » | Save to favorites »

Analysis

Insider Trading Defense May Draw On 'Varsity Blues' Playbook

By Chris Villani

After enlisting a crew of experienced attorneys, defendants charged in an insider trading case allegedly involving deal information stolen from huge law firms are preparing to use a strategy that could take some cues from the "Varsity Blues" case in the same Boston courthouse.

Read full article » | Save to favorites »

Q&A

JAMS Chief Executive Says Mass Arbitrations On The Rise

By Kellie Mejdrich

Mediation giant JAMS says it has seen a major upswing in mass arbitrations in employment and other contexts, as plaintiff-side firms develop new ways of responding to language requiring out-of-court dispute resolution by companies. CEO Kimberly Taylor and veteran JAMS mediator Robert Meyer spoke to Law360 about mediation trends, with a specific focus on employee benefits disputes.

Read full article » | Save to favorites »

Atty Faces Sanctions Over Fake Quotes In Taco TM Fight

By Brian Steele

A Connecticut attorney could be sanctioned for including fake case quotes and misrepresentations of the law in court filings that seek dismissal of a trademark case against a taco restaurant, a federal judge said Friday in questioning whether the documents were sullied by artificial intelligence.

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

Analysis

3 Things To Know As Judge Stares Down Impeachment Push

By Kelcey Caulder

The scandal that could cost U.S. District Judge Eleanor Ross her job also threatens to cause courthouse chaos in the form of recusal motions, bids to reopen suits and uncertainty for clerks. Here, Law360 looks at three things to know about the calls to impeach the judge and their potential fallout.

Read full article » | Save to favorites »

Texas Court Urged To Keep Judge Romance Suit Alive

By Adrian Cruz

In multiple filings, EJS Investment Holdings LLC has asked a Texas federal judge to reject attempts by former U.S. Bankruptcy Judge David Jones and other parties to dismiss its proposed class action over his secret romance with a former Jackson Walker LLP partner.

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

'Poor Lawyering': Walmart Flub Haunts Class Attys At 9th Circ.

By Jeff Overley

Amid warnings of a chilling effect on plaintiffs counsel, a Ninth Circuit panel Friday scrutinized six-figure sanctions against attorneys whose false advertising suit targeting Walmart Inc. collapsed because of crucial fine print in an avocado oil receipt.

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

No Amici In Comey Seashell Threat Case, Judge Says

By Craig Clough

A North Carolina federal judge on Friday said she will not allow any amici to weigh in on former FBI Director James Comey's criminal charges alleging he threatened President Donald Trump with a social media post, finding the parties are "ably represented" by counsel and public input is not needed.

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

Ill. Judge Decries Grand Jury 'Turmoil,' Tosses Fraud Charges

By Lauraann Wood

An Illinois federal judge agreed Friday to dismiss fraud charges against two men ahead of an evidentiary hearing probing recent grand jury misconduct claims, but cautioned that "getting rid" of the case may not have prosecutors' desired effect, as such allegations continue causing "turmoil" throughout the district court.

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

Deluge Of Video Evidence Overwhelms Criminal Cases

By Brandon Lowrey

Surveillance cameras and police body cameras are creating a flood of video evidence that can help prosecutors and defense attorneys build strong cases. But many have been struggling with the technical and logistical challenges that come with the sheer volume of footage.

Read full article » | Save to favorites »

Roundup

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

By Laura Stewart Liberty

The past week in London has seen the FCA bring a claim against a fund manager it accused of providing investment services despite having been banned, an Ardmore unit sue a contractor two days before the construction group's collapse, and shipping and cruise giant MSC hit back at an entertainment company following separate intellectual property litigation in the U.S. Here, Law360 looks at these and other new claims in the U.K.

Read full article » | Save to favorites »

Roundup

GC Cheat Sheet: The Hottest Corporate News Of The Week

By Sue Reisinger

Elon Musk and SpaceX's legal team blasted off today with the largest IPO in history, with shares priced at $150 each at opening before briefly topping $176. And a new study shows investors have approved 11 of 17 companies' requests to move their incorporation from Delaware to Texas so far this proxy season.

Read full article » | Save to favorites »

Law360's Legal Lions Of The Week

By Kevin Penton

Kirkland & Ellis LLP leads this week's edition of Law360 Legal Lions, after a Los Angeles jury in a bellwether trial cleared Johnson & Johnson of any liability in the deaths of three women from ovarian cancer.

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 »