NJ Urges Justices To Resolve Kalshi Sports Betting Split

By Aislinn Keely

New Jersey regulators on Wednesday asked the U.S. Supreme Court to address the newly emerged circuit split around prediction market regulation, filing a long-awaited petition that challenged a Third Circuit decision blocking the state from pursuing Kalshi's sports event contracts as unlicensed bets.

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Linqto Founder Engineered $450M 'Pre-IPO' Fraud, Feds Say

By Pete Brush

The founder of Linqto, a bankrupt platform that allows investors to buy shares before their initial public offerings, was arrested in California Wednesday and charged in New York federal court with a $450 million price markup scheme.

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Mich. Judge Cites Risk To Public In Ban On Kalshi Sports Bets

By Alex Lawson

A Michigan judge bolstered the statewide ban on Kalshi's sports offerings Wednesday, ruling that the state's residents are still at risk of exploitation by the prediction market platform.

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JPMorgan Seeks Stay Of $20M Javice, Amar Fee Order

By Jarek Rutz

JPMorgan Chase & Co. urged the Delaware Chancery Court on Wednesday to pause enforcement of an order requiring it to advance more than $20 million in disputed legal fees to convicted Frank founder Charlie Javice and former executive Olivier Amar, arguing the bank could permanently lose the money before it gets a chance to challenge the ruling.

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GOP Bill Would Alter CFPB Funding, Curb Enforcement

By Sarah Jarvis

Two high-ranking Republican U.S. representatives have formally introduced legislation that would put the Consumer Financial Protection Bureau through the regular congressional appropriations process and establish a dedicated inspector general, among other changes.

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Clippers Fined $30M As Probe Uncovers Salary Cap Violations

By Alex Lawson

The NBA unveiled sweeping sanctions against the Los Angeles Clippers Wednesday, including a $30 million fine and a one-year ban for the team's owner, after an investigation uncovered evidence that the team violated the league's salary cap rules by arranging off-court business deals for its star forward, Kawhi Leonard.

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Crypto Mine Noise Suit Belongs In State Court, Neighbors Say

By Hayley Fowler

Residents of a North Carolina town suing over allegedly excessive noise coming from a nearby cryptocurrency mining and AI data center want their lawsuit bumped back down to state court, arguing the damages they're seeking fall short of the threshold required for federal jurisdiction.

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PayPal Lets Tech 'Invisibly' Track Venmo Users, Suit Says

By Katryna Perera

PayPal misled users about third-party tracking technologies embedded in its payment platform Venmo and how their personal information was disclosed to third parties, according to a new suit filed in California federal court.

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Snap Mobile Skims From Online Fundraisers, Donor Claims

By Ben Adlin

A Washington woman who donated through Snap Mobile's online fundraising platform filed a proposed class action claiming that the company deceptively skims up to 20% of donations as a platform fee on top of a 4% processing fee and a prepopulated "tip" that users must affirmatively decline.

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Brief

Trading Firm To Seek Justices' Input On Arbitration Questions

By Lauraann Wood

The Seventh Circuit said Wednesday that it will wait to make its arbitration rejection official so a Chicago trading firm can ask the U.S. Supreme Court to determine whether it was correctly ordered to litigate proposed class securities manipulation accusations.

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TabaPay Secures $155M As It Plans To Buy Transact Bank

By Jade Martinez-Pogue

Money movement platform TabaPay Inc., advised by Reed Smith LLP, on Wednesday revealed that it has received a $155 million strategic investment from Gibson Dunn & Crutcher LLP-led FTV Capital, while also unveiling plans to acquire Denver-based Transact Bank.

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3 Lessons From Crypto For Attys Entering The AI Space

Lawyers transitioning into roles at artificial intelligence companies can take several lessons from the evolution of the cryptocurrency space on how to manage regulatory ambiguity, weigh open-versus-closed technology models and build compliance safeguards as AI rules take shape, says Rebecca Rettig at Jito Labs.

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Illinois BNPL Law Casts Wide Net Over Loan Providers

A new Illinois law's broad definition of buy now, pay later providers under its new dedicated licensing and supervisory regime notably imposes conduct standards similar to other consumer credit regimes and aggressively looks through a wide range of business activities and arrangements, say attorneys at Ashurst Perkins.

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Thomson Reuters Cyberattack Hits North American Courts

By Bonnie Eslinger

A recent cyberattack on Thomson Reuters' court management software affected files associated with court systems in 11 states, the U.S. Virgin Islands and Canada, and may have exposed sealed documents and individuals' personal information, according to a Wednesday announcement from the technology and information services company.

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Calif. Bill Regulating Atty AI Use Heads To Newsom's Desk

By Emily Sawicki

A bill regulating attorneys' and arbitrators' use of generative artificial intelligence has unanimously passed the California State Legislature and is headed to Gov. Gavin Newsom's desk.

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'Astonished' Homebuyer Says Atty Email Lapse Caused Hack

By Pete Brush

A New York City law firm has been ordered to provide internet security and login information to a homebuyer who claims she was left in "shock" when an impostor with access to her lawyer's email tricked her into wiring away over $730,000.

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House Rejects Amendment To Fix Court At 9 Justices

By Courtney Bublé

The House failed to pass a proposed constitutional amendment on Wednesday that would keep the number of U.S. Supreme Court justices at nine.

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Dems Call Subpoenas' Secrecy Request 'Abuse Of Authority'

By Aneeta Mathur-Ashton

Democratic lawmakers Sen. Ron Wyden, Ore., and Rep. Pramila Jayapal, Wash., have called for an investigation into subpoenas issued from federal law enforcement to private companies that contain nondisclosure provisions and carry threats of legal consequences for noncompliance.

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Tyson's Price-Fixing Deal Merits $27.5M Atty Fees, Buyers Say

By Dorothy Atkins

Beef direct purchasers asked a Minnesota federal judge Tuesday to award class counsel $27.5 million in fees, or one-third of Tyson's $82.5 million price-fixing settlement, arguing that the deal was reached after six years of hard-fought antitrust litigation and adds to another settlement, bringing the total recovery to $135 million.

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ABA Outlines Attys' Duties To Clients With Intellectual Limits

By Jack Karp

Attorneys have the same obligations to clients with decision-making limitations, should abide by those clients' decisions regarding their representation and must work to maintain an ordinary client-lawyer relationship as much as possible, the American Bar Association said in an opinion released Wednesday.

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