9th Circ. Backs Block On FinCEN Border Cash Reporting Reqs

By Rae Ann Varona

The Ninth Circuit Monday affirmed a temporary block on a Trump administration rule that singles out cash-moving businesses along the southwest border for heightened anti-money laundering reporting, agreeing that a plaintiff money service business will likely suffer irreparable harm.

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

Custodia Urges Justices To Take Up Fed Master Account Fight

By Aislinn Keely

Crypto-focused Custodia Bank is asking the U.S. Supreme Court to take up its challenge of a Tenth Circuit ruling that backed Federal Reserve banks' discretion to deny master accounts to otherwise eligible banks, arguing the decision empowers unappointed regional bank presidents to deny "disfavored" banks access to critical payment services.

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

Defense Gears Up To Fight Polymarket Insider Trading Case

By Stewart Bishop

Counsel for a former Google software engineer accused of raking in over $1.2 million by leveraging the tech giant's confidential information to place bets on Polymarket told a Manhattan federal judge Monday about a number of defenses they are considering to fight the novel allegations of prediction market-based insider trading.

Read full article » | Save to favorites »

Regulators Caution On Bank Loans To Unauthorized Workers

By Jon Hill

Federal regulators on Monday cautioned banks and credit unions about lending to "non-work authorized" individuals, issuing guidance that flags repayment concerns about such borrowers as part of President Donald Trump's push to curb banking access for unauthorized immigrants.

1 document attached | Read full article » | Save to favorites »

SEC Asked To Reopen Reporting Proposal After Email 'Error'

By Jessica Corso

Better Markets is asking the U.S. Securities and Exchange Commission to reopen the comment period for its semiannual reporting proposal after the agency allegedly directed prospective commenters to an incorrect email address, but an agency spokesperson said Monday the email address listed on the proposal was working.

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

SEC Says Crypto Service Agreement Is Investment Contract

By Spencer Brewer

The U.S. Securities and Exchange Commission has asked a Texas federal judge to find that service agreements offered by two crypto mining fraudsters count as investment contracts, and thus securities, saying the court should grant judgment as a matter of law.

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

Robinhood Fights Wisconsin's Bid To Block Sports Betting

By Katryna Perera

Robinhood has asked a Wisconsin federal judge to deny the state's bid to shut down sports betting offered through Robinhood's app and other online trading platforms, including Kalshi and Coinbase, arguing that the state's suit seeks to bypass the exclusivity of federal law governing such trading.

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

Judge OKs Pause On Reviewing CFPB Layoff Plan

By Sarah Jarvis

A D.C. federal court has approved a joint bid from the Trump administration and a union that represents Consumer Financial Protection Bureau staffers to pause weighing a response to the administration's plan to lay off about half of the agency's remaining workforce, after the parties argued the president's nominee to head the agency should be given the chance to review the plan if he is confirmed.

Read full article » | Save to favorites »

Portofino Says Citadel Used Dismissal To Fuel Press Campaign

By Caroline Simson

Portofino Technologies has accused Citadel Securities of using its decision to drop its trade secrets lawsuit against the Swiss cryptocurrency trading firm as an opportunity to drum up bad press about Portofino, and papering over the fact that a $6 million judgment it won in the dispute is a "pyrrhic victory."

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

Capital One Customer Renews Claims Over Fintech's Outage

By Sydney Price

A North Carolina resident accusing Capital One's data processor Fidelity National Information Services of failing to prevent a power outage that prevented her and others from accessing funds has asked a district court for permission to file a bolstered version of her class claims following their dismissal without prejudice.

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

Catching Up With Delaware's Chancery Court

By Jarek Rutz

The Delaware Chancery Court last week handled disputes involving corporate control, post-closing competition, executive departures, arbitration awards and shareholder litigation.

Read full article » | Save to favorites »

The Nuance Between The Atkins, Gensler SEC Strategic Plans

U.S. Securities and Exchange Commission Chairman Paul Atkins' recent draft strategic plan is a marked departure from that of former Chair Gary Gensler, portraying an intention to leave decisions to the market rather than steering corporate behavior through expansive disclosure mandates and regulatory enforcement, say attorneys at Cleary.

1 document attached | Read full article » | Save to favorites »

Future Of Fed Independence Shaky After Justices' Ruling

The U.S. Supreme Court's recent ruling in Trump v. Cook preserved the Federal Reserve's formal independence but could invite the president to remove board members with just modest protections, leaving the central bank's autonomy uncertain and potentially setting up fresh clashes over other agencies, says Steven Schwinn at the University of Chicago.

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

Series

Mich. Banking Brief: All The Notable Legal Updates In Q2

The second quarter brought several notable financial services law developments to Michigan, including a U.S. Supreme Court ruling on state tax foreclosures, progress on a money transmission modernization bill package, and continued legislative momentum on cryptocurrency and mortgage lending, say attorneys at Dykema.

Read full article » | Save to favorites »

Judge Newman Won't Reopen High Court Suspension Battle

By Theresa Schliep

Federal Circuit Judge Pauline Newman did not ask the U.S. Supreme Court to reconsider her bid to save a suit against her fellow judges for suspending her from the bench over her refusal to undergo medical tests.

Read full article » | Save to favorites »

Jackson Walker Settlements Over Judge Romance Get Greenlit

By Emma Cueto

A Texas bankruptcy judge has recommended approval of nine settlements regarding legal fees paid to Jackson Walker LLP connected to a former firm partner's romantic relationship with a then-bankruptcy judge, with the firm agreeing to pay $4.79 million in total, including $1.4 million to the estate of J.C. Penney.

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

Trump-IRS Settlement Result Of Sham Suit, Judge Rules

By Jack McLoone

President Donald Trump's $10 billion suit against his own Internal Revenue Service and the resulting settlement deal lacked a legitimate controversy, given Trump's control over both the agency and the U.S. Department of Justice, a Florida district judge said Monday in an order barring Trump or others from citing the deal.

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

Wells Fargo's $50M Deal In Atty's Ponzi Scheme Gets 1st OK

By Gina Kim

Wells Fargo will pay $50 million to settle a proposed class action alleging it knowingly helped a Las Vegas attorney run a multimillion-dollar Ponzi scheme deceiving investor victims into fronting money for borrowers awaiting personal injury settlement payouts, according to a preliminary approval order issued in Nevada federal court.

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

Mass Tort Firms Hit With Suit Over AI Solicitation Calls

By Lynn LaRowe

A Michigan-based mass tort law firm and a pair of affiliate firms are violating federal and Texas state laws through an artificial intelligence-generated telemarketing campaign meant to solicit clients, according to a putative class action filed in Texas federal court.

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

Senate Confirms SDTX Judge Pick Tied To Gun Group

By Courtney Bublé

The Senate voted 46-44 Monday evening to confirm Executive Assistant U.S. Attorney Arthur "Rob" Jones as a U.S. district judge to serve on the Southern District of Texas bench.

Read full article » | Save to favorites »

Blanche Hearing To Proceed After Graham's Death

By Courtney Bublé

The Senate Judiciary Committee will still hold the confirmation hearing for Todd Blanche's nomination to be attorney general on Wednesday, despite the death of committee member Sen. Lindsey Graham, R-S.C., over the weekend. 

Read full article » | Save to favorites »