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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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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2 Law Firms Say IRS Wrongly Denied COVID-19 Tax Credits

By Adrian Cruz

A pair of law firms are alleging in Georgia federal court that the Internal Revenue Service wrongly denied their claims to employee retention credits, a tax incentive created during the height of the COVID-19 pandemic to encourage businesses to keep workers on their payrolls.

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NC House OKs Unpaid Suspensions For Judges Under Inquiry

By Hayley Fowler

Republicans in the North Carolina House of Representatives have given the green light to a legislative proposal empowering the chief justice of the state Supreme Court to suspend trial court judges without pay if they're under investigation by the state Judicial Standards Commission.

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Simpson Thacher Lands In Chicago With 5-Atty Kirkland Team

By James Boyle

A five-person team of Kirkland & Ellis LLP attorneys are moving their practices to Simpson Thacher & Bartlett LLP to help the firm launch an office in Chicago.

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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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Sidley Adds Ex-Accenture Enterprise Platforms Lead As CIO

By Matt Perez

Sidley Austin LLP on Wednesday announced the hiring of a nearly two-decade veteran at professional services firm Accenture as its chief information officer.

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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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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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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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6th Circ. Slashes 'Egregious' Fee Award In Tax-Taking Suit

By Susan Smiley

Michigan attorneys representing plaintiffs in a tax foreclosure suit had their awarded attorney fees, which more than doubled the settlement they obtained in the case, slashed by a Sixth Circuit panel in a published opinion Thursday.

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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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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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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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Trump Again Targets Birthright Citizenship In 2 New Orders

By Rae Ann Varona

President Donald Trump on Thursday signed two executive orders that seek to limit automatic citizenship for babies born in the U.S., after the U.S. Supreme Court struck down a previous birthright citizenship executive order as unconstitutional.

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