Justices Seek Feds' Input On Robinhood Investor Suit

By Jessica Corso

The U.S. Supreme Court on Monday asked the government to weigh in on a dispute between trading app operator Robinhood and investors who sued over the company's $2.1 billion initial public offering, as the high court considers whether to hear the case.

Read full article » | Save to favorites »

Investors Say Overnight Crypto Founder 'Diverted' $12.5M

By Aislinn Keely

A California federal judge on Monday dissolved a temporary order freezing $12.5 million in crypto at the center of a proposed class action from investors who claim the founder of crypto project Overnight "diverted" funds after promising them a share of control.

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

JPMorgan Defeats Suit Over Transaction Processing Patent

By Adam Lidgett

JPMorgan Chase & Co. was able to dodge a suit accusing it of infringing a patent covering a way to process a financial transaction, after a Delaware federal judge agreed that the patent didn't pass the U.S. Supreme Court's Alice test.

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

UK Fintech OpenPayd To Go Public Via $1.15B SPAC Deal

By Sydney Price

Allen Overy Shearman Sterling and Winston & Strawn LLP are steering a deal under which financial infrastructure platform OpenPayd will be acquired and taken public at an estimated equity value of $1.15 billion by Titan Acquisition Corp., a special purpose acquisition company purportedly focused on high-growth fintechs, the parties announced Monday.

Read full article » | Save to favorites »

Ill. Swipe-Fee Law Blocked For Most Banks, Slated For Delay

By Jon Hill

A Chicago federal judge ruled Monday that Illinois cannot enforce its landmark ban on tax-and-tip swipe fees against most banks, handing the banking industry a major legal win the same day that state lawmakers voted separately to delay the ban altogether until next year.

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

Feds Must Share Info On Source Code They Say Was Stolen

By Elliot Weld

A New York federal judge on Monday denied a quantitative trader's bid to escape a charge of trade secret theft but granted his request for prosecutors to turn over information on the source code he allegedly stole.

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

Cere Founder Says Sale Pact Bars $13M Crypto Fraud Suit

By Joyce Hanson

Cere Network's founder and others targeted in a $13 million suit over a purported cryptocurrency fraud scheme involving the decentralized data cloud platform have asked a California federal judge to send the dispute to arbitration in San Francisco.

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

TriZetto, Infosys Fight Each Side's CEO Deposition Bids

By Ivan Moreno

Cognizant TriZetto Software Group and Infosys Ltd. have filed dueling motions to block depositions of each other's top executives in a trade secret lawsuit over allegations that Infosys misused confidential access to TriZetto's healthcare software to build competing products.

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

Catching Up With Delaware's Chancery Court

By Jarek Rutz

The Delaware Chancery Court this past week handled disputes involving merger litigation, startup financing battles, cryptocurrency contracts, investor oversight claims and corporate governance challenges, while also issuing notable rulings in cases tied to World Wrestling Entertainment Inc., cybersecurity company KnowBe4 Inc. and biotechnology firm Ayala Pharmaceuticals Inc.

Read full article » | Save to favorites »

White & Case Adds 6 Partners Across US, UK

By Daniel Moritz-Rabson

White & Case LLP announced Monday the addition of six new partners to multiple practice teams across the United States and the United Kingdom.

Read full article » | Save to favorites »

Opinion

Regulators Should Use Existing Tools To Jump-Start Crypto

The U.S. Securities and Exchange Commission and U.S. Commodity Futures Trade Commission should use existing authority to quickly enable crypto trading, custody, clearing and settlement to reduce uncertainty and lay the groundwork for permanent crypto rules, says Lee Schneider at Ava Labs.

Read full article » | Save to favorites »

What End Of SEC Settlement Gag Rule Means For Defendants

The U.S. Securities and Exchange Commission's recent rescinding of its gag rule prohibiting defendants from publicly denying allegations in settled SEC enforcement actions actually heightens the need to think strategically when negotiating resolutions and pursuing public denials of wrongdoing, say attorneys at Cleary.

Read full article » | Save to favorites »

Ill. Passes Bill To Restrict Outside Investment In Legal Sector

By Emma Cueto

The Illinois state Legislature has passed a bill that aims to stop attorneys from fee sharing with non-lawyer-owned firms in other states and from accepting outside investment via a managed service organization structure.

Read full article » | Save to favorites »

Bonus Spotlight

Hueston Hennigan To Pay Summer Bonuses Up To $35K

By Tracey Read

Trial firm Hueston Hennigan is the second boutique to announce it will dole out midyear bonuses to associates.

Read full article » | Save to favorites »

As Judicial AI Use Gains Steam, Training Lags

By Emily Sawicki

Court systems around the country are emerging bullish on the use of generative artificial intelligence by judicial officers, but implementation, training, resources and overall regulations remain scattershot, giving rise to concerns that a learning gap could lead to missteps.

Read full article » | Save to favorites »

Roundup

The Top In-House Hires Of May

By Michele Gorman

Legal department hires during the past month included high-profile appointments at Chevron, Barclays and Topgolf. Here, Law360 Pulse looks at some of the top in-house announcements from the last full month of spring.

Read full article » | Save to favorites »

Plaintiffs' Counsel In Tylenol MDL Agree To $50K Donation

By Gianna Ferrarin

A plaintiffs' attorney and law firm sanctioned in multidistrict litigation alleging prenatal exposure to acetaminophen can cause autism agreed to donate $50,000 to maternal health organization March of Dimes in lieu of paying attorney fees, according to a letter filed Monday in New York federal court. 

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

DOJ Will Obey Order Freezing $1.8B 'Slush Fund'

By Courtney Bublé

The U.S. Department of Justice announced Monday it will abide by a federal judge's decision to temporarily pause the $1.8 billion "anti-weaponization" fund, adding that it disagreed with the ruling.

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

Kia, Hyundai Workers' Attys Get $3.45M Fee Award In Visa Suit

By Benjamin Morse

A Georgia federal court on Monday awarded $3.45 million in attorney fees and costs to lawyers for workers who reached an $11.5 million settlement over claims that a Hyundai supplier, a Kia plant and staffing agencies recruited skilled Mexican engineers for production work and underpaid them.

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

Roundup

Hub Hires: Foley Hoag, Holland & Knight, Paul Hastings

By Julie Manganis

The rapidly expanding gaming and sports betting industry brought more legal industry players to the table in Massachusetts in May, with two firms beefing up their bench in that area, while other local attorneys made midcareer leaps into new roles.

Read full article » | Save to favorites »

Titan Of The Plaintiffs Bar: Labaton Keller's Michael Canty

By Allison Grande

When Labaton Keller Sucharow LLP partner and general counsel Michael Canty decided to pursue a legal career, he had no doubt about what type of lawyer he wanted to be. 

Read full article » | Save to favorites »