The latest version of a bill to regulate crypto markets advanced out of the Senate banking committee on Thursday in a vote that saw two Democrats break with their colleagues to support the measure, though they warned their continued support of the so-called Clarity Act is contingent upon adding ethics language and other updates before the bill reaches the Senate floor.
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TOP NEWS

Senate Banking Committee Advances Landmark Crypto Bill

By Aislinn Keely

The latest version of a bill to regulate crypto markets advanced out of the Senate banking committee on Thursday in a vote that saw two Democrats break with their colleagues to support the measure, though they warned their continued support of the so-called Clarity Act is contingent upon adding ethics language and other updates before the bill reaches the Senate floor.

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Fenwick Hit With FTX Suit In DC Over $525M Losses

By Emily Lever

A group of former FTX customers has sued Fenwick & West LLP in federal court in Washington over its work representing FTX from 2018 to 2022, seeking to recover more than $525 million for losses stemming from the cryptocurrency exchange's collapse.

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2nd Circ. Backs 20-Year Stretch For Forcount Fraudster

By Pete Brush

The Second Circuit on Thursday affirmed a 20-year sentence for an Ecuadorian man from Florida who pushed the $14 million, international Forcount cryptocurrency Ponzi scheme, concluding that "any error" from a broadcast of the sentencing did not impact the outcome.

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POLICY & REGULATION

FDIC Signs Off On Stellantis Industrial Bank Bid

By Jon Hill

Stellantis, the company behind Chrysler, Jeep and Dodge cars, has received Federal Deposit Insurance Corp. clearance to open a U.S. industrial bank, a move that will put all of Detroit's "Big Three" automakers on track to own federally insured lenders.

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LITIGATION

'Pig Butchering' Crypto Scam Victim Seeks $962K From IRS

By Kat Lucero

An Ohio man told a district court that the Internal Revenue Service wrongly denied his tax deduction claim for a loss of over $800,000 from a cryptocurrency "pig butchering" scheme despite the extensive documentation of the fraud he said he provided to the agency.

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Apple Drops Bid To Transfer Fintiv Suit Due To Albright Exit

By Adam Lidgett

Apple Inc. has abandoned its request to transfer Fintiv Inc.'s trade secret theft and racketeering lawsuit from Georgia to Texas, citing U.S. District Judge Alan Albright's decision to leave the bench in the Western District of Texas.

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DEALS

Brown-Forman Rejects $15B Takeover Offer, More Rumors

By Jade Martinez-Pogue

Alcoholic drink maker Brown-Forman rejected rival Sazerac's $15 billion takeover offer; fintech Digital Asset is seeking a $2 billion valuation with its latest funding round; and shoemaker Skechers has upped its offer to settle an investor lawsuit.

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EXPERT ANALYSIS

Sentencing Tips For Defending Crypto Conspiracy Cases

The sentencing of Evan Tangeman to 70 months in federal prison for laundering money in a cryptocurrency conspiracy illustrates that defense attorneys representing clients in multidefendant crypto cases need to understand the mechanics of conspiracy liability, loss attribution and restitution exposure before they reach the sentencing table, says Joseph De Gregorio at Sentencing Advocacy.

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Series

Playing Basketball Makes Me A Better Lawyer

My grandfather used to say "I wear your jersey" as shorthand for wholly committing to support someone with loyalty and integrity — ideals that have shaped my life on the basketball court and in legal practice, says Tracy Schimelfenig at Schimelfenig Legal.

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LEGAL INDUSTRY

Analysis

Insider Trading Case Shows BigLaw Associate Vetting Gaps

By Chris Villani

A BigLaw attorney who was able to move through three major firms while allegedly orchestrating a massive insider trading scheme may have been aided by relatively loose hiring practices for associates that firms may consider strengthening moving forward, recruiting experts told Law360.

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DOJ Asserts Broad Power In BigLaw Executive Order Appeal

By Jared Foretek

A Trump administration attorney told the D.C. Circuit on Thursday that the courts have no authority to review the president's decision to revoke someone's security clearance for any reason, including race, religion, or even refusal to pay a $1 million bribe.

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Trump's 8th Circ. Pick Clears Senate Panel Vote

By Courtney Bublé

President Donald Trump's nominee for the Eighth Circuit, who represented the president in the cases brought by writer E. Jean Carroll, advanced to the full Senate on Thursday.

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Thomas Urges Defense Of Constitution At Judicial Conference

By Carolina Bolado

U.S. Supreme Court Justice Clarence Thomas urged attendees at the Eleventh Circuit Judicial Conference on Thursday to "stand up" for the U.S. Constitution and to see the positives in the country, despite its flaws, on its 250th birthday.

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NYC Bar Endorses Random Audits For Law Firm Accounts

By Emily Sawicki

The New York City Bar Association's Professional Discipline Committee on Thursday threw its support behind a statewide bill to institute a random audit program for law firm financial accounts.

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Ogletree Fights Atty's Discovery Bid For DQ Push In Bias Suit

By Lynn LaRowe

A Georgia federal court should deny a bid for discovery aimed at disqualifying Ogletree Deakins Nash Smoak & Stewart PC from defending a security company against discrimination claims because the request stems from the plaintiff's lawyer's "personal grievances," the company said Thursday.

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Lover's Ex-Wife Fights Sinema's Request For Therapy Notes

By Abigail Harrison

A bid by former U.S. Sen. Kyrsten Sinema of Arizona to unearth notes and communications from a therapist working with her lover's ex-wife should be summarily denied, as the ex-wife, Heather Ammel, told a North Carolina federal court Thursday that the request is a clear overreach.

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8th Circ. Backs Dismissal Of Horse Breeder's Malpractice Suit

By Tom Lotshaw

The Eighth Circuit said a federal judge was right to dismiss a malpractice suit a Minnesota horse breeder brought against Porter Wright Morris & Arthur LLP and one of its former attorneys for mishandling malpractice cases against three other firms.

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COMPANIES IN TODAY'S NEWS

3G Capital

ADT Inc.

Andreessen Horowitz LLC

Apollo Global Management LLC

Apple Inc.

Barnes & Noble Inc.

Beacon Hill Staffing Group LLC

Brown-Forman Corp.

Coinbase Global Inc.

DRW Holdings LLC

Digital Asset Holdings LLC

Elliott Investment Management LP

FT Partners

Groupe PSA

Jack Daniel's Properties Inc.

Johnson & Johnson

Maserati North America Inc.

Microsoft Corp.

Momenta Pharmaceuticals Inc.

New York City Bar Association

Otis Worldwide Corp.

Pernod Ricard SA

Sazerac Co. Inc.

Skechers USA Inc.

Stellantis NV

Watanabe Schwartz

Wells Fargo & Co.

LAW FIRMS IN TODAY'S NEWS

Bradford Andresen

Clement & Murphy

Cooley LLP

Dorsey & Whitney

Fenwick & West

Foley & Mansfield

Goodwin Procter

Hogan Lovells

Jenner & Block

Kasowitz LLP

Kirkland & Ellis

Koskoff Koskoff

Latham & Watkins

Lehman Lee

Lowell & Associates

Morrison & Foerster

Morvillo Abramowitz

Munger Tolles

Ogletree Deakins

Paul Weiss

Perkins Coie

Polsinelli PC

Porter Wright

Poyner Spruill

Sidley Austin

Susman Godfrey

Taft Stettinius

Tax Workout Group

Van Camp Meacham

Wachtell Lipton

Watkins Calcara

Weil Gotshal

Williams & Connolly

WilmerHale

GOVERNMENT AGENCIES IN TODAY'S NEWS

Commodity Futures Trading Commission

Equal Employment Opportunity Commission

Executive Office of the President

Federal Bureau of Investigation

Federal Deposit Insurance Corp.

Georgia Department of Labor

Internal Revenue Service

U.S. Attorney's Office for the Southern District of New York

U.S. Court of Appeals for the District of Columbia Circuit

U.S. Court of Appeals for the Eighth Circuit

U.S. Court of Appeals for the Second Circuit

U.S. Department of Justice

U.S. District Court for the District of Columbia

U.S. District Court for the District of Massachusetts

U.S. District Court for the Northern District of Georgia

U.S. District Court for the Northern District of Texas

U.S. District Court for the Western District of Texas

U.S. Securities and Exchange Commission

U.S. Senate

U.S. Supreme Court

United States District Court for the Southern District of Georgia

United States District Court for the Southern District of Ohio