SEC, Platforms Back CFTC In Stock Perpetuals Challenge

By Aislinn Keely

The U.S. Securities and Exchange Commission is backing the Commodity Futures Trading Commission's approval of perpetual contracts tied to individual stocks, arguing the depiction in a special interest organization's lawsuit of "a CFTC gone rogue, and an SEC gone missing" is mistaken.

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SEC Reports Continued Decline In Enforcement Actions

By Sarah Jarvis

The U.S. Securities and Exchange Commission brought 22% fewer actions during its first full fiscal year under Chairman Paul Atkins compared to the prior year, according to a report the agency released Tuesday. It continues a downward trend in case counts, although the agency stresses the number of cases it brings is an incomplete measure of enforcement effectiveness.

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Wachtell To Probe Nvidia CEO's Affair With Alleged China Spy

By Anna Scott Farrell and Sue Reisinger

Nvidia has hired Wachtell Lipton Rosen & Katz to lead an investigation into allegations that its founder and CEO had an affair with a business executive who U.S. intelligence believes is a Chinese spy, the artificial intelligence chipmaker said Tuesday.

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Block Inc. Makes $150M Deal To End Cash App Fraud Suit

By Craig Clough

Block Inc. reached a deal for insurers to pay it $150 million to resolve a shareholder derivative suit alleging that compliance failures fueled an "explosion" of fraud and other illicit activity on the company's Cash App, according to a motion filed Monday seeking a California federal judge's preliminary approval.

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Robinhood, OG.com Sue Against State Sports Wager Actions

By Katryna Perera

The nationwide tangle of litigation over the regulation of prediction markets grew as Robinhood challenged Missouri and OG.com sued Arkansas in separate suits to fend off potential state enforcement actions targeting the companies' sports wagers as bets.

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JPMorgan Can't Reclaim $45M For Frank Fraud, Investors Say

By Jarek Rutz

Three investors in college financial aid startup Frank told the Delaware Chancery Court on Tuesday that JPMorgan Chase Bank NA waived the $45 million in claims it wants to recover from the fraudulent $175 million acquisition of Frank.

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Conn. Financial Cos. Must Make AI Plans Exam-Ready

Connecticut's new artificial intelligence guidance for covered financial institutions is notable for its specificity and its broad inclusion of any AI system that materially influences business operations or risk management, detailing the need for written plans covering risk tiering, human oversight and vendor controls, says James Williams at Venable.

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Planning Personal Phone Collections Before Discovery Begins

For counsel planning a personal phone collection as part of the litigation discovery process, it's important to take early steps to ensure that necessary information will be obtained without exposing unrelated information or running into access issues, says Jeremy Horowitz at MARA Forensics.

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How A Child Of Immigrants Defends Abrego Garcia

By Corey Rothauser

Hecker Fink attorney Jeffrey Then grew up translating English-language letters for customers at his Dominican immigrant family’s Bronx business. Decades later, he drew on that experience while defending Kilmar Abrego Garcia from federal human smuggling charges, becoming a lifeline for Abrego Garcia during his detention.

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Q&A

John Morgan On Why Luck Matters More Than Most Admit

By Y. Peter Kang

John Morgan, founder of personal injury giant Morgan & Morgan PA, built the largest personal injury firm in the U.S., with 1,110 attorneys in 140 locations. In his new memoir, "Life Is Luck," the attorney who Forbes estimates has a net worth of $1.5 billion argues that success is about more than talent, intelligence or determination. It is also about recognizing opportunities, taking risks and capitalizing on fortunate breaks when they appear.

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Grassley Defends Rush To Confirm Trump Judicial Picks

By Courtney Bublé

Sen. Chuck Grassley, R-Iowa, chair of the Senate Judiciary Committee, on Tuesday defended how quickly the committee is moving to confirm President Donald Trump's judicial picks before Democrats control the Senate.

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Trump Swaps Out Blocked 8th Circ. Nominee With Ark. Justice

By Courtney Bublé

President Donald Trump on Tuesday withdrew his pick for the Eighth Circuit and replaced him with a different nominee amid apparent opposition from Arkansas' senators. 

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Girardi Estate's $54M Claim Put Behind Other Creditors

By Craig Clough

The trustees overseeing Tom Girardi's and his former law firm's bankruptcies struck a deal to put their claims against each other behind other approved general unsecured claims, according to a California bankruptcy court filing, with the firm's trustee saying neither estate is expected to collect on those claims.

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