States Urge Justices To Fix Prediction Markets' Legal 'Chaos'

By Katryna Perera

A coalition of 39 states and the District of Columbia urged the U.S. Supreme Court on Wednesday to resolve a circuit split over the regulation of prediction markets like Kalshi, saying the industry's "aggressive theory of preemption" threatens states' sovereignty and ability to protect their residents. 

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Feds Back High Court Review Of Robinhood Disclosure Suit

By Rae Ann Varona

The Trump administration urged the U.S. Supreme Court Wednesday to take up Robinhood Markets Inc.'s bid to clarify securities issuers' liability for omitting material interim financial information from registration statements, saying the Ninth Circuit erroneously imposes liability by "collapsing" two elements of a misleading-omissions violation.

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Cyber Consultant Convicted Of $53M Uranium Finance Heist

By Stewart Bishop

A federal jury in Manhattan convicted a Maryland cybersecurity consultant on Wednesday of what prosecutors say was a two-pronged heist of well over $53 million in cryptocurrency from Uranium Finance that wiped out the short-lived decentralized exchange.

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Crypto Founder Indicted Over $9M Crypto Rug Pull

By Celeste Bott

Cryptocurrency founder Alexander Sisemore has been indicted in Illinois federal court for orchestrating a fraudulent scheme that netted him about $9 million, with prosecutors alleging he concealed tokens he had allocated himself for free and surreptitiously sold them while misleading investors about the project's ownership.

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Crypto.com Beats Website Users' Tracking Suit, For Now

By Gina Kim

A California federal judge dismissed, for now, a proposed class action alleging Crypto.com's site operator allowed third parties to track visitors' browsing activities despite rejecting the use of cookies, ruling Monday the plaintiffs lack standing since the information that was allegedly collected wasn't sensitive enough to constitute concrete injury.

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Tether Accused Of Damaging Tech Co. With $2.8M Freeze

By Sydney Price

Fintech payment company Conduit Technology says stablecoin issuer Tether Holdings damaged its business and is seeking injunctive relief over Tether's decision to freeze about $2.8 million Conduit stored in a digital wallet.

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DLA Piper, Loeb Guide Stablecoin Firm's $250M SPAC Merger

By Katryna Perera

Guided by DLA Piper and Loeb & Loeb LLP, stablecoin issuer First Digital Group Limited will merge with CSLM Digital Asset Acquisition Corp III Ltd., a special purpose acquisition company, and go public in a deal valued at $250 million.

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Egan-Jones Taps Ex-SEC Examiner To Oversee Ratings

By Sarah Jarvis

Egan-Jones Ratings Co. announced Wednesday that it has appointed a former branch chief of the U.S. Securities and Exchange Commission's Office of Credit Ratings as its senior director of ratings, several weeks after the SEC ruled that the firm will not be designated a nationally recognized statistical rating organization for rating bonds or asset-backed securities.

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Series

Illinois Banking Brief: All The Notable Legal Updates In Q3

Recent banking developments in Illinois include significant new consumer protection legislation, three meaningful Seventh Circuit decisions, and a high-profile constitutional challenge to the state's new digital asset tax, say attorneys at Barnes & Thornburg.

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Why And How To Build A Neurodiversity-Informed Practice

By better understanding neurodiversity and implementing simple accommodations for clients with autism, ADHD or learning differences, attorneys can build stronger relationships with those who may otherwise struggle to obtain and benefit from legal services, while developing good habits that will benefit everyone they represent, says Ting Cheung at Sanford Heisler.

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Sheppard Mullin Hit With Class Action Over Data Breach

By Jake Maher

A former Sheppard Mullin Richter & Hampton LLP paralegal launched a proposed class action against the firm in California federal court on Wednesday over a cyberattack it had in August, in which she says at least 1,000 people's names and Social Security numbers were stolen.

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IP Rights Group Urges Against Litigation Funding Disclosure

By Elliot Weld

An inventor rights advocacy group has told a federal courts rules committee that requiring the disclosure of who is funding civil litigation would put independent inventors at a disadvantage when trying to enforce patents against a larger company.

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Analysis

New Fraud Division Flexes Might In Latest Enforcement Policy

By Phillip Bantz

The National Fraud Enforcement Division's new corporate enforcement policy emphasizes the quick pursuit of certain types of fraud through data analysis and staff resources, expands the target list beyond traditional healthcare providers and highlights the division's growing dominance within the U.S. Department of Justice, experts say.

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Cornell Defendant Seeks To Nix James As Special Prosecutor

By Andrea Keckley

One of the seven men accused of drugging and raping a fellow Cornell University student at a fraternity home has asked a New York state court to void Gov. Kathy Hochul's appointment of New York Attorney General Letitia James as special prosecutor in the case.

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Gov't Attys Could Face Sanctions Over AI Use Omissions

By Madeline Lyskawa

A U.S. Court of Federal Claims judge has ordered four government attorneys to explain why they shouldn't be sanctioned for making factual misrepresentations about the U.S. Army's use of artificial intelligence to evaluate contract proposals.

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Split Congress Could Spur Competing Probes, Cleary Finds

By Courtney Bublé

If the new year brings an era of divided Congress, then "dueling investigations" into the same topics should be expected, Cleary Gottlieb Steen & Hamilton LLP said in a report it released Thursday.

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Fla. Judge Says Oct. 7 Attack Was 'Inflection Point' For U.S.

By David Minsky

U.S. District Judge Roy K. Altman addressed a small group of attorneys in a Florida law office to speak on his book about the October 2023 Hamas-led attack on Israel, saying public debate over facts surrounding the event and underlying feud has reached an "inflection point" in America.

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Buzbee Faces $970K Fee Bid In Dismissed Conspiracy Cases

By Lynn LaRowe

A Mississippi lawyer is asking a Texas state court to award her more than $970,000 in fees after defeating claims that she and her law firm conspired with rapper Shawn "Jay-Z" Carter and Quinn Emanuel Urquhart & Sullivan LLP to retaliate against prominent Houston plaintiffs attorney Tony Buzbee and two of his former clients.

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Dems Says GOP Broke Senate Rules In Jack Smith Hearing

By Courtney Bublé

The Democrats on the Senate Judiciary Committee have accused Republicans of violating committee rules during a hearing last week with former special counsel Jack Smith.

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