CFTC Moves To Shield Kalshi From NY Lawsuit

By Lauren Berg

The U.S. Commodity Futures Trading Commission issued an emergency order Tuesday evening telling Kalshi that, even if the state of New York wins a restraining order preventing the prediction market platform from offering event contracts, it should continue business as usual.

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Blue States Say OCC Overstepped On Escrow Interest Rules

By Jon Hill

An Oregon-led coalition of nearly a dozen states sued Tuesday to overturn the Office of the Comptroller of the Currency's recent rules that exempt national banks from state laws requiring the payment of interest on homeowners' escrow account funds.

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Brief

SEC Prepared To Introduce Crypto Regulations This Week

By Jessica Corso

The U.S. Securities and Exchange Commission plans to hold a meeting Friday during which it could issue a proposed rule outlining a path forward for the trading of crypto-assets under the agency's oversight.

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Brief

Kalshi Loss Dooms Coinbase's Bid To Block Conn. Enforcers

By Alex Lawson

A Connecticut federal judge has denied Coinbase's request to keep state gaming regulators from cracking down on its sports offerings, tying the decision to a nearly identical ruling he made against Kalshi earlier in the day.

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SEC, CFTC Sue Goliath Over $400M Crypto Ponzi Scheme

By Carolina Bolado

The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission sued bankrupt cryptocurrency investment firm Goliath Ventures Inc. and its founder Tuesday claiming they orchestrated a $400 million cryptocurrency Ponzi scheme.

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SEC Claims Netcapital Juiced Revenue With Fake Deals

By Carolyn Muyskens

The U.S. Securities and Exchange Commission has accused fintech company Netcapital Inc. of securities fraud by inflating earnings through "sham" consulting deals with Napster co-founder John Fanning that didn't actually generate revenue.

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Nev. Trader To Pay SEC $1.5M To End Spoofing Claims

By Sydney Price

A Las Vegas-based securities trader has agreed to settle the U.S. Securities and Exchange Commission's claims that he used his long-time knowledge of the industry to carry out a four-year market spoofing scheme, which generated over $1.1 million.

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Cash Advance Co. Loses Coverage Bid For $1B NYAG Row

By Katryna Perera

Merchant capital advance provider Yellowstone Capital LLC has lost its bid for coverage of costs incurred in a $1 billion settlement with the New York attorney general over claims that it gouged small businesses, as a New Jersey federal judge found Yellowstone's insurance policy excludes coverage for claims of unfair business practices.

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LGBCoin Defendant Looks To DQ Judge From Contempt Case

By Madison Arnold

The defendant who lost a default judgment last week in favor of "Let's Go Brandon" meme coin investors has now asked to disqualify a Florida federal judge from his related criminal contempt case after the judge accused him of acting "to disparage the court."

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Canadian Banks Selling Moneris To Francisco For $1.4B

By Al Barbarino

Toronto-based payments company Moneris Solutions Corp. has agreed to be acquired by Francisco Partners Management LP for about CA$2 billion ($1.44 billion), as joint owners Bank of Montreal and Royal Bank of Canada look to exit the business while keeping commercial ties, the companies said Monday.

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NYDFS Swedbank Order Offers Lessons On Candor

The New York State Department of Financial Services' consent order with Swedbank reflects the department's broad view of its investigative authority, emphasizes transparency, and underscores the risks of intrusive investigations that can occur if a regulator believes that it was misled, say attorneys at Paul Hastings.

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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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9th Circ. Would Lose 3 States In Latest Reorganization Bid

By Courtney Bublé

Republicans are once again trying to break up the U.S. Court of Appeals for the Ninth Circuit, which has long been dominated by judges appointed by Democratic presidents.

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Goldstein Unveils Cooley Appeal Team

By Jared Foretek

Thomas Goldstein has unveiled an experienced lineup of appellate lawyers he'll turn to in his bid to overturn 12 tax and mortgage fraud convictions, featuring several attorneys with extensive U.S. Supreme Court experience.

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Texas Firm Withdraws From $150M Deal To Rep Migrant Kids

By Madeline Lyskawa

A Texas law firm has withdrawn from consideration for a $150 million award from the U.S. Department of Health and Human Services to provide legal services to unaccompanied migrant children in government custody.

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Missed Step Could Vex Ex-Duane Morris Client's Appeal

By P.J. D'Annunzio

A Pennsylvania Superior Court panel on Tuesday quizzed counsel for a businessman accusing Duane Morris LLP of legal malpractice in a trade secrets case on whether documents he claimed were privileged had been properly put before the trial judge for consideration.

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Ogletree Says Equinox Owes $1.4M In Unpaid Legal Bills

By Hailey Konnath

Ogletree said Monday that fitness company Equinox owes nearly $1.4 million in fees and expenses for the firm's work representing it in an employment matter in Los Angeles, according to a complaint filed in California federal court.

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Brief

Calif. Subclass Added To Fox Rothschild Data Breach Suit

By Emily Sawicki

A California resident seeking to represent a subclass of Golden State data breach victims on Tuesday asked to add a new California Consumer Privacy Act claim to a proposed Pennsylvania class action first filed against Fox Rothschild LLP in June, after prominent ransomware group Silent Ransom Group targeted the firm.

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DOJ Says Executive Privilege May Apply To Private Advisers

By Emily Sawicki

The president's communications with outside advisers may be shielded by executive privilege, so long as they are confidential and relate to official decision-making, the U.S. Department of Justice said in its latest advisory opinion.

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