SEC Explores Rules For Novel ETFs As Filings Surge

By Aislinn Keely

The U.S. Securities and Exchange Commission on Tuesday called for input on its oversight of "novel exchange-traded funds" as it contemplates potential rule updates to address the surge of unusual product filings, including those seeking to hold event contracts and crypto.

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Kalshi Must Face Expanded Mass. Gaming Suit, Judge Says

By Julie Manganis

Massachusetts' attorney general may amend a lawsuit alleging KalshiEX flouts state sports betting rules to add claims that the platform allowed residents under 21 to gamble and committed other violations of state law, a judge said Tuesday.

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Tribes Back RI As CFTC Sues Over Kalshi Betting Ban

By Crystal Owens

Indigenous rights groups are supporting Rhode Island in a challenge by the U.S. and the Commodity Futures Trading Commission that looks to block the state's efforts to prevent prediction market platforms from offering sports-related event contracts, saying the litigation could turn decades of federal law on its head.

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Warren Asks Capital One If CFPB Pick Had Role In Ending Suit

By Jon Hill

A key Democratic senator is calling on Capital One to say whether its executive Brian Johnson, who is now President Donald Trump's pick to run the Consumer Financial Protection Bureau, had any role in getting the agency to drop a major lawsuit against the bank last year.

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CFPB's Slimmer Small-Biz Data Rule Cements End To 2 Suits

By Katryna Perera

Kentucky banks and a lender trade group have dropped their parallel lawsuits over the Consumer Financial Protection Bureau's Biden-era small business loan reporting requirements, citing the agency's scaled-back version of the requirements that went into effect Tuesday.

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Chamber Backs Circle's Bid To Dismiss $280M Drift Hack Suit

By Katryna Perera

The Chamber of Commerce on Tuesday urged a Massachusetts federal judge to throw out claims Circle Internet Group enabled fraudsters to drain $280 million in digital assets from crypto project Drift Protocol in an April Fools' Day exploit, arguing Circle cannot be held liable because third parties misused its platform.

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Securities Cos. Hit With Spoofing Suit In Florida

By David Minsky

An investor is accusing Citadel Securities LLC and Virtu Americas LLC of securities violations in Florida federal court, saying in a proposed class action that the broker-dealer firms used the illegal trading strategy known as spoofing to artificially depress a technology company's market value, enriching themselves in the process.

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Michigan Pastor Says Forced-Labor Case Targets His Faith

By Taylor Bowie

The federal government's allegations that a Michigan pastor forced church volunteers into an unpaid labor scheme attempts to criminalize his religious beliefs and oversteps the First Amendment, the pastor said in a bid to dismiss the superseding indictment on Tuesday.

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Rhodium Seeks Sanctions Over Ch. 11 Patent Claim

By Rick Archer

Bankrupt bitcoin miner Rhodium Encore on Tuesday asked a Texas bankruptcy judge to impose sanctions on cooling technology firm Midas Green Technologies, saying it spent more than $6 million fighting over Midas Green patent claims a district court judge had already dismissed.

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Prediction Market Case Will Test US Insider Trading Reach

The insider trading case recently brought against Google employee Michele Spagnuolo may help clarify the extraterritorial reach of the Commodity Exchange Act and U.S. agencies' ability to police foreign trading in prediction markets, say attorneys at Akin.

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3 Steps For Banks As Section 1071 Rule Finally Becomes Final

Some community banks and other lenders will get some breathing room in the final Section 1071 rule exempting them from small business lending reporting duties, but other reporting institutions should update applications, systems and staff training ahead of the 2028 compliance date, says Memrie Fortenberry at Jones Walker.

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Series

Power To The Paralegals: Burnout As A Structural Problem

Law firm leadership can best retain their paralegals not by encouraging self-care, but by seeking top-down structural solutions for the quiet proliferation of responsibilities and the vicarious exposure to client trauma that particularly drive burnout in this vital role, says Erika Sneeringer at Brockstedt Mandalas.

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2 Ex-Clifford Chance Attys Say Firm Wants To Claw Back $6M

By Jake Maher

Two former practice group leaders at Clifford Chance LLP have sued in New York federal court alleging the firm is trying to claw back nearly $6 million in total from the pair after they moved to Sidley Austin LLP early this year.

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Trump Nominates Just Confirmed La. Judge For 5th Circ.

By Courtney Bublé

Judge Anna St. John has been on the federal bench for less than four months, and now she's being put forth for a higher court.

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McCarter Atty Says He Didn't Know NY Law Before $20M Deals

By Brian Steele

A onetime McCarter & English LLP partner in Hartford testified Tuesday that he did not research New York's municipal contracting laws before helping two insurers enter into doomed $20 million loan repayment agreements with a Long Island town, but contended that he was under no obligation to do so.

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NJ Assembly Passes Litigation Funding Disclosure Bill

By Jake Maher

The New Jersey Assembly passed a bill requiring the disclosure of third-party litigation funding arrangements on Tuesday by an overwhelming margin after similar pending legislation in the state Senate received pushback from trial lawyers and litigation finance representatives.

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Apple Gets High Court Review Of Epic Case Sanctions

By Bryan Koenig

The U.S. Supreme Court agreed Tuesday to take up Apple's challenge to a California federal court contempt order against it for violating a ban, won by Epic Games, on company policies that barred app developers from steering users to outside payment options.

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Analysis

Justices' Birthright Ruling Leaves Little Room For Congress

By Britain Eakin

The U.S. Supreme Court's 5-4 holding Tuesday that President Donald Trump's executive order limiting birthright citizenship is unconstitutional did more than invalidate the policy, it effectively foreclosed Congress from trying to implement the executive order through legislation, experts told Law360.

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High Court Scraps Caps On Coordinated Campaign Spending

By Katie Buehler and Jeff Overley

The U.S. Supreme Court on Tuesday struck down federal limits on political party spending in coordination with individual candidates, agreeing with a Republican-led challenge that the caps violate the First Amendment.

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Uber, FedEx Slam Pa. Law Firm Counterclaims In RICO Suit

By James Boyle

Philadelphia-based personal injury firm Simon & Simon PC and its founder have failed to support a counterclaim in Pennsylvania federal court saying Uber Technologies Inc. and FedEx Corp. filed a sham litigation and abused the legal process with their ongoing RICO complaint against the firm, the companies argued Monday.

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NY State Bar Wants New Bar Exam Rules For Emergencies

By Kevin Penton

Following two recent incidents that drew scrutiny over their handling, the New York State Bar Association is calling for new standardized protocols to be followed should emergencies occur during the administration of the bar exam.

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