Kalshi on Wednesday asked the Ninth Circuit to rehear its dispute with Nevada regulators, arguing the appeals court miscast its sports event contracts as sports bets in an August opinion that cleared the way for the state's gaming regulators to pursue the prediction market platform.
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TOP NEWS

Kalshi Seeks Rehearing After 9th Circ. Loss

By Aislinn Keely

Kalshi on Wednesday asked the Ninth Circuit to rehear its dispute with Nevada regulators, arguing the appeals court miscast its sports event contracts as sports bets in an August opinion that cleared the way for the state's gaming regulators to pursue the prediction market platform.

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Crypto Org. Taps Prelogar To Back CFTC's Side In Perps Fight

By Aislinn Keely

A crypto policy group advocating for perpetual derivatives markets hired former U.S. Solicitor General Elizabeth Prelogar to pen a brief backing the U.S. Commodity Futures Trading Commission's approval of bitcoin perpetual contracts as the agency fights a challenge from the Chicago Mercantile Exchange.

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Kalshi Can't Keep Iowa Gaming Regulators At Bay

By Alex Lawson

An Iowa federal judge has declined to shield Kalshi from the state's gambling watchdog, voicing skepticism that the prediction market platform's sports event contracts should be federally regulated as swaps.

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Ringleader Pleads Guilty In $245M Crypto RICO Enterprise

By Joyce Hanson

The 22-year-old ringleader of an international conspiracy that used social engineering to steal more than $245 million in cryptocurrency has pled guilty in D.C. federal court for his role in building "a cybercrime empire," the U.S. Department of Justice said.

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ENFORCEMENT & COMPLIANCE

Defunct Tax Startup CEO Charged In $13.3M Investor Fraud

By Gina Kim

The CEO of a defunct tax-compliance startup has been arrested on fraud charges based on allegations she defrauded investors out of more than $13 million by lying about her credentials and her company's revenues, the U.S. Department of Justice said Wednesday.

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LITIGATION

Klarna Wants Out Of Investor Action Over Loan Risks

By Sydney Price

Payments company Klarna Group PLC has asked a New York federal court to dismiss it from an investor suit accusing it of damaging shareholders by failing to disclose losses associated with its "buy now, pay later" loans ahead of its 2025 initial public offering, saying its projections were neither inaccurate nor misleading.

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PEOPLE

Labaton Reboots Whistleblower Practice With Ex-SEC Chair

By Jessica Corso

Investor-side firm Labaton Keller Sucharow LLP has tapped two former U.S. Securities and Exchange Commission veterans to lead a new practice representing whistleblowers before the SEC and other federal regulators, reviving a service that the firm provided five years ago.

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EXPERT ANALYSIS

How 'Swap' Fight Underpins Prediction Market Enforcement

As courts around the country grapple with whether, and under what circumstances, event contracts qualify as swaps, federal enforcement authority hangs in the balance, with implications for companies that need to manage compliance risks during this period of legal uncertainty, say attorneys at Debevoise.

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LEGAL INDUSTRY

DOJ Says Berkeley Law Is Racially Biased In Admissions

By Craig Clough

The U.S. Department of Justice and the U.S. Department of Education said Wednesday that the University of California, Berkeley School of Law discriminated against white and Asian applicants in its 2024 and 2025 admissions cycles by preferring Black applicants because of their race, violating federal civil rights law and recent U.S. Supreme Court precedent.

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Murdaugh Murder Retrial Venue Shift Fueled By Bias Concern

By Emily Sawicki

A South Carolina trial court has approved a request to move Alex Murdaugh's murder retrial to a different county, finding the disgraced attorney could not expect a fair trial in Colleton County, where his wife and son were killed and where he was previously convicted for the crimes.

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Sugar Buyers Want Paul Weiss DQ'd From Price-Fixing MDL

By Dorothy Atkins

Hershey, J.M. Smucker and other food makers urged a Minnesota federal judge Tuesday to disqualify Paul Weiss Rifkind Wharton & Garrison LLP from representing Domino Foods in sugar price-fixing multidistrict litigation, arguing the firm is conflicted out because it saw their confidential sugar-purchasing data when it was being considered as plaintiffs' counsel.

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Virginia Law Prof Says He'll Take USPTO General Counsel Job

By Jack Rodgers

A University of Virginia School of Law professor who has taught tort, administrative, patent and international intellectual property law there for more than 15 years recently said he plans to become the new general counsel of the U.S. Patent and Trademark Office.

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Hogan Lovells Partner Tapped For Mass. Judgeship

By Julie Manganis

A Hogan Lovells Cadwalader senior partner has been nominated to a seat as an associate justice on the Massachusetts Superior Court, the governor's office announced Wednesday.

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Kilpatrick Atty Tapped For Yakima County Bench In Wash.

By Ben Adlin

Washington's governor appointed Kilpatrick Townsend & Stockton LLP litigator Bree R. Black Horse to the Yakima County Superior Court bench on Wednesday, filling the first new position added to that court in nearly three decades.

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COMPANIES IN TODAY'S NEWS

Boston College

CME Group Inc.

Coinbase Global Inc.

Duke University

General Mills Inc.

George Washington University

Google LLC

JPMorgan Chase & Co.

Kellanova Co.

Kellogg Co.

LinkedIn Corp.

MMG Ltd.

Mars Inc.

McKee Foods Corp.

Minnesota Vikings Football LLC

Morgan Stanley

Seattle Pacific University

Seattle University

Tesla Inc.

The Hershey Co.

The J. M. Smucker Co.

The Kraft Heinz Co.

TikTok Inc.

University of Virginia

Yakima Herald-Republic

LAW FIRMS IN TODAY'S NEWS

Cooley LLP

Covington & Burling

Debevoise & Plimpton

DiCello Levitt

Freshfields

Griffin Humphries

Hogan Lovells

Jenner & Block

Kilpatrick Townsend

Kohn Kohn

Labaton Keller

Mayer Brown

Milbank LLP

Paul Weiss

Rosen Law Firm PA

GOVERNMENT AGENCIES IN TODAY'S NEWS

Commodity Futures Trading Commission

Confederated Tribes and Bands of the Yakama Nation

Financial Crimes Enforcement Network

Internal Revenue Service

Nevada Attorney General's Office

New York Attorney General's Office

New York State Gaming Commission

Seminole Nation

South Carolina Attorney General's Office

Stillaguamish Tribe

U.S. Army

U.S. Attorney's Office

U.S. Attorney's Office for the Central District of California

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 Ninth Circuit

U.S. Court of Appeals for the Second Circuit

U.S. Court of Appeals for the Third Circuit

U.S. Department of Education

U.S. Department of Justice

U.S. District Court for the Central District of California

U.S. District Court for the District of Columbia

U.S. District Court for the District of Minnesota

U.S. District Court for the Eastern District of New York

U.S. District Court for the Southern District of Iowa

U.S. District Court for the Southern District of New York

U.S. Patent and Trademark Office

U.S. Securities and Exchange Commission

U.S. Supreme Court

United States District Court for the District of Montana