2nd Circ. Denies Kalshi, Coinbase Enforcement Shields

By Aislinn Keely

A Second Circuit panel on Tuesday rebuffed separate bids by Kalshi and Coinbase to temporarily shield their sports contracts from New York and Connecticut gambling regulators after the judges appeared unconvinced by the platforms' attempts to draw lines between sports event contracts and sports bets.

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CFTC Sued As It Allows Single-Stock Perp Contracts Trading

By Jessica Corso

The U.S. Commodity Futures Trading Commission on Tuesday signed off on the trading of perpetual contracts tied to individual stocks and was almost immediately sued by a special interest organization backed by Cboe Global Markets Inc. and others accusing the agency of putting investors at risk.

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Block Seeks $764M Deal To End DOJ Cash App Fraud Probe

By Lauren Berg

Jack Dorsey's Block Inc. revealed in an investor filing Tuesday it has reached a tentative deal to resolve a U.S. Department of Justice investigation into claims that it ignored fraud on its Cash App, outlining terms that include a deferred prosecution agreement and payment of more than $760 million.

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Justin Sun Says Trump-Tied Crypto Firm Deserves Sanctions

By Bonnie Eslinger

Billionaire Justin Sun urged a California federal judge to sanction World Liberty Financial in litigation over his $45 million investment in the Trump-tied crypto firm, saying the company cost him hundreds of thousands of dollars when it "violated one of the most basic requirements" of the court.

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OppFi Pulls $130M BNC Bank Bid, Citing Review Uncertainty

By Jon Hill

Online lender Opportunity Financial said Tuesday it was withdrawing its applications for a planned $130 million purchase of BNC National Bank, calling off its bid to become a bank amid what it described as unclear regulatory standards and other obstacles to approval.

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PCAOB Floats Change That Could Aid Semiannual Reporting

By Jessica Corso

The Public Company Accounting Oversight Board Tuesday proposed a rule change that could make it easier for companies to raise capital should they decide to switch to a semiannual reporting schedule.

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Analysis

BofA's $1.2B AML Fine Shows Perils Of Tech Overreliance

By Sarah Jarvis

Bank of America's $1.2 billion deal with the U.S. Treasury Department over anti-money-laundering failures has put compliance officers at financial institutions on alert about the perils they could face if they don't have empowered in-house investigators and proper oversight of technological systems for transaction monitoring.

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2nd Circ. Revives SS&C Trade Secret Suit Against Arcesium

By Adam Lidgett

Financial software company SS&C can pursue its suit alleging fintech firm Arcesium misappropriated trade secrets from its software program, Geneva, to build a rival product, Trinity, the Second Circuit ruled Tuesday.

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Approach The Bench: Judge Wilson On Trial By Zoom

By Cara Bayles and Kelley Marcano

Before she became a state court judge in Washington, Judge Coreen Wilson worked as a trial attorney litigating hundreds of cases, including the country's first binding virtual civil jury trial during the early days of the COVID-19 pandemic.

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DOJ Says Trump Adviser Needn't Answer ABA Subpoenas Yet

By Jared Foretek

The U.S. Department of Justice is arguing that Trump attorney Boris Epshteyn shouldn't have to respond to subpoenas from the American Bar Association in its challenge to the Trump administration's campaign against law firms until the presiding judge rules on the administration's preexisting motion to quash them.

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Judge Questions Federal Role In Ed Martin Ethics Case

By Jared Foretek

A D.C. federal judge struggled Tuesday to see how he could preside over a state attorney ethics proceeding if U.S. pardon attorney Ed Martin gets his way and keeps the case in federal court, as the city's ethics board fought to have it sent back to state court.

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Brownstein Hyatt Faces Suit Over Flawed Cannabis Co. Deal

By Rachel Konieczny

A Colorado real estate developer and his company alleged that Brownstein Hyatt Farber Schreck LLP negligently drafted their settlement agreement in a dispute with members of cannabis dispensary chain Native Roots over a sale of the chain's entities, resulting in a roughly $100 million arbitration award against the developer's company.

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Texas Atty Seeks Release In Cyberstalking Case

By Lynn LaRowe

A Texas lawyer who is expected to plead guilty in a cyberstalking case involving BigLaw firm attorneys is asking a federal court to free her, saying circumstances are "materially different" because of mental health treatment she has received while behind bars.

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Adult Daycare Pushes To Revive Suit Against Fox Rothschild

By Rose Krebs

An adult daycare company is asking a New Jersey state court to undo the toss of its suit against Fox Rothschild LLP and one of its attorneys, saying the dismissal was in error because the business had sought more time to respond to a dismissal motion.

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Volunteer Exits Malicious Prosecution Suit Naming DLA Piper

By Craig Clough

A Los Angeles judge on Tuesday tossed a malicious prosecution claim against a former volunteer for Breaking Code Silence on free speech grounds, even as he called the broader case against DLA Piper and the nonprofit "stronger than most."

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Ashurst Perkins ICap Suit Stayed Amid Bankruptcy Fight

By Ben Adlin

A Washington state judge has agreed to freeze a lawsuit accusing law firm Ashurst Perkins Coie of aiding and abetting a nearly $230 million Ponzi scheme, ordering the King County Superior Court litigation be put on hold pending an outcome in a related bankruptcy dispute.

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Roundup

The Top In-House Hires Of October

By Michele Gorman

Legal department hires during the past month included high-profile appointments at Fox, Dell and LinkedIn. Here, Law360 Pulse looks at some of the top in-house announcements from October.

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