5 Things To Know About Trump's Latest CFPB Nominee

By Jon Hill

President Donald Trump's newest pick for Consumer Financial Protection Bureau director has spent years sketching out a conservative vision for the agency that he could soon run, one that emphasizes minimalist rules, legal restraint and administrative procedure.

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2nd Circ. Backs Bankman-Fried's 25-Year Fraud Conviction

By Aislinn Keely

The Second Circuit on Friday upheld Sam Bankman-Fried's conviction and an $11 billion forfeiture order in an opinion that found the ex-CEO's claims that he could have made FTX customers whole didn't matter in the face of the government's "robust" evidence of his role in the fraud that felled the cryptocurrency exchange.

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DC Judge Refuses To Wipe DOJ's Powell Subpoena Loss

By Katryna Perera

A D.C. federal judge has rejected a bid by federal prosecutors to erase their loss earlier this year in a now-closed fight over subpoenas tied to former Federal Reserve Chair Jerome Powell, leaving in place a decision that had blocked those subpoenas as improper.

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Gensler Tells 6th Circ. 'Sports Bets Aren't Swaps'

By Aislinn Keely

Former Wall Street regulator Gary Gensler told the appeals court overseeing Kalshi's prediction market battle with Ohio regulators that Congress didn't intend for the U.S. Commodity Futures Trading Commission to become a nationwide sports betting regulator when it drafted swaps laws during his chairmanship of the agency.

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CFTC Secures Trading Ban Against Celsius' Mashinsky

By Katryna Perera

A New York federal judge Friday signed off on a consent order that would resolve the U.S. Commodity Futures Trading Commission's claims against Alexander Mashinsky, founder and former CEO of the now-defunct Celsius Network, and permanently bar him from trading commodities or running another commodity business.

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CFTC Sues New Mexico Over Prediction Market Enforcement

By Alex Lawson

The legal feud between federal and state regulators over sports-related prediction market offerings expanded Friday as New Mexico became the eighth state to be sued by the U.S. Commodity Futures Trading Commission for treating those contracts as illegal gambling.

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Robinhood Wins Final Approval Of $2M Order-Flow Deal

By Sydney Price

A California federal judge granted final approval to a $2 million class settlement resolving claims that Robinhood affected how customers' orders on the trading platform were handled by failing to disclose financial interests.

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Fintech Lender Sued Over Arbitration Clause Omissions

By Sarah Jarvis

Affirm Inc. has been sued for allegedly making misleading statements and omissions in its mandatory arbitration clause, withholding the company's 100% win rate in contested arbitrations, and not disclosing that its chief legal and compliance officer sat on the arbitrator's governing board.

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Jane Street Used Tips To Dodge Losses, Terraform Says

By Sydney Price

The administrator for bankrupt cryptocurrency company Terraform Labs has urged a New York federal court not to dismiss his suit against trading firm Jane Street over claims the firm used confidential information to profit from Terraform's collapse, arguing that it is liable as an insider and a tippee.

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Direct Fed Payment Access Finally In Sight For Fintechs

A recent executive order and a Federal Reserve proposal could finally allow direct payment system access for fintechs and other nonbanks, potentially reducing reliance on sponsor banks and reshaping competition, as well as prompting organizations to reassess partnership strategies as litigation and rulemaking unfold, say attorneys at Freshfields.

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SEC Disgorged Fund Distribution Is Next Query After Sripetch

Following the Supreme Court's Sripetch v. U.S. Securities and Exchange Commission decision, investor harm isn't required for the SEC to obtain a disgorgement award, but future cases must resolve whether the commission will be freed from a requirement to distribute disgorged funds to the victims of alleged misconduct, says Daniel Walfish at Katsky Korins.

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3 Things To Know About Trump's Pick To Lead SDNY

By Daniel Moritz-Rabson

President Donald Trump has announced that he plans to appoint Sullivan & Cromwell LLP partner James M. McDonald to lead the Southern District of New York. Here are three things to know about him.

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Trump Personal Atty In Carroll Cases Confirmed To 8th Circ.

By Courtney Bublé

The Senate voted 48-43 on Monday evening to confirm Justin Smith, who represented the president in the defamation and sexual abuse cases brought by writer E. Jean Carroll, to the U.S. Court of Appeals for the Eighth Circuit.

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Hagens Berman Must Cover Fees After Misconduct Findings

By Adrian Cruz

Hagens Berman Sobol Shapiro LLP must cover the fees and costs of a special master who alleged the firm committed misconduct in product liability litigation over the morning sickness drug thalidomide, a Pennsylvania federal judge has said.

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Analysis

Newman's Appeal Loss Shows Limits On Suspension Reviews

By Ryan Davis

The U.S. Supreme Court's rejection on Monday of Federal Circuit Judge Pauline Newman's appeal in the long-running dispute over her suspension made clear that the available routes to challenge such orders are narrow, and spurred critics to contemplate ways to revise the system.

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Justices Turn Down Judge Newman's Suspension Case

By Ryan Davis

The U.S. Supreme Court on Monday rejected Federal Circuit Judge Pauline Newman's effort to revive her lawsuit against her colleagues for suspending her, leaving intact a D.C. Circuit decision that her challenges to the order are not subject to judicial review.

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Attys Want Up To $33M In Long-Running UBH Benefits Fight

By Kellie Mejdrich

Attorneys for employee benefit plan participants who sued to change how United Behavioral Health processed claims for mental health and substance use disorder treatment asked a California federal court for up to $33 million in fees and expenses for their work on the "groundbreaking" case.

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Ex-SEC Atty Reprimanded Over Misstatements In Crypto Case

By Julie Manganis

A former U.S. Securities and Exchange Commission attorney has received a public reprimand for misleading a judge in a cryptocurrency fraud case that led to sanctions against the agency.

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Barnes & Thornburg Profit-Share Admin Wants Legal Bills Paid

By James Boyle

A company that oversaw recordkeeping duties of Barnes & Thornburg LLP's profit-sharing plan says in a complaint in Pennsylvania state court it is owed legal fees over a previous suit filed by a former firm partner.

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FBI Misplaced Nadine Menendez's Jewelry, Judge Told

By Parker Quinlan

An attorney for Nadine Menendez on Monday told a Manhattan federal judge that the FBI is still unable to locate pieces of her jewelry seized as part of the investigation that led to Menendez and her husband, former U.S. Sen. Bob Menendez of New Jersey, being convicted of participating in a bribery scheme.

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Catching Up With Delaware's Chancery Court

By Jarek Rutz

The Delaware Chancery Court this past week handled disputes involving shareholder voting rights, take-private transactions, merger disclosures, board control battles and investor litigation, while the Delaware Supreme Court heard arguments over the wind-down of an oil-and-gas investment fund.

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