Senate Banking Committee Advances Landmark Crypto Bill

By Aislinn Keely

The latest version of a bill to regulate crypto markets advanced out of the Senate banking committee on Thursday in a vote that saw two Democrats break with their colleagues to support the measure, though they warned their continued support of the so-called Clarity Act is contingent upon adding ethics language and other updates before the bill reaches the Senate floor.

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Guidelines For Tariff Offsets Treat Truck Parts Like Auto Parts

By Jack McLoone

Imported parts used in manufacturing various trucks are treated like automobile parts in guidelines that the U.S. International Trade Administration issued Thursday for U.S. manufacturers of medium- and heavy-duty vehicles looking to qualify for a program that allows a discount on duties paid for such parts.

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Brief

Chinese Steel Exporter Hit With 150% Duty Following Review

By Jack McLoone

The U.S. Department of Commerce on Thursday more than doubled the preliminarily determined antidumping duty for a Chinese exporter of steel cylinders to over 150% after it failed to fully comply with a review.

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Brief

US Trade Rep. Seeks Feedback On ITC's Quartz Tariff Plan

By Jack McLoone

The Office of the U.S. Trade Representative on Thursday said it is seeking comments on tariff recommendations made in April by the U.S. International Trade Commission regarding imported quartz surfaces.

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Adani Group Chair, Nephew Ink $18M Deal To Exit SEC Case

By Lauren Berg

Indian billionaire businessman Gautam Adani and his nephew, Sagar Adani, agreed Thursday to pay a combined $18 million to resolve the U.S. Securities and Exchange Commission's suit accusing them of committing securities fraud in connection with a $750 million bond offering.

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Brookfield To Acquire World Freight In $1.2B Deal

By Al Barbarino

Brookfield has agreed to acquire global air freight services provider World Freight Co. from PAI Partners and EQT's BPEA Private Equity Fund VI, the companies announced Thursday. 

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'Pig Butchering' Crypto Scam Victim Seeks $962K From IRS

By Kat Lucero

An Ohio man told a district court that the Internal Revenue Service wrongly denied his tax deduction claim for a loss of over $800,000 from a cryptocurrency "pig butchering" scheme despite the extensive documentation of the fraud he said he provided to the agency.

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Blank Rome Adds Husch Blackwell's Dallas Leader

By Lynn LaRowe

Blank Rome LLP has added a former Husch Blackwell LLP lawyer to its finance, restructuring and bankruptcy practice in Dallas as the firm continues to strengthen its investment in the north Texas market.

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New Cuba Sanctions Raise Risks For Foreign Banks, Cos.

President Donald Trump's bold move leveling secondary sanctions against Cuba expands enforcement risk for foreign banks and companies with no U.S. nexus, signaling that non-U.S. businesses should reassess related transactions, counterparties and exposure as regulators test this broader authority, say attorneys at Troutman.

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Series

Playing Basketball Makes Me A Better Lawyer

My grandfather used to say "I wear your jersey" as shorthand for wholly committing to support someone with loyalty and integrity — ideals that have shaped my life on the basketball court and in legal practice, says Tracy Schimelfenig at Schimelfenig Legal.

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Analysis

Insider Trading Case Shows BigLaw Associate Vetting Gaps

By Chris Villani

A BigLaw attorney who was able to move through three major firms while allegedly orchestrating a massive insider trading scheme may have been aided by relatively loose hiring practices for associates that firms may consider strengthening moving forward, recruiting experts told Law360.

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DOJ Asserts Broad Power In BigLaw Executive Order Appeal

By Jared Foretek

A Trump administration attorney told the D.C. Circuit on Thursday that the courts have no authority to review the president's decision to revoke someone's security clearance for any reason, including race, religion, or even refusal to pay a $1 million bribe.

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Trump's 8th Circ. Pick Clears Senate Panel Vote

By Courtney Bublé

President Donald Trump's nominee for the Eighth Circuit, who represented the president in the cases brought by writer E. Jean Carroll, advanced to the full Senate on Thursday.

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Thomas Urges Defense Of Constitution At Judicial Conference

By Carolina Bolado

U.S. Supreme Court Justice Clarence Thomas urged attendees at the Eleventh Circuit Judicial Conference on Thursday to "stand up" for the U.S. Constitution and to see the positives in the country, despite its flaws, on its 250th birthday.

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Fenwick Hit With FTX Suit In DC Over $525M Losses

By Emily Lever

A group of former FTX customers has sued Fenwick & West LLP in federal court in Washington over its work representing FTX from 2018 to 2022, seeking to recover more than $525 million for losses stemming from the cryptocurrency exchange's collapse.

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NYC Bar Endorses Random Audits For Law Firm Accounts

By Emily Sawicki

The New York City Bar Association's Professional Discipline Committee on Thursday threw its support behind a statewide bill to institute a random audit program for law firm financial accounts.

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Ogletree Fights Atty's Discovery Bid For DQ Push In Bias Suit

By Lynn LaRowe

A Georgia federal court should deny a bid for discovery aimed at disqualifying Ogletree Deakins Nash Smoak & Stewart PC from defending a security company against discrimination claims because the request stems from the plaintiff's lawyer's "personal grievances," the company said Thursday.

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Lover's Ex-Wife Fights Sinema's Request For Therapy Notes

By Abigail Harrison

A bid by former U.S. Sen. Kyrsten Sinema of Arizona to unearth notes and communications from a therapist working with her lover's ex-wife should be summarily denied, as the ex-wife, Heather Ammel, told a North Carolina federal court Thursday that the request is a clear overreach.

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8th Circ. Backs Dismissal Of Horse Breeder's Malpractice Suit

By Tom Lotshaw

The Eighth Circuit said a federal judge was right to dismiss a malpractice suit a Minnesota horse breeder brought against Porter Wright Morris & Arthur LLP and one of its former attorneys for mishandling malpractice cases against three other firms.

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