Bankman-Fried Seeks Trump Pardon On FTX Fraud Conviction

By Dorothy Atkins

FTX founder Sam Bankman-Fried, who is currently serving a 25-year prison sentence, has asked President Donald Trump to pardon him for defrauding customers who placed billions of dollars with the fallen cryptocurrency exchange, according to the U.S. Department of Justice's Office of the Pardon Attorney.

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OpenAI Joins Anthropic In Confidentially Filing IPO Plans

By Hailey Konnath

OpenAI said Monday that it had confidentially submitted a proposed initial public offering to the U.S. Securities and Exchange Commission, an announcement that comes a week after artificial intelligence rival Anthropic said it had done the same.

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Home Decor Biz Files Ch. 11 With Over $100M Debt, Sale Plans

By Alex Wittenberg

Simply Interior Homes, which makes home textiles and decor, filed for Chapter 11 protection Monday in Delaware bankruptcy court with at least $100 million in debt and a plan to sell its business.

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White & Case, Reed Smith Lead $1.2B Space SPAC Deal

By Jarek Rutz

Spacecraft developer Quantum Space LLC said Monday it plans to go public through a merger with Inflection Point Acquisition Corp. VI, a special purpose acquisition company, in a deal that values the combined company at about $1.2 billion and would give the business new funding to build out its national security-focused spacecraft platform.

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Catching Up With Delaware's Chancery Court

By Sydney Price

At the Delaware Chancery Court, a trial over World Wrestling Entertainment Inc.'s $21.4 billion merger with Ultimate Fighting Championship's parent company has been canceled, and a Reddit investor has filed a suit claiming the company used artificial intelligence to challenge his grievance about a charter provision.

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Clearing House To Pay $40.7M Over 'Slush Fund' Claims

By Sarah Jarvis

Axos Clearing LLC owes more than $40.7 million to more than 100 claimants for allegedly turning a blind eye as the brokerage firm Worden Capital Management LLC used the claimants' accounts as personal slush funds, following Worden Capital's expulsion by the Financial Industry Regulatory Authority.

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Gibson Dunn, PE Firm Pay Charity $1M For Knicks VIP Seats

By Dorothy Atkins

Gibson Dunn and private equity firm Veritas Capital split the $1 million winning bid for two "Celebrity Row" seats in a Knicks fundraiser ahead of Game 3 of the NBA Finals between the New York Knicks and the San Antonio Spurs, the team's parent company announced Monday.

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Brief

Johnson & Johnson Paying $1B For Oncology Startup Firefly

By Al Barbarino

Johnson & Johnson said Monday it has agreed to acquire Firefly Bio Inc. for $1 billion in cash, adding a proprietary technology that targets hard-to-treat tumors. 

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Brief

Freshfields-Led Arcline Bids $535M For Continental Aerospace

By Nate Beck

Freshfields LLP advised private equity firm Arcline Investment Management on a proposed acquisition of aircraft parts maker Continental Aerospace Technologies in a $535 million deal.

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Opinion

SEC Enforcement Reforms Must Address Post-Wells Limbo

The U.S. Securities and Exchange Commission's recent changes to how it notifies companies of a potential enforcement action fail to address what happens after the Wells process is over, highlighting the need for meaningful process reform that includes a formal closure determination, says Kimble Cannon at Mahdavi Bacon.

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Trial Boutiques Roll Out Associate Pay Raises

By Andrea Keckley

Three trial boutiques are planning to bump associate salaries by at least $10,000 next month, the firms confirmed to Law360 Pulse Tuesday.

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Interview

Burford Sees Growing Market For Stakes In Elite Firms

By Marialuisa Taddia

Burford Capital plans to step up minority equity investments in elite law firms in the U.K. and U.S. that already use its litigation finance, as investor appetite for law firm equity increases, the firm's new London-based chief operating officer told Law360.

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Fox Rothschild Sued Over Data Breach Tied To Ransom Group

By Allison Grande

Fox Rothschild LLP was hit with a proposed class action in Pennsylvania federal court Tuesday accusing the national law firm of failing to adequately protect the "highly sensitive and confidential" personal data entrusted to it from being exposed to a prominent ransomware group in a data breach last month. 

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All Attys In Miss. Suit DQd For Back-To-Back-To-Back AI Flubs

By Emily Sawicki

A Mississippi federal judge who found herself in the "unusual scenario" of reviewing briefs with artificial intelligence-created errors filed by both parties in a lawyer's fee dispute against a Magnolia State municipality has terminated all four attorneys from the case.

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Q&A

Next ABA International Ethics Chair Looks To Year Ahead

By Emily Sawicki

Rob Misey, incoming chair of the American Bar Association's International Ethics Committee, brings a passion for international dialogue to his new role, set to begin in September. Misey discussed his goals of initiating ethics conversations throughout the ABA and with counterparts overseas.

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Analysis

Fed. Circ. 'Recalibrates' Analysis For Constitutional Standing

By Dani Kass

The Federal Circuit eased the line between constitutional and statutory standing last month when reviving A.L.M. Holding Co.'s infringement suit against Zydex Industries Private Ltd., in a decision attorneys say makes standing more accessible and clarifies how patent licensors can maintain their rights.

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5 Firms Barred From Handling NFL Parkinson's Claims

By P.J. D'Annunzio

Five law firms have been disqualified from representing claimants seeking NFL concussion settlement funds for running a scheme that "laundered" questionable Parkinson's disease claims through the system to obtain $95 million, including $20 million in fees, a special masters' report issued Monday says.

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Pa. Law Firm Calls Uber and FedEx's RICO Suit A 'Sham'

By James Boyle

Nearly a month after its motion to dismiss a RICO suit filed by Uber and FedEx was denied by a Philadelphia federal judge, personal injury firm Simon & Simon PC has lodged a counterclaim against the companies, saying their complaint is a "frivolous sham."

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Senate Confirms Longtime Kan. Prosecutor, KBI Chief To Bench

By Courtney Bublé

The Senate voted 51-46, along party lines, on Tuesday to confirm Tony Mattivi, director of the Kansas Bureau of Investigation, to serve on the bench in the District of Kansas.

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