Utah Hits Kalshi With Criminal Charges Over Sports Offerings

By Ganesh Setty

Utah has brought criminal charges in state court against Kalshi and its co-founders under its anti-gambling laws, amid an ongoing jurisdictional battle over whether federal law preempts state and tribal regulation of the prediction market platform's sports event contracts.

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Treasury Asked To Narrow Crackdown On Fund Strategies

By Kat Lucero

The U.S. Treasury Department should develop targeted rules distinguishing abusive transactions from long-standing investment management practices in new enforcement that scrutinizes novel strategies exploiting the tax benefits of certain investment vehicles and financial products, firms and organizations told the department.

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Ex-ComEd CEO, Lobbyist Signal Plea Deal Over Retrial

By Celeste Bott

Attorneys for Commonwealth Edison's former CEO and a longtime lobbyist told an Illinois federal judge on Thursday that they are in talks with the government about plea deals rather than an anticipated retrial next year on charges that they conspired to win former Illinois Speaker Michael Madigan's legislative favor in exchange for do-nothing jobs for his allies.

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SEC Reopens $200M Debt Box Case After Sanctions

By Jessica Corso

The U.S. Securities and Exchange Commission has reopened a $200 million crypto Ponzi scheme case that landed it in hot water two years ago, saying that the individuals behind the company known as Debt Box misled investors into believing that they were spending on real-world projects.

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SEC Claims Crypto Firms' Bogus Filings Fueled $130M Scam

By Dorothy Atkins

The U.S. Securities and Exchange Commission hit BG Wealth Sharing Ltd. and crypto-platform DSJ Exchange Pty Ltd. with a civil lawsuit in California federal court Thursday, alleging their scam investment apps defrauded investors out of $130 million by posing as the "world's largest hedge fund" and submitting bogus SEC filings.

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Warren Calls For BofA Criminal Probe After $1.2B AML Fine

By Craig Clough

Massachusetts Sen. Elizabeth Warren, the ranking Democrat on the Senate Committee on Banking, Housing, and Urban Affairs, called for a federal criminal probe Thursday into Bank of America after the U.S. Treasury Department fined the institution $1.2 billion this month over alleged anti-money laundering failures.

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Connecticut Trader To Pay $910K To Settle SEC Fraud Claims

By Katryna Perera

A Connecticut trader and his firm agreed Thursday to pay over $900,000 to the U.S. Securities and Exchange Commission to resolve claims that they made Ponzi-like payments to investors and misled them about trading returns and pre-initial public offering holdings.

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Fugitive Former Conn. Official Must Pay Capital One $25K

By Aaron Keller

A onetime Connecticut budget official who fled to Greece as sentencing neared in one federal public corruption case and a trial loomed in another must pay more than $25,000 to cover the balance of a Capital One personal loan, a state judge has ruled.

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FCC Floats $4.4M Fine For Boomerang's Alleged Lifeline Fraud

By Aneeta Mathur-Ashton

The Federal Communications Commission proposed a $4.4 million fine against Boomerang Wireless for allegedly defrauding the Lifeline program, which gives discounts on phone and internet services to qualifying low-income Americans.

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Gov't Urges 11th Circ. To Lift Sanctions Over Trump-IRS Deal

By Asha Glover

A federal judge's order barring President Donald Trump, the IRS and the U.S. Treasury Department from citing the agreement made to settle his $10 billion suit against the tax agency is unsupportable and should be reversed, the government told the Eleventh Circuit.

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Tax Prep Biz Owner, Workers Charged In $177M Fraud Scheme

By Zak Kostro

An Alabama tax preparation business owner and several of her employees participated in a scheme to submit false tax returns to the IRS seeking more than $177 million in fraudulent federal tax refunds, federal prosecutors said.

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Ex-Philly Prosecutors Open Firm After Clash With DA Krasner

By Christine DeRosa

Two former prosecutors in the Philadelphia District Attorney's Office have launched their own firm after resigning from the office following a clash with District Attorney Larry Krasner in a habeas corpus case.

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Ashurst Perkins Hires Freshfields Investigations Co-Lead

By Jack Rodgers

Ashurst Perkins Coie has hired the co-leader of Freshfields LLP's congressional investigations team, who makes the move just a week before the U.S. midterm elections to advise clients on congressional inquiries and other government investigations.

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MoFo Adds 2 Paul Weiss Attys, Including Biz Litigation Leader

By Andrea Keckley

Morrison Foerster announced the addition of two litigators from Paul Weiss Rifkind Wharton & Garrison LLP on Thursday as partners in New York, including a returning partner who will lead the firm's business litigation and disputes team.

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How To ID And Respond To 5 Types Of Misleading Witnesses

Witnesses can mislead fact-finders using a variety of tactics — from strategic amnesia to manufactured ignorance — but lawyers can learn how to identify and expose this testimony to come out on top, says Allison Rocker at Baker McKenzie.

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Bid Protest Spotlight: Bait-And-Switch, Scope, Performance

In this month's bid protest roundup, Michael Ols at MoFo offers takeaways from recent decisions examining bait-and-switch protest claims, the scope of a contractor teaming agreement and the use of an affiliate’s past performance.

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Parsing The Lowest SEC Enforcement Stats In Over A Decade

Statistics show that the U.S. Securities and Exchange Commission brought a historically low number of enforcement actions during Paul Atkins' first full fiscal year as chairman, delivering on his promise to reduce enforcement in program areas focused on recordkeeping and other technical violations, say attorneys at Covington.

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Are You Happy With Your In-House Role? Take Our Survey

Is your company giving you everything you need to succeed? What are some misconceptions about working in-house? Help Law360 Pulse answer these questions and more in this year's In-House Satisfaction Survey.

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DOJ Backs Ex-Wisconsin Judge's ICE Obstruction Conviction

By Andrea Keckley

The U.S. Department of Justice told the Seventh Circuit that the high-profile conviction of a former Wisconsin state court judge for interfering with an ICE arrest was not compromised by her position on the bench or by jury instructions.

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Roundup

Hub Hires: WilmerHale, Womble Bond, Kirkland

By Chris Villani

Falling temperatures didn't bring a cooldown in the Boston legal lateral market as WilmerHale and Robinson & Cole LLP both welcomed former assistant attorneys general, Honigman LLP established its first office in the market, and Kirkland & Ellis LLP snagged a partner from Ropes & Gray LLP.

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Law360's Legal Lions Of The Week

By Kevin Penton

Consovoy McCarthy PLLC and Smith Porsborg Schweigert Armstrong Moldenhauer & Smith lead this week's edition of Law360 Legal Lions, after the Eighth Circuit struck down the Federal Reserve's regulatory cap on the swipe fees that larger banks may collect on debit card transactions.

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Cyberattack Class Action Against Fox Rothschild Dropped

By Madison Arnold

Three data breach victims have dismissed their proposed class action against Fox Rothschild LLP after ransomware group Silent Ransom Group targeted the firm.

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Ramona Nee, Tapped To Lead Weil, Now In Talks With Kirkland

By Daniel Moritz-Rabson

Ramona Nee, the co-leader of Weil Gotshal & Manges LLP's U.S. private equity practice who had been poised to become its leader, is engaged in talks to join Kirkland & Ellis LLP, a source with knowledge of the situation told Law360 Pulse on Friday.

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Roundup

GC Cheat Sheet: The Hottest Corporate News Of The Week

By Michele Gorman

Meta reached a settlement during jury selection in the second Los Angeles bellwether trial over claims its Instagram platform harms the mental health of children, leaving Snap as the lone defendant facing trial. In the meantime, current and former in-house lawyers for Google and Meta said that the ability of AI to write patent applications is rapidly improving, and that in blind tests, experienced attorneys often deem AI-drafted patents to be superior to those from humans. These are some of the stories in corporate legal news you may have missed in the past week.

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Jackson Walker Inks $500K Deal In EXCO's Ch. 11 Fee Fight

By Clara Geoghegan

Jackson Walker has agreed to pay EXCO Resources Inc. $500,000 to end litigation over fees paid to the firm while one of its partners was in an undisclosed relationship with the former bankruptcy judge who mediated in the reorganized oil and gas driller's Texas Chapter 11.

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Fed. Judge A No-Show Amid Inquiry Into Her Mental Health

By Craig Clough

U.S. District Judge Ada Brown of the Northern District of Texas failed to appear Friday before a judicial investigative committee examining allegations that she abandoned her post and concerns that a mental condition may be interfering with her ability to perform her duties.

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K&L Gates DQ'd In Trust's Mortgage Loan Agreement Dispute

By Isaac Monterose

A Washington federal judge disqualified K&L Gates LLP from a trust's dispute over a residential mortgage loan sale agreement, ruling that the law firm must leave the suit because it drafted the form agreement used in the transaction.

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Cruz Counsel Returns To FCC As Space Bureau Chief

By Nadia Dreid

The Federal Communications Commission has named a former employee with experience in both the public and private sectors to head the agency's Space Bureau, after a stint as chief telecommunications counsel to the Senate Commerce Committee.

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In Case You Missed It: Hottest Firms And Stories On Law360

For those who missed out, here's a look back at the law firms, stories and expert analyses that generated the most buzz on Law360 last week.

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Kalshi Taps Clement For High Court Sports Contracts Fight

By Elaine Briseño

Kalshi has hired appellate heavyweight Paul D. Clement of Clement & Murphy PLLC to represent the company in its potential U.S. Supreme Court battle over whether the prediction markets platform's sports wagering is subject to state or federal oversight.

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