SEC Orders Crypto Guidance Review As Deregulation Looms

By Aislinn Keely

Acting Chair of the U.S. Securities and Exchange Commission Mark Uyeda ordered a review of a number of staff statements on digital assets, to potentially change or withdraw them in light of the White House's policy directive on deregulation and recommendations from the Department of Government Efficiency.

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Litigation Firms Back Perkins Coie In Suit Over Trump Order

By Jake Maher

A slew of midsize and small litigation firms took up Perkins Coie LLP's cause in its legal battle against an executive order from President Donald Trump targeting the BigLaw firm, arguing Monday in an amicus brief that the order is "anathema" to the justice system.

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Drug Buyers, Generics Cos. Fight Over Bellwether Litigation

By Bryan Koenig

Generic drug buyers vied Friday with the pharmaceutical companies they've accused of price-fixing over how to shape the first rounds of long-gestating Pennsylvania federal court litigation that the plaintiffs want heard in separate consecutive trials and that the drugmakers want combined.

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Full DC Circ. Lifts Pause On NLRB, MSPB Reinstatements

By Tim Ryan

The full D.C. Circuit on Monday lifted a March panel decision pausing the reinstatement of National Labor Relations Board and Merit Systems Protection Board members that President Donald Trump fired, saying U.S. Supreme Court precedent blessing limitations on the president's ability to fire agency officials still stands.

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ACLU, Others Slam Bid To 'Magic Eraser' CFPB Redlining Deal

By Jon Hill

A slew of public interest groups mobilized Friday against the Trump administration's bid to recant a recently settled Consumer Financial Protection Bureau redlining case, telling an Illinois federal judge that the move is about politics, not fairness, and should be denied.

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Trump Reopens Security Review Of US Steel-Nippon Deal

By Al Barbarino

President Donald Trump on Monday ordered a fresh national security review of Nippon Steel's proposed $14.9 billion takeover of U.S. Steel, reviving a deal blocked by his predecessor and giving the companies some of the relief they sought in court.

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OMB Issues Guidance On Agency Use, Purchasing Of AI

By Madeline Lyskawa

The Office of Management and Budget issued a pair of memorandums last week that replaced the Biden administration's safeguards on the federal acquisition of artificial intelligence with a policy aimed at accelerating federal agencies' use and procurement of artificial intelligence.

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No Basis To Revive Leasing Withdrawals Ruling, Trump Says

By Tom Lotshaw

The Trump administration urged an Alaska federal judge not to reinstate a decision barring it from undoing former President Barack Obama's withdrawal of offshore waters from oil and gas leasing, while it fights to revoke additional Biden administration removals.

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Chemours Co. Hit With Insider Derivative Suit In Del.

By Jeff Montgomery

Attorneys for a Chemours Co. stockholder have docketed a sealed derivative suit in Delaware's Court of Chancery, seeking damages on the company's behalf from 13 current or former directors and officers, alleging breaches of fiduciary duty and unjust enrichment in connection with alleged manipulation of financial disclosures.

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Coinbase Accused Of Scam Prevention Shortfalls

By Corey Rothauser

A California man has filed a proposed class action seeking to hold cryptocurrency exchange Coinbase liable for failing to implement safeguards against fraudsters who run "pig-butchering" scams.

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Brief

Ex-Conn. Budget Official Plans To Testify In Corruption Cases

By Aaron Keller

Twice-indicted former Connecticut budget official Konstantinos Diamantis plans to testify in two upcoming federal corruption trials, his attorney revealed Monday during a scheduling call that snapped into focus the timeline for both cases.

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Agriculture Insurer Says Agent Error Cost It Fed. Reinsurance

By Emilie Ruscoe

A Texas insurance company has taken aim at its insurance agent, claiming that clerical errors cost the company over $1 million after applications for reinsurance were belatedly submitted to the U.S. Department of Agriculture's Federal Crop Insurance Corp. amid the COVID-19 pandemic.

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Wage Access Co. Says NY AG Threatened Suit, Seeks Relief

By Sarah Jarvis

Earned-wage access provider DailyPay sued Letitia James on Monday seeking a declaratory judgment that its payments do not constitute loans under New York law or violate federal and state laws, alleging the state attorney general has effectively declared all such products illegal.

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Whole Foods To Settle Bonus Manipulation Suit

By Patrick Hoff

Whole Foods has agreed to resolve a lawsuit claiming the grocery chain rigged an employee bonus program to reduce payouts to workers, according to a filing in D.C. federal court.

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11 States Tell 6th Circ. To Ax Mich. Conversion Therapy Ban

By Carolyn Muyskens

Eleven U.S. states led by Iowa and South Carolina urged the Sixth Circuit to strike down Michigan's ban on conversion therapy for minors, saying the law censors therapists' speech.

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FCC Agrees To Bankers' Request To Delay Call Consent Rule

By Christopher Cole

The Federal Communications Commission agreed Monday to delay for a year a new rule expanding the scope of call consent revocation, after banking groups said they need more time to comply.

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Brief

SEC Drops Suit Against Silver Point Over Atty Info Access

By Brian Steele

The U.S. Securities and Exchange Commission has dropped a Connecticut federal lawsuit alleging Silver Point Capital LP failed to establish policies to safeguard material nonpublic information, particularly from a former BigLaw attorney who acted as outside counsel, according to federal court records.

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Agri Stats Pushes Back Against DOJ Doc Bid In Antitrust Case

By Matthew Perlman

Agri Stats Inc. has told a Minnesota federal court that a U.S. Department of Justice motion seeking documents is just an effort to delay the government's case accusing the data firm of helping chicken, pork and turkey producers share competitively sensitive information.

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Gambling Giants Push Sports Betting Case To Federal Court

By Ali Sullivan

A lawsuit challenging the legality of high-stakes sports gambling in Washington, D.C., based on an 18th century-era law belongs in federal, not state, court, a group of major gambling companies told a D.C. federal judge.

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Brief

Michigan AG Plans To Sue PCB Makers, Issues Call To Firms

By Carolyn Muyskens

Michigan Attorney General Dana Nessel said she was looking to hire outside firms to pursue litigation against manufacturers of polychlorinated biphenyls on behalf of her office.

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A Closer Look At New NYSE, Nasdaq Listing Rule Changes

The U.S. Securities and Exchange Commission has recently approved changes to the New York Stock Exchange's and the Nasdaq's listing rules on reverse stock splits, minimum share price requirements and required liquidity for initial listings, meaning listed companies facing delisting will have fewer means to regain compliance, say attorneys at Cahill Gordon.

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Running A Compliant DEI Program After EEOC, DOJ Guidance

Following recent guidance from the U.S. Equal Employment Opportunity Commission and the U.S. Department of Justice that operationalized the Trump administration's focus on ending so-called illegal DEI, employers don't need to eliminate DEI programs, but they must ensure that protected characteristics are not considered in employment decisions, say attorneys at Holland & Knight.

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6 Principles For De-Risking In This Era Of Uncertainty

Companies can emerge from the current period of disruptive transformation stronger than ever by embracing strategies that enable them to methodically evaluate risk, adapt to change without losing purpose, focus on customer value and find competitive advantages amid uncertainty, says David McVeigh at Axiom.

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Opinion

GENIUS Act Can Bring Harmony To Crypto-Banking Discord

​​​​​​​By embracing crypto innovation while establishing appropriate guardrails, the so-called GENIUS Act charts a path forward that promotes financial inclusion and technological advancement without compromising stability or constitutional rights, says J.W. Verret at George Mason University's Antonin Scalia Law School.

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Series

Law School's Missed Lessons: Be An Indispensable Associate

While law school teaches you to research, write and think critically, it often overlooks the professional skills you will need to make yourself an essential team player when transitioning from a summer to full-time associate, say attorneys at Stinson.

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Trump Wants To Use Firms That Cut Deals For Coal Leases

By Keith Goldberg

President Donald Trump said Tuesday that he wants to help coal companies with their leasing matters by proffering the services of BigLaw firms that signed agreements to avoid getting shut out of government work.

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Jenner & Block, WilmerHale Seek Shutdown Of Trump Orders

By Ali Sullivan and Lauren Berg

Jenner & Block LLP and WilmerHale on Tuesday asked Washington, D.C., federal judges for permanent court orders blocking President Donald Trump's executive orders targeting the firms, saying the directives threaten the firms, their clients and the entire legal system.

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Clifford Chance Lands Gibson Dunn Restructuring Co-Chair

By Tracey Read

Clifford Chance LLP announced Tuesday that it has hired the former co-chair of Gibson Dunn & Crutcher LLP's corporate restructuring practice to co-lead its global restructuring and insolvency practice.

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DOJ Shuts Crypto Unit, Shifts Focus From Intermediaries

By Aislinn Keely

The U.S. Department of Justice is disbanding its crypto unit and directing prosecutors to focus on cases against individuals who harm crypto investors or use digital assets to further other illegal activity, instead of bringing cases against platforms that enable the conduct, according to a memo circulated to all department employees.

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Atty Says Debevoise Fired Him Over Medical Leave

By Emmy Freedman

Debevoise & Plimpton LLP fired an attorney in its international dispute resolution practice group because he had taken medical leave, abruptly dismissing him two days after he returned, and refused to give him a chance to increase his billable hours, he told a New York federal court.

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In Trump Order Against Perkins Coie, GCs See Harm For Cos.

By Jake Maher

Nearly 70 current and former general counsel for companies including Apple Inc. and Starbucks filed an amicus brief Tuesday supporting Perkins Coie LLP in its suit against an executive order from President Donald Trump targeting the firm, saying the order "tramples on corporate independence, the right to counsel, and First Amendment rights."

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Ballard Spahr Fired Atty For Taking Medical Leave, Suit Says

By Patrick Hoff

A former attorney for Ballard Spahr LLP filed suit against the firm and the head of its employee benefits group Tuesday in New York federal court, claiming she was fired for taking medical leave and seeking a more flexible work schedule to deal with her epilepsy and a gastrointestinal condition. 

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Cravath Private Equity Co-Leader Joins Sidley In New York

By Andrea Keckley

Sidley Austin LLP announced Tuesday that the former co-head of Cravath Swaine & Moore LLP's private equity group is the latest addition to its growing mergers and acquisitions and private equity bench.

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Jay-Z 'Trying To Punish' Buzbee For Advocacy, Judge Told

By Rachel Scharf

Counsel for personal injury lawyer Tony Buzbee urged a California state judge on Tuesday to shut down Shawn "Jay-Z" Carter's extortion and defamation suit over now-dismissed rape claims, saying the rapper is "a well-funded, powerful figure who's trying to punish lawyers who do what lawyers do."

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