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January 28, 2025
SEC Wells Meetings Likely Back On The Table, Official Says
The U.S. Securities and Exchange Commission's acting deputy director of enforcement said Tuesday that leadership was open to meeting more frequently with those facing SEC investigations and hinted at the possibility that it would pursue fewer industry bars against those who violate the securities laws.
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January 28, 2025
Amid Big Bets, Tom Goldstein Argued 'Poker Is Not Gambling'
A federal indictment's jarring portrayal of pioneering U.S. Supreme Court advocate Tom Goldstein as an "ultrahigh-stakes" gambler who dodged taxes has left the legal community virtually speechless. But Goldstein's status as a serious poker player was not a secret, and in past court cases, he proclaimed the card game "fundamentally dissimilar" from conventional gambling, even while preparing to wager millions on matches.
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January 28, 2025
Chinese Pair Sought To Fuel Fentanyl 'Grand Lab,' Feds Say
Prosecutors told a Manhattan federal jury Tuesday that two Chinese nationals sought to furnish chemicals for what they thought would be a huge fentanyl hub in New York City, pointing to what they called damning evidence such as recordings, texts and cryptocurrency transfers.
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January 28, 2025
NJ Targets MTA's Changes In Revised Congestion-Pricing Suit
New Jersey Gov. Phil Murphy plans to target New York City's public transit agency and the altered toll amounts in the state's renewed legal challenge to congestion pricing, according to a proposed amended complaint.
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January 28, 2025
Guns Owners Urge Justices To Throw Out NY Carry Law
Members of the Gun Owners of America Inc. have petitioned the U.S. Supreme Court to overturn a New York carry law that the Second Circuit largely upheld last year, arguing that the lower appellate court's ruling "doubled down" on erroneous conclusions already vacated the last time the justices heard the case.
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January 28, 2025
Pearl Cohen Expands To Bay Area Via IP Firm Merger
Pearl Cohen Zedek Latzer Baratz LLP has merged with San Francisco-based intellectual property firm Vierra Magen Marcus LLP, the firm has announced.
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January 28, 2025
Law Firm Accused Of Botching NYC Construction Lawsuit
An HVAC subcontractor and one of its investors claim that attorneys at a New York law firm cost them a $700,000 judgment at trial by failing to call any witnesses or produce any documents to rebut claims from a general contractor that they diverted funds, according to a lawsuit in New Jersey state court.
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January 28, 2025
Menendez Says Any Prison Time Should Wait For Appeal
Former U.S. Sen. Robert Menendez told a Manhattan federal judge ahead of his sentencing hearing Wednesday that any prison term should be delayed until after his appeal of his bribery conviction plays out, saying the Second Circuit could well rule in his favor.
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January 28, 2025
Ex-SDNY Jeffrey Epstein Prosecutor Returns To Quinn Emanuel
A former federal attorney who led prosecutions against Jeffrey Epstein and Ghislaine Maxwell has rejoined Quinn Emanuel Urquhart & Sullivan LLP as an of counsel in New York, the firm announced Tuesday.
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January 28, 2025
Judge Temporarily Halts Trump's Funding Freeze
A D.C. federal judge on Tuesday temporarily blocked a Trump administration freeze on federal spending that was set to go into effect at 5 p.m., as a group of nearly two dozen attorneys general filed a separate case challenging what they described as an illegal and potentially catastrophic move.
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January 28, 2025
Holland & Knight Adds Financial Services Partner In New York
Holland & Knight LLP has brought on a former Mayer Brown LLP partner who specializes in asset securitization and structured finance to its growing financial services team.
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January 28, 2025
NY Battery Startup Hits Ch. 11 With $136M Debt, Sale Plans
Electric vehicle and renewable energy storage lithium-ion battery maker iM3NY filed for bankruptcy protection in Delaware, reporting around $136 million in debt after it wasn't able to drum up new funding for a battery production plant in New York.
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January 27, 2025
Lummis Tells 2nd Circ. SEC 'Flouts' Congress In Crypto Cases
Sen. Cynthia Lummis, R.-Wyo., told the Second Circuit that the U.S. Securities and Exchange Commission's ongoing suit against Coinbase Inc. has complicated congressional efforts to set rules for digital assets, filing her support for the crypto exchange's bid for a quick ruling from the appeals court on how securities laws apply to the transactions on its platform.
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January 27, 2025
Crypto Exchange KuCoin Pleads Out, Agrees To Pay $297M
Cryptocurrency exchange KuCoin on Monday pled guilty and agreed to pay $297 million for failing to implement anti-money laundering protocols and allowing more than $5 billion worth of criminal funds to flow through its trading platform.
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January 27, 2025
HSBC Bankers Fall Short Of Pay Class Cert., Judge Suggests
A New York federal magistrate judge recommended that proposed classes of HSBC Bank personal bankers be denied class certification for allegations that the company shortchanged them on pay in various ways, finding the evidence presented to establish commonality of the claims is full of hearsay.
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January 27, 2025
PTAB Axes Processor Patent Asserted Against Carmakers
The Patent Trial and Appeal Board has invalidated all the claims in a patent issued almost a decade ago to engineers at Intel and then assigned to a litigation business that asserted it against automakers and others.
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January 27, 2025
Perella Weinberg Had $47M Motive To Ax Partners, Judge Told
Counsel for former partners of investment banking firm Perella Weinberg on Monday signaled to a New York state trial judge that the firm had a financial motive to fire them and pointed to emails calling one a "destructive influence."
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January 27, 2025
Yen Libor-Rigging Case Lands Before 2nd Circ. Again
Institutional investors urge the Second Circuit to again revive a lawsuit accusing Bank of America, UBS and others of rigging the interbank borrowing rate for Japanese yen, arguing in a brief Monday that a lower court judge dismissed the case on "obviously erroneous grounds with little (if any) supporting analysis."
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January 27, 2025
Archegos CFO Gets 8 Years For $100M Stock Fraud Ploy
The former chief financial officer of defunct hedge fund Archegos on Monday was sentenced in New York federal court to eight years in prison for his role in a $100 billion scheme to manipulate the market and defraud banks.
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January 27, 2025
Legal Aid Attys Fight To Keep Suit Over Union Palestine Vote
The Association of Legal Aid Attorneys infringed on three members' rights by moving to expel them for trying to stop the union from voting on a controversial pro-Palestine resolution, the attorneys said, asking a New York federal judge to preserve claims that the union violated labor and anti-discrimination laws.
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January 27, 2025
Obesity-Focused Metsera Leads Biotech Firms Eyeing IPOs
Obesity-focused drug developer Metsera launched plans on Monday for an estimated $275 million initial public offering, joined by kidney-disease focused Maze Therapeutics, both of which plan to tap the markets this week under combined guidance of four law firms.
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January 27, 2025
So-Called 'Face' Of $14M Crypto Ponzi Scheme Gets 2½ Years
A Manhattan federal judge sentenced a Florida house cleaner to 2½ years in prison Monday for her role in promoting the $14 million, international Forcount cryptocurrency Ponzi scheme to fellow Latinos over three years.
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January 27, 2025
NFL Union, DraftKings Reach Settlement In NFT Licensing Suit
The NFL Players Association and DraftKings Inc. asked a New York federal judge Monday to pause a lawsuit that accused the betting platform of failing to follow through on a licensing agreement related to nonfungible tokens while they iron out details of a settlement.
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January 27, 2025
Influencing 101: Attorneys' Tips For Content Creators
Content creators and influencers are part of a nearly $500 million industry that presents them with a host of business opportunities — and legal risks. Here, lawyers who advise this growing group of clients share four tips with Law360 on best practices for content creators.
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January 27, 2025
Pair Of Google Advertisers Must Arbitrate Ad Tech Claims
A New York federal court found that a pair of advertisers will have to arbitrate their claims against Google instead of trying to represent a class in the multidistrict litigation accusing the tech giant of monopolizing key digital advertising technology.
Expert Analysis
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UK Lawyers Can Access Broad US Discovery To Win Cases
Given its breadth, U.S. discovery can be a powerful tool in litigation in the U.K. and other jurisdictions outside the U.S., and a survey of recent cases indicates that discovery requests made in the U.S. are likely to be granted — with many applications even proceeding without contest, say lawyers at Miller & Chevalier.
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7 Employment Contracts Issues Facing DOL Scrutiny
A growing trend of U.S. Department of Labor enforcement against employment practices that limit workers' rights and avoid legal responsibility shines a light on seven unique contractual provisions that violate federal labor laws, and face agressive litigation from the labor solicitor, says Thomas Starks at Freeman Mathis.
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5 Litigation Funding Trends To Note In 2025
Lawyers and their clients must be prepared to navigate an evolving litigation funding market in 2025, made more complicated by a new administration and the increasing overall cost of litigation, says Jeffery Lula at GLS Capital.
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Predicting Where State AGs Will Direct Their Attention In 2025
In 2025, we expect state attorneys general will navigate a new presidential administration while continuing to further regulate and police financial services, artificial intelligence, junk fees and antitrust, say attorneys at Troutman Pepper.
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For Accounting Integrity, Start With The Rank-And-File
Macy's acknowledgment of an employee's accounting mistake underscores a valuable lesson for company leaders in fostering compliance with the Sarbanes-Oxley Act by cultivating a culture committed to strong accounting integrity and robust oversight, say Keerthika Subramanian and Jon Mantis at Winston & Strawn.
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Rethinking Litigation Risk And What It Really Means To Win
Attorneys have a tendency to overestimate litigation risk before summary judgment and underestimate risk after it, but an eight-stage litigation framework can clarify risk at different points and help litigators reassess what true success looks like in any particular case, says Joshua Libling at Arcadia Finance.
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Lessons From Two New Year's Eve Uptier Exchange Decisions
On the last day of 2024, two different courts issued important decisions relating to non-pro rata uptier exchanges — and while they differ, both rulings highlight that transactions effected in reliance on undefined terms in debt agreements come with increased risk, say attorneys at Simpson Thacher.
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Public Corruption Enforcement In 2024 Has Clues For 2025
If 2024 activity is any indication, the U.S. Supreme Court will likely continue to rein in expansive prosecutorial theories of fraud in the year to come, but it’s harder to predict what the new administration will mean for public corruption prosecutions in 2025, says Cathy Fleming at Offit Kurman.
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Issues To Watch In 2025's ERISA Litigation Landscape
Whether 2024’s uptick in new Employee Retirement Income Security Act cases will continue this year will likely depend on federal courts’ resolution of several issues, including those related to excessive fees, defined contribution plan forfeitures, and pleading standards for ERISA-prohibited transaction claims, say attorneys at Groom Law.
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Roundup
Banking Brief: State Law Recaps From Each Quarter Of 2024
In this Expert Analysis series, throughout 2024 attorneys provided quarterly recaps discussing the biggest developments in banking regulation, litigation and policymaking in various states, including New York, California and Illinois.
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New York Climate Superfund Law May Face Preemption Fight
New York state's new climate superfund law highlights a growing trend of states supplementing their climate litigation efforts with legislative initiatives — but it will likely encounter the same federal preemption questions raised about state and local lawsuits seeking redress for climate harms, say attorneys at ArentFox Schiff.
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Justices Could Stitch Up ERISA Circuit Split With Cornell Case
In Cunningham v. Cornell, scheduled for oral arguments next week, the U.S. Supreme Court has the opportunity to provide uniform pleading standards for Section 1106(a) of the Employee Retirement Income Security Act, the lack of which has vexed circuit courts and benefits counsel for years, says Scott Tippett at Offit Kurman.
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Series
Playing Rugby Makes Me A Better Lawyer
My experience playing rugby, including a near-fatal accident, has influenced my legal practice on a professional, organizational and personal level by showing me the importance of maintaining empathy, fostering team empowerment and embracing the art of preparation, says James Gillenwater at Greenberg Traurig.
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Looking Back At 2024's Noteworthy State AG Litigation
State attorneys general across the U.S. took bold steps in 2024 to address unlawful activities by corporations in several areas, including privacy and data security, financial transparency, children's internet safety, and other overall consumer protection claims, say attorneys at Troutman Pepper.
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Opinion
No, Litigation Funders Are Not 'Fleeing' The District Of Del.
A recent study claimed that litigation funders have “fled” Delaware federal court due to a standing order requiring disclosure of third-party financing, but responsible funders have no problem litigating in this jurisdiction, and many other factors could explain the decline in filings, say Will Freeman and Sarah Tsou at Omni Bridgeway.