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11th Circ. Overturns Funding Model For SEC Database

Photo illustration shows a series of bar graphs (iStock.com/monsitj)

By Jessica Corso

The Eleventh Circuit sent the U.S. Securities and Exchange Commission back to the drawing board on Friday to chart a path forward for its $500 million market surveillance tool, telling the regulator that it was unreasonable to potentially force broker-dealers to fund the entire project.


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  • Red and white sign that reads Johnson + Johnson Consumer Health seen outside in a grassy landscaped area
    9th Circ. Won't Disturb Class Cert. In 'Oil-Free' J&J Suit

    By Mike Curley

    The Ninth Circuit on Friday backed class certification in a suit alleging Johnson & Johnson Consumer Inc. misled...(read more)

  • The word Pinnacle appears in black font on the outside of a glassy office building, with an assortment of leaves in the foreground
    3 Firms Advise On $8.6B Pinnacle-Synovus Merger Deal

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    Pinnacle Financial Partners and Synovus Financial Corp. have agreed to combine in an all-stock transaction value...(read more)

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  • Trump Admin Loses Sanctuary Fight With Ill., For Now

    By Hailey Konnath

    An Illinois federal judge Friday threw out the Trump administration's first suit challenging local sanctuary policies, ruling that it's within Illinois', Cook County's and Chicago's rights to opt out of helping the federal government with immigration enforcement efforts.

  • ​In New Twist, W.Va. Judges Suddenly At Odds In Opioid Suits

    By Jeff Overley

    A new ruling in West Virginia opioid crisis litigation is revealing sharp divisions among the Mountain State's federal judges regarding a pivotal legal theory, potentially boosting a Fourth Circuit appeal by beleaguered municipalities aiming to erase a landmark win for drug distributors.

  • Sports & Betting Cases To Watch In The Second Half Of 2025

    By David Steele

    Certain court cases have become staples on both the midyear and end-of-year must-watch lists in sports and betting at Law360. One that seemed best positioned to finally fall off the list, as it turns out, is far from over: the multibillion-dollar NCAA settlement regarding name, image and likeness payments and revenue sharing with hundreds of thousands of college athletes. A handful of other suits from past years will also continue to bear watching through the end of 2025.

  • Wellpath Creditors' Bid For Ch. 11 Plan Releases Nixed

    By Clara Geoghegan

    A Texas bankruptcy judge Friday ruled that creditors who elected to give releases to non-debtor third parties under prison health care group Wellpath's Chapter 11 plan were not entitled to a release of claims that Wellpath had against them.

  • Tesla Expert Says Autopilot Was Overridden Before Fatal Crash

    By Carolina Bolado

    An accident reconstruction expert told jurors in Florida federal court Friday that the driver of the Tesla that caused a fatal crash in the Florida Keys had overridden the autopilot and was in control of the vehicle for the 75 seconds before the crash.

  • Feds End Probe Into Waymo Self-Driving Cars

    By Linda Chiem

    The U.S. auto safety regulator closed its preliminary investigation into reports of Waymo LLC's autonomous vehicles exhibiting "unexpected driving behaviors," saying Friday that it won't take any action after the company's recalls and software updates.

  • Fed. Circ. Punts $17M Drug Arbitration Case To 2nd Circ.

    By Elliot Weld

    The Federal Circuit said Friday it lacked jurisdiction over a dispute over a $16.6 million arbitral award between two drugmakers, ruling that because it was being asked to consider an arbitration issue and not a patent law issue, the Second Circuit must hear the case.

  • Trump Admin Making Another EO Appeal, Targeting WilmerHale

    By Jack Karp

    The Trump administration is appealing a D.C. federal judge's ruling that President Donald Trump's executive order targeting WilmerHale amounts to a "staggering" assault on the First Amendment, according to a notice filed Friday.

  • Hospital Giant To Pay $3.5M Over Nurse Training Repayments

    By Jon Hill

    HCA Healthcare Inc., a major U.S. hospital operator, has agreed to pay roughly $3.5 million to settle claims that it unlawfully trapped new nurses in agreements requiring them to repay training costs if they left their jobs within two years, according to a trio of state attorneys general.

  • District Court Won't Pause Block Of FTC Dem's Firing

    By Matthew Perlman

    A D.C. federal court refused to stay its order reinstating a Democratic member of the Federal Trade Commission after finding she was illegally fired by the Trump administration, although the D.C. Circuit has already put the order on hold.

  • What To Watch As Attys Brace For 401(k) Private Equity Order

    By Kellie Mejdrich

    Benefits and asset management attorneys are anticipating an executive order from President Donald Trump aimed at expanding access to private equity investments in 401(k) plans, a potential move that's stoking excitement about added investment options and concerns about legal risks. Here are four things on experts' minds as they wait to see if the order materializes.

  • A-Rod's $800M SPAC Merger With Lynk Global Is Scrapped

    By Jade Martinez-Pogue

    Satellite-to-phone business Lynk Global and special purpose acquisition company Slam Corp., which is backed by retired baseball slugger Alex Rodriguez, on Friday told regulators that they have mutually agreed to nix their $800 million merger that would have seen Lynk Global hit the public markets.

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Expert Analysis

  • Hendrik Viaene
    What Cos. Must Note From EU's Delivery Hero-Glovo Ruling
    The European Commission’s recent landmark decision in Delivery Hero-Glovo, sanctioning companies for the first time over a stand-alo... (read more)
  • Dan Wolff
    APA Relief May Blunt Justices' Universal Injunction Ruling
    The Administrative Procedure Act’s avenue for universal preliminary relief seems to hold the most promise for neutralizing the U.S. ... (read more)
  • Richard Dagen
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    The first six months of President Donald Trump's second administration were marked by aggressive antitrust enforcement tempered by t... (read more)
  • Rachel Turow
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  • Daniel Grooms
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    A California federal judge’s recent sentencing of two former Gree USA executives in a landmark Consumer Product Safety Act case serv... (read more)
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