Expert Analysis

• Prediction Market Case Will Test US Insider Trading Reach

  

  The insider trading case recently brought against Google employee Michele Spagnuolo may help clarify the extraterritorial reach of the Commodity Exchange Act and U.S. agencies' ability to police foreign trading in prediction markets, say attorneys at Akin.

• The Hidden Settlement Problem In Complex Securities Cases

  

  The Second Circuit's recent decision in Knapp v. Barclays is a reminder that in securities cases with complex corporate records, the tracing picture is rarely as settled as the complaint suggests, and that conversations in the early stages require everyone to work from the same underlying facts, says Peter Kamminga at JAMS.

• Series

  Power To The Paralegals: Burnout As A Structural Problem

  

  Law firm leadership can best retain their paralegals not by encouraging self-care, but by seeking top-down structural solutions for the quiet proliferation of responsibilities and the vicarious exposure to client trauma that particularly drive burnout in this vital role, says Erika Sneeringer at Brockstedt Mandalas.

• Takeaways From 1st Del. Ruling Applying Moelis Amendments

  

  Delaware corporations should carefully review contractual arrangements and governance documents following the Court of Chancery's recent enforcement of a non-Delaware forum selection clause in a CEO's employment agreement under 2024 amendments to the state's General Corporation Law, say attorneys at Morgan Lewis.

• Ill. Law Firm MSO Bill Clashes With Court Power, Ethics Rules

  

  An Illinois bill prohibiting law firms from certain business arrangements with management service organizations, sent to the governor for signature last week, encroaches upon the courts' constitutional powers and goes beyond the Illinois Rules of Professional Conduct in regulating investment in law-related services, says Matthew O’Hara at Smith Gambrell.

• Assessing Issues The CFTC's Sports Betting Rules May Face

  

  The U.S. Commodity Futures Trading Commission recently proposed a rule to consolidate its control of sports bets made on prediction market trading platforms, but problems may arise from possible conflicts between the proposed changes and state laws — and maybe even the Commodity Exchange Act itself, says David Slovick at Kopecky Schumacher.

• Opinion

  State Courts Must Be Gatekeepers Of Expert Testimony

  

  Based on my experience in the state judiciary, emulating federal courts' role as gatekeepers of expert witness testimony would help state court judges maintain the appearance of impartiality and assist juries, thus enhancing the overall confidence people have in their justice system, says Lorie Gildea at Greenberg Traurig.

• Capitalizing On Increased Retail Access To Alternative Assets

  

  The recent extension of co-investment relief to open-end funds represents the latest regulatory action aimed at providing retail investors with meaningful private market opportunities — a trend that means alternative asset managers should develop and deploy a retail strategy to capture this emerging capital source, say attorneys at Willkie.

• Series

  Moshing Makes Me A Better Lawyer

  

  Entering a mosh pit is much like entering the practice of law — it is difficult, you have to know both the written and unwritten rules, and conduct yourself according to the expectations of each community, says Christopher Deubert at Constangy Brooks.

• Is The SEC Entering Fight Over Prediction Market Oversight?

  

  The U.S. Securities and Exchange Commission had remained largely silent on prediction market regulation until last week, but that trend may be changing, as many event contracts could qualify as security-based swaps, which are subject to the SEC's oversight under current definitions, say attorneys at Bradley Arant.

• Data Reveals Pivot In Feds' Financial Fraud Priorities

  

  Recent Justice Department data shows fraud prosecutions fell to their lowest rate in a decade in 2025, illustrating a move away from traditional financial cases and toward a targeted mix of healthcare, government program, consumer and sanctions matters, say Paul Hinton and Adrienna Huffman at The Brattle Group.

• Why Highly Specialized Experts May Risk Exclusion At Trial

  

  Expert witnesses with highly specific areas of focus may be vulnerable to exclusion in court, making it important for attorneys to check how potential witnesses' qualifications can be bolstered by their publications and other professional activities, say Evan Weisberg and Christopher Cunio at Hunton, and Kevin Cahill at FTI Consulting.

• FDIC Proposal Takes Bank-Like AML Approach To Stablecoins

  

  Rather than craft a bespoke regime for stablecoin issuers, a recently proposed Federal Deposit Insurance Corp. rule builds a technology-neutral Bank Secrecy Act compliance framework under the Genius Act, firmly anchoring stablecoins within the U.S. financial regulatory perimeter, says David Zaslowsky at Baker McKenzie.

• Justices' ICA Ruling Provides Certainty For Regulated Funds

  

  The U.S. Supreme Court's recent ruling in FS Credit v. Saba that a contract-rescission provision of the Investment Company Act does not provide investors with a private right of action is a victory for the regulated fund industry, emphasizing that where Congress intended to create private remedies, it did so expressly, say attorneys at Simpson Thacher.

• AI Heightens Old Compliance Risks For Investment Advisers

  

  Though artificial intelligence offers genuine promise for investment advisers, it also magnifies long-standing risks — including those involving fiduciary duties, books and records, client confidentiality, and marketing — with most foundational compliance requirements likely to remain, says Theodore Edwards at Troutman.