Fed's Bowman Calls For Oversight Built On 'Pragmatism'

By Jon Hill

Federal Reserve Vice Chair for Supervision Michelle Bowman on Friday previewed a sweeping industry-friendly agenda to ease burdens on smaller lenders, overhaul supervisory ratings and reevaluate capital rules as the central bank's new top regulator, drawing immediate praise from banking industry groups.

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Senate Banking Bill Would Zero Out CFPB's Fed Funding

By Jon Hill

U.S. Senate Banking Committee Republicans called Friday for eliminating the Consumer Financial Protection Bureau's Federal Reserve funding as part of their proposal package for the "One Big Beautiful" budget bill, a move that could effectively restructure the agency.

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Truist's Negligence Led To Hackers Hijacking Deal, Firm Says

By Hailey Konnath

Delaware-based Rhodunda Williams & Kondraschow LLC is claiming in a new lawsuit that hackers used the law firm's email to hijack a real estate transaction and have funds wired to their account at Truist Financial Corp., which lacked the needed security measures to prevent the alleged fraud.

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Supreme Court Limits Discovery In FOIA Suit Against DOGE

By Katie Buehler

The U.S. Supreme Court halted discovery Friday into whether the Department of Government Efficiency is an agency subject to the Freedom of Information Act, but left the door open to future, more tailored inquiries about the inner workings of the initiative.

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Synapse Trustee Says No Funds Remain To Trace Client Cash

By Rick Archer

The court-appointed trustee overseeing the Chapter 11 of fintech middleware firm Synapse Financial Technologies Inc. is asking a California bankruptcy judge to convert the case to a Chapter 7 liquidation, despite some customer funds remaining unaccounted for.

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Yotta Renews Post-Middleware Failure Claims Against Evolve

By Emilie Ruscoe

Yotta Technologies Inc., a fintech company caught in the implosion of now-bankrupt middleware company Synapse Financial Technologies Inc., has renewed claims it tossed earlier against its former partner Evolve Bank & Trust, accusing the bank of "running a Ponzi scheme" in connection with its alleged loss of millions of dollars in customer funds.

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Dems Urge FHFA To Halt Trump's Fannie, Freddie Plans

By Isaac Monterose

A group of 13 Democratic U.S. senators, along with Sen. Bernie Sanders, urged the Federal Housing Finance Agency to put on hold efforts from President Donald Trump to end government conservatorship for Fannie Mae and Freddie Mac, stating in a letter that reprivatizing the entities "could dramatically increase costs for families seeking to purchase a home."

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DOJ Says More IT Workers Laundered Crypto For North Korea

By Sydney Price

The U.S. Department of Justice filed a civil complaint alleging information technology workers from North Korea evaded U.S. sanctions and accumulated millions in cryptocurrency for the benefit of the North Korean government.

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Payment Co. Faces Claims For 'Shockingly Easy' Data Access

By Ryan Harroff

Payment systems company Fiserv Inc. got hit with a data security suit by a credit union that claims its online banking platform is full of security flaws the company has known about for years and that allow "shockingly easy" attacks by cybercriminals.

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Ex-Wells Fargo Atty Wins Arbitration Bid In Trade Secrets Suit

By Ryan Harroff

A former senior in-house counsel for Wells Fargo Advisors won his bid to make the bank arbitrate claims he absconded with confidential information and coordinated a mass resignation of other staff when he left to work at a competing advisory firm.

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Analysis

Circle's Smash IPO Could Pave Way For More Crypto Listings

By Tom Zanki

Stablecoin issuer Circle's explosive debut will likely stimulate more crypto listings and possibly jolt the broader pipeline of initial public offerings, capital markets attorneys say.

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Gemini Confidentially Files For IPO Amid Crypto Listings Buzz

By Tom Zanki

Crypto exchange Gemini Space Station Inc. said Friday it confidentially filed for an initial public offering, marking a first step toward going public amid growing enthusiasm for crypto-related listings following stablecoin issuer Circle Internet Group Inc.'s blockbuster IPO.

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Brief

Strategy Raises Nearly $1B In Preferred Stock To Buy Bitcoin

By Tom Zanki

Michael Saylor's Strategy Inc. said Friday it priced an estimated $1 billion initial public offering of preferred stock to bolster its growing stockpile of bitcoin, in a deal represented by Latham & Watkins LLP and placement agents' counsel Davis Polk & Wardwell LLP.

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Operating Via Bank Charter Offers Perks Amid Industry Shift

As bank regulators become more receptive to streamlining barriers that have historically stood in the way of de novo bank formation, and as fintechs show more interest in chartering, attorneys at Goodwin outline the types of charters available and their benefits.

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What FCA Liability Looks Like In The Cybersecurity Realm

​Two recent settlements highlight how whistleblowers and the U.S. Department of Justice have been utilizing the False Claims Act to allege fraud predicated on violations of cybersecurity standards — timely lessons given new bipartisan legislation introducing potential FCA liability for artificial intelligence use, say​ attorneys Rachel Rose and Julie Bracker.

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How Attorneys Can Become Change Agents For Racial Equity

As the administration targets diversity, equity and inclusion efforts and law firms consider pulling back from their programs, lawyers who care about racial equity and justice can employ four strategies to create microspaces of justice, which can then be parlayed into drivers of transformational change, says Susan Sturm at Columbia Law School.

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Legal Sector Jobs Ticked Up In May Amid Uncertain Economy

By Alison Knezevich

The U.S. legal industry added 1,100 jobs in May, holding steady in the midst of economic uncertainty, according to preliminary data released Friday by the U.S. Bureau of Labor Statistics.

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High Court Says Software Glitch Led To Early Order List Drop

By Hailey Konnath

An "apparent software malfunction" caused the U.S. Supreme Court's order list to be issued early Friday, orders in which the justices granted certiorari in four cases and refused to take up a long list of other ones, including cases centered on Pennsylvania's election system and the Obama Presidential Center.

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Ex-SDNY Prosecutor Exits Paul Weiss For Jenner & Block

By Alison Knezevich

Just months after rejoining Paul Weiss Rifkind Wharton & Garrison LLP, the former U.S. attorney for the Southern District of New York is leaving the firm to join Jenner & Block LLP.

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Split DC Circ. Reinstates AP's White House Press Pool Ban

By Dorothy Atkins

A split D.C. Circuit panel reinstated the White House's decision to ban the Associated Press from the press pool covering the Oval Office, Air Force One and Mar-a-Lago on Friday, while a dissenting judge criticized her colleagues' rationale as being nonsensical and upending longstanding First Amendment precedent and generations of tradition.

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Atty Gets Prison For Conn. Law Firm Parking Lot Shooting

By Aaron Keller

A onetime Cramer & Anderson LLP partner was sentenced Friday to a seven-year prison term after being convicted of first-degree manslaughter for fatally shooting an attacker in the parking lot of his rural Litchfield, Connecticut, law firm, although his incarceration will be suspended after 2½ years.

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Brief

Fox Rothschild Settles Suit Over $3M Real Estate Deal

By Ryan Harroff

Fox Rothschild LLP has settled a Colorado real estate investor's legal malpractice lawsuit over a $3 million development deal that went wrong, according to a new order filed in state court directing the parties to file for dismissal within a month.

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Calif. Bar Hires Investigator To Review Exam Snafu

By Emily Sawicki

The State Bar of California's board of trustees voted to approve a $185,000 contract with a nonprofit to review "exam scoring irregularities and testing accommodations" from its fraught February 2025 bar exam.

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Flaws Remain In Bar Fitness Queries, Summit Panelists Say

By Aebra Coe

Many current state bar character and fitness tests fail to identify bad actors, and at the same time, certain aspects of the queries can hurt efforts to increase diversity in the profession, according to panelists at the American Bar Association's 2025 Virtual Equity Summit on Friday.

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Seeger Weiss Aims To Protect Bench With Duke Law Donation

By Madison Arnold

New Jersey-based Seeger Weiss LLP is seeking to help protect judges with a $500,000 donation to an institute at Duke Law School that is named in honor of the murdered son of a federal judge in the Garden State.

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GC Cheat Sheet: The Hottest Corporate News Of The Week

By Michele Gorman

In corporate legal news from the past week,​ in-house lawyers' use of alternative legal service providers remains low, and the top Justice Department merger official said that the Trump administration welcomes "fix-it-first proposals," where merging companies arrange to sell off overlapping business lines.

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Law360's Legal Lions Of The Week

By Kevin Penton

The University of Virginia School of Law Supreme Court Litigation Clinic and attorney Edward Gilbert lead this week's edition of Law360 Legal Lions, after the U.S. Supreme Court vacated the Sixth Circuit's ruling that plaintiffs claiming anti-heterosexual workplace discrimination need to provide extra "background circumstances" evidence.

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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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Titan Of The Plaintiffs Bar: Lieff Cabraser's Michael Sobol

By Kevin Penton

Michael Sobol has won significant settlements recently, including a $115 million deal over Oracle's allegedly unlawful sale of internet users' electronic profiles and a $62 million deal with Google over allegations it illegally stored and tracked the private location information of smartphone users, earning him a place among Law360's 2025 Titans of the Plaintiffs Bar.

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