CFTC Agrees To Abandon Biden-Era Gemini Crypto Settlement

By Hailey Konnath

The U.S. Commodity Futures Trading Commission and the Winklevoss-owned crypto exchange Gemini have asked a New York federal court to vacate a $5 million settlement ending allegations that Gemini misrepresented a bitcoin futures contract, telling the court that the agency now believes its complaint shouldn't have been filed.

Memorandum attached | Read full article » | Save to favorites »

CFTC Sends Prediction Markets Proposal To White House

By Aislinn Keely

The U.S. Commodity Futures Trading Commission confirmed to Law360 on Wednesday that it has sent its planned rules for event contracts to the White House for review, marking another step toward issuing prediction market regulations amid jurisdictional battles with state gaming regulators.

Read full article » | Save to favorites »

Google Worker Charged With $1.2M Polymarket Insider Fraud

By Rae Ann Varona

A Google software engineer faces charges that he made more than $1.2 million by placing insider bets on Polymarket using the search giant's confidential data, and then tried to conceal his proceeds and actions, according to criminal and civil complaints unveiled Wednesday in New York federal court.

2 documents attached | Read full article » | Save to favorites »

Exxon Investors Approve Legal Move To Texas

By Spencer Brewer

Exxon Mobil Corp. shareholders on Wednesday gave a thumbs-up to the company's proposal to move its legal home to Texas, voting in favor of the proposal despite pushback from proxy advisory firms.

Notice attached | Read full article » | Save to favorites »

WWE Shareholders Win Sanctions Over Lost Signal Messages

By Jarek Rutz

World Wrestling Entertainment Inc. investors won sanctions in the Delaware Chancery Court after a judge found former CEO Vince McMahon and other senior executives recklessly allowed encrypted and ephemeral Signal messages and other evidence tied to WWE's $21.4 billion merger with Ultimate Fighting Championship to disappear during litigation over the deal.

Opinion attached | Read full article » | Save to favorites »

NY Firms Lose Lead Role In Starbucks Shareholder Suit

By Ben Adlin

A Washington federal judge struck an earlier order granting co-lead roles to two New York law firms in a consolidated shareholder action against Starbucks Corp., handing a win Wednesday to two plaintiffs who'd challenged the appointment and said their own counsel would be better suited for the job.

2 documents attached | Read full article » | Save to favorites »

Pierce Atwood Rips Billionaire's 'Absurd' Suit Over Asset Sale

By Sydney Price

Pierce Atwood and two attorneys urged a Massachusetts federal judge to reject a Ukrainian billionaire's suit blaming them for a $1.8 million damages order in investor litigation over the billionaire's failed biotech company, saying his own wrongdoing led to the judgment.

Memorandum attached | Read full article » | Save to favorites »

Oct. 7 Victims Ask Court To Preserve Binance Terrorism Suit

By Emilie Ruscoe

Cryptocurrency exchange Binance and its founder should not be allowed to exit the sole remaining claim that they aided and abetted Hamas' October 2023 attack in Israel, plaintiffs say, arguing that this case avoids the flaws that doomed a similar lawsuit.

Memorandum attached | Read full article » | Save to favorites »

Ex-Doximity Exec Gets 2 Years For Insider Trading Scheme

By Bonnie Eslinger

The former chief revenue officer of medical professional networking platform Doximity Inc. has been sentenced by a New York federal judge to just over two years in prison for securities fraud related to his trading on inside information before the company's earnings calls, prosecutors announced Wednesday.

Read full article » | Save to favorites »

Humana Investor Sues Over Alleged Kickback Scheme

By Jessica Corso

Humana Inc. is in hot water with an investor following its inability to shake off a False Claims Act suit brought by the U.S. Department of Justice, with a stockholder suit filed in Kentucky on Wednesday saying the insurer's actions have exposed the company to "significant legal and financial risk."

Complaint attached | Read full article » | Save to favorites »

AeroVironment Faces Class Action Over Space Force Contract

By Aneeta Mathur-Ashton

Defense contractor AeroVironment is facing a proposed investor class action accusing several of its executives of misleading shareholders about the outlook for a major U.S. Space Force satellite communications modernization program.

Complaint attached | Read full article » | Save to favorites »

Cummins Beats Emissions Derivative Suits, For Now

By Linda Chiem

An Indiana federal judge on Wednesday dismissed consolidated shareholder derivative litigation alleging engine manufacturer Cummins Inc.'s top executives breached their fiduciary duties by overseeing a scheme to rig vehicles with emissions-cheating software, prompting $2 billion in penalties to settle regulators' claims concerning Clean Air Act violations.

Order attached | Read full article » | Save to favorites »

Inovio Brass Hit With Suit Over FDA Approval Claims

By Sydney Price

Executives and directors of Inovio Pharmaceuticals Inc. on Wednesday were slapped with a shareholder derivative suit accusing them of damaging the company with misleading statements regarding the likelihood that the U.S. Food and Drug Administration would grant priority review to its DNA medicine.

Complaint attached | Read full article » | Save to favorites »

BofA Units To Settle Out Of Hedge Fund's Spoofing Suit

By Jon Hill

Bank of America has reached a tentative deal for its broker-dealer units to settle out of a hedge fund's long-running lawsuit over alleged manipulation of a former Canadian pharma company's stock, according to a Tuesday filing in New York federal court.

Letter attached | Read full article » | Save to favorites »

Stock Trade Co. Wants Out Of Mallinckrodt Clawback Suit

By Rick Archer

A high-frequency stock trading firm is asking a Delaware bankruptcy judge to make it the latest defendant dismissed from a bid by Mallinckrodt PLC to recover $1.6 billion paid for stock buybacks before the opioid distributor's bankruptcy.

Motion attached | Read full article » | Save to favorites »

Del. Justices' Ripeness Ruling Shields Advance Notice Bylaws

The Delaware Supreme Court’s recent decision dismissing two AES and Owens Corning stockholder challenges of advance notice bylaws as unripe provides corporations more room to insulate their nomination procedures from activist pressure, say attorneys at Reed Smith.

Opinion attached | Read full article » | Save to favorites »

Sold Inventory May Drive Tax Treatment Of Tariff Refunds

Companies determining the tax treatment of refunds expected following the U.S. Supreme Court's February decision invalidating tariffs imposed under the International Emergency Economic Powers Act should consider whether the tariff costs have already reduced their income considering the cost of goods sold, say attorneys at McDermott.

Read full article » | Save to favorites »

Analysis

Meet Biden's Attys Fighting DOJ Release Of Memoir Materials

By Jeff Overley

Former President Joe Biden has selected Hecker Fink LLP lawyers well acquainted with politically charged litigation for his extraordinary new lawsuit accusing the U.S. Department of Justice of orchestrating a congressional inquiry in order to divulge "highly personal" records to the Heritage Foundation.

Complaint attached | Read full article » | Save to favorites »

Chicago US Atty Revamps Grand Jury Rules After Misconduct

By Parker Quinlan

Chicago's top federal prosecutor announced on Wednesday a new suite of rules for how grand jury investigations are handled after an Illinois federal judge accused the prosecutor's office of misconduct in a case against six immigration activists.

Read full article » | Save to favorites »

Ex-Judges Urge Court To Scrutinize Trump-IRS Deal

By Jack McLoone

A group of 35 former federal judges pushed for a Florida federal court to reopen President Donald Trump's now-settled $10 billion tax leak case against his own Internal Revenue Service, alleging that Trump and the DOJ deceived the court.

Motion attached | Read full article » | Save to favorites »

Trump Taps Ohio Appeals Judge For Federal Bench

By Courtney Bublé

President Donald Trump announced on Wednesday he's nominating state Judge Matthew Byrne as a U.S. district judge for the Southern District of Ohio.

Read full article » | Save to favorites »

Perkins Coie Docs At Issue In Omani Co.'s Malpractice Case

By Sarah Jarvis

An Oman-based screw and nail manufacturer has urged a Washington state judge to force Perkins Coie LLP to hand over a trove of documents related to the firm's past work representing the Middle Eastern company in a U.S. Department of Commerce probe, saying more information is needed to assess the law firm's defenses against claims its mistakes cost the company hundreds of millions of dollars.

Motion attached | Read full article » | Save to favorites »

ProPublica Denied Access To Ranbaxy Antitrust MDL Docs

By Gianna Ferrarin

A Massachusetts federal court denied ProPublica's bid to unseal court filings in settled multidistrict litigation alleging a subsidiary of Indian drugmaker Sun Pharmaceuticals illegally delayed market entry of generic drugs, ruling the nonprofit news organization's request came too late in the case.

5 documents attached | Read full article » | Save to favorites »

Titan Of The Plaintiffs Bar: Keller Rohrback's Gretchen Freeman Cappio

By Andrea Keckley

By the time Volkswagen was exposed for touting the low emissions of cars that secretly released nitrogen oxide pollutants up to 40 times the legal limit in the U.S., Keller Rohrback LLP's Gretchen Freeman Cappio knew she wasn't interested in defending corporate giants.

Read full article » | Save to favorites »