The head of the U.S. Securities and Exchange Commission's crypto and cyber enforcement team said Monday that he has left the agency after nearly nine years.
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WEDNESDAY, JUNE 19, 2024 Law360 iOS App Law360 Android App Follow Law360 on Facebook Follow Law360 on LinkedIn Follow Law360 on Twitter

TOP NEWS

SEC Head Of Crypto Assets And Cyber Unit Departs Agency

By Aislinn Keely

The head of the U.S. Securities and Exchange Commission's crypto and cyber enforcement team said Monday that he has left the agency after nearly nine years.

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Justices To Hear Nvidia Case On Securities Pleading Standard

By Jessica Corso

The U.S. Supreme Court on Monday agreed to hear an appeal of a Ninth Circuit ruling that revived investors' claims over chipmaker Nvidia's crypto mining sales, giving the high court a chance to weigh in on the pleading requirements needed to sustain a shareholder class action.

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FTX, Customers Lay Claim To SBF's $11B Forfeiture Tab

By Ben Zigterman

FTX told the New York federal court that hit the company's founder Sam Bankman-Fried with a 25-year prison sentence and an $11 billion forfeiture order that the now-defunct cryptocurrency exchange has a right to those funds, while a group of its former clients asserted a similar claim for itself.

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Bitcoin Mining Hosting Vendor Can't Dodge $6.4M Suit

By Sydney Price

A Washington federal judge told a crypto computer host that it must face a suit from a bitcoin mining company accusing it of failing to return equipment worth $6.4 million, finding the hosting agreement allowed the mining company to demand access to all the equipment if the host failed to meet its obligations.

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Binance Says Hamas Attack Suit Can't Prove Fundraising Link

By Aislinn Keely

Binance Holdings Ltd. has urged a New York federal judge to dismiss claims the exchange abetted terrorism because the survivors of Hamas' Oct. 7 attack on Israel haven't shown a direct link between the platform's cryptocurrency services and the planning of the attack.

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SEC Says Ripple's Remedies Not Comparable To Terraform's

By Sydney Price

The U.S. Securities and Exchange Commission fired back at blockchain firm Ripple Labs' claims that a recent settlement with Terraform Labs supports a lower penalty amount, saying it can't be a direct comparison given Terraform is in bankruptcy and has made significant concessions Ripple hasn't.

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ENFORCEMENT & COMPLIANCE

CFPB Reaches $7M Deal In Suit Over Ex-Exec's Money Moves

By Jon Hill

The Consumer Financial Protection Bureau said Monday that it will accept $7 million from a former online loan executive and his wife to resolve a Kansas federal court lawsuit in which the agency accuses them of trying to keep millions more dollars out of the agency's reach.

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Ex-CNBC Pundit Caught After Years Of Dodging Fraud Claims

By Sydney Price

A former frequent CNBC guest who became a fugitive for nearly three years after being accused of defrauding investors has been arrested and faces a seven-count indictment, California federal prosecutors said Monday.

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LITIGATION

Brief

Crypto Trading Firm Nabs NY BitLicense

By Aislinn Keely

Crypto trading firm and liquidity provider Cumberland DRW announced Monday that the New York Department of Financial Services has granted it a BitLicense, which allows it to operate a crypto business within the state.

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PEOPLE

Milbank Snags FTC Competition Trial Chief For DC Office

By Lauren Berg

Milbank LLP announced Monday it has hired the chief trial counsel for the Federal Trade Commission's Bureau of Competition, bulking up its Washington, D.C., antitrust and competition practice with a veteran litigator who led the government's challenge to Microsoft Corp.'s $69 billion acquisition of Activision Blizzard.

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EXPERT ANALYSIS

High Court's BofA Ruling Leaves State Preemption Questions

A recent U.S. Supreme Court decision in Cantero v. Bank of America sheds light on whether certain state banking regulations apply to federally chartered banks, but a circuit split could still force the Supreme Court to take a more direct position, says Brett Garver at Moritt Hock.

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Cyber Takeaways For Cos. From Verizon Data Breach Report

Camilo Artiga-Purcell at Kiteworks analyzes the key findings of the 2024 Verizon Data Breach Investigations Report from a legal perspective, examining the implications for organizations' cybersecurity strategies and compliance efforts.

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Think Like A Lawyer: Always Be Closing

When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.

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LEGAL INDUSTRY

The 2024 Lawyer Satisfaction Survey

Firms are making their attorneys happy in most areas of professional life, including culture and compensation, but stress is a constant struggle and many are taking minimal vacations, according to the latest survey from Law360 Pulse.

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Akin Elects US, London Duo To Take Over From Veteran Chair

By Ashish Sareen

Akin Gump Strauss Hauer & Feld LLP said on Tuesday that it has elected the partner in charge of its New York office and a corporate specialist in London to jointly lead the firm as its longtime chair prepares to step down next year.

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NY High Court Denies Trump's Gag Order Appeal

By Frank G. Runyeon

New York state's highest court on Tuesday denied Donald Trump's rapid appeal of the gag order that limited his speech during his criminal hush money trial, finding it did not raise serious constitutional issues.

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Dems' Absences Bring Canceled Vote On Ore. Federal Judge

By Courtney Bublé

The Senate scrapped a vote on Tuesday for Magistrate Judge Mustafa Taher Kasubhai's nomination to a district court judgeship in the District of Oregon amid vast Republican opposition.

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Del. House Panel Splits On Senate-Passed Corp. Law Change

By Jeff Montgomery

A divided Delaware House committee released on Tuesday contested amendments to the state's general corporation law, sending the measure toward a full House vote after sometimes edgy testimony that included a committee chair's shutdown of an opposing law professor's reference to HBO's seamy corporate drama series "Succession."

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The 2 New Jersey Attys Ensnared In A Mogul's Extortion Rap

By George Woolston

New Jersey businessman George E. Norcross III may be the alleged mastermind of an extortion scheme to reap millions in tax credits on waterfront property in a distressed city, but an explosive indictment also reveals the purported roles of two attorneys with close ties to the Democratic Party.

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Panel Laments 'Hunger Games' Tactics In Mich. Judicial Races

By Carolyn Muyskens

A Michigan Court of Appeals panel has expressed concern that judicial candidates are weaponizing the complexity of Michigan's filing requirements to eliminate their competition, with one judge commenting that "contests for vacant judgeships all too often have turned into the Hunger Games." 

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McElroy Deutsch Says Exec Embezzled Money For Home

By Tracey Read

McElroy Deutsch Mulvaney & Carpenter LLP has doubled down on its bid for a constructive trust on the home of two former executives accused of stealing from the firm.

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9 Firms Vie To Lead Suit Over Ad Tech Co.'s Microsoft Ties

By Sydney Price

Pomerantz LLP, Levi & Korsinsky LLP and several other firms have filed competing bids to lead a proposed shareholder class action alleging that shares of ad tech company Perion Network declined nearly 40% after its strategic partner Microsoft Bing "unilaterally" changed its search advertising pricing.

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Healthcare Tensions Equal Business For Litigation Funders

By Ryan Boysen

As rampant consolidation collides with inflation-squeezed margins in the American healthcare system, tensions between service providers and insurers are at the breaking point and increasingly boiling "over into litigation," providing opportunities for litigation funders, according to a new article by Burford Capital LLC.

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Ariz. County Says New Kari Lake Vote Claims Merit Sanctions

By Ali Sullivan

Maricopa County officials are slamming former gubernatorial candidate Kari Lake's bid to unravel a Ninth Circuit decision affirming the toss of her lawsuit over Arizona's voting machines, contending that the "fatally flawed" effort warrants sanctions.

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DC Bar Counsel Moves To Suspend Hunter Biden's Law License

By Alison Knezevich

Attorney disciplinary authorities in the nation's capital have moved to suspend Hunter Biden's license to practice law there after he was convicted of three federal gun charges last week.

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Dems Ask For Update On Justice Thomas Gifts Investigation

By Katie Buehler

A pair of Democratic lawmakers have asked the judiciary's governing body for an update on its review of U.S. Supreme Court Justice Clarence Thomas' failure to disclose years of luxury gifts and travel he received from conservative billionaires.

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Cuomo's Ex-Aide Details Sex Harrassment Claims In New Suit

By Dorothy Atkins

Former New York Gov. Andrew Cuomo's onetime executive assistant has filed a civil lawsuit in New York state court, accusing Cuomo of "outrageous sex discrimination and retaliation" roughly two years after related misdemeanor charges over the alleged misconduct were dropped.

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COMPANIES IN TODAY'S NEWS

Activision Blizzard Inc.

Albertsons Cos. Inc.

American Bar Association

American Hospital Association

Bank of America Corp.

Binance Holdings Ltd.

Burford Capital LLC

Coinbase Global Inc.

Conner Strong & Buckelew

Cooper Health System

De Novo

Envision Healthcare Corp.

Google LLC

Home Box Office Inc.

Kiteworks

LinkedIn Corp.

McDonald's Corp.

Microsoft Corp.

Moelis & Co.

NVIDIA Corp.

New Jersey State Bar Association

Perion Network Ltd.

Retrophin Inc.

Ripple Labs Inc.

Rowan University

Sun Bancorp Inc.

The District of Columbia Bar

The Goldman Sachs Group Inc.

The Kroger Co.

The Leadership Conference on Civil & Human Rights

Toronto-Dominion Bank

Twitter Inc.

U.S. Anesthesia Partners

U.S. Vision Inc.

United Way Worldwide Inc.

Yale University

LAW FIRMS IN TODAY'S NEWS

Akin Gump

Bernstein Liebhard

Bernstein Litowitz

Block & Leviton

Boies Schiller

Brown & Connery

Burgess Law Group

Cahill Gordon

Cooley LLP

Critchley Kinum

Cuti Hecker

Debevoise & Plimpton

Fox Rothschild

Glancy Prongay

Glavin PLLC

Hogan Lovells

Holzer & Holzer

Husch Blackwell

Joseph Hage Aaronson

Kaplan Fox

Kellogg Hansen

Kessler Topaz

Levi & Korsinsky

Marino Tortorella

McDermott Will & Emery

McElroy Deutsch

Milbank LLP

Morgan Lewis

Moritt Hock

Mukasey Young

Parker Daniels Kibort

Parker McCay

Pomerantz LLP

Poole Huffman

Seiden Law

Smith Alling

Spencer Fane

Sullivan & Cromwell

White & Case

Williams & Connolly

Winston & Strawn

Wolf Popper

GOVERNMENT AGENCIES IN TODAY'S NEWS

Consumer Financial Protection Bureau

Delaware River Port Authority

Federal Trade Commission

New York Attorney General's Office

New York Department of Financial Services

U.S. Attorney's Office for the Central District of California

U.S. Attorney's Office for the District of Kansas

U.S. Attorney's Office for the Southern District of New York

U.S. Court of Appeals for the Ninth Circuit

U.S. Court of Appeals for the Second Circuit

U.S. Department of Justice

U.S. District Court for the Central District of California

U.S. District Court for the Eastern District of New York

U.S. District Court for the Southern District of New York

U.S. District Court for the Western District of Washington

U.S. Securities and Exchange Commission

U.S. Senate

U.S. Supreme Court

United States District Court for the District of Kansas