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REUTERS/Dado Ruvic/Illustration
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The SEC denied a petition by Coinbase Global seeking new rules from the agency for the digital asset sector, a denial that the country’s largest crypto exchange said it plans to challenge in court, report Chris Prentice, Michelle Price and Mike Scarcella.
The dispute is part of a broader tug-of-war between the crypto sector and the top U.S. markets regulator, which has repeatedly said most crypto tokens are securities and subject to its jurisdiction. The agency has sued several crypto companies, including Coinbase, for listing and trading crypto tokens which it says should be registered as securities.
The SEC in the Coinbase decision said it would not propose new rules because it fundamentally disagreed that current regulations are “unworkable” for the crypto sphere, as Coinbase has argued. Coinbase and its legal team at Gibson Dunn later notified the 3rd Circuit that it plans to seek judicial review of the SEC’s decision.
In a filing, Gibson Dunn’s Eugene Scalia slammed the SEC’s “unexplained inaction.”
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- A Boston federal judge ruled after five years on how to divide up $20 million in fees arising from a $784.6 million settlement with Pfizer. U.S. District Judge Douglas Woodlock said two law firms that were fired by the whistleblower whose claims were central to the DOJ’s deal with Pfizer are entitled to 45% of the money set aside to pay his lawyers.
- Danielle Gray, the global chief legal officer to Walgreens Boots Alliance whose legal career has included senior positions at a major U.S. law firm and the Obama White House, is stepping down from the retail pharmacy giant in January. Matthew D’Ambrosio, now chief compliance and ethics officer, will succeed Gray on an interim basis while the company conducts a search.
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That’s the top hourly rate that bankruptcy lawyers at Kirkland plan to charge, according to new disclosures from the firm in bankruptcy cases involving its clients Rite Aid, WeWork and Yellow Corp. Kirkland has one of the busiest bankruptcy practices in the world, and the new maximum hourly rate substantially increases how much its partners are charging. Hourly lawyer rates have been steadily creeping above $2,000 for some elite attorneys.
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When it comes to petitions asking the U.S. Supreme Court to take a case – or briefs urging the justices not to grant review – framing makes all the difference. A new Supreme Court brief by Herbal Brands, an Arizona health and wellness company that persuaded the 9th Circuit earlier this year that Arizona has jurisdiction over its infringement claims against five Amazon resellers, is a perfect example of that truism. Alison Frankel has the story.
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“He has no right to offer defenseless civil servants up to a virtual mob in order to overturn an election.“
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—Attorney Michael Gottlieb, in closing arguments at the trial in D.C. federal court accusing Rudy Giuliani of defaming two Georgia elections workers. Giuliani must pay more than $148 million in damages, the jury said, for defaming Wandrea “Shaye” Moss and her mother Ruby Freeman through false accusations that they helped rig the 2020 election against Donald Trump. A judge had earlier found Giuliani liable for defamation. The only question before the jury was how much in damages to impose.
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- Today, Nikola founder Trevor Milton is expected to be sentenced in Manhattan federal court after being convicted last year of fraud for lying to investors about his electric vehicle company’s technology. Prosecutors want an 11-year prison sentence. Nikola’s defense lawyers will ask the court for probation. The sentencing is before U.S. District Judge Edgardo Ramos.
- On Tuesday, U.S. District Judge William Young in Boston will hear a challenge to a new Massachusetts law approved by voters that requires pork products sold in the state to come from pigs given sufficient space to lie down. Lawyers from Husch Blackwell represent plaintiffs including Triumph Foods and Allied Producers’ Cooperative. A friend-of-the-court brief from animal welfare groups backed the state’s bid to dismiss the case.
- On Wednesday, Donald Trump faces a deadline to file a response in the U.S. Supreme Court to a request by federal prosecutors for the top court to quickly review the former president’s claim that he cannot be prosecuted for trying to overturn his 2020 election defeat. Trump has appealed a decision by U.S. District Judge Tanya Chutkan rejecting his bid to dismiss the case.
- On Thursday, the group that successfully challenged race-conscious collegiate student admissions policies at the U.S. Supreme Court will urge a federal judge to conclude the U.S. Military Academy at West Point’s affirmative action practices unconstitutionally discriminate against white applicants. The case is before U.S. District Judge Philip Halpern in White Plains, New York. The Naval Academy last week defeated a bid from the same group, represented by Consovoy McCarthy, to enjoin its admissions policy.
- On Friday, X Corp’s lawyers at McDermott are due to defend the social media company’s lawsuit accusing a nonprofit that fights hate speech and disinformation of asserting false claims and encouraging advertisers to pause investment on the platform. The Center for Countering Digital Hate, represented by Kaplan Hecker, has urged a California federal judge to throw out what it called a “ridiculous” lawsuit by Elon Musk’s X to stifle free expression.
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Court calendars are subject to last-minute docket changes.
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- Two Palestinian American families have sued the Biden administration, claiming the government has not done as much to evacuate their U.S. relatives stuck in Gaza as it did for Israeli dual nationals. The U.S. has not taken steps to organize dedicated flights or otherwise help secure the exit of an estimated 900 U.S. citizens, residents and family members who remain trapped in Gaza, the lawsuit says.
- The 2nd Circuit revived a lawsuit by female former high school track team members challenging a Connecticut policy that allows transgender girls to compete on girls’ teams. The court said the four women could pursue claims that the policy deprived them of wins and athletic opportunities by requiring them to compete with two transgender sprinters.
- Biotech company Illumina said it would divest cancer detection test-maker Grail, after a U.S. appeals court said the FTC had “substantial evidence” backing the agency’s challenge to the acquisition. Illumina had asked the 5th Circuit to reverse the FTC’s finding that the deal was anticompetitive.
- A wine and spirits merchant hit Apple, Visa and Mastercard with a complaint alleging they’ve conspired to minimize competition for card-payment services. The antitrust complaint in Illinois federal court claims merchants are paying higher fees based on deals that Apple cut with the two card giants.
- The SEC asked the 2nd Circuit to reconsider a ruling that the agency said will prevent it from clawing back ill-gotten gains in cases in which laws were violated but no victims were harmed. The agency asked the full appeals court to reconsider a ruling in a case involving Aron Govil, former chief executive of Cemtrex.
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