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The creator of Stoner Cats, a popular web series about house cats that become sentient after being exposed to their owner’s medical marijuana, will pay a $1 million civil fine to settle SEC charges it conducted an unregistered offering of crypto asset securities when it raised $8.2 million in July 2021 by selling 10,320 NFTs. It also agreed to destroy all NFTs in its possession. Read more.
Stoner Cats did not admit or deny wrongdoing. The settlement is the SEC’s second in its crackdown on NFTs, following a settlement with Impact Theory LLC last month.
More top news:
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Anthony Kwan/Pool via REUTERS
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The National Conference of Bar Examiners, which is designing and pilot testing the NextGen Bar Exam, announced it will be a nine-hour test over one-and-a-half days. It will have two three-hour sessions on day one, followed by a three-hour session on day two. The current Uniform Bar Exam is about 12 hours long over two days. The legal industry remains skeptical about the truncated duration.
Development of the new exam began in early 2021, partially in response to criticism that the existing exam does not reflect the actual practice of law. The new exam aims to be more skills-oriented and rely less on the memorization of laws. This fall’s incoming class of law students will be the first to take the NextGen exam when they graduate.
More from the legal industry …
The judiciary is facing more calls to end the practice of ‘judge shopping’ … The 2nd Circuit considered reviving a suit claiming Connecticut’s attorney conduct rule violated the U.S. Constitution … Lawyers for Judge Pauline Newman showed a forensic psychiatrist’s findings that the 96-year-old judge is fit to serve … President Joe Biden continued his push to diversify the judiciary … Morgan & Morgan agreed to end a lawsuit against the USPTO … A retaliation lawsuit brought by two Yale Law students against school administrators was dismissed … Morrison & Foerster changed the criteria for its diversity fellowship after it was sued by a group founded by Edward Blum … The New York Court of Appeals assessed whether to remove Whitehall village Justice Robert Putorti who brandished his loaded gun at a defendant in his courtroom in 2015 … The University of Arizona James E. Rogers College of Law joined with Aspen Publishing to run JD Next, its alternative law school admission program.
Moves:
- In New York …
Paul Weiss hired 13 private equity partners in New York, California and London, primarily from U.S. rival Kirkland & Ellis … David Patton, the top federal public defender in New York, is joining litigation firm Kaplan Hecker & Fink in November … Andrew Adams, the former head of a DOJ task force targeting Russian oligarchs for aiding the country’s war in Ukraine, joined Steptoe & Johnson … The former chief counsel at FINRA joined McGuireWoods’ securities enforcement and regulatory group … FisherBroyles added Jed Davis, who was most recently a solo practitioner, as a partner focusing on cyber-risk, privacy and data security … Commercial litigator Susan Shin joined Hunton Andrews Kurth as a partner from Weil.
- In Washington, D.C. …
Longtime Pillsbury lawyers Meighan O’Reardon and James McPhillips in D.C., along with Vipul Nishawala in New York, joined Clifford Chance’s global technology group … Six longtime Shook, Hardy & Bacon product liability litigators took their practices to Arnold & Porter’s Washington and Houston locations … Duane Morris added former DOJ fraud section attorney Tarsha Phillibert to its white collar division … Brian Brooks, a former banking and crypto executive, returned to O’Melveny & Myers.
- In Pittsburgh …
Blank Rome brought on former 3rd Circuit Judge Timothy Lewis as senior counsel in its corporate litigation group from Schnader Harrison Segal & Lewis.
- In Houston …
Simpson Thacher hired Katy Lukaszewski as a partner in its energy and infrastructure practice from Sidley Austin.
- In Chicago …
Dykema added intellectual property partner Michael Word from Mayer Brown … Barnes & Thornburg added construction law partner Eric Berg from Ogletree Deakin.
- In Los Angeles …
Norton Rose added securities litigation partner Helen Kim from K&L Gates.
- In San Francisco …
Goodwin brought on Joshua Cook, the former president of Proof Holdings, as a technology practice partner, and Kirkland’s Leon Johnson joined the firm’s private equity practice as a partner.
- In Hong Kong …
Mayer Brown added M&A lawyer Allison Lee from Debevoise to its corporate and securities practice.
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Law firm Wachtell has filed a motion to force a $90 million lawsuit by Elon Musk’s X Corp out of court and into confidential arbitration. The motion contends that Musk’s attempt to recoup some of the millions that departing Twitter board members paid to Wachtell just before Musk took control of the company must be arbitrated under the terms of Wachtell’s retainer agreement with Twitter. If Wachtell’s motion is granted, the case will proceed in secret, which means the motion may be the firm’s last chance to address claims by Musk and X in public. The law firm, writes Alison Frankel, made the most of its opportunity.
Check out other recent pieces from all our columnists: Alison Frankel, Jenna Greene and Hassan Kanu
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Additional writing by R Rohit and Tanvi Shenoy.
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