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ArentFox Schiff

The End of LIBOR: Hotel California Edition [Part V]

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In a recent alert, we highlighted the United Kingdom (UK) benchmark manipulation cases of Tom Hayes and Carlo Palombo from 2015 and 2019, respectively. Hayes was the first banker to be jailed in the LIBOR scandal....more

Holland & Knight LLP

Meta-Gaming Regulatory Enforcement as Litigation Strategy

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The regulatory landscape is never static. The arrival of a new presidential administration often brings a shift in enforcement priorities, and President Donald Trump's administration has delivered that in spades with regard...more

Quinn Emanuel

The White Collar Appeal: Seventh Circuit Holds Spoofing is Fraud

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“Spoofing,” or the practice of submitting buy or sell orders to trading platforms with the intent to withdraw them prior to execution, is considered fraud under the Seventh Circuit’s decision in United States v. Smith, issued...more

Katten Muchin Rosenman LLP

US District Courts are Split on Whether the Commodity Exchange Act Preempts State Gaming Laws with Respect to Sports Event...

Derivatives exchange and prediction market KalshiEX LLC (Kalshi) was handed a litigation setback in defending its sports event contract offerings in federal court against claims brought by the State of Maryland. The District...more

Troutman Pepper Locke

The Right to Regulate: Kalshi, Federal Preemption, and the Fight for State Gaming Authority

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A lawsuit between KalshiEx LLC (Kalshi) and New Jersey state gaming regulators in the Third Circuit is testing the balance between federal commodities regulation and state authority regarding sports betting. Kalshi operates...more

Brownstein Hyatt Farber Schreck

Recent State Enforcement Actions Take Aim at Sports-Based Event Contracts

In recent months, numerous online commodity trading markets have begun to offer sports-based event contracts concerning the outcome of various sporting events. These event contracts—which are a type of derivative...more

Brownstein Hyatt Farber Schreck

Kalshi v. CFTC Challenges Contracts on Political Events

On Jan. 17, 2025, the United States Court of Appeals for the District of Columbia (D.C. Circuit) heard oral argument in KalshiEx v. CFTC. At issue is KalshiEx LLC’s (Kalshi) ability to list political event contracts for...more

Akin Gump Strauss Hauer & Feld LLP

CryptoLink - September 2024 Updates

CryptoLink is a compilation of news stories published by outside organizations. Akin aggregates the stories, but the information contained in them does not necessarily represent the beliefs or opinions of the firm. Akin's...more

Davis Wright Tremaine LLP

District Court Vacates CFTC Prohibition on Trading "Congressional Control Contracts" Predicting Election Results

On September 6, 2024, the U.S. District Court for the District of Columbia ruled in favor of KalshiEx LLC ("KalshiEx"), lifting a September 2023 order issued by the Commodity Futures Trading Commission ("CFTC") prohibiting...more

Skadden, Arps, Slate, Meagher & Flom LLP

Fifth Circuit Reverses CFTC Penalty Judgment Under ‘Fair Notice’ Doctrine

On January 8, 2024, in a decision that underscores the potential viability of fair-notice defenses to U.S. regulators’ rule interpretations, the U.S. Court of Appeals for the Fifth Circuit reversed a $6.5 million penalty...more

Butler Snow LLP

Sometimes no decision is the decision: Parties must protect themselves when a court does not timely rule on a motion for...

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We’ve all been in a position where we make an ask of someone—whether it be a significant other, a colleague, a potential client—and you don’t hear back from them. Maybe you ask if they want to attend a concert, write a blog...more

Foley & Lardner LLP

A Review of Recent Whistleblower Developments - October 2020

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SEC Whistleblower Program Rules Change - On September 23, 2020, the U.S. Securities and Exchange Commission (SEC) announced the adoption of a final rule in Release 34-89963 that changes several aspects of its whistleblower...more

Spilman Thomas & Battle, PLLC

Decoded: Technology Law Insights - Issue 2, July 2020

The Editors' Note - Welcome to the second issue of Decoded, Spilman's e-newsletter focusing on technology law, including data security, privacy standards, financing technologies, and digital-based means of conducting...more

Morrison & Foerster LLP

Top 10 International Anti-Corruption Developments For May 2020

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important international anti-corruption developments from the past month, with links to primary...more

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden's 2020 Insights

Despite political and economic uncertainties, markets and deal activity were resilient in 2019, and strong fundamentals remain in place heading into 2020. Companies continue to face a challenging litigation and enforcement...more

Skadden, Arps, Slate, Meagher & Flom LLP

Cross-Border Investigations Update - September 2019

This issue of Skadden’s semiannual Cross-Border Investigations Update takes a close look at recent cases, regulatory activity and other key developments, including a review of the first year of GDPR enforcement, analysis of...more

Skadden, Arps, Slate, Meagher & Flom LLP

Ninth Circuit Holds CFTC Dodd-Frank Enforcement Authority Allows Fraud-Only Claims

On July 25, 2019, the Ninth Circuit reinstated the Commodity Futures Trading Commission’s (CFTC) lawsuit in CFTC v. Monex Credit Co.,1 interpreting the CFTC’s Dodd-Frank enforcement authority under Commodity Exchange Act...more

A&O Shearman

CFTC Declines To Appeal Ruling That It Failed To Prove Artificiality In Market Manipulation Action

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On February 27, 2019, the Commodity Futures Trading Commission (“CFTC”) announced that it would not appeal a November 2018 decision in U.S. Commodity Futures Trading Commission v. Donald R. Wilson, et al., No. 1:13-cv-07884...more

Skadden, Arps, Slate, Meagher & Flom LLP

Recent Court Decisions Shine Spotlight on Scope of CFTC’s Dodd-Frank Anti-Fraud and Anti-Manipulation Enforcement Authority

Recent federal court decisions, and a pending appeal in the Ninth Circuit, highlight disagreement among the courts as to the scope of the Commodity Futures Trading Commission’s (CFTC) anti-fraud and anti-manipulation...more

Katten Muchin Rosenman LLP

Bridging the Weeks - June 2018 #3

Last week, the Bank for International Settlements strongly criticized cryptocurrencies, claiming that trust in digital tokens could disappear at any time because of the “fragility of the decentralized consensus through which...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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The Fed held its last Open Markets Committee meeting under outgoing Chair Yellen, and it agreed to hold the benchmark rate in a range between 1.25% and 1.5%. Here’s the lowdown....more

Skadden, Arps, Slate, Meagher & Flom LLP

CFTC Case Updates: Settlement Highlights Agency’s New Premium on Cooperation; 7th Circuit Upholds Criminal Spoofing Conviction

On August 7, 2017, the Commodity Futures Trading Commission (CFTC or Commission) announced a settlement for a civil penalty of $600,000 with the Bank of Tokyo Mitsubishi UFJ, Ltd. (BTMU) for alleged spoofing violations, with...more

Bass, Berry & Sims PLC

Chris Lazarini Comments on When Appellate Courts May Consider Arguments Not Raised Below

Bass, Berry & Sims attorney Chris Lazarini commented on a case in which a former commodities broker appealed a decision ordering him to pay restitution to his former firm which had made its customers whole after the broker's...more

Bass, Berry & Sims PLC

Chris Lazarini Analyzes Enforcement of Exculpatory Clauses

Bass, Berry & Sims attorney Chris Lazarini analyzed the court's enforcement of an exculpatory clause in the context of a Trading Advisory Agreement. Where parties elect to include exculpatory clauses in their contracts, such...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Financial Industry Developments - Agencies Issue Advanced Notice of Proposed Rulemaking on Enhanced Cyber Risk Management Standards - On October 19, 2016, the Federal Reserve Board, the Federal Deposit Insurance...more

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