Second Circuit Vacates Neil Cole's Conviction for Accounting Fraud, Ending 10-Year Legal Battle

Neil Cole exonerated of accounting fraud after $150M legal battle

Ten years and $150 million in legal fees later, Neil Cole — the brother of fashion designer Kenneth Cole — has finally been exonerated of charges he was involved in securities fraud.

Cole was sentenced to 18 months in prison for accounting fraud in 2023, but earlier today, the 2nd Circuit Court of Appeals in New York ruled he had been wrongfully convicted due to being tried twice for the same offense, known legally as “double jeopardy”. […]

Cole was initially charged with ten counts by the Department of Justice with accounting fraud, inflating his company’s earnings and misleading investors in 2019, but acquitted by a jury.

Then in 2021, the federal government charged him again for another count of fraud, and a jury convicted him. He appealed the decision arguing he was being tried for the same thing twice.

Richest Law Firms Race to Stockpile Litigators as Demand Surges

Some of the largest and most profitable law firms are aggressively growing their litigation rosters, new data from Bloomberg Law show.

Four firms—Kirkland & Ellis, Paul Weiss, Davis Polk, and Paul Hastings—grew their litigation headcount by at least 22% since the beginning of last year. Those firms also are among the country’s 12 most profitable, climbing the ranks largely on the strength of their corporate and transactional practices.

“We did not anticipate that litigation would be the driving factor from a demand standpoint this year,” said Owen Burman, a senior consultant in Wells Fargo’s legal banking group.

The numbers build on industry reports showing litigation, not M&A or other deals work, as the most powerful source of demand growth for firms since at least 2023. They show that even some firms focused on dominating the deals arena have received a message: Ignore litigation departments at your own peril.

State AGs Confront SEC Over Digital Asset Turf

Cryptocurrency regulation may shift as 21 state attorneys general (AGs) called on the Securities and Exchange Commission (SEC) to clearly define how digital assets should be regulated, and by whom.

Their joint letter, sent Oct. 20 and led by Iowa Attorney General Brenna Bird, responded to Commissioner Hester Peirce’s February 2025 statement, “There Must Be Some Way Out of Here,” which sought public input on how the SEC should approach crypto assets.

Peirce’s statement outlined 48 questions covering how to classify crypto assets, regulate trading and custody, and determine which tokens fall under securities law. She said there is a need for a “predictable, legally precise” framework and asked whether some digital assets should be recognized as means of payment rather than investment contracts.

The AGs’ letter supported the goal of clarity but cautioned that broad definitions could “preempt vital state authorities.” The AGs urged the SEC to define securities narrowly to avoid encroaching on state laws that already protect consumers and oversee payments.

BlackRock’s Fink Sees Case for Crypto, Gold as ‘Assets of Fear’

BlackRock Inc.’s Chief Executive Officer Larry Fink said investors are flocking to alternative assets like precious metals and cryptocurrencies as they’ve grown increasingly worried about the growing piles of government debt around the world.

“Owning crypto assets or gold are assets of fear,” Fink said at the Future Investment Initiative in Riyadh. “You own these assets because you’re frightened of the debasement of your assets. You’re worried about your financial security. You’re worried about your physical security.”

Crypto Industry Amasses $263 Million War Chest Ahead of Midterms

Fresh off its success in the 2024 elections, the crypto industry is amping up its spending power ahead of the 2026 midterms.

A handful of crypto-focused super political action committees are building up a war chest of around $263 million, according to Federal Election Commission filings and public statements. That is nearly double what the largest one, Fairshake, deployed in 2024 and slightly more than what the entire oil and gas industry spent in that cycle, according to data from OpenSecrets.