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Southern District of New York

A U.S. federal trial court covering Manhattan and nearby counties, known for handling major financial, securities, and corporate litigation.

Known aliases

  • Manhattan federal court
  • SDNY
  • S.D.N.Y.

Current stories

buildConfirmed5 publishers

USA TODAY Co. asks a federal court to make OpenAI pay for training on 19 publications

USA TODAY Co. sued OpenAI for more than $250 million and an injunction over training ChatGPT on work from 19 publications. The case tests whether a publisher can force payment and limits on the training data that teams building on OpenAI's models depend on.

Perspective Coverage

5 publishers
Builder
Builder 28%
Operator
Operator 38%
Investor
Investor 34%

Reality

Evidence68
Adoption
Not scored
Hype gap+5
Incentives62
Confidence66
investConfirmed7 publishers

Conduit wants a judge to declare Tether's year-long freeze of its USDT working capital unlawful

Conduit sued Tether in New York federal court over $2.76 million in USDT it says Tether's own crime unit froze 376 days before filing. Until a judge rules on whether Tether may do that, firms keeping working capital in USDT have to plan for a lock lasting more than a year.

Perspective Coverage

7 publishers
Builder
Builder 18%
Operator
Operator 49%
Investor
Investor 33%

Reality

Evidence55
Adoption
Not scored
Hype gap+10
Incentives60
Confidence60
investOne report1 publisher

Kalder's outside bookkeeper held the true figures behind a $6.7 million raise, the SEC says

SEC sued Kalder and founder Gökçe Güven, alleging they raised $6.7 million on revenue and customer counts inflated above the company's real books. An outside bookkeeper kept the accurate ledger, so the investor figures could have been tested against a third party's records.

Reality

Evidence58
Adoption
Not scored
Hype gap0
Incentives
Not scored
Confidence60
investConfirmed4 publishers

Storm's Tornado Cash retrial slips to April 2027, and the developer question slips with it

The judge moved the second trial to April 26, 2027, on the defense's own request. The count that would actually settle non-custodial developer liability is still waiting on sentencing.

Perspective Coverage

4 publishers
Builder
Builder 47%
Operator
Operator 34%
Investor
Investor 19%

Reality

Evidence78
Adoption
Not scored
Hype gap+10
Incentives60
Confidence74
productOne report1 publisher

Selig signed three unreported Polymarket investigation orders between May and July

Wired's FOIA request turned up CFTC voting records for private investigations into pardon, Iran and Google contracts. Two of the three were signed within weeks of a broadcast report on the same trades.

Publishers:wired.com

Reality

Evidence68
Adoption
Not scored
Hype gap+5
Incentives45
Confidence62
investConfirmed5 publishers

Prosecutors chase 4% of an alleged $1.5 billion Iran oil network through two Binance customers

The Southern District of New York filed on September 14 to take roughly $61 million in crypto from two China-based firms that used Binance trading accounts, under a standard of proof that stops at more likely than not.

Perspective Coverage

5 publishers
Builder
Builder 15%
Operator
Operator 46%
Investor
Investor 39%

Reality

Evidence68
Adoption
Not scored
Hype gap+20
Incentives55
Confidence65
investConfirmed3 publishers

Prosecutors test the Commodity Exchange Act on Robinhood engineers' $50,000 perp trades

The Justice Department says two Robinhood engineers each made more than $50,000 trading Hyperliquid perpetuals ahead of Robinhood Crypto listings. Prosecutors charged commodities fraud and wire fraud instead of securities fraud.

Perspective Coverage

3 publishers
Builder
Builder 10%
Operator
Operator 50%
Investor
Investor 40%

Reality

Evidence70
Adoption
Not scored
Hype gap+10
Incentives45
Confidence65
securityConfirmed3 publishers

Nadella testified that chatbots have "substituted" for publisher sites

The news publishers' partly unsealed summary judgment motion quotes Microsoft's CEO on substitution and on licensing paywalled training data. Microsoft says he was speaking to broad principles about how people find information, and that his words are not conclusions about copyright.

Publishers:404media.co news.bloomberglaw.com orlandosentinel.com

Perspective Coverage

3 publishers
Builder
Builder 25%
Operator
Operator 32%
Investor
Investor 43%

Reality

Evidence64
Adoption40
Hype gap+30
Incentives80
Confidence62
investConfirmed3 publishers

Binance's 97.3% Iran cleanup figure starts from a $4.19 million base

Manhattan prosecutors are examining whether Binance knowingly allowed trading that breached US sanctions on Iran, and the compliance numbers the exchange offers in response cover four named venues and about $4 million of flow.

Perspective Coverage

3 publishers
Builder
Builder 5%
Operator
Operator 45%
Investor
Investor 50%

Reality

Evidence55
Adoption
Not scored
Hype gap+40
Incentives70
Confidence60
investOne report1 publisher

53 former prosecutors tell a court buyers of Trump's $100,000-a-month post feed may be criminally liable

Fifty-three former federal prosecutors told a federal court that firms paying up to $100,000 a month for early Truth Social posts may face criminal liability. No one has been charged, but each subscriber's $1.2 million-a-year seat is now a compliance question.

Publishers:fortune.com

Reality

Evidence55
Adoption15
Hype gap+25
Incentives65
Confidence45
investOne report1 publisher

OpenAI's 550+ Publisher Coalition Grows as Fair-Use Summary Judgment Looms

The coalition suing OpenAI and Microsoft passed 550 publishers this week, and the cost of training data will be settled either by Judge Sidney Stein's fair-use ruling or by private deals struck before it lands.

Reality

Evidence32
Adoption35
Hype gap+32
Incentives68
Confidence40
productOne report1 publisher

IBM never denied taking the Monterey code. The Second Circuit says Xinuos asked too late

The long Linux ownership fight ends on an accrual rule rather than on ownership: the panel called IBM's 2001 taking a one-time event, so the clock closed years before the 2021 filing.

Publishers:thenextweb.com

Reality

Evidence68
Adoption62
Hype gap+22
Incentives58
Confidence64
investOne report1 publisher

WikiHow's suit against OpenAI asks for a remedy that outlives the damages award

The 24th US copyright case against OpenAI wants a court order barring scraped how-to articles from future training runs. Only about a tenth of the articles carry registrations.

Reality

Evidence32
Adoption
Not scored
Hype gap+14
Incentives66
Confidence38
investOne report1 publisher

The SEC just put a number on the pre-IPO grey market: 46% average markup, $74M, 800 buyers

The complaint against The Spaventa Group is not really about fake stock. It is about undisclosed spread, which makes it a problem for anyone sourcing AI-era private allocations.

Publishers:fortune.com

Reality

Evidence52
Adoption
Not scored
Hype gap+18
Incentives58
Confidence54
investOne report1 publisher

Storm's reductio: if the DOJ theory catches him, it catches OpenAI and Google

Roman Storm says the theory that convicted him would also reach Google and OpenAI. It is a post, not a brief, and the count he was convicted on is the one his analogy fits worst.

Reality

Evidence24
Adoption
Not scored
Hype gap+42
Incentives78
Confidence38
investOne report1 publisher

SEC's $74m pre-IPO case turns on the markup, not the access

Regulators say 800-plus buyers of SpaceX, Anduril, Anthropic and Perplexity stakes paid an average of 46% over what the sponsor paid. The alleged violation is the undisclosed spread.

Publishers:fortune.com

Reality

Evidence52
Adoption31
Hype gap+14
Incentives71
Confidence57