Less than 1: AM Edition, August 13

This morning on Less than 1: the 9th Circuit issues a first-of-its-kind ruling in an international arbitration dispute, a Los Angeles judge declares the NFL's arbitration system unconscionable, a judge holds a hearing in FAIR Plan wildfire insurance litigation, and a single-firm antitrust bill faces a key Senate test. Also: a California goat herding business hedges against rising labor costs using Kalshi, and a new appeals court pick would create the first Trump-appointed majority on a federal circuit.

Stories mentioned in this episode:

9th Circuit issues first-of-its-kind ruling in international arbitration dispute
https://www.dailyjournal.com/articles/393632-9th-circuit-issues-first-of-its-kind-ruling-in-international-arbitration-dispute

Los Angeles judge declares NFL arbitration system unconscionable
https://www.dailyjournal.com/articles/393631-los-angeles-judge-declares-nfl-arbitration-system-unconscionable

(CNBC) Goat herding hedge: how Susquehanna and Kalshi are helping this company offset a change in California law
https://www.cnbc.com/2026/08/12/goat-herding-hedge-susquehanna-kalshi-california-law.html

(Reuters) New US appeals court pick would create first Trump-appointed majority
https://www.reuters.com/legal/government/new-us-appeals-court-pick-would-create-first-trump-appointed-majority-2026-08-13/