Fintech

  • March 01, 2024

    McCarter & English Denied $1M Fee Bid In Celsius Ch. 11

    A New York bankruptcy judge has granted requests by a number of creditor groups in the Celsius Network Chapter 11 case for fees and expenses but denied a $1 million request by a borrower group represented by McCarter & English, saying it had failed to make a substantial contribution to the case.

  • March 01, 2024

    Energy Dept. Halts Crypto Mining Survey To End Industry Suit

    The crypto industry group challenging a U.S. Department of Energy survey on crypto mining has reached an agreement that will see the government offices destroy any data they've already collected and circulate the survey for comment from stakeholders — a step the crypto players say the government improperly bypassed the first time around.

  • March 01, 2024

    Fintech Co. Vesttoo's Ch. 11 Plan OK'd After Dissent Defused

    A Delaware bankruptcy judge has approved the Chapter 11 liquidation plan proposed by the official committee of unsecured creditors to bankrupt Israeli fintech firm Vesttoo Ltd., after the committee sorted out a final objection to the plan.

  • March 01, 2024

    State AGs Say SEC's Kraken Case Treads On State Authority

    Attorneys general from eight states have told a California federal judge that the theory used by the U.S. Securities and Exchange Commission in its enforcement case against crypto exchange Kraken could potentially preempt state laws for consumer protection.

  • March 01, 2024

    Taxation With Representation: Pillsbury, Cleary Gottlieb

    In this week's Taxation with Representation, First Advantage Corp. acquires Sterling Check Corp., International Game Technology spins off two subsidiaries, Disney merges its media operations in India with Reliance Industries, and Atlas Energy Solutions purchases Hi-Crush.

  • February 29, 2024

    Two More Cos. Hit With 'In Concert' Delaware Bylaw Suits

    The number of class actions targeting companies' boards of directors and allegedly "coercive" bylaw provisions continues to grow, as two new investor suits were filed in Delaware's Court of Chancery against Massachusetts payments software company Flywire Corp. and California subscription software company Zuora Inc.

  • February 29, 2024

    Stolen Funds Render FTX Clawback Moot, Embed Parties Say

    Parties associated with stock trading platform Embed Financial Technologies told a Delaware bankruptcy judge Thursday that defunct cryptocurrency exchange FTX Trading Ltd. can't claw back $240 million from a prepetition acquisition because the funds used to buy Embed were stolen from FTX customers.

  • February 29, 2024

    Lummis, Clement Slam SEC's Kraken Suit As Crypto Overstep

    Sen. Cynthia Lummis, R-Wyo., crypto industry groups and veteran appellate attorney Paul Clement have told a California federal judge in a series of amici briefs that the U.S. Securities and Exchange Commission's suit against crypto exchange Kraken expands the definition of investment contract beyond what Congress intended and overreaches its authority to issues lawmakers intend to address.

  • February 29, 2024

    House Bill To Undo SEC Crypto Accounting Bulletin Advances

    A bipartisan bill that would undo crypto accounting guidance from the U.S. Securities and Exchange Commission advanced out of the House Financial Services Committee on Thursday, despite concerns from some Democrats that it could have a chilling effect on future SEC guidance.

  • February 29, 2024

    Sierra Club Pushes For Survey On Crypto Grid Impacts

    The Sierra Club is urging a Texas federal judge to consider how the public stands to be harmed if a survey to gauge the growing cryptocurrency mining industry's impacts on the electric grid isn't completed soon to better inform utilities, grid operators and regulators.

  • February 29, 2024

    TransUnion Pegs Potential DOJ Data Unit Settlement At $37M

    TransUnion has put a $37 million price tag on a possible settlement of a U.S. Department of Justice investigation into a data and analytics business the credit reporting giant purchased, according to a Thursday regulatory filing.

  • February 29, 2024

    11th Circ. Backs Film Producer's Crypto Scam Sentence

    An Eleventh Circuit panel on Thursday confirmed a nearly six-year prison sentence for an Atlanta-area film producer who admitted to running a short-lived cryptocurrency fraud, ruling his move for a lesser sentence was not justified based on the scheme's sophistication and his failure to take responsibility for the crimes.

  • February 29, 2024

    SEC Tells Utah Judge Crypto Case Dismissal Isn't Escape Bid

    The U.S. Securities and Exchange Commission told a Utah federal judge that it wants to dismiss its action against crypto project Debt Box to complete a review of the record, not to escape repercussions of earlier conduct.

  • February 29, 2024

    Deals Rumor Mill: Springer Nature, Warner Bros., ExxonMobil

    Springer Nature's IPO could be valued at $9.7 billion, Warner Bros. has pulled back on Paramount negotiations, and ExxonMobil could fetch $1 billion for Argentinean assets. Here, Law360 breaks down the notable deal rumors from the past week.

  • February 29, 2024

    Bitcoin Scammer Held In Contempt For Failure To Repay $20M

    A Manhattan federal judge held bitcoin scammer Nicholas Truglia in contempt Thursday, saying the 25-year-old Florida man has lied and willfully refused to make over $20 million in restitution to a tech entrepreneur whose cryptocurrency account he hacked.

  • February 29, 2024

    Celsius Floats Fix For Customers' 'Devastating' Ballot Blunder

    Hundreds of Celsius Network customers who mistakenly elected to receive a reduced payout for their cryptocurrency claims would get a chance to correct their "devastating" error under a plan filed by the crypto company in New York bankruptcy court.

  • February 29, 2024

    CFPB Takes Aim At 'Steering' In Credit Card Comparison Tools

    The Consumer Financial Protection Bureau on Thursday fired a shot across the bow of websites and apps that let consumers comparison-shop for credit cards, warning in new guidance that paid-placement rankings and other forms of preferential "steering" can run afoul of federal law.

  • February 29, 2024

    IGT Units Merging With Everi To Create $6.2B Gaming Co.

    International Game Technology said Thursday it has agreed to spin off its Global Gaming and PlayDigital businesses and merge them with gaming machine maker Everi Holdings, a deal that will create a global gaming and fintech valued at $6.2 billion, including debt.

  • February 28, 2024

    SEC Taps Agency Vet To Lead Adviser, Fund Rulemaking Unit

    The U.S. Securities and Exchange Commission announced Wednesday that an agency veteran currently serving as deputy director of the examinations division will be the new head of its investment management division, which oversees the regulation of investment advisers, mutual funds and certain private fund operators.

  • February 28, 2024

    'You Gave Away Your Case': Crypto Win Wilts At High Court

    The U.S. Supreme Court on Wednesday leaned toward letting a technical tug-of-war continue in litigation accusing the cryptocurrency platform Coinbase Inc. of running a sketchy sweepstakes, as multiple justices suggested the Ninth Circuit overlooked key issues when it sided with aggrieved consumers.

  • February 28, 2024

    Wells Fargo Fired Teller For AML Whistleblowing, Suit Says

    Wells Fargo faces an ex-employee's suit alleging the bank fired her in retaliation after she raised concerns that the bank's "streamlined" online account opening process allowed customers to open accounts even if they'd previously failed screening aimed at preventing money laundering.

  • February 28, 2024

    Gemini To Pay $37M Fine, Vows To Make Customers Whole

    Crypto exchange Gemini Trust Co. has committed to making users of its now-shuttered Earn product whole through the bankruptcy of its former partner Genesis Global under a new settlement with a New York regulator that included a $37 million fine for additional alleged compliance failures.

  • February 28, 2024

    SEC Republicans Warn Against Changing 'Accredited' Definition

    Limiting who counts as an accredited investor could "devastate" local angel investor networks, a Republican member of the U.S. Securities and Exchange Commission has warned, as the agency weighs enacting additional rules on private markets.

  • February 28, 2024

    Binance Founder Against More Travel Limits, Floats UAE Trip

    Binance founder Changpeng Zhao has told a Washington federal judge he opposes prosecutors' motion for further travel restrictions and suggested, without explicitly asking, that he be allowed to see his family in the United Arab Emirates. 

  • February 28, 2024

    Objectors Want $1M Atty Fees In $5.6B Swipe Fees Settlement

    Class members who initially objected to a $5.6 billion settlement with Visa and Mastercard have told a New York federal judge they are seeking nearly $1 million in legal fees for "enhancing the adversary process, sharpening the debate, and pursuing meritorious appeals in this litigation over the past eleven years."

Expert Analysis

  • A Breakdown Of The OCC's New Venture Lending Pointers

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    In light of the Office of the Comptroller of the Currency's recent bulletin outlining venture lending risks for banks, Matt Schwartz and Jeffrey Hare at DLA Piper highlight key considerations for both lenders and venture-backed companies seeking or maintaining loans from OCC-regulated national banks and federal thrifts.

  • Crypto, Audit Cases Dominate SEC's Enforcement Focus In '23

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    Attorneys at Covington examine the U.S. Securities and Exchange Commission's fiscal year 2023 enforcement results, which marked the SEC's third consecutive year of increasing enforcement activity since Chair Gary Gensler took over in 2021 — this time driven by a focus on combating cryptocurrency-related scams and enforcing recordkeeping compliance.

  • New York Cybersecurity Amendments Raise Regulatory Bar

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    Financial service providers both in and outside New York should study recent changes to the state financial regulator's cybersecurity requirements, which add governance controls, technical safeguards and incident response protocols to improve what is already becoming the national benchmark for robust cybersecurity compliance programs, say attorneys at Baker McKenzie.

  • Understanding Discovery Obligations In Era Of Generative AI

    Excerpt from Practical Guidance
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    Attorneys and businesses must adapt to the unique discovery challenges presented by generative artificial intelligence, such as chatbot content and prompts, while upholding the principles of fairness, transparency and compliance with legal obligations in federal civil litigation, say attorneys at King & Spalding.

  • 5 Steps To Meet CFTC Remediation Expectations

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    After the U.S. Commodity Futures Trading Commission recently updated its enforcement policies, organizations should implement elements of effective remediation — from root-cause analyses to design effectiveness tests — to mitigate the risk of penalties and third-party oversight, say Jonny Frank and Chris Hoyle at StoneTurn Group.

  • Asserting 'Presence-Of-Counsel' Defense In Securities Trials

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    As illustrated by the fraud trial of FTX founder Sam Bankman-Fried, defense attorneys in securities trials might consider arguing that counsel had some involvement in the conduct at issue — if the more formal advice-of-counsel defense is unavailable and circumstances allow for a privilege waiver, say Joseph Dever and Matthew Elkin at Cozen O'Connor.

  • Forecasting The Impact Of High Court Debit Card Rule Case

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    John Delionado and Aidan Gross at Hunton consider how the U.S. Supreme Court's forthcoming ruling in a retailer's suit challenging a Federal Reserve rule on debit card swipe fees could affect agency regulations both new and old, as well as the businesses that might seek to challenge them.

  • Series

    ESG Around The World: Mexico

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    ESG has yet to become part of the DNA of the Mexican business model, but huge strides are being made in that direction, as more stakeholders demand that companies adopt, at the least, a modicum of sustainability commitments and demonstrate how they will meet them, says Carlos Escoto at Galicia Abogados.

  • Crypto Has Democratized Trading In Bankruptcy Claims

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    Following the pandemic, there has been a wave of cryptocurrency bankruptcies and a related increase in access to information, allowing nontraditional bankruptcy investors to purchase claims and democratizing a once closed segment of alternative investing, says Joseph Sarachek at Strategic Liquidity.

  • The Case For Post-Bar Clerk Training Programs At Law Firms

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    In today's competitive legal hiring market, an intentionally designed training program for law school graduates awaiting bar admission can be an effective way of creating a pipeline of qualified candidates, says Brent Daub at Gilson Daub.

  • What SEC Retreat In Ripple Case Means For Crypto Regulation

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    The U.S. Securities and Exchange Commission has chosen a regulation-by-enforcement approach to cryptocurrency policy rather than through rulemaking, but the agency's recently aborted enforcement action against two Ripple Labs executives for alleged securities law violations demonstrates the limits of this piecemeal tactic, says Keith Blackman at Bracewell.

  • Attorneys Have An Ethical Duty To Protect The Judiciary

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    The tenor of public disagreement and debate has become increasingly hostile against judges, and though the legislative branch is trying to ameliorate this safety gap, lawyers have a moral imperative and professional requirement to stand with judges in defusing attacks against them and their rulings, says Deborah Winokur at Cozen O'Connor.

  • When Courts Engage In Fact-Finding At The Pleading Stage

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    It remains to be seen whether the Ninth Circuit's pleading-stage factual determination in a securities class action against Nvidia was sui generis or part of a trend, but the court has created a template for district courts to follow, says Jared Kopel at Alto Litigation.

  • A Deep Dive Into FSOC's Expansion Of Nonbank Oversight

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    The Financial Stability Oversight Council's new nonbank guidance, designed to provide the council with added flexibility in risk response, not only modifies the process for designating nonbanks as systemically important institutions, but also sends a clear signal that the FSOC may assume a more active role in addressing financial stability risks across the economy, say attorneys at Simpson Thacher.

  • AI Can Help Lawyers Overcome The Programming Barrier

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    Legal professionals without programming expertise can use generative artificial intelligence to harness the power of automation and other technology solutions to streamline their work, without the steep learning curve traditionally associated with coding, says George Zalepa at Greenberg Traurig.

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