Fintech

  • April 03, 2024

    SEC Atty Says Macquarie 'Overstated' High Court Case

    A leading attorney for the U.S. Securities and Exchange Commission said a U.S. Supreme Court ruling in favor of a Macquarie Infrastructure Corp. investor would be unlikely to open the "floodgates" to private disclosure litigation, as the company claims, reminding a Washington, D.C., audience Wednesday that the agency is backing the investor before the high court.

  • April 03, 2024

    FIS Didn't Lie To Itself About Short-Lived Merger, Execs Say

    Fidelity National's top brass recently urged a Florida federal court to toss an investor's lawsuit over a $46 billion market cap drop resulting from spinning off a payment business it had acquired a few years prior, arguing the company can't "be deceived by its own statements," which a pension fund alleged artificially inflated share prices.

  • April 03, 2024

    Colo. Law Doesn't Account For Risky Borrowers, Court Told

    A trio of financial industry trade groups have asked a Colorado federal judge to block a state measure to rein in high-cost lending, arguing Tuesday that the law would make it "economically impracticable" for the groups' state-chartered bank members to offer certain credit products to risky borrowers and consumers in general.

  • April 03, 2024

    SEC Investigators Say Attys Harm Clients By 'Behaving Badly'

    U.S. Securities and Exchange Commission staff warned attorneys at a Washington, D.C., conference Wednesday that delaying regulatory investigations destroys their credibility and could potentially harm their clients' chances of striking a favorable deal as the agency's Enforcement Division pushes for more cooperation from targeted businesses and individuals.

  • April 03, 2024

    Kirkland Lands Former SEC Enforcement Leader In Dallas

    A former leader in the U.S. Securities and Exchange Commission's regional office in Fort Worth, Texas, has moved to Kirkland & Ellis LLP's Dallas office, the firm announced on Wednesday, strengthening Kirkland's government, regulatory and internal investigations practice group.

  • April 03, 2024

    UK Regulators Propose Special Regime For Digital Securities

    Britain's finance regulators proposed on Wednesday a special regulatory regime to allow firms to use new technology to issue, trade and settle digital shares and bonds, a move they hope will boost the country's global competitiveness.

  • April 02, 2024

    Crypto Co. Beats RICO But Not Fraud Claim Over $186M Hack

    A Delaware federal judge has significantly trimmed a proposed class action accusing companies behind a blockchain system that enabled users to transfer crypto of running an illegal money-transmitting business and misrepresenting the system's security measures before a $186 million hack, saying the suit's racketeering, negligence and conversion claims all fail.

  • April 02, 2024

    SEC Republicans Criticize 'Punishing' Rulemaking Agenda

    U.S. Securities and Exchange Commission Chair Gary Gensler opened an annual agency conference Tuesday by defending efforts to write new regulations addressing the changing U.S. capital markets, while his Republican colleagues called on the commission to pare back a "punishing" rulemaking agenda that has included a controversial rule governing climate change disclosures.

  • April 02, 2024

    5th Circ. Extends Transfer Stay In CFPB Late-Fee Rule Suit

    The Fifth Circuit said Tuesday that it would hold on at least a few days longer to a bank industry-backed lawsuit challenging the Consumer Financial Protection Bureau's $8 credit card late fee standard, extending a stay of a Texas federal judge's decision to send the case to D.C. federal court.

  • April 02, 2024

    Feds Seek 4 Years For Ex-Amazon Coder In Novel Crypto Case

    Prosecutors have told a Manhattan federal judge that a former Amazon coder convicted on charges of hacking a "smart contract" should be sentenced to at least four years in prison in order to send a message to other would-be crypto fraudsters.

  • April 02, 2024

    UK Reaches Landmark AI Risk Testing Agreement With US

    The U.K. government said Tuesday it had reached a landmark agreement with the U.S. to share the testing of advanced models for artificial intelligence, after highlighting in a report its increasing use by cybercriminals to attack financial institutions and business.

  • April 01, 2024

    Musk's X Corp. Helps Ex-Block Worker Fired Over Posts Sue

    A former employee at Block Inc., which was founded by Twitter co-founder Jack Dorsey, alleges the company fired her in retaliation for two posts she made on X, formerly known as Twitter, according to a suit filed in Missouri state court with financial backing from Elon Musk's X Corp.

  • April 01, 2024

    2 Firms To Rep Marathon Digital Investors In Accounting Suit

    Pomerantz LLP and the Schall Law Firm have beaten out two other legal teams to represent a proposed class of investors in a suit alleging crypto miner Marathon Digital misstated its revenue as a result of ineffective financial controls.

  • April 01, 2024

    FDIC Dings 2 More Banks Over 3rd-Party Relationships

    The Federal Deposit Insurance Corp. has ordered an Ohio community bank and a New York digital "hybrid" bank to strengthen their oversight of business partners, the latest in the agency's recent spate of enforcement actions over banks' management of their third-party relationships with financial technology firms and other outside companies.

  • April 01, 2024

    Skillz Hid 'Rudimentary' Gaming Tech, Investors Tell 9th Circ.

    Skillz Inc. investors urged the Ninth Circuit Monday to revive a consolidated proposed class action alleging the mobile-gaming company misled investors about its growth prospects surrounding its 2021 go-public merger with a special-purpose acquisition company — arguing Skillz skewed revenues and misleadingly touted its gaming technology, which was in reality "rudimentary."

  • April 01, 2024

    Texas Judge Halts New Community Lending Rules For Banks

    A Texas federal judge has ordered a halt to the rollout of federal banking regulators' recently revamped rules intended to spur bank lending in underserved communities, granting a preliminary injunction sought by bank industry trade groups suing to overturn the changes.

  • April 01, 2024

    Spinning For Terraform Was Tough, Crypto Rep Tells Jury

    A California man who worked for Terraform Labs and creator Do Kwon told a Manhattan federal jury Monday that doing public relations for the now-bankrupt cryptocurrency startup accused of fraud left him "angry" and confused as he tried to be transparent.

  • April 01, 2024

    Fed Beats Crypto-Focused Bank's Master Account Suit

    The Federal Reserve Bank of Kansas City has defeated a suit brought by crypto-focused Custodia Bank over its battle for a so-called master account, with a Wyoming federal judge ruling that Custodia's reading of the law doesn't show it's statutorily entitled to such an account because Congress does not "hide elephants in mouse holes."

  • April 01, 2024

    Indicted Crypto Whiz Says Software Development Not A Crime

    The founder of the Tornado Cash cryptocurrency exchange told a Manhattan federal judge that the government had wrongly charged him with scheming to launder money and dodge sanctions, saying that the only agreement he'd made with others was to build legal, open-source software.

  • April 01, 2024

    PE Firm Advent Buying Canada's Nuvei In $6.3B Deal

    Canadian fintech Nuvei Corp. said Monday it has agreed to be taken private by Advent International through an all-cash transaction that values Nuvei at approximately $6.3 billion, including debt.

  • March 29, 2024

    PayPal Gets CFPB's Fee Disclosure Rule Cut Down Again

    A Washington, D.C., federal judge on Friday again sided with payment-processing giant PayPal in striking down attempts by the Consumer Financial Protection Bureau to hold digital wallets to certain disclosure and waiting-period rules that apply to physical prepaid payment cards.

  • March 29, 2024

    Hogan Lovells Vet's High Court Debut A Study In Contrasts

    Several weeks ago, when a Hogan Lovells lawyer finally delivered U.S. Supreme Court arguments after 20 years at the firm, she parsed arcane arbitration issues and her words weren't widely heard outside the courtroom. But weeks later and back at the high court podium, her words were heard nationwide when she pointedly spotlighted a judge's use of "anonymous blog posts" in a bombshell abortion ruling.

  • March 29, 2024

    5th Circ. Stays CFPB Late-Fee Rule Suit's Move To DC

    Bank industry groups challenging the Consumer Financial Protection Bureau's $8 credit card late fee standard have been granted a short-term Fifth Circuit stay of a Texas federal judge's move to send their lawsuit across the country to D.C. federal court.

  • March 29, 2024

    BitTorrent Owner Says SEC Is Overreaching Its Authority

    The owner of file sharing platform BitTorrent asked a Manhattan federal judge to toss the U.S. Securities and Exchange Commission's lawsuit alleging the fraudulent and unregistered sale of a pair of crypto tokens, saying the agency is trying to extend U.S. securities laws to foreign entities.

  • March 29, 2024

    What's Next On Courts' Crypto Docket After Bankman-Fried

    The 25-year prison sentence for FTX founder Sam Bankman-Fried left the crypto industry one step closer to putting the fallout of "crypto winter" behind it, but there are still other cases with broad implications for the industry set to take over Manhattan courtrooms soon.

Expert Analysis

  • How FinCEN's Proposed Rule Stirs The Pot On Crypto Mixing

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    The Financial Crimes Enforcement Network’s recently issued proposal aims to impose additional reporting requirements to mitigate the risks posed by convertible virtual currency mixing transactions, meaning financial institutions may need new monitoring techniques to detect CVC mixing beyond just exposure, say Jared Johnson and Jordan Yeagley at Buchanan Ingersoll.

  • Series

    Writing Thriller Novels Makes Me A Better Lawyer

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    Authoring several thriller novels has enriched my work by providing a fresh perspective on my privacy practice, expanding my knowledge, and keeping me alert to the next wave of issues in an increasingly complex space — a reminder to all lawyers that extracurricular activities can help sharpen professional instincts, says Reece Hirsch at Morgan Lewis.

  • What Lawyers Must Know About Calif. State Bar's AI Guidance

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    Initial recommendations from the State Bar of California regarding use of generative artificial intelligence by lawyers have the potential to become a useful set of guidelines in the industry, covering confidentiality, supervision and training, communications, discrimination and more, say attorneys at Debevoise.

  • Industry Must Elevate Native American Women Attys' Stories

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    The American Bar Association's recent research study into Native American women attorneys' experiences in the legal industry reveals the glacial pace of progress, and should inform efforts to amplify Native voices in the field, says Mary Smith, president of the ABA.

  • 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.

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