Fintech

  • February 07, 2024

    Bybit Wants $953M FTX Suit Axed For 'Threadbare' US Ties

    Cryptocurrency exchange Bybit Fintech Ltd. has urged a Delaware bankruptcy judge to throw out an FTX lawsuit that aims to recover $953 million that Bybit and affiliates allegedly raced to withdraw before FTX collapsed, arguing that the case has "no connection" to the U.S. and even if it did, FTX's claims all fail.

  • February 07, 2024

    Fintech Group Of The Year: Davis Polk

    Davis Polk & Wardwell LLP secured a win for Galaxy Digital Holdings Ltd. in a suit challenging the cryptocurrency company's decision to terminate a proposed $1.2 billion merger, while also serving as lead counsel on one of the largest-ever private credit deals in history, earning it a spot among Law360's 2023 Fintech Groups of the Year.

  • February 07, 2024

    NBA, McCarter & English Roped Into Voyager Crypto Fight

    The fallout from the collapse of Voyager Digital Holdings Inc. has widened as investors in the bankrupt cryptocurrency exchange filed a proposed class action against the NBA and the law firm McCarter & English for their roles in boosting the company before its implosion.

  • February 06, 2024

    Feds Say Mukasey Repping SBF, Mashinsky Possible Conflict

    Prosecutors alerted a New York federal judge Tuesday about a possible conflict stemming from Sam Bankman-Fried's recent hiring of Marc Mukasey, who also represents Celsius founder Alex Mashinsky in his criminal proceedings, noting Celsius lent money to Alameda Research, which repaid some of the loans using FTX's customer funds.

  • February 06, 2024

    DCG Slams Genesis Ch. 11 Plan As Favoring Some Creditors

    Crypto conglomerate Digital Currency Group has told a New York bankruptcy judge that the Chapter 11 plan of its lender subsidiary Genesis Global Holdco shouldn't move forward because it overpays certain creditor classes, favoring them over equity holders like DCG.

  • February 06, 2024

    Fed Lifts Actions Against BNP Paribas, Tiny FTX-Linked Bank

    The Federal Reserve Board has ended enforcement actions it brought against Washington-based Farmington State Bank and France's BNP Paribas, the regulator announced Tuesday.

  • February 06, 2024

    Yellen Stays Mum On Bank Capital Hikes Amid House Grilling

    U.S. Treasury Secretary Janet Yellen played her cards close to the vest at a House hearing on Tuesday as lawmakers pressed her to weigh in on federal banking regulators' so-called Basel III endgame proposal, a plan she repeatedly declined to criticize — or even endorse.

  • February 06, 2024

    Processor Underpaid Us On Tribal Accounts, Tech Co. Says

    A Las Vegas technology company is accusing a payment processor of neglecting an agreement to pay it a portion of interchange fees on merchant transactions, including thousands of dollars made from patrons of tribal hotels, casinos, shops and restaurants.

  • February 06, 2024

    SEC Expands Dealer Rule To Proprietary Traders, Private Funds

    A divided U.S. Securities and Exchange Commission passed a pair of rules Tuesday that now include proprietary trading firms and some hedge funds in its definition of securities dealers, expanding the agency's oversight authority that one dissenting commissioner called "another salvo in the commission's war on private funds."

  • February 06, 2024

    Sealed BlockFi Deal With 3AC In Ch. 11 Gets Court OK

    A New Jersey bankruptcy judge on Tuesday approved a settlement between defunct cryptocurrency exchange BlockFi Inc. and hedge fund Three Arrows Capital to release dueling claims against each other for hundreds of millions of dollars, but declined to unseal it, saying it would be "counterintuitive" to make the details freely available.

  • February 06, 2024

    Former FINRA Official Joins McGuireWoods In NY

    A former director in the Financial Industry Regulatory Authority's enforcement department has joined McGuireWoods LLP in its New York office.

  • February 05, 2024

    Crypto Mining Co. Execs Sued Over Pre-IPO Pledges

    A shareholder of cryptocurrency mining company Stronghold Digital Mining Inc. has sued the company's top brass in New York federal court, accusing them of misleading shareholders about the capacity of Stronghold's bitcoin mining operations in the run-up to its $132.5 million initial public offering.

  • February 05, 2024

    Catching Up With Delaware's Chancery Court

    Last week, Delaware's chancellor gave us 55 billion reasons to keep an eye on the First State in a case involving Tesla CEO Elon Musk's pay package, while the court of equity also took on cryptocurrency, artificial intelligence, space flight and country music.

  • February 05, 2024

    Apple Calls Crypto Payment App Claims 'Demonstrably False'

    Apple has asked a California federal court to toss a proposed class action claiming its agreements with Apple Cash competitors illegally limit competition by blocking decentralized cryptocurrency technology, arguing that technology is not actually blocked and is in fact available on Apple's App Store.

  • February 05, 2024

    Ripple Must Hand Over Financial Info As SEC Seeks Remedies

    Ripple Labs must hand over financial information about the institutional sales of its XRP token to the U.S. Securities and Exchange Commission after a magistrate judge sided with the regulator's claims that it needs the details to formulate its remedies request in the yearslong registration case.

  • February 05, 2024

    $4.5M Perkins Coie Crypto Settlement Gets Initial OK

    A $4.5 million settlement between Perkins Coie LLP and investors alleging it misappropriated $10 million in cryptocurrency has gotten an initial nod from a Washington federal judge.

  • February 05, 2024

    1st. Circ. 'Concerned' With Crypto Founder's Trial Roadblocks

    A First Circuit judge suggested on Monday that a trial judge may have "short-circuited" a cryptocurrency founder's defense against fraud charges by blocking testimony from two government case agents and a U.S. Commodity Futures Trading Commission attorney.

  • February 05, 2024

    US Trustee Balks At BlockFi Bid To Seal 3AC Deal

    An agreement between former cryptocurrency exchange BlockFi Inc. and defunct hedge fund Three Arrows Capital that released a tangle of claims against each other should be public, the Office of the U.S. Trustee told a New Jersey bankruptcy court Monday, adding that sealing the entire settlement keeps information from parties that might object to the deal.

  • February 05, 2024

    Bank Groups Sue To Overturn New Community Lending Rules

    The Federal Reserve and other banking agencies were sued Monday in Texas federal court over their recent revamp of rules intended to spur bank lending in underserved communities, an overhaul that a coalition of banking industry trade groups alleges violated federal law and must be set aside.

  • February 05, 2024

    Hermes Urges 2nd Circ. To Affirm Win In MetaBirkins NFT Row

    Hermès urged the Second Circuit on Friday to ignore arguments on appeal by the non-fungible token creator found liable for ripping off the luxury goods company's Birkin bag that the jury's ruling on intent improperly ignored free-speech art rights.

  • February 05, 2024

    Ex-Broker Loses 2nd Circ. Appeal In Sports Crypto Scam Case

    The Second Circuit on Monday affirmed a jury verdict convicting a former securities broker of stealing over $600,000 from investors who believed he was creating a sports-themed cryptocurrency.

  • February 02, 2024

    Lawmakers Look To Undo SEC Crypto Accounting Bulletin

    Lawmakers introduced parallel bills in both chambers of Congress that would undo crypto accounting guidance from the U.S. Securities and Exchange Commission that lawmakers say was unfairly administered given its heightened standards for institutions holding crypto.

  • February 02, 2024

    Wells Fargo Gets Elder Abuse Suit Dismissed, For Now

    A California federal judge on Thursday dismissed a lawsuit accusing Wells Fargo of facilitating a financial scam against a senior, saying that while the bank's employees should have known something was suspicious about the victim's transactions, the bank's alleged actions did not inherently constitute elder abuse.

  • February 02, 2024

    FDIC Going 'Backwards' On Innovation, GOP Lawmakers Say

    Republican lawmakers on Friday called out the Federal Deposit Insurance Corp. over a move last year to scale back a Trump-era innovation unit at the agency, saying they are concerned about a shift in regulatory posture chilling banks' engagement with fintech. 

  • February 02, 2024

    Suspect In $400M Crypto Theft Put Under Monitoring

    The man suspected of leading a SIM swapping scheme that appears to encompass more than $400 million stolen from cryptocurrency exchange FTX appeared in Chicago federal court Friday, where he was released without bond to face federal wire fraud charges in Washington, D.C.

Expert Analysis

  • What To Expect From The CFPB This Year

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    The potential for upheaval at the Consumer Financial Protection Bureau will be greater during an election year, and there are several opportunities and challenges ahead for the bureau in 2024, say Eric Mogilnicki and David Stein at Covington.

  • Law Firm Strategies For Successfully Navigating 2024 Trends

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    Though law firms face the dual challenge of external and internal pressures as they enter 2024, firms willing to pivot will be able to stand out by adapting to stakeholder needs and reimagining their infrastructure, says Shireen Hilal at Maior Consultants.

  • The Most-Read Legal Industry Law360 Guest Articles Of 2023

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    A range of legal industry topics drew readers' attention in Law360's Expert Analysis section this year, from associate retention strategies to ethical billing practices.

  • What The 2023 Bank Failures Taught Us, And What's To Come

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    As 2023 draws to a close, it's apparent that the bank failures this past spring sparked a seismic shift in the regulatory and supervisory landscape for banking organizations, and the consequences are still continuing to be felt throughout the financial sector as we head into 2024, say attorneys at Morgan Lewis.

  • How SEC And NY Cyber Reporting Rules Affect Key Industries

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    The new U.S. Securities and Exchange Commission and New York State Department of Financial Services cybersecurity disclosure requirements, and their competing obligations, reveal the increasing complexity for organizations evaluating and reacting to cybersecurity incidents — particularly those in the healthcare and financial services industries, say attorneys at Manatt.

  • Attorneys' Busiest Times Can Be Business Opportunities

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    Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.

  • In The World Of Legal Ethics, 10 Trends To Note From 2023

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    Lucian Pera at Adams and Reese and Trisha Rich at Holland & Knight identify the top legal ethics trends from 2023 — including issues related to hot documents, artificial intelligence and cybersecurity — that lawyers should be aware of to put their best foot forward.

  • Strategies For Wire Fraud Prevention As Risk Is On The Rise

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    Wire transfer fraud is increasingly affecting investment managers, nonbank fintech companies and their clients, but there are steps financial institutions can take to mitigate this increasing risk, like testing cybersecurity effectiveness and sending fake phishing emails, says Casey Jennings at Seward & Kissel.

  • Fed's New Swipe At Debit Fees Stirs Up Dilemma For Banks

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    The Federal Reserve's proposal to reduce the cap on debit card interchange fees charged or received by card issuers and payment networks comes as other bank account fees are taking regulatory hits, which could all culminate in an overall decline in access to banking products and services, says Kristen Larson at Ballard Spahr.

  • SEC, NY Cybersecurity Rules Create Complexity For Insurers

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    Two separate cybersecurity rules recently adopted by the New York Department of Financial Services and the U.S. Securities and Exchange Commission pose distinct challenges for insurance industry participants, with important interactions, and potential tensions, for those required to comply with both frameworks, say attorneys at Debevoise.

  • The Ethics Of Accepting Advanced Legal Fees In Crypto

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    State and local bar associations have been weighing in on whether attorneys may accept cryptocurrency as a form of payment in advance of providing legal services, but the answer is frequently a fact-specific inquiry that demands close reading of the rules of professional conduct, say Matthew Feinberg and Jeffrey Cunningham at Goldberg Segalla.

  • How Attorneys Can Be More Efficient This Holiday Season

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    Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.

  • A Look At FedNow Liability Allocation And A 4th Circ. Toss-Up

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    Dsu-Wei Yuen and Andrew Lorentz at Davis Wright break down the current legal requirements that are directly applicable to common electronic payment systems like FedNow and Automated Clearing House and how they could be affected by a decision in Studco v. 1st Advantage Credit Union, currently on appeal in the Fourth Circuit.

  • 3 Defense Takeaways From The Bankman-Fried Trial

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    FTX founder and former CEO Sam Bankman-Fried’s recent fraud conviction offers several key lessons for future white collar defendants, from the changing nature of cross-examination to the continued risks of taking the stand, say Jonathan Porter and Gregg Sofer at Husch Blackwell.

  • Series

    Children's Book Writing Makes Me A Better Lawyer

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    Becoming a children's book author has opened doors to incredible new experiences of which I barely dared to dream, but the process has also changed my life by serving as a reminder that strong writing, networking and public speaking skills are hugely beneficial to a legal career, says Shaunna Bailey at Sheppard Mullin.

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