Fintech

  • February 02, 2024

    Coinbase Directors Must Face Del. Insider Trading Suit

    In a decision that sharpens the contours of state insider trading and unjust enrichment claims, Delaware's chancellor has refused to dismiss a stockholder derivative suit against Coinbase Global Inc. directors and officers who saved $1.09 billion by selling $2.9 billion in shares just ahead of a stock plunge.

  • February 02, 2024

    Crypto Biz Backs Election-Bidding Site Against CFTC

    Crypto investment firm Paradigm is throwing its weight behind legal efforts to create a market that would allow companies to bid on the outcome of elections, arguing the U.S. Commodity Futures Trading Commission's blockade on election hedging could be costly for crypto startups.

  • February 02, 2024

    Latham Led Firms In January IPOs As New Listings Pick Up

    Latham & Watkins LLP assumed work on more initial public offerings than any other law firm in January, steering five IPOs for companies and underwriters during a month that saw a rise in new listings that could portend additional momentum beyond February.

  • February 02, 2024

    Crypto Course Founder To Pay SEC $1.8M Over Bogus Fund

    The creator of an online cryptocurrency course entered into a $1.8 million settlement with the U.S. Securities and Exchange Commission on Friday after he allegedly induced more than a dozen students to invest in a cryptocurrency fund that didn't exist.

  • February 02, 2024

    FTX Looks To Sell $175M Crypto Claim Against Genesis

    Defunct cryptocurrency giant FTX has asked Delaware's bankruptcy court for permission to sell a $175 million claim it was granted against Genesis Global through a settlement last year with the also-insolvent virtual assets business.

  • February 02, 2024

    Cozen O'Connor Adds Rivero Mestre Business Litigator In NY

    Cozen O'Connor has hired a Rivero Mestre LLP international business litigator who focuses his practice on cross-border business disputes originating in Latin America to the firm's New York City-based commercial litigation group.

  • February 01, 2024

    Binance Enabled Hamas Fundraising, Oct. 7 Survivors Say

    A mother and daughter taken by Hamas during the Oct. 7 attack in Israel as well as the family of two victims sued crypto-exchange Binance for allegedly allowing Hamas-linked accounts to transact on its platform and hiding that activity from U.S. regulators.

  • February 01, 2024

    Ex-Worldpay Exec Loses Bid To Revive Discrimination Suit

    An Ohio state appeals court refused to reverse a trial defeat for a fired Worldpay executive who alleged he endured retaliation for complaining about discrimination, among other things, rejecting his assertion that the company inappropriately wielded attorney-client privilege as both a "sword and a shield."

  • February 01, 2024

    FTX Customers Sue Over Digital Asset Ownership In Ch. 11

    Customers of defunct crypto exchange FTX Trading Ltd. filed a Chapter 11 adversary suit in Delaware bankruptcy court seeking a decision on whether the exchange or the customer owns digital assets in customer accounts.

  • February 01, 2024

    Genesis Strikes $21M Deal In SEC Crypto Enforcement Action

    Bankrupt cryptocurrency company Genesis Global asked a New York judge to approve a settlement it has reached with the U.S. Securities and Exchange Commission that would end the agency's enforcement action by granting it a subordinated claim for a $21 million civil penalty.

  • February 01, 2024

    IRS Violated Rights In Coinbase Doc Seizure, 1st Circ. Told

    The IRS violated an investor's property rights when it seized his financial records from the cryptocurrency exchange Coinbase, he told the First Circuit on Thursday, saying the government defended the violation by wrongly focusing on what it claims are the investor's lack of privacy protections.

  • February 01, 2024

    Belarusian Charged With Running BTC-e Laundering Network

    A Belarusian man has been charged with operating the digital currency exchange BTC-e, which prosecutors said was used by cyber criminals globally to launder illegally procured funds.

  • February 01, 2024

    2nd Circ. Hints It May Revive Coinbase User Suit

    The Second Circuit appears ready to revive a proposed class action accusing crypto platform Coinbase of selling unregistered securities, with judges on Thursday casting doubt on the company's claims that it can't be sued because it doesn't own the cryptocurrencies that trade on its platform.

  • February 01, 2024

    Meme Stock Investors Want To Revive Suit Against Apex

    Meme stock investors asked the Eleventh Circuit on Thursday to revive their suit looking to hold broker-dealer Apex Clearing Corp. liable for trading losses, arguing that the lower court erred in determining that Apex did not owe any duty to the investors.

  • February 01, 2024

    Greenberg Traurig Hires Ballard Spahr's Ex-Fintech Leader

    Greenberg Traurig LLP announced the addition of the former co-leader of Ballard Spahr LLP's financial technology and payment solutions team on Wednesday, touting its new shareholder's experience helping consumer finance industry clients get approval to put new fintech products on the market.

  • January 31, 2024

    Digital Lender, Partner Bank Seek To Sink Usury Claims

    Lender Helix Financial and its partner bank, Lead Bank, have asked a Georgia federal judge to toss a proposed class action alleging their relationship was a "front" to issue loans with unreasonably high interest rates, arguing the allegations in the suit are "simply not plausible."

  • January 31, 2024

    Crypto Faded As A Shareholder Suit Target In '23, Study Finds

    The number of securities class actions filed last year ticked up slightly from the year before, even with a drop in new suits against the cryptocurrency sector and blank-check companies, according to a report released Wednesday by Cornerstone Research.

  • January 31, 2024

    NFT Co. NBA Top Shot Wants To Block User's Privacy Suit

    The issuer and licensors behind non-fungible token marketplace NBA Top Shot told a California judge to toss a proposed class action over the platform's use of a tracker that passed user data to Meta Platforms Inc. since users agreed to certain information sharing when they logged onto the site and transactions on the platform are meant to be public.

  • January 31, 2024

    US Bid To Seize Assets In BlockFi Case Hits Another Snag

    A New Jersey bankruptcy judge dealt another blow to the Justice Department's efforts to seize assets stemming from criminal conduct related to the BlockFi bankruptcy, saying the U.S. government cannot pause an adversary case through criminal forfeiture.

  • January 31, 2024

    FTX Intends To Pay Customers In Full Under New Ch. 11 Plan

    Attorneys for bankrupt cryptocurrency exchange FTX Trading Ltd. told a Delaware judge on Wednesday that it intends to file a new Chapter 11 plan that projects payment in full for all customers and general unsecured creditors.

  • January 31, 2024

    FTX Can Estimate Digital Claims In US Dollars, Judge Says

    Bankrupt cryptocurrency exchange FTX Trading Ltd. can estimate the value of digital asset claims of customers in U.S. dollars after a Delaware judge said Wednesday that conducting individual valuations of each claim would be costly and time-consuming.

  • January 31, 2024

    Terraform Says Impending SEC Fine Proves It's In Distress

    Cryptocurrency company Terraform Labs told a Delaware bankruptcy judge on Wednesday the mere fact it could face a ruinous U.S. Securities and Exchange Commission fine in the future justifies Chapter 11 protection today, arguing a recent judgment in favor of the regulatory agency attests to its financial distress.

  • January 31, 2024

    SVB Cayman Unit Seeks FDIC Probe On Customer Deposits

    Liquidators of the Cayman Islands branch of defunct Silicon Valley Bank and U.S. bank regulators faced harsh questions on Wednesday from a New York bankruptcy judge as the liquidators sought the ability to conduct discovery regarding the fate of $477 million in deposits.

  • January 31, 2024

    JPMorgan Directors Seek Toss Of Zelle Fraud Suit In Del.

    A shareholder lawsuit accusing JPMorgan Chase & Co. of ignoring fraud complaints about peer-to-peer banking platform Zelle cites only a few news articles and a congressional hearing as "red flags" that directors allegedly missed, falling "well short" of a valid claim, the directors' attorney told Delaware's Court of Chancery Wednesday.

  • January 30, 2024

    US Trustee Opposes 'Backdoor' Releases In Genesis Ch. 11

    The U.S. Trustee's Office is challenging cryptocurrency company Genesis Global's Chapter 11 plan, arguing it would improperly pay certain legal fees without court approval, include overbroad releases and allow for an "impermissible backdoor third-party release."

Expert Analysis

  • 3 FinCEN Fraud Alerts To Remember In 2024

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    With financial fraud now the largest source of illicit proceeds in the U.S., banks should review this year's key Financial Crimes Enforcement Network alerts to ensure their employees know the warning signs of three types of rising scams and understand how to effectively report suspicious activity, says Memrie Fortenberry at Jones Walker.

  • How Clients May Use AI To Monitor Attorneys

    Excerpt from Practical Guidance
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    Artificial intelligence tools will increasingly enable clients to monitor and evaluate their counsel’s activities, so attorneys must clearly define the terms of engagement and likewise take advantage of the efficiencies offered by AI, says Ronald Levine at Herrick Feinstein.

  • 7 Enforcement Predictions For US Export Controls, Sanctions

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    Federal agencies' assertions of coming increases in export-control and sanctions-violations enforcement are not new, but recent improvements in resources and inter-agency cooperation allow for certain predictions about how the administration’s latest approach to enforcement may be applied going forward, say attorneys at Akin.

  • 8 Ways To Negotiate Improved Disgorgement Outcomes

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    The U.S. Securities and Exchange Commission's nearly $3.4 billion collected in disgorgements in 2023 shows that substantial disgorgement claims from regulators and law enforcement are the new norm, but corporations may be able to dramatically reduce what they owe by using eight strategies to argue for reduced net profit calculations, say experts at AlixPartners.

  • How The NY AG Leads Investigations In Civil Securities Fraud

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    Although investigating white collar fraud can put significant strain on state and local resources, the New York Attorney General's Office has continued to use its expansive statutory authority to take a leading role in bringing civil enforcement actions in highly complex financial matters, say Carrie Cohen and Nathan Reilly at MoFo.

  • 3 Types Of Evidence Excluded Pretrial In 2023 TM Cases

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    Dylan I. Scher at Quinn Emanuel reviews three areas of rulings on motions in limine from 2023 where parties successfully excluded evidence in a trademark dispute, for legal practitioners to consider for future cases.

  • Series

    ESG Around The World: Singapore

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    Singapore is keen to establish itself as a leading international financial center and a key player in the sustainable finance ecosystem, and key initiatives led by its government and other regulatory bodies have helped the Asian nation progress from its initially guarded attitude toward ESG investment and reporting, say attorneys at Morgan Lewis.

  • Series

    The Pop Culture Docket: Judge D'Emic On Moby Grape

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    The 1968 Moby Grape song "Murder in My Heart for the Judge" tells the tale of a fictional defendant treated with scorn by the judge, illustrating how much the legal system has evolved in the past 50 years, largely due to problem-solving courts and the principles of procedural justice, says Kings County Supreme Court Administrative Judge Matthew D'Emic.

  • What Banks Should Know About FDIC Assessment Rule

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    Max Bonici at Venable answers questions banking organizations may have about the Federal Deposit Insurance Corp.'s recent approval of a rule implementing a special assessment on banks to recoup costs associated with protecting uninsured depositors after the bank failures earlier this year, and highlights other considerations for uninsured deposits.

  • Series

    Performing Music Makes Me A Better Lawyer

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    The discipline of performing live music has directly and positively influenced my effectiveness as a litigator — serving as a reminder that practice, intuition and team building are all important elements of a successful law practice, says Jeff Wakolbinger at Bryan Cave.

  • Expect CFPB Flex Over Large Nonbank Payment Cos.

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    A recent enforcement action and a new rule proposal from the Consumer Financial Protection Bureau indicate a growing focus on the nonbank payment ecosystem, especially larger participants, in 2024, say Felix Shipkevich and Jessica Livingston at Shipkevich.

  • Breaking Down High Court's New Code Of Conduct

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    The U.S. Supreme Court recently adopted its first-ever code of conduct, and counsel will need to work closely with clients in navigating its provisions, from gift-giving to recusal bids, say Phillip Gordon and Mateo Forero at Holtzman Vogel.

  • High Court's Chevron Review May Be A Crypto Game-Changer

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    The outcome of the U.S. Supreme Court's review of the Chevron doctrine in its pending Loper v. Raimondo case will potentially usher in a paradigm shift in cryptocurrency regulation, challenging agency authority and raising hopes for a recalibrated approach that favors judicial interpretation, says Sylvia Favretto at Mysten Labs.

  • Opinion

    Legal Profession Gender Parity Requires Equal Parental Leave

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    To truly foster equity in the legal profession and to promote attorney retention, workplaces need to better support all parents, regardless of gender — starting by offering equal and robust parental leave to both birthing and non-birthing parents, says Ali Spindler at Irwin Fritchie.

  • 'Paper Tiger' Finds Its Fangs: Repeat Offenders And The CFPB

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    Following the Consumer Financial Protection Bureau’s recent imposition of structural remedies on Enova for repeat offenses, financial institutions, especially those that have previously been subject to consent orders, need to carefully consider their options when facing future enforcement proceedings with the CFPB, says Caitlin Mandel at Winston & Strawn.

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