Fintech

  • January 23, 2024

    FINRA Finds Potential Rule Violations In Crypto Asset Sweep

    The Financial Industry Regulatory Authority on Tuesday said it found possible violations in 70% of materials it reviewed as part of a targeted crypto asset sweep, including false and misleading statements and misrepresentations that crypto was protected by federal securities laws.

  • January 23, 2024

    Bitcoin Miner Rhodium Seeks Toss Of Chancery Rollup Suit

    Three investors in Texas-based bitcoin mining venture Rhodium Enterprises Inc. can't sue the company's top officers over an allegedly unfair business consolidation in 2021 because the investors already agreed to arbitrate all claims related to the deal, the officers' attorney told Delaware's Court of Chancery on Tuesday.

  • January 23, 2024

    Manhattan DA Says More Payment App Security Is 'Imperative'

    Manhattan District Attorney Alvin Bragg is urging PayPal and other leading digital payment providers to add more security features to their mobile apps, blaming their "insufficient" existing safeguards for a rise in theft and fraud perpetrated through stolen and swindled phones.

  • January 23, 2024

    Fintech Can't Arbitrate Ex-Worker's Discrimination Suit

    A New York federal judge has ruled fintech company Current cannot arbitrate its former lead recruiter's claims that the company fostered a discriminatory work culture, saying that because her suit includes plausible sexual harassment claims, any pre-dispute arbitration agreement is unenforceable.

  • January 23, 2024

    Patent Board Wipes Out Fintech Patents Asserted In Texas

    Two rulings from the Patent Trial and Appeal Board have deleted language in patents covering mobile payment technology that were asserted in settled lawsuits against companies like Apple, Google and Visa in the Western District of Texas.

  • January 22, 2024

    Binance Judge Grills Exchange Over Its Bid To Exit SEC Case

    A Washington, D.C., federal judge on Monday pressed crypto exchange Binance Holdings Ltd. on how existing precedent can support its arguments that tokens listed on its platform aren't securities in its bid to fight off the U.S. Securities and Exchange Commission's case against it.

  • January 22, 2024

    BofA Invokes 'Mayhem,' Fowl Odors In Preemption Battle

    Bank of America NA has warned the U.S. Supreme Court that the court risks unleashing "mayhem" on national banks in the form of a host of intrusive state regulatory requirements if it sides with a group of New York mortgage borrowers who sued the bank for unpaid escrow interest.

  • January 22, 2024

    SEC Says X Account Hacker Hijacked Staffer Phone Number

    A hacker hijacked a U.S. Securities and Exchange Commission staffer's phone number to gain access to the agency's X account and post a false tweet touting the hotly anticipated approval of a bitcoin exchange-traded product, the SEC said Monday.

  • January 22, 2024

    Alibaba Urges Against Class Cert. In Suit Over Antitrust Probe

    Chinese e-commerce company Alibaba has urged a New York federal court to deny class certification in a shareholder suit accusing the company of failing to warn investors about regulatory risks it faced in the lead-up to a planned initial public offering of its fintech affiliate Ant Group, arguing the practices in question were not hidden and therefore did not affect share prices.

  • January 22, 2024

    Alameda Drops Chancery Case Against Grayscale

    Alameda Research Ltd., the bankrupt cryptocurrency hedge fund founded by Sam Bankman-Fried, has voluntarily tossed a lawsuit in Delaware's Court of Chancery that sought to force crypto asset manager Grayscale Investments LLC to let investors redeem their shares in its bitcoin investment vehicle.

  • January 22, 2024

    NY Banks Must Vet Execs For 'Character,' Regulator Says

    New York's financial regulator on Monday issued guidance advising banks to vet the "character and fitness" of their top brass, with the state agency stressing that compromised directors or officers can put financial institutions at risk.

  • January 22, 2024

    PayPal Says Merchant Rules Level Playing Field In Exit Bid

    PayPal urged a California federal judge on Friday to toss a proposed class action alleging the financial tech giant illegally boosts online retail prices by enforcing restrictive merchant agreements, saying PayPal's practices enable it to compete on an equal footing with other payment options.

  • January 22, 2024

    Ariz. 'Fintech Sandbox' Regulator Joins Greenberg Traurig

    Greenberg Traurig LLP's newest shareholder is an experienced financial technology regulator who has joined the firm's Phoenix office after nine years of government service.

  • January 22, 2024

    Crypto Software Developer Terraform Files For Ch. 11

    Open-source cryptocurrency software developer Terraform Labs filed for Chapter 11 in Delaware, saying it intends to continue operating as it deals with ongoing regulatory litigation brought by the U.S. Securities and Exchange Commission.

  • January 19, 2024

    Law360 Names Firms Of The Year

    Eight law firms have earned spots as Law360's Firms of the Year, with 55 Practice Group of the Year awards among them, steering some of the largest deals of 2023 and securing high-profile litigation wins, including at the U.S. Supreme Court.

  • January 19, 2024

    Law360 Names Practice Groups Of The Year

    Law360 would like to congratulate the winners of its Practice Groups of the Year awards for 2023, which honor the attorney teams behind litigation wins and major deals that resonated throughout the legal industry this past year.

  • January 19, 2024

    Ex-BigLaw Atty Seeks 5 Years In OneCoin Case, Feds Urge 17

    A former Locke Lord LLP partner convicted in 2019 of helping launder more than $400 million tied to the global OneCoin cryptocurrency scam asked a New York federal judge Friday for a prison sentence of five years, steadfastly maintaining his innocence, while prosecutors asked that he serve at least 17 years.

  • January 19, 2024

    GOP Senator Grills Treasury, FinCEN Over Fox News Report

    Following recent news reports that the U.S. Department of the Treasury's Financial Crimes Enforcement Network instructed banks to surveil customer transactions using search terms such as Trump and Make America Great Again, Sen. Tim Scott, R-S.C., has asked the agency to provide more information on the alleged practice.

  • January 19, 2024

    FDIC Tells 5 Fintechs To Correct Deceptive Insurance Claims

    The Federal Deposit Insurance Corp. on Friday told five fintech firms to correct allegedly false statements that indicated customer funds were insured by the bank regulator.

  • January 19, 2024

    Crypto Trader Gets 2 Years In Prison In 'Cherry-Picking' Scheme

    A commodity trading adviser was sentenced to two years in prison and home confinement in Florida federal court Friday after pleading guilty last year to "cherry-picking" client profits to fund his lavish lifestyle and pay personal expenses, according to the U.S. Department of Justice.

  • January 19, 2024

    Apple Offers To Allow 'Tap And Go' Competition In Europe

    Apple is offering to provide third-party access in Europe to the technology used by its iPhones for "tap and go" payments in physical stores as it tries to address concerns from enforcers that Apple Pay is the only service with access to the feature.

  • January 19, 2024

    IcomTech Principal Gets 5 Years For Crypto Ponzi Scheme

    A Manhattan federal judge on Friday sentenced a New Hampshire construction company owner to five years in prison for promoting the IcomTech cryptocurrency Ponzi scheme that prosecutors say cost its backers $3.5 million.

  • January 19, 2024

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen a bankrupt English local council bring a construction claim against property maintenance company Axis, a Cypriot cheese trade protection body appeal a UK IPO decision granting trademark registration for "Grilloumi" and employees of supermarket giant Morrison’s shop around for compensation in a claim over equal pay. Here, Law360 looks at these and other new claims in the U.K.

  • January 19, 2024

    SVB Cayman Unit Files Ch. 15 To Obtain Info About Deposits

    The Cayman Islands unit of Silicon Valley Bank filed for Chapter 15 protection in New York, saying it needs authority to obtain documents from federal regulators about the status of its $866 million of customer deposits following the parent bank's 2023 collapse.

  • January 19, 2024

    3rd Circ. Sides With US Trustee In Battle For FTX Examiner

    The Third Circuit on Friday ordered the appointment of an examiner in the bankruptcy of cryptocurrency giant FTX, agreeing with the U.S. Trustee's Office that the appointment is required by law.

Expert Analysis

  • 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.

  • Total Stay Of CFPB Small Biz Data Rule Is Boon To Lenders

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    The Southern District of Texas’ nationwide halt of the Consumer Financial Protection Bureau’s Small Business Lending Rule would end if the CFPB wins a pending U.S. Supreme Court case, but the interim pause allows valuable extra time for financial institutions to plan their compliance strategies, say attorneys at Greenberg Traurig.

  • Key Takeaways From CFPB's Proposed Data-Sharing Rules

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    The Consumer Financial Protection Bureau's recently announced proposed rule for regulating personal financial data rights sheds light on the bureau's stance regarding practices like screen-scraping and may presage further activity that could involve more concrete enforcement actions, say attorneys at Wilson Sonsini.

  • Inside Bank Regulators' Community Lending Law Overhaul

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    The federal banking agencies' recently finalized changes to the Community Reinvestment Act not only account for the gradual shift to an environment where lending and deposit-taking are primarily conducted online, but also implement other updates such as diversity initiatives and a new series of lending tests, say attorneys at Norton Rose.

  • Breaking Down The SEC's 2024 Examination Priorities

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    The U.S. Securities and Exchange Commission’s recently released examination priorities for the year ahead signal a steady course from prior years, but they also include some specific new concerns and important twists on perennial risk areas, say Kurt Gottschall and Kit Addleman at Haynes Boone.

  • Preparing Law Students For A New, AI-Assisted Legal World

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    As artificial intelligence rapidly transforms the legal landscape, law schools must integrate technology and curricula that address AI’s innate challenges — from ethics to data security — to help students stay ahead of the curve, say Daniel Garrie at Law & Forensics, Ryan Abbott at JAMS and Karen Silverman at Cantellus Group.

  • Series

    ESG Around The World: South Korea

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    Numerous ESG trends have materialized in South Korea in the past three years, with impacts ranging from greenwashing prevention and carbon neutrality measures to workplace harassment and board diversity initiatives, say Chang Wook Min and Hyun Chan Jung at Jipyong.

  • General Counsel Need Data Literacy To Keep Up With AI

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    With the rise of accessible and powerful generative artificial intelligence solutions, it is imperative for general counsel to understand the use and application of data for myriad important activities, from evaluating the e-discovery process to monitoring compliance analytics and more, says Colin Levy at Malbek.

  • 5 Credit Card Practices Drawing CFPB Notice In New Report

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    The Consumer Financial Protection Bureau's biennial consumer credit report may offer insight into the future of the watchdog's enforcement priorities, particularly when it comes to trends in consumer credit card interest rates and novel products like installment payment plans, among other practices, says Rich Zukowsky at Davis Wright.

  • A Tale Of 2 SVB Reports: Where The Fed's Barr And OIG Differ

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    Some have said the recent report on Silicon Valley Bank's failure prepared by the Federal Reserve Board's Office of Inspector General is nearly identical to one conducted by Vice Chair for Supervision Michael Barr earlier in the year, but in reality, the OIG report is far more critical and less forgiving of the Fed supervisory staff, say attorneys at Davis Polk.

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