Fintech

  • January 25, 2024

    Petition Watch: Patent Obviousness, ADA Trials, Spoofing

    The U.S. Supreme Court receives thousands of petitions for review each term, but only a few make the news. Here, Law360 looks at four petitions filed in the past two weeks that you might've missed, including questions over pleading standards, the correct obviousness test to apply in patent disputes, whether Americans with Disabilities Act retaliation plaintiffs are entitled to jury trials, and how the government should prosecute spoofing.

  • January 25, 2024

    Robinhood Beats Investor Suit Over $2.1B IPO For Good

    A California federal judge has permanently tossed an investor suit against Robinhood Markets Inc. over its $2.1 billion initial public offering, finding that the latest complaint wasn't enough to show the exchange failed to inform investors about the extent to which the trading of cryptocurrency and "meme stocks" fueled the firm's strong financials ahead of its stock market debut.

  • January 25, 2024

    Visa, Mastercard Seek Justices' Help Against ATM Class Cert.

    Mastercard and Visa sought U.S. Supreme Court intervention Thursday against the certification of three classes of consumers and ATM operators accusing the companies of imposing ATM fees in violation of antitrust laws, arguing the D.C. Circuit improperly permitted a district judge to rely "on outdated decisions" and "cursory analysis."

  • January 25, 2024

    Patent Marketplace Co. IPwe Hits Ch. 11 In Del.

    IPwe, a patent trading platform operator, is petitioning for Chapter 11 protection in Delaware with about $7.2 million in debt, a significant portion of which is held by IBM, citing an inability to adapt to changing market conditions, prolonged software sales cycles and difficulties in securing additional equity capital.

  • January 25, 2024

    Ex-BigLaw Atty Gets 10 Years For Laundering OneCoin Cash

    A former Locke Lord LLP partner convicted at trial in 2019 of laundering around $400 million in proceeds from the global OneCoin cryptocurrency scam was sentenced Thursday to 10 years in prison as a New York federal judge found he was well aware that the funds came from a "massive crime."

  • January 25, 2024

    FTC Launches Probe Of Big Tech Investments In AI

    The Federal Trade Commission said Thursday that enforcers have requested information from Google, Amazon, Microsoft and others about recent investments and partnerships involving generative artificial intelligence and cloud services to understand their impact on competition.

  • January 24, 2024

    SEC's Crypto Enforcement Reaches New High, Report Says

    In 2023, the U.S. Securities and Exchange Commission brought the most cryptocurrency-related enforcement actions to date, according to a Cornerstone Research report released Wednesday, signaling the commission's ever-increasing focus on the digital asset space.

  • January 24, 2024

    BofA Fell For $2.1M Check Fraud Despite Red Flags, Suit Says

    A Kansas-based insurance exchange said Wednesday that Bank of America missed several "clear and conspicuous" indicators that a $2.1 million check purportedly submitted by its customer was actually fraudulent, instead providing the money to a medical group that illegally altered the check's address and date.

  • January 24, 2024

    Bid To Swap Chevron For An Old Standby Raises Doubts

    Last week, the U.S. Supreme Court debated whether a World War II-era doctrine encouraging courts to strongly consider agency statutory interpretations could replace the court's controversial so-called Chevron doctrine that requires judges to defer to those interpretations if a statute is ambiguous.

  • January 24, 2024

    Crypto Lender Nexo Hits Bulgaria With $3B Arbitration Claim

    Nexo AG said it has submitted an approximately $3 billion arbitration claim against the Republic of Bulgaria at the World Bank's International Centre for Settlement of Investment Disputes following a raid of the crypto lender's offices in Sofia last year.

  • January 24, 2024

    Dogecoin Fans Urge Justices To Let Court Hear Coinbase Row

    A group of Coinbase users who claim the exchange misled them with murky advertising of a Dogecoin sweepstakes told the U.S. Supreme Court that it should be up to a judge to decide whether their grievances belong in arbitration.

  • January 24, 2024

    FTX Inches Toward Ch. 11 Examiner Appointment

    A Delaware bankruptcy judge began on Wednesday to lay out a course for picking an independent examiner in the Chapter 11 case of defunct cryptocurrency exchange operator FTX, explaining that the court's focus was on moving quickly, avoiding big expenses and not having to "reinvent the wheel."

  • January 24, 2024

    Cash Loan App To Pay $3M FTC Fine Over Hidden Fees

    Cash advance app company FloatMe Corp. has agreed to pay $3 million to the Federal Trade Commission and to stop charging allegedly hidden fees to end claims that it misled consumers about how much of a cash advance they could receive at any point and how fast they would be able to get it.

  • January 24, 2024

    M&A Off To Strong Start In 2024 Amid Flurry Of US Megadeals

    The month of January is providing exactly the jolt of activity those betting on a 2024 mergers and acquisitions rebound have been hoping for, with a flurry of announced U.S. deals collectively worth $136.6 billion as of Wednesday, data provided by Dealogic shows.

  • January 24, 2024

    Accused Fraudster Hurting Policyholders, NC Justices Told

    Four insurers told the North Carolina Supreme Court that a former insurance mogul facing criminal fraud charges is still running his businesses, contrary to a contract and lower court order, renewing their request for clarity on what parts of an appellate court's opinion the high court will review.

  • January 24, 2024

    CFPB Targets Rarely Charged Bank Fee With 'Proactive' Ban

    The Consumer Financial Protection Bureau moved Wednesday to ban banks from charging customers a penalty for one-time payment attempts that are immediately declined because of a low account balance, a type of fee that the agency contends is rare but needs to be "proactively" contained.

  • January 23, 2024

    PayPal's Business Built On Stolen Trade Secrets, Suit Claims

    Patent licensing company Internet Payments Patents Ltd. sued PayPal Inc. in Texas federal court on Tuesday alleging the financial tech giant stole trade secrets following meetings in the early 2000s to discuss a potential partnership, saying it only recently learned of the alleged theft from articles posted on PayPal's website.

  • January 23, 2024

    Texas Regulator Settles With Crypto Lender Abra

    Crypto lender Abra has agreed to fast-track the return of customer assets to resolve allegations by the Texas State Securities Board that the firm offered unregistered investment contracts and hid the extent of the business's financial woes.

  • January 23, 2024

    Crypto Exchanger Admits To Unlicensed Money Transmitter

    The owner of a Miami-based digital currency exchange business pled guilty on Tuesday to operating an unlicensed money-transmitting business that exchanged more than $5 million in digital currency from 2016 through 2022.

  • January 23, 2024

    Crypto VC Lenders Want Conn. Securities Suit Kept Alive

    A group of lenders who accused Digital Currency Group in Connecticut federal court of misleading them through a "sham transaction" with a subsidiary argued this week that the crypto venture capital firm's motion to have their case dismissed overlooked crucial allegations, misrepresented facts and relied on inapplicable legal precedents.

  • January 23, 2024

    Music Publishers Say IP Suit Against AI Co. Belongs In Tenn.

    A group of music publishers has asked a Tennessee federal judge to reject an artificial intelligence company's bid to dismiss a copyright complaint for lack of jurisdiction in the state, saying Anthropic's "claims that it is subject to jurisdiction only in its Silicon Valley backyard" are wrong.

  • January 23, 2024

    AI Biz Fusemachines Going Public Via $200M SPAC Deal

    Fusemachines, an artificial intelligence company that offers products for businesses in industries such as retail, healthcare and banking, said on Tuesday it will merge with blank-check company CSLM, taking the combined company public at an equity value of $200 million.

  • 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.

Expert Analysis

  • 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.

  • Navigating Discovery Of Generative AI Information

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    As generative artificial intelligence tools become increasingly ubiquitous, companies must make sure to preserve generative AI data when there is reasonable expectation of litigation, and to include transcripts in litigation hold notices, as they may be relevant to discovery requests, say Nick Peterson and Corey Hauser at Wiley.

  • Finding Focus: Strategies For Attorneys With ADHD

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    Given the prevalence of ADHD among attorneys, it is imperative that the legal community gain a better understanding of how ADHD affects well-being, and that resources and strategies exist for attorneys with this disability to manage their symptoms and achieve success, say Casey Dixon at Dixon Life Coaching and Krista Larson at Stinson.

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