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Featured
Justices Urged To OK 9th Circ.'s Coinbase Arbitration Ruling
The American Association for Justice, legal scholars and a consumer advocacy organization threw their weight behind a proposed class of Coinbase users Monday in their fight at the U.S. Supreme Court to keep their dispute alleging the cryptocurrency exchange platform misled them about a Dogecoin sweepstakes out of arbitration.
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July 15, 2024
Gemini Says CFTC Can't Have It Both Ways On Materiality
Crypto exchange Gemini Trust Co. told a New York federal judge late Monday that the U.S. Commodity Futures Trading Commission's arguments that Gemini misled it on aspects of a proposed bitcoin futures contract "directly contradict" the agency's defense of sanctions for its own alleged misstatements in another enforcement action.
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July 15, 2024
SEC Urged To Investigate OpenAI For Anti-Whistleblower NDAs
The U.S. Securities and Exchange Commission has been contacted by at least one whistleblower urging it to investigate artificial intelligence pioneer OpenAI for allegedly requiring employees to sign agreements discouraging them from reporting potential wrongdoing to federal regulators, according to a letter shared with Law360 on Monday.
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July 15, 2024
Crypto Promoter Says SEC's Ripple Appeal Helps His Request
A crypto influencer fighting a U.S. Securities and Exchange Commission lawsuit has told a Texas federal judge that his bid for an immediate appeal of a ruling against him is supported by the SEC's own attempt to appeal an adverse ruling in its case against blockchain firm Ripple Labs.
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July 15, 2024
SEC Pans Database Privacy Challenge As Too Little, Too Late
The U.S. Securities and Exchange Commission is looking to rid itself of a proposed class action targeting a market surveillance tool known as the consolidated audit trail, telling a Texas federal judge that shutting down a critical market stability tool 12 years after its creation would harm the public without providing any benefit to suing investors.
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July 15, 2024
Logan Paul 'Willfully Ignored' Partners' Fraud, Investor Says
A Texas buyer of influencer Logan Paul's never-launched CryptoZoo project told a Texas federal judge the YouTuber shouldn't win default judgments against the business partners he says duped him as he continues to face a proposed class's claims that he defrauded investors alongside them.
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July 15, 2024
Binance 'Knowingly' Assisted Hamas, Oct. 7 Survivors Say
Survivors of Hamas' Oct. 7 attack in Israel have told a New York federal judge that Binance should be held accountable for allegedly funding terrorist activity since they say the cryptocurrency exchange was created as an "illicit financial tool" that operated without adequate compliance controls to knowingly provide criminal customers with access to funds.
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July 15, 2024
Fed's Powell Says He's Not Going Anywhere As Chairman
Federal Reserve Chair Jerome Powell said Monday that he will serve out the remaining two years of his appointment leading the central bank, signaling his intent to stick around despite questions about his future in a second potential Trump administration.
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July 15, 2024
Judge Keeps Most Of TM Suit Against Musk's X Corp. Intact
Elon Musk's Twitter rebrand X Corp. suffered a setback Monday when a Florida federal judge kept intact most of a trademark infringement complaint by X Social Media LLC, an advertising agency for attorneys, with only one claim dismissed from the suit.
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July 15, 2024
FTX Proposes $4B Settlement Of CFTC's Massive $52B Claim
FTX Trading Ltd. asked a Delaware bankruptcy judge to sign off on a settlement with the U.S. Commodity Futures Trading Commission, saying the agreement to allow the agency a $4 billion claim in its bankruptcy would end a fraud civil enforcement action and address the "most significant single creditor" in the crypto currency exchange's Chapter 11 case.
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July 15, 2024
Catching Up With Delaware's Chancery Court
Chancery Court news was full of fees and settlements last week, with three multimillion-dollar deals getting a court OK, and a daylong discussion over a potentially multibillion-dollar fee award for attorneys who got Tesla CEO Elon Musk's astronomical pay package thrown out. The court also banged the gavel in cases involving e-payment venture SwervePay and managed care company Centene Corp., and heard arguments from software company SAP SE and biotech Renmatix Inc.
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July 15, 2024
LendingTree Urges FCC To Narrow Lead Consent Rule
Loan marketplace LendingTree is asking the Federal Communications Commission to add an exception to its new "lead generator" consent rule, saying that as it's currently constructed, the rule disadvantages small businesses competing with larger brand names.
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July 15, 2024
No Sanctions For Milberg In Visa, Mastercard MDL
A New York federal judge on Friday declined to order sanctions against Milberg Coleman Bryson Phillips Grossman LLC after the firm admitted to mistakenly registering fraudulent clients in long-running multidistrict litigation that accused Visa and Mastercard of charging improper merchant fees.
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July 15, 2024
Health Services Spinoff Leads 3 IPO Launches Totaling $1.1B
Occupational health services provider Concentra Group Holdings Parent Inc. unveiled a price range Monday for an estimated $551 million initial public offering, leading a trio of companies that launched plans for new listings that would exceed $1.1 billion combined.
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July 12, 2024
Law360 Names 2024's Top Attorneys Under 40
Law360 is pleased to announce the Rising Stars of 2024, our list of 158 attorneys under 40 whose legal accomplishments belie their age.
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July 12, 2024
Red State AGs Slam SEC 'Overreach' In Crypto Co. Challenge
Seven Republican state attorneys general have told a Texas federal judge that the U.S. Securities and Exchange Commission's alleged crypto policy of "rulemaking by district court enforcement action" threatens their ability to protect consumers as the court weighs a yet-to-launch crypto exchange's preemptive challenge to the securities regulator.
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July 12, 2024
CFPB Takes Its 5th Circ. Lumps To Advance Late Fee Rule Suit
The Consumer Financial Protection Bureau has told the Fifth Circuit that it won't appeal a three-judge panel's decision forcing it defend its $8 credit card late fee rule in Texas rather than Washington, D.C., a move that could expedite the agency's efforts to free the rule from a lower-court injunction.
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July 12, 2024
Ramey Says 'Any Competent' Atty Wouldn't Seek Sanctions Yet
Ramey LLP, counsel for mobile payment company AuthWallet LLC, has urged a Texas federal judge to reject a bank's attempt to sanction the company's attorney, saying the request is premature since the case doesn't have a prevailing party yet.
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July 12, 2024
MoneyLion Cites High Court Rulings In Bid To Toss CFPB Suit
MoneyLion Technologies Inc. told a New York federal judge on Friday that two recent U.S. Supreme Court rulings, including the reversal of the so-called Chevron deference doctrine, support the challenge to military lending regulations it is accused of violating in a lawsuit by the Consumer Financial Protection Bureau.
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July 12, 2024
Citigroup Wants Racial-Bias Lawsuit Over ATM Fees Tossed
Citigroup has asked a Florida federal judge to dismiss a racial discrimination lawsuit that claims the bank violated federal civil rights laws by waiving ATM fees for customers of minority-owned banks, saying the plaintiffs have failed to plead an injury that is traceable to the alleged misconduct.
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July 12, 2024
Guo Trial Juror Booted For Googling Fugitive Co-Defendant
The jury in Chinese dissident Miles Guo's $1 billion fraud and racketeering case was forced to restart its verdict deliberations on Friday after a juror was cut loose for Google-searching Guo's fugitive financial adviser and co-defendant William Je.
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July 12, 2024
T-Mobile Wins Time To Defend Arb. Award In 'SIM Swap' Suit
T-Mobile USA has won more time to defend an arbitration award it won after a customer claimed that lax security measures caused him to lose nearly $240,000 in cryptocurrency, according to a Florida federal court order.
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July 12, 2024
FINRA's Remote Inspection Pilot Met With Praise, Caution
The Financial Industry Regulatory Authority's new pilot program for remote inspections of broker-dealers has earned praise from attorneys, who say the measures accommodate the reality of remote work routines, but they're waiting to see how the chips fall on questions including the adequacy of the regulator's data security measures.
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July 12, 2024
Taxation With Representation: Ropes & Gray, Cravath, Latham
In this Week's Taxation with Representation, Paramount Global merges with Skydance Media, Devon Energy acquires Grayson Mill Energy's Williston Basin oil and gas business, Ryan acquires Altus Group Ltd.'s property tax business, and Bain Capital buys Envestnet Inc.
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July 12, 2024
BofA, Goldman Get First OK For $46M Deal In Rate-Swap Suit
A New York federal judge has granted the first green light to a $46 million settlement in long-running multidistrict litigation over an alleged plot by several major U.S. and European banks, including Bank of America, JPMorgan Chase & Co. and Deutsche Bank AG, to limit market competition over interest rate swaps.
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July 12, 2024
CFTC, DOJ Convene 'Pig Butchering' Working Group
The U.S. Commodity Futures Trading Commission and a U.S. Department of Justice cryptocurrency enforcement team have convened a working group focused on crypto fraud scams known as "pig butchering" schemes, joining forces with officials from more than 15 federal agencies.
Expert Analysis
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A Midyear Forecast: Tailwinds Expected For Atty Hourly Rates
Hourly rates for partners, associates and support staff continued to rise in the first half of this year, and this growth shows no signs of slowing for the rest of 2024 and into next year, driven in part by the return of mergers and acquisitions and the widespread adoption of artificial intelligence, says Chuck Chandler at Valeo Partners.
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Synapse Bankruptcy Has Ripple Effects For Fintech Industry
Synapse Financial Technologies’ recent bankruptcy filing marks a significant moment in the fintech industry's evolution, highlighting that stringent compliance and risk management in fintech partnerships are essential to mitigate risk and protect consumers, say Joann Needleman and Ryan Blumberg at Clark Hill.
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Opinion
Discount Window Reform Needed To Curb Modern Bank Runs
We learned during the spring 2023 failures that bank runs can happen extraordinarily fast in light of modern technology, especially when banks have a greater concentration of large deposits, demonstrating that the antiquated but effective discount window needs to be overhauled before the next crisis, says Cris Cicala at Stinson.
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Series
In The CFPB Playbook: Making Good On Bold Promises
The U.S. Supreme Court's decision upholding the Consumer Financial Protection Bureau's funding structure in the second quarter cleared the way for the bureau to resume a number of high-priority initiatives, and it appears poised to charge ahead in working toward its aggressive preelection agenda, say Andrew Arculin and Paula Vigo Marqués at Blank Rome.
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Opinion
States Should Loosen Law Firm Ownership Restrictions
Despite growing buzz, normalized nonlawyer ownership of law firms is a distant prospect, so the legal community should focus first on liberalizing state restrictions on attorney and firm purchases of practices, which would bolster succession planning and improve access to justice, says Michael Di Gennaro at The Law Practice Exchange.
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FBI Raid Signals Growing Criminal Enforcement Of Algorithms
The U.S. Department of Justice Antitrust Division's increased willingness to pursue the use of algorithmic pricing as a potential criminal violation means that companies need to understand the software solutions they employ and stay abreast of antitrust best practices when contracting with providers, say attorneys at Rule Garza.
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Best Text Practices In Light Of Terraform's $4.5B Fraud Deal
Text messages were extremely important in a recent civil trial against Terraform Labs, leading to a $4.5 billion settlement, so litigants in securities fraud cases need to have robust mobile data policies that address the content and retention of messages, and the obligations of employees to allow for collection, say Josh Sohn and Alicia Clausen at Crowell & Moring.
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Series
Solving Puzzles Makes Me A Better Lawyer
Tackling daily puzzles — like Wordle, KenKen and Connections — has bolstered my intellectual property litigation practice by helping me to exercise different mental skills, acknowledge minor but important details, and build and reinforce good habits, says Roy Wepner at Kaplan Breyer.
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CFPB's New Registration Rule Will Intensify Nonbank Scrutiny
The Consumer Financial Protection Bureau's recently finalized nonbank registration rule aimed at cracking down on repeat offenders poses significant compliance challenges and enforcement risks for nonbank financial firms, and may be particularly onerous for smaller firms, say Ketan Bhirud and Emily Yu at Cozen O'Connor.
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Dapper Settlement Offers Rules Of The Road For NFT Issuers
The terms of a $4 million settlement in a class action alleging that Dapper Labs sold its NBA Top Shot Moments as unregistered securities may be a model for third parties that wish to avoid securities liability in connection with offering digital asset non-fungible token collectibles, say attorneys at K&L Gates.
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Texas Ethics Opinion Flags Hazards Of Unauthorized Practice
The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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Navigating The New Rise Of Greenwashing Litigation
As greenwashing lawsuits continue to gain momentum with a shift in focus to carbon-neutrality claims, businesses must exercise caution and ensure transparency in their environmental marketing practices, taking cues from recent legal challenges in the airline industry, say attorneys at Baker McKenzie.
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In Memoriam: The Modern Administrative State
On June 28, the modern administrative state, where courts deferred to agency interpretations of ambiguous statutes, died when the U.S. Supreme Court overruled its previous decision in Chevron v. Natural Resources Defense Council — but it is survived by many cases decided under the Chevron framework, say Joseph Schaeffer and Jessica Deyoe at Babst Calland.
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How High Court Approached Time Limit On Reg Challenges
The U.S. Supreme Court's decision in Corner Post v. Federal Reserve Board effectively gives new entities their own personal statute of limitations to challenge rules and regulations, and Justice Brett Kavanaugh's concurrence may portend the court's view that those entities do not need to be directly regulated, say attorneys at Snell & Wilmer.
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Series
Florida Banking Brief: All The Notable Legal Updates In Q2
The second quarter of 2024 brought two notable bills that will affect Florida's banking and finance community across many issues, including virtual currency abandonment, cancellation of financial services on the basis of political opinions, and the exemption amount of motor vehicles, say Joshua Prever and Andrew Balthazor at Holland & Knight.