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Fintech
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August 22, 2024
9th Circ. Rebuffs Crypto Law Firm's Bid To Revive SEC Suit
A Ninth Circuit appeals panel said Thursday that a California federal judge was right to toss a crypto-focused law firm's preemptive challenge to the U.S. Securities and Exchange Commission since the firm failed to show it faced any "realistic danger" of catching an enforcement case over its use of the ethereum network.
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August 22, 2024
State Bank Coalition Establishes AI Advisory Group
The Conference of State Bank Supervisors has created a new advisory group to guide it on the development and use of artificial intelligence in the financial services sector, according to a Thursday statement.
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August 22, 2024
Feds Seize $5M In Crypto 'Pig Butchering' Scams
Federal prosecutors in North Carolina snagged nearly $5 million in cryptocurrency that they said on Thursday came from crooks masquerading as lovers, luring starry-eyed paramores into phony investments, in what's known as a "pig butchering" scam.
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August 22, 2024
Feds Ask For $395M Forfeiture In Bitcoin Fog Case
A D.C. federal judge said he was inclined to side with prosecutors seeking a $395 million forfeiture order for convicted Bitcoin Fog operator Roman Sterlingov, at least as a preliminary step ahead of the 35-year-old's sentencing for money laundering.
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August 22, 2024
Bank, Fintech Groups Say FDIC Should Ice 'Hot Money' Plan
A broad coalition of bank and fintech trade groups has called for the Federal Deposit Insurance Corp. to back off from a recently proposed revamp of its rules on "hot money," or brokered deposits, arguing the plan was put forward "without sufficient or transparent data or robust policy rationale."
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August 22, 2024
Deals Rumor Mill: Saudi Fund, Disney-Reliance, Repligen
Saudi Arabia’s sovereign wealth fund wants to launch a new cargo airline, India’s antitrust regulators worry about power over cricket rights if the $8.5 billion merger of Walt Disney’s Indian business with Reliance Entertainment is allowed, and drug manufacturing provider Repligen is eyeing Maravai LifeSciences. Here, Law360 breaks down these and other notable deal rumors from the past week.
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August 22, 2024
Crypto Lobbyist Hit With FTX Campaign Finance Charges
Manhattan federal prosecutors announced Thursday that Michelle Bond, a crypto industry lobbyist and the girlfriend of convicted former FTX executive Ryan Salame, has been charged with getting the now-defunct digital asset exchange to illegally finance her unsuccessful 2022 congressional campaign.
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August 21, 2024
FTX's Salame Says Feds Broke Deal Not To Probe Girlfriend
Former FTX executive Ryan Salame urged a New York federal judge Wednesday to either vacate his May conviction or stop federal prosecutors from investigating his domestic partner Michelle Bond for related political campaign-finance offenses, saying prosecutors induced his guilty plea by promising not to probe Bond.
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August 21, 2024
FDIC Taps MoFo Atty To Monitor Workplace Transformation
The Federal Deposit Insurance Corp. announced Wednesday that it has appointed a former prosecutor and veteran Morrison & Foerster LLP partner to serve as an independent monitor during the agency's efforts to revamp its workplace culture.
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August 21, 2024
8th Circ. Reboots Fed Swipe Fee Suit After High Court Ruling
An Eighth Circuit panel on Wednesday remanded a suit challenging Federal Reserve debit card swipe fee rules, ordering new proceedings in the case after the U.S. Supreme Court ruled that it was not untimely after all.
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August 21, 2024
High Court Told Nvidia Case Could Damage Crypto Industry
The Digital Chamber is warning that a U.S. Supreme Court dispute between chipmaker Nvidia Corp. and some of its investors poses a "grave risk" to the entire cryptocurrency industry by threatening to expose it to costly litigation should the justices uphold a lower court ruling allowing the lawsuit to move forward.
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August 21, 2024
Prometheum Plans To Support Two More Crypto 'Securities'
A cryptocurrency startup approved to safeguard crypto securities said Wednesday that it plans to support the tokens UNI and ARB when it launches in the fall, indicating it believes the digital assets implicate securities laws.
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August 21, 2024
Binance Users Settle With Miami Heat Star, Crypto Influencer
Miami Heat star Jimmy Butler and crypto influencer Ben Armstrong have agreed to pay a combined $340,000 to settle proposed class claims from Binance investors that their promotion of the crypto exchange aided and abetted unregistered securities sales.
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August 21, 2024
TransUnion Bid For CFPB Docs In Settlement Case Tossed
A magistrate judge has ruled that TransUnion will not be able to access documents relating to a Consumer Financial Protection Bureau enforcement action against the credit bureau, reasoning that TransUnion was not able to prove that the documents should not be protected by privilege.
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August 21, 2024
Zomato Inks $244M Deal For Paytm Entertainment Tickets Biz
Indian food delivery giant Zomato on Wednesday announced it has bought the entertainment ticketing business of e-commerce payment company Paytm in a $244.1 million deal it hopes will grow its "going out" offerings.
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August 21, 2024
BofA Gag Clause Suit Heads For 9th Circ. After 2nd Dismissal
A group of consumers who sued Bank of America for allegedly using improper nondisparagement clauses in its online service agreements moved Tuesday to take their case to the Ninth Circuit after a California federal judge threw it out for a second time last month.
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August 20, 2024
Mango Markets Crypto Platform Voting On SEC Settlement
The entity behind cryptocurrency exchange Mango Markets appears to be gearing up to propose a settlement to resolve an inquiry from the U.S. Securities and Exchange Commission after a more than $100 million exploit on the trading platform drew regulators' attention.
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August 20, 2024
FDIC Challenged Over 'Kafkaesque' Enforcement Proceeding
A former small business financier battling Federal Deposit Insurance Corp. enforcement claims has asked a D.C. federal court to issue an emergency order staying the agency's "Kafkaesque" administrative proceeding against him, arguing that it deprives him of his constitutional right to a jury trial.
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August 20, 2024
Ex-SEC Senior Counsel, AUSA Joins Tech Co. As CCO
A former assistant U.S. attorney with senior counsel experience at the U.S. Securities and Exchange Commission has joined technology company Tools For Humanity, a startup co-founded and chaired by OpenAI head Sam Altman, as deputy general counsel and chief compliance officer.
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August 20, 2024
PleasrDAO Wants Shkreli To Hand Over Wu-Tang Clan Album
The cryptocurrency project that now owns a one-of-a-kind Wu-Tang Clan album has urged a New York federal judge to order Martin Shkreli to hand over any copies he made of the album while he possessed it since the album's value "depends almost entirely on its uniqueness, and the secrecy that surrounds it."
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August 20, 2024
A Deep Dive Into Law360 Pulse's 2024 Women In Law Report
The legal industry continues to see incremental gains for female lawyers in private practice in the U.S., according to a Law360 Pulse analysis, with women now representing 40.6% of all attorneys and 51% of all associates.
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August 20, 2024
These Firms Have The Most Women In Equity Partnerships
The legal industry still has a long way to go before it can achieve gender parity at its upper levels. But these law firms are performing better than others in breaking the proverbial glass ceiling that prevents women from attaining leadership roles.
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August 19, 2024
BankRI Pans 'Overspending' Customer's Account Fees Suit
One of Rhode Island's largest banks asked a Providence federal judge on Monday to throw out a proposed class action over its consumer fee practices, saying the customer behind the suit is attempting to blame it for fallout from her own "unfortunate practice of overspending."
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August 19, 2024
Crypto Owners Sue Binance Over Allegedly Lax Theft Controls
Three cryptocurrency owners claimed Friday that Binance and founder Changpeng Zhao enabled hackers and thieves to use the exchange to launder millions of dollars stolen from their accounts, activity they say hasn't stopped after the company's blockbluster guilty plea.
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August 19, 2024
NC Accelerator Claims It Was Duped Into Investment
A Charlotte, North Carolina, tech accelerator and its investment partner claim that a Denver-area man duped them into giving money for a worthless shell entity when they thought they were investing in a promising tech startup offering loan document management software.
Expert Analysis
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Bankruptcy Courts' Role In Shaping Crypto's Legal Framework
Massive financial and criminal liability has led to the recent collapse of major cryptocurrency companies and put bankruptcy courts in the spotlight, underscoring the urgent need for a comprehensive regulatory framework, say Tara Pakrouh and Eric Monzo at Morris James.
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Handling Customer Complaints In Bank-Fintech Partnerships
As regulators mine consumer complaint databases for their next investigative targets, it is critical that fintech and bank partners adopt a well-defined and monitored process for ensuring proper complaint handling, including by demonstrating proficiency and following interagency guidance, say attorneys at Jenner & Block.
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Opinion
Requiring Leave To File Amicus Briefs Is A Bad Idea
A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.
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4 Ways To Motivate Junior Attorneys To Bring Their Best
As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.
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Series
Illinois Banking Brief: All The Notable Legal Updates In Q1
In the first quarter of 2024, Illinois lawmakers proposed a stack of bills aimed at modernizing money transmission, digital assets and banking laws, with a particular focus on improving consumer protections and better defining the state’s authority to regulate digital services, say James Morrissey and Mark Svalina at Vedder Price.
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Defense Attys Must Prep For Imminent AI Crime Enforcement
Given recent statements by U.S. Department of Justice officials, white collar practitioners should expect to encounter artificial intelligence in federal criminal enforcement in the near term, even in pending cases, say Jarrod Schaeffer and Scott Glicksman at Abell Eskew.
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Series
Serving As A Sheriff's Deputy Made Me A Better Lawyer
Skills developed during my work as a reserve deputy — where there was a need to always be prepared, decisive and articulate — transferred to my practice as an intellectual property litigator, and my experience taught me that clients often appreciate and relate to the desire to participate in extracurricular activities, says Michael Friedland at Friedland Cianfrani.
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Opinion
The SEC Is Engaging In Regulation By Destruction
The U.S. Securities and Exchange Commission's recent use of regulation by enforcement against digital assets indicates it's more interested in causing harm to crypto companies than providing guidance to the markets or protecting investors, says J.W. Verret at George Mason University.
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Series
NJ Banking Brief: All The Notable Legal Updates In Q1
Early 2024 developments in New Jersey financial regulations include new bills that propose regulating some cryptocurrency as securities and protecting banks that serve the cannabis industry, as well as the signing of a data privacy law that could change banks’ responsibility to vet vendors and borrowers, say attorneys at Chiesa Shahinian.
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Former Minn. Chief Justice Instructs On Writing Better Briefs
Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.
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ShapeShift Fine Epitomizes SEC's Crypto Policy, And Its Flaws
A recent U.S. Securities and Exchange Commission order imposing a fine on former cryptocurrency exchange ShapeShift for failing to register as a securities dealer showcases the SEC's regulation-by-enforcement approach, but the dissent by two commissioners raises valid concerns that the agency's embrace of ambiguity over clarity risks hampering the growth of the crypto economy, says Keith Blackman at Bracewell.
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Stay Interviews Are Key To Retaining Legal Talent
Even as the economy shifts and layoffs continue, law firms still want to retain their top attorneys, and so-called stay interviews — informal conversations with employees to identify potential issues before they lead to turnover — can be a crucial tool for improving retention and morale, say Tina Cohen Nicol and Kate Reder Sheikh at Major Lindsey.
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Overdraft Opt-In Practices Hold Risks For Banks
A recent Consumer Financial Protection Bureau action against Atlantic Union Bank regarding overdraft opt-in sales practices highlights compliance risks that financial institutions must be aware of, especially when enrolling customers by phone, says Kristen Larson at Ballard Spahr.
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How Experian, Apple Aid CFPB's 'Buy Now, Pay Later' Goals
Experian’s recent voluntary addition of Apple's “buy now, pay later” loans to consumer credit reports makes now a useful occasion to reflect on past Consumer Financial Protection Bureau calls for wider transparency around these products, and to analyze how its stated priorities for regulating them may shape coming bureau guidance and rules, says Tom Witherspoon at Stinson.
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Ready Or Not, Big Tech Should Expect CFPB Surveillance
In light of the Consumer Financial Protection Bureau's proposed plan to supervise large companies providing the vast majority of digital money transfers, not only will Big Tech have to prepare for regulation previously reserved for traditional banks, but the CFPB will also likely face some difficult decisions and obstacles, says Meredith Osborn at Arnold & Porter.