Fintech

  • February 11, 2025

    2 Russians Arrested In $16M Phobos Ransomware Scheme

    Two Russian nationals were arrested on charges of operating a cybercrime cell that extorted about $16 million from victims around the world by stealing data and demanding a ransom for its return, Maryland federal prosecutors said Tuesday.

  • February 11, 2025

    Chinese Co. Must Clarify Trade Secret Claims Against TikTok

    A Chinese company suing TikTok for allegedly stealing proprietary information to develop a video-editing tool must provide more information about the trade secrets and copyrights claimed in its suit so that TikTok can prepare its defenses, a special master appointed to the case has ordered.

  • February 11, 2025

    SEC Stays Binance Case Amid Other Crypto Case Extensions

    The U.S. Securities and Exchange Commission and crypto exchange Binance have asked a Washington federal judge overseeing their enforcement suit to pause the case for two months as the agency pivots its approach to digital assets, adding to the list of extensions in the agency's cryptocurrency cases.

  • February 11, 2025

    Botkin Chiarello Adds Litigator From Cleveland Krist

    Botkin Chiarello Calaf PLLC — an Austin, Texas, firm opened by six former Wittliff Cutter PLLC attorneys in 2023 that is focused on commercial and intellectual property litigation and general business counseling — has welcomed a litigator from Cleveland Krist PLLC.

  • February 11, 2025

    Fintech Group Of The Year: Quinn Emanuel

    Quinn Emanuel Urquhart & Sullivan LLP played a role in multiple industry-defining cryptocurrency matters — counseling former Binance CEO Changpeng Zhao to a historic resolution with government authorities and acting as both an investigator and litigator in the ongoing FTX bankruptcy process — to earn the firm a spot among the 2024 Law360 Fintech Groups of the Year.

  • February 11, 2025

    CFPB's Top Supervisor, Enforcer Call It Quits Amid Closure

    The Consumer Financial Protection Bureau's top supervision and enforcement officials resigned Tuesday, citing the Trump administration's broad suspension of key financial industry oversight activities at the agency.

  • February 11, 2025

    Republican-Led SEC Pauses Climate Regulation Litigation

    The U.S. Securities and Exchange Commission signaled Tuesday that it may not move forward with a Biden-era regulation requiring public companies to disclose their greenhouse gas emissions, asking the court overseeing litigation against the climate reporting rules not to schedule the case for oral argument.

  • February 10, 2025

    FTX Having Trouble Serving Binance With Ch. 11 Lawsuit

    The estate of fallen cryptocurrency exchange FTX told a Delaware bankruptcy judge late Friday that its attorneys haven't yet been able to serve Binance and its former CEO Changpeng Zhao a lawsuit seeking to recover nearly $1.8 billion that FTX is accused of illegally transferring prior to its collapse two years ago.

  • February 10, 2025

    Merrill Lynch Objects To New Discovery Bid In Stock Loan Suit

    Merrill Lynch told a New York federal court it should deny investors' request for supplemental transaction data in their suit alleging major banks colluded to avoid modernizing the stock loan market, arguing that the discovery period has closed, and there are no legitimate reasons to grant the "burdensome" request.

  • February 10, 2025

    Feds Nab Plea In Bitcoin-Boosting Hack Of SEC X Account

    An Alabama man on Monday pled guilty to being involved with the hack of the U.S. Securities and Exchange Commission's X account last year, admitting to a single conspiracy charge and agreeing to forfeit $50,000 he made from the scheme that briefly bumped the price of bitcoin.

  • February 10, 2025

    FDIC's McKernan Exits Board As Republicans Max Out Seats

    Republican Jonathan McKernan announced Monday that he'll vacate his seat on the Federal Deposit Insurance Corp.'s board, given the expiry of his term and the addition of a Trump appointee that brings the board to its maximum number of GOP-held seats.

  • February 10, 2025

    Grayscale Beats Bitcoin Rival's $2M Unfair Practices Suit

    A Connecticut state court judge has handed digital asset management firm Grayscale Investments LLC a summary judgment win on a smaller rival's $2 million unfair trade practices suit over a bitcoin feud, finding that the relevant state law does not apply to the dispute.

  • February 10, 2025

    5th Circ. Urged To Reject Crypto Exec's Privacy Law Claim

    The IRS complied with a financial privacy law to summon third-party bank records belonging to a cryptocurrency executive under investigation, the U.S. government told the Fifth Circuit on Monday in the businessman's appeal to overturn a lower court decision that rejected his bid to quash the summonses.

  • February 10, 2025

    Goldstein Rearrested After Feds Say He Hid Millions In Crypto

    U.S. Supreme Court lawyer and SCOTUSblog publisher Tom Goldstein was arrested again Monday following his earlier release on criminal tax evasion charges, after prosecutors alleged that he secretly made millions of dollars worth of cryptocurrency transactions in recent days and was a serious risk to flee.

  • February 10, 2025

    'Stand Down': CFPB's Acting Chief Pulls Employees Off Job

    The Trump administration's acting Consumer Financial Protection Bureau Director Russell Vought told agency staff on Monday to "stand down" from doing any work, the latest in a series of rapid-fire moves that are sidelining the agency and prompting employees to sue.

  • February 09, 2025

    CFPB Suspends Activity, Closes HQ As New Chief Arrives

    The Trump administration escalated efforts over the weekend to power down the Consumer Financial Protection Bureau, canceling the agency's next funding draw, suspending its examination activity and ordering a closure of its main office.

  • February 07, 2025

    3 Firms Seek To Co-Lead Suits Over Banks' Synapse Ties

    Attorneys from three firms are seeking to represent fintech customers in consolidated class claims in Colorado federal court against several banks over $85 million in funds that went missing after the failure of fintech-to-bank middleman company Synapse Financial.

  • February 07, 2025

    5th Circ. Pauses Suit Over CFPB's Small Biz Lending Rules

    The Fifth Circuit on Friday paused a case challenging the Consumer Financial Protection Bureau's new small business minority data rule after the bureau's counsel was unable to argue its case following a directive ordering the agency to stop much of its work to "promote consistency with the goals of the administration."

  • February 07, 2025

    SPAC Market Hums Again Following Multiyear Downturn

    Special purpose acquisition companies are once again asserting their presence in the capital markets and M&A landscape, forming new vehicles at the highest pace in three years — albeit in leaner form than in the last cycle, when many deals ended in busts.

  • February 07, 2025

    SafeMoon CEO Says Crypto Policy Shifts Warrant Trial Delay

    The crypto executive behind the alleged SafeMoon fraud is fighting to delay his trial by a month in the hopes that a new approach to cryptocurrency by the Trump administration could ax the securities fraud charge from the counts against him.

  • February 07, 2025

    CFPB Will Mull Axing Google Payment Oversight Order

    The Consumer Financial Protection Bureau has told a Washington, D.C., federal judge that its acting director will review and could rescind the agency's recent order subjecting Google's payment arm to supervision, securing a pause of the tech giant's lawsuit against the order.

  • February 07, 2025

    BofA, H&R Block, Others Are Sued Over Image Capture Patent

    Several major banks and financial companies were hit with lawsuits in Texas federal court from CheckWizard over its image capture patent, citing the defendants' use of mobile check depositing technology.

  • February 07, 2025

    Coinbase Can't Yet Escape Class Claims Over Crypto Sales

    Coinbase users can move forward with class claims that the cryptocurrency firm operated as an unregistered securities exchange after a New York federal judge ruled Friday that the Second Circuit prevented him from shuttering the case without first determining whether Coinbase was the seller of the tokens trading on its platform.

  • February 07, 2025

    CFPB's Medical Debt Rule Halted For 90 Days By Texas Judge

    A Texas federal judge has issued a 90-day halt on an approaching effective day for a Consumer Financial Protection Bureau rule banning medical debt from credit reports, a day after the agency's new leadership said it needed time to consider the rule trade groups have sued to end.

  • February 07, 2025

    9th Circ. Backs Ex-Bank Auditor's $1.5M Retaliation Suit Win

    The Ninth Circuit upheld a $1.5 million jury verdict in favor of a former bank auditor who claimed he was fired for flagging evidence of wrongdoing, finding evidence suggesting he was treated differently from other workers was enough to back up the jurors' decision.

Expert Analysis

  • Lessons From The SEC's 2024 Crackdown On AI Washing

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    AI washing was the subject of increased scrutiny from the U.S. Securities and Exchange Commission in 2024 following a surge in the commercial adoption of generative artificial intelligence technologies in 2023, highlighting the importance of transparency, accuracy and accountability when communicating about AI, say attorneys at Perkins Coie.

  • An Associate's Guide To Career Development In 2025

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    As the new year begins, associates at all levels should consider establishing career metrics, fostering key relationships and employing other specific strategies to help move through the complexities of the legal profession with confidence and emerge as trailblazers, say EJ Stern and Amanda George at Fractional Law Firm.

  • The Securities Litigation Trends That Will Matter Most In 2025

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    2025 is shaping up to be a significant year for securities litigation, as plaintiffs and defendants alike navigate shifting standards for omission theories of liability, class certification, risk disclosure claims and more, say attorneys at Willkie.

  • Predicting The Lasting Changes CFPB May Face In 2025

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    President-elect Donald Trump and the incoming Republican-controlled Congress' likely attempts to reshape the Consumer Financial Protection Bureau could significantly alter its rulemaking, supervisory and enforcement abilities for years to come, says Jim Sandy at McGlinchey Stafford.

  • How White Collar Enforcement May Shift In Trump's 2nd Term

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    After President-elect Donald Trump returns to the White House next month, the administration’s emphasis on immigration laws, drug offenses and violent crime will likely reduce the focus on white collar crime overall, but certain areas within the white collar world may see increased activity, say attorneys at Keker Van Nest.

  • New Trump Admin May Bring Financial Oversight Turbulence

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    As President-elect Donald Trump prepares to begin his second term, his top financial market regulatory and securities law enforcement appointees, campaign promises, and regulatory preferences foretell a period of muddy regulatory waters, say attorneys at Kroll.

  • The Justices' Securities Rulings, Dismissals That Defined '24

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    The U.S. Supreme Court's 2024 securities rulings led to increased success for defendants' price impact arguments, but the justices' decisions not to weigh in on important issues relating to the Private Securities Litigation Reform Act's pleading requirements may be just as significant, say attorneys at Skadden.

  • 10 Noteworthy CFPB Developments From 2024

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    In a banner year for consumer finance regulation, the Consumer Financial Protection Bureau made significant strides in its efforts to rein in Big Tech and nonbank financial firms, including via rules regarding open banking, credit card late fees, and buy now, pay later products, say attorneys at Wiley.

  • Series

    Fixing Up Cars Makes Me A Better Lawyer

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    From problem-solving to patience and adaptability to organization, the skills developed working under the hood of a car directly translate to being a more effective lawyer, says Christopher Mdeway at Kaufman Dolowich.

  • Making The Pitch To Grow Your Company's Legal Team

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    In a compressed economy, convincing the C-suite to invest in additional legal talent can be a herculean task, but a convincing pitch — supported by metrics and cost analyses — may help in-house counsel justify the growth of their team, say Elizabeth Smith and Roger Garceau at Major Lindsey.

  • The Story Of 2024's Biggest Bank Regs, And Their Fate In 2025

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    U.S. federal bank regulators were very active in 2024 with initiatives ranging from antitrust and capital to proposals regarding controlling shareholders and incentive-based compensation, but many regulations face an uncertain future under the new administration, say attorneys at Latham.

  • Opinion

    Justices Rightly Corrected Course In Nvidia And Facebook

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    By dismissing both the Nvidia and Facebook class actions, over investors' ability to hold corporations accountable for fraud, the U.S. Supreme Court was right in refusing to favor corporations over transparency, and reaffirmed its commitment to corporate accountability, investor protection and the rule of law, says Laura Posner at Cohen Milstein.

  • Gov't Scrutiny Of Workplace Chat Apps Set To Keep Growing

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    The incoming Trump administration and Republican majorities in Congress are poised to open numerous investigations that include increasing demands for entities to produce communications from workplace chat apps, so companies must evaluate their usage and retention policies, say attorneys at Orrick.

  • 2024 Regulatory Developments For Bank-Fintech Partnerships

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    Joseph Silvia at Duane Morris reviews a handful of particularly noteworthy 2024 updates regarding bank-fintech partnerships, including federal banking agencies issuing a number of important pieces of guidance that reiterate and update previous guidance in the area of third-party risk management.

  • When US Privilege Law Applies To Docs Made Outside The US

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    As globalization manifests itself in disputes over foreign-created documents, a California federal court’s recent trademark decision illustrates nuances of both U.S. privilege frameworks and foreign evidentiary protections that attorneys must increasingly bear in mind, say attorneys at Hunton.

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