Fintech

  • September 09, 2024

    Coinbase Notches Some Wins In SEC Discovery Battle

    A New York federal judge has granted, and tailored, the "substantial part" of the crypto exchange Coinbase's remaining discovery requests from the U.S. Securities and Exchange Commission after the firm abandoned its bid to review personal communications from the agency chair, Gary Gensler.

  • September 09, 2024

    CFTC, Kalshi Duel Over Stay Of Election Betting Order

    The Commodity Futures Trading Commission told a Washington, D.C., federal judge on Monday its request to stay a decision allowing KalshiEx LLC to list election contracts until the commission can weigh an appeal "is not a mere delay tactic," despite the online trading platform's protests that any further holdup to its listings would be "devastating" for business.

  • September 09, 2024

    FTX To Pay $14M To Access $600M Robinhood Share Cashout

    Defunct cryptocurrency exchange FTX Trading Ltd. has struck a $14 million deal that will let it access more than $600 million of cash and liquidated shares in Robinhood Markets Inc., in a settlement agreement with Sam Bankman-Fried-founded Emergent Fidelity Technologies Ltd.

  • September 09, 2024

    Catching Up With Delaware's Chancery Court

    Delaware's Court of Chancery made some expensive decisions last week, ranging from a $130 million stockholder award and a freeze on $450 million in equity financing to a whopping $1 billion bill for fraud and breach of contract damages. New cases aimed at Virgin Galactic, settlements pulled in Hemisphere Media Group Inc. and court hearings involving Apollo Global Management heated up. In case you missed it, here's the roundup of news from Delaware's Court of Chancery.

  • September 09, 2024

    Squarespace Gets 'Best And Final' $7.2B Offer From Permira

    Squarespace Inc. said Monday that it has agreed to amend a previous take-private buyout agreement with Permira, bumping up the aggregate transaction value by $300 million to approximately $7.2 billion.

  • September 06, 2024

    Covington Owes $100M For Malpractice, Ex-Client Claims

    A blockchain entrepreneur and attorney is seeking at least $100 million from Covington, claiming in a legal malpractice suit filed Friday in New York state court that he could have avoided years of fighting a federal extortion case if firm partners hadn't advised against handing prosecutors "clearly exculpatory evidence."

  • September 06, 2024

    Calif. Takes AI Reins With Looming Safety, Transparency Laws

    A pair of groundbreaking legislative proposals aimed at ensuring the safe and transparent deployment of artificial intelligence systems are headed to the California governor's desk, raising questions about whether lawmakers are taking the right approach to regulating the emerging technology and how the state's privacy regulator will respond. 

  • September 06, 2024

    Crypto Project Finds Shkreli's Wu-Tang Claims 'Dubious'

    The crypto project suing Martin Shkreli for allegedly harming the value of a one-of-a-kind Wu-Tang Clan album on Friday urged a federal judge to ensure Shkreli "fully" complies with an order directing him to surrender all copies of the album after the project found his recent submission lacking.

  • September 06, 2024

    Investment Co. Appeals Sanction In Highland Ch. 11

    An alternative investment company has asked a Texas federal court to overturn a sanctions order it received in defunct hedge fund Highland Capital's Chapter 11 case after the bankruptcy court concluded that it filed a claim in bad faith.

  • September 06, 2024

    CFPB's Zelle Scrutiny Leaves Banks Guessing On Next Moves

    As federal regulators turn up the heat on major banks over long-simmering complaints about fraud and scams on Zelle, the largest U.S. peer-to-peer payments platform, it remains unclear whether more banks could face scrutiny and what they can do to get ahead of it.

  • September 06, 2024

    CFTC Loses Court Battle Over Election Betting Contracts

    A Washington, D.C., federal judge ruled against the U.S. Commodity Futures Trading Commission on Friday in a case that challenged an agency ban on the use of the derivatives markets to place bets on the outcome of U.S. elections, granting victory to trading platform KalshiEx LLC. 

  • September 06, 2024

    YouTuber Says Logan Paul Filed Defamation Claims Too Soon

    YouTuber Coffeezilla has told a Texas federal judge that social media entertainer Logan Paul's defamation suit shouldn't move forward since Paul never asked the video creator to correct or rework the investigative series that Paul claims defamed him as a scammer.

  • September 05, 2024

    Coinbase, Execs Must Face Investor Suit Over Business Risks

    A New Jersey federal judge on Thursday declined to dismiss a consolidated investor class action against Coinbase and its executives over disclosures the cryptocurrency exchange made about certain business risks it faced, although he trimmed certain allegations deemed to be, among other things, corporate puffery.

  • September 05, 2024

    GitLab's AI Hype Was Too Optimistic, Investor Suit Says

    Software development collaboration platform GitLab is the latest company to face claims that it misguided investors about how artificial intelligence might bolster its fortunes as it faced other headwinds, including mounting costs for a China-based joint venture, that caused its share price to sink.

  • September 05, 2024

    Ex-SEC Enforcement Atty Joins Whistleblower Law Boutique

    Kohn Kohn & Colapinto announced Thursday that a former U.S. Securities and Exchange Commission enforcement attorney will join the whistleblower law firm as senior special counsel.

  • September 05, 2024

    Texas Bank Ordered To Boost AML Compliance For Crypto Biz

    The Federal Reserve has told a Texas institution to shore up "significant deficiencies" in its risk management and anti-money laundering procedures as they relate to crypto customers, among other concerns.

  • September 05, 2024

    CFPB Flags Rental Price-Fixing As Among FDCPA Concerns

    In a Sept. 5 report to Congress, the Consumer Financial Protection Bureau said rent-setting algorithms of the sort used by RealPage could amount to price-fixing, making efforts to collect on inflated rental debt a violation of federal law.

  • September 05, 2024

    Chancery Presses Pause On $450M Bolt Financial Financing

    Affiliates of multinational investors Hedosophia and BlackRock have won a Delaware Court of Chancery pause of a purported Bolt Financial Inc. $450 million equity financing that would eliminate and replace all the company's preferred stock while returning founder Ryan Breslow to his CEO seat.

  • September 12, 2024

    Bird & Bird Recruits M&A Partner In Frankfurt Amid Growth

    Bird & Bird LLP has hired a business expert as a partner in Frankfurt as the firm bolsters its growing corporate practice internationally, with a keen eye on its new office in Japan.

  • September 05, 2024

    Cooley Hires Corporate Governance Pro As Strategic Adviser

    Cooley LLP has hired a thought leader with expertise in securities regulation as a strategic adviser to provide content for clients, including a new blog to give guidance on all types of governance issues, the firm announced Thursday.

  • September 04, 2024

    Robinhood Inks $3.9M Deal In Calif.'s Crypto Withdrawal Probe

    Robinhood's cryptocurrency trading platform will pay a $3.9 million penalty to resolve the state of California's claims that the Menlo Park-based company didn't allow customers to make withdrawals from their accounts from 2018 to 2022, California Attorney General Rob Bonta announced on Wednesday.

  • September 04, 2024

    FINRA Beats Post-Jarkesy Challenge To Enforcement Powers

    The Financial Industry Regulatory Authority has beaten back a broker's bid to use the U.S. Supreme Court's recent Jarkesy decision to challenge its enforcement regime, after a Pennsylvania federal judge found other high court precedent barred him from hearing the broker's constitutional challenge to the regulator's proceedings.

  • September 04, 2024

    Ripple Gets OK To Pause SEC Penalty As It Mulls Appeal

    A New York federal judge on Wednesday signed off on Ripple Labs' request to hold off on paying the U.S. Securities and Exchange Commission the $125 million penalty it owes to allow time for either side to appeal the landmark ruling in the agency's registration case.

  • September 04, 2024

    SEC Says $5M Fraud Scheme Targeted Venezuelan-Americans

    A pair of Miami area residents and a company they control have agreed to pay the U.S. Securities and Exchange Commission over $3.25 million to settle affinity fraud allegations involving a purported proprietary automated trading platform they were developing.

  • September 04, 2024

    Ex-Lender Says FDIC Can't 'Trap' Him In Dispute Without Trial

    A former small-business financier has doubled down on his push to immediately halt an enforcement proceeding against him filed by the Federal Deposit Insurance Corp., arguing it would be unjust to block his claims after a "sea change" in relevant case law.

Expert Analysis

  • Planning Law Firm Content Calendars: What, When, Where

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    During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.

  • Key Concerns To Confront In FDIC Brokered Deposit Proposal

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    Banks and fintech companies should note several fundamental issues with the Federal Deposit Insurance Corp.'s recent proposal to widen how it classifies brokered deposits, an attempt to limit prudential risk that could expose the industry and underbanked consumers who rely on bank-fintech apps to widespread unintended consequences, say attorneys at Gibson Dunn.

  • Crypto Gatekeepers May Be The Next Front Of Enforcement

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    Lawyers and other professionals who advise cryptocurrency companies should beware regulators' increasing focus on gatekeeper accountability, and should take several measures to fulfill their ethical and legal obligations, including implementing a robust vetting mechanism when representing crypto clients, say Temidayo Aganga-Williams and Xinchen Li at Selendy Gay.

  • Series

    Playing Golf Makes Me A Better Lawyer

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    Golf can positively affect your personal and professional life well beyond the final putt, and it’s helped enrich my legal practice by improving my ability to build lasting relationships, study and apply the rules, face adversity with grace, and maintain my mental and physical well-being, says Adam Kelly at Venable.

  • What To Expect From CFPB And DOT Card Rewards Inquiry

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    Following the Consumer Financial Protection Bureau's announcement of joint efforts with the U.S. Department of Transportation to investigate credit card rewards points, credit card issuers and airlines should keep a close eye on potential regulatory and class action litigation risks stemming from the inquiry, say attorneys at DLA Piper.

  • Law Firms Should Move From Reactive To Proactive Marketing

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    Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.

  • 3 Ways To Limit Risks Of Black-Box AI In Financial Services

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    As regulators increasingly highlight the potential for artificial intelligence to make unfair consumer credit decisions, and require financial institutions to explain how these so-called black-box algorithms arrive at conclusions, companies should consider three key questions to reduce their regulatory risks from these tools, say Jeffrey Naimon and Caroline Stapleton at Orrick.

  • Opinion

    The Big Issues A BigLaw Associates' Union Could Address

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    A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.

  • Opinion

    It's Time For A BigLaw Associates' Union

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    As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.

  • Takeaways From Virginia's $2B Trade Secrets Verdict Reversal

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    The Virginia Court of Appeals' recent reversal of the $2 billion damages award in Pegasystems v. Appian underscores the claimant's burden to show damages causation and highlights how an evidentiary ruling could lead to reversible error, say John Lanham and Kamran Jamil at Morrison Foerster.

  • How Justices Upended The Administrative Procedure Act

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    In its recent Loper Bright, Corner Post and Jarkesy decisions, the U.S. Supreme Court fundamentally changed the Administrative Procedure Act in ways that undermine Congress and the executive branch, shift power to the judiciary, curtail public and business input, and create great uncertainty, say Alene Taber and Beth Hummer at Hanson Bridgett.

  • How Corner Post Affects Enviro Laws' Statutes Of Limitations

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    The U.S. Supreme Court's recent ruling in Corner Post v. Federal Reserve Board has helped to alter the fundamental underpinnings of administrative law — and its plaintiff-centric approach may have implications for some specific environmental laws' statutes of limitations, say Chris Leason and Liam Martin at Gallagher and Kennedy.

  • Lessons From Recent SEC Cyber Enforcement Actions

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    The recent guidance by the SEC's Division of Corporation Finance is helpful to any company facing a cybersecurity threat, but just as instructive are the warnings raised by the SEC's recent enforcement actions against SolarWinds, R.R. Donnelley and Intercontinental Exchange, say attorneys at O'Melveny.

  • Inside OCC's Retail Nondeposit Investment Products Refresh

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    In addition to clarifying safe and sound risk management practices generally, the Office of the Comptroller of the Currency's revised booklet on retail nondeposit investment products updates its guidance around certain sales practices in light of the U.S. Securities and Exchange Commission's adoption of Regulation Best Interest, say attorneys at Debevoise.

  • Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?

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    A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.

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