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Fintech
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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.
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July 12, 2024
New Bill Urges Action To Free Imprisoned Binance Exec
A new resolution from Republican lawmakers would have the U.S. House of Representatives formally urge the federal government to designate imprisoned Binance executive and former IRS agent Tigran Gambaryan as wrongfully detained and demand his immediate release from the Nigerian government.
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July 11, 2024
Biden's FDIC Pick Hangs Tough Amid GOP Doubts On Record
President Joe Biden's candidate for Federal Deposit Insurance Corp. chair faced scrutiny Thursday as Republican senators at her nomination hearing expressed their skepticism about her readiness to lead the agency, but her critics nevertheless appeared unlikely to derail her prospects for confirmation outright.
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July 11, 2024
Broker Says FINRA Owes Him Jury Trial After Jarkesy Ruling
The Financial Industry Regulatory Authority has been hit with a suit from a member who says the regulator's allegations in an internal proceeding to sanction and expel him are assertions of common law fraud and therefore must be brought before a court and jury under the U.S. Supreme Court's recent Jarkesy decision.
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July 11, 2024
Western Union Owes $8M For Soured Deal, Vendor Says
A Taiwan-based manufacturer of point-of-sale devices launched a lawsuit against Western Union in Colorado federal court, accusing it of ordering about 25,000 POS terminals worth roughly $8 million and then backing out of the transaction and refusing to pay after the vendor had already started making the devices.
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July 11, 2024
SF Fed Sues Troubled PPP Lender, Founder For Nearly $67M
The San Francisco arm of the Federal Reserve has sued one of the largest Paycheck Protection Program lenders in Puerto Rico federal court seeking to recover nearly $67 million, alleging the lender has defaulted on the terms of roughly $4.3 billion in credit it advanced for PPP loans.
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July 11, 2024
Attys Say Milberg Must Pay For Fraud In Visa, Mastercard MDL
Class counsel representing plaintiffs in long-running multidistrict litigation accusing Visa and Mastercard of charging improper merchant fees have called for sanctions against Milberg Coleman Bryson Phillips Grossman LLC, laying out arguments for a fee reimbursement after the firm admitted to mistakenly registering fraudulent clients.
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July 11, 2024
Judge 'Not Moved' By Coinbase's Call For Gensler's Emails
The New York federal judge overseeing the U.S. Securities and Exchange Commission's lawsuit against Coinbase Inc. cautioned the crypto firm Thursday against pursuing a subpoena targeting the private emails of SEC Chair Gary Gensler, saying she was "surprised, and not in a good way" by the request and warning that it could tarnish defense counsel's credibility.
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July 11, 2024
Expensify Says Suit Over IPO Disclosures, Biden Support Fails
Expense management software company Expensify has asked a federal judge to toss a federal lawsuit accusing it of concealing the details of a new pricing strategy and the effects of statements its CEO made urging customers to vote for President Joe Biden in the 2020 election in order to prop up shares ahead of its initial public offering.
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July 11, 2024
Paxos Says SEC Won't Bring Case Over Binance Stablecoin
Crypto trust company Paxos said Thursday that the U.S. Securities and Exchange Commission has told the firm it won't face an enforcement action over its issuance of crypto exchange Binance's stablecoin, BUSD.
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July 11, 2024
Earned Wealth Secures $200M, Buys Peer Thomas Doll
DLA Piper-advised Earned Wealth announced on Thursday that it received a $200 million growth investment from growth equity investors while simultaneously unveiling its acquisition of fellow medical professional-focused financial services firm Thomas Doll.
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July 11, 2024
House Vote Fails To Quash Veto Of SEC Crypto Accounting Bill
The U.S. House on Thursday failed to override President Joe Biden's veto of a bill that sought to roll back controversial crypto accounting guidance from the U.S. Securities and Exchange Commission after Democrats urged members to stick by the president.
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July 11, 2024
Ropes & Gray, Paul Weiss Steer Bain's $4.5B Envestnet Buy
Ropes & Gray-led Bain Capital will buy Envestnet Inc., guided by Paul Weiss, in a take-private deal that values the financial technology company at $4.5 billion, Envestnet said in a statement Thursday.
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July 10, 2024
BitMEX Cops To Flouting Anti-Money Laundering Rules
Offshore crypto derivatives exchange BitMEX pled guilty in New York federal court on Wednesday to a charge alleging it violated the Bank Secrecy Act by knowingly failing to maintain adequate anti-money laundering and customer identification programs, according to the U.S. Attorney's Office for the Southern District of New York.
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July 10, 2024
Pledging 'Accountability,' Biden's FDIC Pick Faces Senate Test
President Joe Biden's nominee to lead the Federal Deposit Insurance Corp. plans to stress her regulatory credentials and determination to fix the agency's troubled work culture when she goes before a U.S. Senate panel on Thursday for a confirmation hearing.
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July 10, 2024
Synapse Credit's Finance Lending License Pulled In California
The California Department of Financial Protection and Innovation on Wednesday revoked the financing lending license of Synapse Credit LLC, a subsidiary of Synapse Financial Technologies, whose April bankruptcy resulted in thousands of customers losing access to their accounts and funds.
Expert Analysis
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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.
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First-Of-Its-Kind Chancery Ruling Will Aid SPAC Defendants
The Delaware Chancery Court's first full dismissal of claims challenging a special purpose acquisition company transaction under the entire fairness doctrine in the recent Hennessy Capital Acquisition Stockholder Litigation establishes useful precedent to abate the flood of SPAC litigation, say Lisa Bugni and Benjamin Lee at King & Spalding.
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Supreme Court's ALJ Ruling Carries Implications Beyond SEC
In its recent Jarkesy opinion, the U.S. Supreme Court limited the types of cases that can be tried before the U.S. Securities and Exchange Commission's in-house administrative law judges, setting the stage for challenges to the constitutionality of ALJs across other agencies, say Robert Robertson and Kimberley Church at Dechert.
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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Series
After Chevron: No Deference, No Difference For SEC Or CFTC
The Chevron doctrine did not fundamentally alter the interplay between the courts and the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission in the development of the securities and commodities laws — and its demise will not do so either, says Dan Berkovitz at Millennium Management.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
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What Passage Of House Crypto Bill Could Mean For Industry
While the prospects of the Financial Innovation and Technology for the 21st Century Act, which recently passed the House in a bipartisan fashion, becoming law remain murky, the manner of its passage may give crypto markets a real cause for hope, say Neel Maitra and Dale Beggs at Dechert.
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Series
NY Banking Brief: All The Notable Legal Updates In Q2
The second quarter of 2024 saw less enforcement activity in the realm of New York financial services, but brought substantial regulatory and legislative developments, including state regulators' guidance on cybersecurity compliance and customer service processes for virtual currency entities, say James Vivenzio and Andrew Lucas at Perkins Coie.
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Series
Skiing And Surfing Make Me A Better Lawyer
The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.