Fintech

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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. 

  • 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.

  • 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.

  • 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.

  • 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.

  • 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. 

  • 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.

  • 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.

  • 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.

  • July 10, 2024

    CFTC Says Internal Criticism 'Not Relevant' To Sanctions Bid

    The U.S. Commodity Futures Trading Commission says that criticism leveled against it by one of its own members is "not relevant" to the agency's case against a foreign exchange firm accused of a $300 million fraud and has asked a New Jersey federal court not to consider the comments in deciding whether to issue sanctions against the regulator.

  • July 10, 2024

    SEC Exchange Plan Can't Stand Post-Chevron, Uniswap Says

    Decentralized finance firm Uniswap Labs is urging the U.S. Securities and Exchange Commission not to adopt a rule that could force it and other cryptocurrency trading platforms to register with the agency as securities exchanges, saying the rule will not survive a legal challenge now that the U.S. Supreme Court has overturned Chevron deference. 

  • July 10, 2024

    Top Banks Accused Of Infringing Authentication IP With Zelle

    Intellectual property licensing outfit Factor2 Multimedia Systems has sued Bank of America, Capital One and others in Texas federal court for allegedly infringing authentication patents with Zelle and other money-transfer apparatuses.

Expert Analysis

  • Crypto Issues To Watch Amid Evolving Legal Landscape

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    This year will likely be a momentous one for crypto in the U.S., but whether it is successful or disastrous will depend on the outcome of high-profile court decisions and key regulatory actions, say attorneys at Venable.

  • FTC AI Inquiry Signals Intensified Focus On Emerging Tech

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    The Federal Trade Commission's recent inquiry into investments and partnerships between Big Tech companies and artificial intelligence startups appears to be directed at guiding future enforcement decisions in competition, privacy and consumer protection — and three principles discussed at a related tech summit give insight on the agency's approach, say attorneys at Skadden.

  • Reimagining Law Firm Culture To Break The Cycle Of Burnout

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    While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • Series

    ESG Around The World: Brazil

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    Environmental, social and governance issues have increasingly translated into new legislation in Brazil since 2020, and in the wake of these recently enacted regulations, we are likely to see a growing number of legal disputes in the largest South American country related to ESG issues such as greenwashing if companies are not prepared to adequately adapt and comply, say attorneys at Mattos Filho.

  • Series

    Competing In Dressage Makes Me A Better Lawyer

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    My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.

  • What Financial Cos. Must Know For Handling T+1 Settlements

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    The U.S. Securities and Exchange Commission has adopted a groundbreaking new T+1 settlement rule for securities transactions in order to improve market efficiency — but it presents significant challenges for the financial services industry, especially private equity firms, hedge funds and institutional asset managers, says Adam Weiss at Petra Funds Group.

  • Breaking Down FDIC's New Advertising And Signage Rule

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    The Federal Deposit Insurance Corp.’s final rule on signage and advertising, coming on the heels of a campaign against nonbank businesses purporting to offer FDIC-insured deposit products, introduces important new requirements and clarifies existing regulations for both traditional depository institutions and novel digital platforms, say attorneys at Venable.

  • The Double-Edged Sword Of Biometrics In Financial Services

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    Financial institutions are increasingly turning to biometrics for identity verification and fraud prevention, and while there are many benefits to such features, banks must remain vigilant against growing AI technologies that could make users' information vulnerable to biometrics hackers, say Elizabeth Roper at Baker McKenzie and Chris Allgrove at Ingenium Biometric Laboratories.

  • The Legal Industry Needs A Cybersecurity Paradigm Shift

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    As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.

  • As Promised, IRS Is Coming For Crypto Tax Evaders

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    The IRS is fulfilling its promise to crack down on those who have neglected to pay taxes on cryptocurrency earnings, as demonstrated by recently imposed prison sentences, enforcement initiatives and meetings with international counterparts — suggesting a few key takeaways for taxpayer compliance, say attorneys at BakerHostetler.

  • 5 Reasons Associates Shouldn't Take A Job Just For Money

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    As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.

  • Following Banking Regulators' Breadcrumbs To 2024 Priorities

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    Through blog posts, speeches, and formal guidance and regulations, prudential and other federal and state financial regulators laid out a road map last year pointing to compliance priorities that should be reflected in financial institutions' planning this year, say Laurel Loomis Rimon and Gina Shabana at Jenner & Block.

  • Series

    Playing Competitive Tennis Makes Me A Better Lawyer

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    My experience playing competitive tennis has highlighted why prioritizing exercise and stress relief, maintaining perspective under pressure, and supporting colleagues in pursuit of a common goal are all key aspects of championing a successful legal career, says Madhumita Datta at Lowenstein Sandler.

  • The Questions Around Prometheum's SEC-Compliant Strategy

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    While the rest of the crypto industry has been engaged in a long-running battle to escape the U.S. Securities and Exchange Commission's jurisdiction, a once-obscure startup called Prometheum has instead embraced the SEC's view to become the first crypto special-purpose broker-dealer, but it's unclear whether it can turn its favored status into a workable business, says Keith Blackman at Bracewell.

  • Series

    The Pop Culture Docket: Judge Djerassi On Super Bowl 52

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    Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.

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