Fintech

  • January 29, 2025

    5th Circ. Rejects Outside Bid To Defend CFPB Small-Biz Rule

    The Fifth Circuit on Wednesday stood by its decision to refuse two advocacy groups' request to help defend the Consumer Financial Protection Bureau's small business lending data rule, a day after the bureau and the suing banking trade groups pushed back and said they are fine to litigate themselves, without intervention.

  • January 29, 2025

    AI Art Needs Human Input For Copyrights, Gov't Report Says

    Simply directing artificial intelligence platforms to make art, music, videos and other creative works is not enough for users of AI systems to be considered authors entitled to copyright protection, the U.S. Copyright Office said Wednesday in a report that's part of a broader agency initiative to explore legal issues raised by the revolutionary technology.

  • January 28, 2025

    Sen. Warren Has 'Serious Concern' Over Lutnick's Tether Ties

    Sen. Elizabeth Warren, D.-Mass., has asked U.S. Secretary of Commerce nominee Howard Lutnick to provide more information on his involvement with the crypto firm Tether Ltd. Inc., saying his firm Cantor Fitgerald's stake in the success of a token allegedly favored by "outlaws" is cause for concern.

  • January 28, 2025

    CFPB, Bank Orgs Rebuff Intervention Bid In Data Rule Fight

    In a moment of agreement, the Consumer Financial Protection Bureau and a group of banking trade groups pushed back on Tuesday against a bid to intervene by two advocacy groups in a suit over the CFPB's small business lending data rule. 

  • January 28, 2025

    Ex-SEC Enforcement Chief Says Staff Faced Uptick In Threats

    The U.S. Securities and Exchange Commission's recently departed enforcement chief said Tuesday he wishes he could have done more to insulate his staff from the uptick in threats they received while he headed the program, and he urged his successor to do what they could to protect the agency's attorneys.

  • January 28, 2025

    Wells Fargo Exits 2022 Order But Isn't Out Of CFPB Woods Yet

    Wells Fargo announced Tuesday that it has wrapped up a Consumer Financial Protection Bureau consent order issued two years ago over its handling of auto loans, mortgages and deposit accounts, though the agency is cautioning that "serious issues" remain at the bank.

  • January 28, 2025

    Dolce & Gabbana Wants 'Worthless' NFT Outfit Suit Tossed

    The U.S. division of Italian luxury fashion brand Dolce & Gabbana has urged a New York federal judge to toss a proposed investor class action accusing it of abandoning a nonfungible tokens project while retaining the more than $25 million that was used to fund it, arguing that the U.S. arm of the company was not at all involved in the project.

  • January 28, 2025

    SEC Wells Meetings Likely Back On The Table, Official Says

    The U.S. Securities and Exchange Commission's acting deputy director of enforcement said Tuesday that leadership was open to meeting more frequently with those facing SEC investigations and hinted at the possibility that it would pursue fewer industry bars against those who violate the securities laws. 

  • January 28, 2025

    Silk Road Pardon Sparks Hope For More Crypto Clemency

    President Donald Trump's decision to free the convicted Silk Road operator Ross Ulbricht brought praise from crypto advocates and spurred some to seek the ear of the new administration in hopes that the president will pardon other alleged crypto criminals, too.

  • January 28, 2025

    Chinese Pair Sought To Fuel Fentanyl 'Grand Lab,' Feds Say

    Prosecutors told a Manhattan federal jury Tuesday that two Chinese nationals sought to furnish chemicals for what they thought would be a huge fentanyl hub in New York City, pointing to what they called damning evidence such as recordings, texts and cryptocurrency transfers.

  • January 28, 2025

    TravelPerk Hits $2.7B Valuation, Announces Yokoy Buy

    Spanish business travel platform TravelPerk, advised by Allen Overy Shearman Sterling, Wilson Sonsini Goodrich & Rosati PC and Lenz & Staehelin, on Tuesday announced that it hit a $2.7 billion valuation after closing its Series E funding round with $200 million of commitments, while also announcing its acquisition of European expense, invoice and card payment processing platform Yokoy.

  • January 27, 2025

    CFPB's Chopra Sees Room For Rules To Stem Debanking

    Consumer Financial Protection Bureau Director Rohit Chopra on Monday voiced support for regulatory action to address concerns about banks unfairly closing accounts, saying more transparency and "bright-line" limits may be needed to combat so-called debanking.

  • January 27, 2025

    Lummis Tells 2nd Circ. SEC 'Flouts' Congress In Crypto Cases

    Sen. Cynthia Lummis, R.-Wyo., told the Second Circuit that the U.S. Securities and Exchange Commission's ongoing suit against Coinbase Inc. has complicated congressional efforts to set rules for digital assets, filing her support for the crypto exchange's bid for a quick ruling from the appeals court on how securities laws apply to the transactions on its platform.

  • January 27, 2025

    Crypto Exchange KuCoin Pleads Out, Agrees To Pay $297M

    Cryptocurrency exchange KuCoin on Monday pled guilty and agreed to pay $297 million for failing to implement anti-money laundering protocols and allowing more than $5 billion worth of criminal funds to flow through its trading platform.

  • January 27, 2025

    CFPB Says Acima Can't Use 'Lease' Label To Exit Suit

    The Consumer Financial Protection Bureau urged a Utah federal court to not dismiss its predatory lending suit against Acima Leasing, arguing the fintech company and Rent-A-Center affiliate can't hide offering functional credit products by calling them rental purchases.

  • January 27, 2025

    Judge Grants Bid For Docs, Code In EPassport Fight

    A Court of Federal Claims judge partially granted a German company's bid to secure discovery materials from the U.S. government and a French cybersecurity firm for its suit accusing the government of infringing on patents related to electronic passport readers.

  • January 27, 2025

    Advertising Platform's Changes Hurt Investors, Suit Says

    Advertising platform Cardlytics Inc. faces a proposed class action alleging that it failed to warn shareholders that fast-paced changes to its technology could impact its ability to deliver on advertiser budgets, hurting investors when it disclosed an associated earnings miss.

  • January 27, 2025

    SEC OKs Nasdaq Pulling Diversity Rules After 5th Circ. Loss

    The U.S. Securities and Exchange Commission has greenlighted Nasdaq's proposal to undo the exchange's rules requiring that companies listed on it disclose board diversity data, following a narrow, en banc ruling from the Fifth Circuit last month finding the rules ran afoul of federal securities law.

  • January 27, 2025

    So-Called 'Face' Of $14M Crypto Ponzi Scheme Gets 2½ Years

    A Manhattan federal judge sentenced a Florida house cleaner to 2½ years in prison Monday for her role in promoting the $14 million, international Forcount cryptocurrency Ponzi scheme to fellow Latinos over three years.

  • January 27, 2025

    NFL Union, DraftKings Reach Settlement In NFT Licensing Suit

    The NFL Players Association and DraftKings Inc. asked a New York federal judge Monday to pause a lawsuit that accused the betting platform of failing to follow through on a licensing agreement related to nonfungible tokens while they iron out details of a settlement.

  • January 27, 2025

    Ga. Accountant Must Face Fintech Co.'s Share Price Suit

    A Georgia federal judge has declined to dismiss most of a British fintech company's suit against Atlanta-based accounting firm Frazier & Deeter LLC over an allegedly bungled stock valuation, ruling Monday that a hold harmless clause in the companies' contract was largely unenforceable.

  • January 27, 2025

    Senate Confirms Bessent As Treasury Secretary

    A bipartisan majority of senators voted Monday to confirm billionaire hedge fund manager Scott Bessent as Treasury secretary, putting in place a key member of President Donald Trump's Cabinet.

  • January 24, 2025

    Deel Blasts Racketeering Suit Over Alleged Money Laundering

    Deel Inc. asked a Florida federal judge to permanently end a putative class action alleging it enabled money laundering and facilitated illegal transfers for Surge Capital, which allegedly scammed investors out of $35 million, arguing the plaintiff is trying to pursue liability of "an innocent party for the wrongdoing of another."

  • January 24, 2025

    SEC Gets Kraken's Major Questions Doctrine Defense Axed

    A California federal judge on Friday partially granted the U.S. Securities and Exchange Commission's bid to ax some of cryptocurrency exchange Kraken's key defenses to allegations it violated securities laws by offering crypto assets without proper registration, saying the case wasn't the type to implicate the so-called major questions doctrine defense.

  • January 24, 2025

    CFPB, NY's Updated Claims Against MoneyGram Move Ahead

    The Consumer Financial Protection Bureau and the New York attorney general's updated claims against payments firm MoneyGram aren't futile and can move forward despite a yearslong pause in the enforcement suit, a New York federal judge ruled Friday.

Expert Analysis

  • 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.

  • Why Asset-Based Loans May Suit PE Companies In 2025

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    As the prospect of higher tariffs and interest rates expands the need for liquidity, private equity investors would do well to explore the timing and provisions of asset-based loans offered in the burgeoning credit-fund sector, say attorneys at McDermott.

  • Changes To Expect From SEC Under Trump Nominee

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    President-elect Donald Trump's nomination of Paul Atkins for U.S. Securities and Exchange Commission chair will likely lead to significant shifts in the Division of Enforcement's priorities, likely focused on protecting retail investors and the stability of the capital markets, say attorneys at Morrison Foerster.

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