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Fintech
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May 22, 2024
Del. Justices Reverse BitGo-Galaxy Merger Suit Dismissal
Delaware's Supreme Court on Wednesday reversed the dismissal of a lawsuit that cryptocurrency wallet provider BitGo Holding Inc. filed against digital assets firm Galaxy Digital Holdings Inc., remanding the dispute over their broken $1.2 billion merger back to Chancery Court to resolve multiple "ambiguities."
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May 22, 2024
Daughter Sues Over Oil Co. Family's 'Looting Campaign'
Two relatives of Westmore Fuel Co. Inc.'s late co-founder are plundering the company to edge out his successors, the daughter of a co-founder claims in a Connecticut state court complaint aiming to dissolve the firm.
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May 22, 2024
SC Gov. Signs Earned Wage Access Bill Into Law
South Carolina has become the fifth state to approve a new law governing so-called earned wage access products, which provide workers with cash advances, as the Palmetto State joins Nevada, Missouri, Wisconsin and Kansas in regulating the products.
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May 22, 2024
Rakoff Punts Terraform Args Amid Big-Dollar Settlement Talk
A hearing on whether Terraform Labs and its creator Do Kwon must pay billions of dollars in penalties after being found liable for fraud by a Manhattan jury was delayed Wednesday by U.S. District Judge Jed S. Rakoff, who said the sides are actively pursuing a settlement.
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May 22, 2024
Data Research Firm Dynata Hits Ch. 11 With Over $1B Debt
Global data provider and market research company Dynata LLC filed for Chapter 11 bankruptcy in Delaware on Wednesday with $1.4 billion in total debt, blaming a business slowdown on a steep drop in M&A deals, post-pandemic struggles to rebuild its base of survey-takers and a failure to keep up with rivals.
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May 22, 2024
NYSE Parent Agrees To $10M SEC Fine Over Cyber Breach
The U.S. Securities and Exchange Commission announced Wednesday that the Intercontinental Exchange Inc. has agreed to pay $10 million to settle allegations that it failed to timely report a data breach that impacted the New York Stock Exchange and eight other subsidiaries.
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May 22, 2024
CFPB Says Some Credit Card Standards Apply To BNPL Firms
The Consumer Financial Protection Bureau said Wednesday that shoppers using buy-now, pay-later products are covered by some of the same federal safeguards as those that apply to traditional credit cards, issuing the agency's first-ever guidance directed at this fintech-heavy field of financing.
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May 22, 2024
Citigroup Fined £61.6M For Trading Systems Failings
Two finance regulators said Wednesday they have fined Citigroup Global Markets Ltd. a total of £61.6 million ($78.4 million) for failures in trading systems that led to the lender mistakenly selling $1.4 billion in equities into European markets.
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May 21, 2024
SEC Slams Ripple's Bid To 'Hide' Financial Info From Public
The U.S. Securities and Exchange Commission is protesting Ripple Labs' bid to conceal certain financial information from the public as it fights the agency's attempt to impose a $2 billion penalty for unregistered cryptocurrency sales, arguing that the company's call for transparency in the case should extend to itself.
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May 21, 2024
Apple Tees Up Bid To Toss DOJ IPhone Monopoly Suit
Apple argued that it has the right to choose how it does business in a preview Tuesday of its upcoming explanations for why a New Jersey federal judge should dismiss the Justice Department lawsuit accusing the iPhone maker of restricting third-party app access to monopolize the smartphone market.
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May 21, 2024
Uniswap Warns SEC There's 'More To Lose' In Potential Suit
The company behind decentralized finance platform Uniswap on Tuesday warned the U.S. Securities and Exchange Commission that the regulator "has more to lose than gain" from bringing an enforcement action against it since its proposed case implicates pending rulemaking and its authority to regulate transactions on crypto platforms.
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May 21, 2024
Ex-Crypto Co. President Was Deceived And Ousted, Suit Says
A cryptocurrency entrepreneur has filed a suit in Delaware's Court of Chancery accusing a CEO of making fraudulent misrepresentations to recruit him to serve as president of his blockchain company, then unjustifiably firing him.
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May 21, 2024
Binance User Must Arbitrate Facial Scan BIPA Fight
An Illinois federal judge has sent to arbitration a proposed class action alleging Binance.US' trading platform violated Illinois' Biometric Information Privacy Act by scanning and storing users' unique facial geometry as part of its identity-verification process, finding the lead plaintiff hasn't shown she never agreed to arbitration.
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May 21, 2024
Strategic Hiring Was The New Normal For BigLaw In 2023
The 400 largest law firms by headcount in the U.S. grew more slowly in 2023 than in the previous two years, while Kirkland & Ellis LLP surpassed the 3,000-attorney threshold, according to the latest Law360 ranking.
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May 21, 2024
The Law360 400: Tracking The Largest US Law Firms
The legal market expanded more tentatively in 2023 than in previous years amid a slowdown in demand for legal services, especially in transactions, an area that has been sluggish but is expected to quicken in the near future.
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May 20, 2024
Crypto Groups Move To Ditch 'Irrational' SEC Dealer Rule
A pair of crypto industry groups suing the U.S. Securities and Exchange Commission over its expansion of the dealer definition have asked a Texas federal judge to grant them a win in the suit and cut down the "unexplained and irrational rulemaking" they claim violated the rulemaking process.
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May 20, 2024
Alibaba Resists Class Cert. Over Failed Ant Group IPO
Chinese e-commerce company Alibaba has again urged a New York federal judge not to certify a class of investors who claim they weren't warned about regulatory risks Alibaba faced in the lead-up to a $34 billion initial public offering of its fintech affiliate, saying the suit's challenged misstatements did not affect Alibaba's stock price.
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May 20, 2024
Colo. Gov. Voices 'Reservations' In Signing AI Bias Bill
Colorado's governor has approved the nation's first framework to clamp down on algorithmic discrimination in certain artificial intelligence technologies, although he expressed several "reservations" about the measure that he urged the Legislature to address before the law takes effect in 2026.
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May 20, 2024
Ga. Accounting Firm Says UK Fintech Co. Suit Must Be Tossed
Georgia-based accounting firm Frazier & Deeter LLC has asked a federal court to dismiss a lawsuit brought against it by U.K.-based fintech company Genesis Global Technology, which alleges it was forced to spend time and money redressing issues after the firm miscalculated the fair market value of its common shares in 2021.
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May 20, 2024
Catching Up With Delaware's Chancery Court
Delaware was full of drama last week, as proposed changes to the state's corporate law statutes raised eyebrows and a professor's friend-of-the-court brief sparked a very unfriendly public exchange. Delaware's court of equity banged the gavel on pipeline and social media disputes, and shareholders filed new suits alleging insider trading, vote bungling, unfair stock buybacks and merger shenanigans. In case you missed any of it, here's the recap of all the top news last week from Delaware's Chancery Court.
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May 20, 2024
FDIC's Gruenberg To Resign In Workplace Report Aftermath
Federal Deposit Insurance Corp. Chairman Martin Gruenberg committed Monday to resigning from his post amid continuing fallout from his agency's toxic workplace scandal, bending to mounting pressure for his exit.
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May 17, 2024
Feds Say Duo Ran $73M 'Pig Butchering' Laundering Scheme
Two Chinese citizens have been arrested on charges of being kingpins in a money laundering operation that processed more than $73 million of funds that were stolen in so-called pig butchering cryptocurrency schemes.
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May 17, 2024
Scammer Cops To SIM Scheme Including $400M Crypto Theft
A Colorado woman on Thursday pled guilty in D.C. federal court for her part in a SIM swapping scheme that appears to encompass more than $400 million stolen from the now-bankrupt cryptocurrency exchange FTX.
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May 17, 2024
Crypto Cos. Take SEC Cases To The Court Of Public Sentiment
Mounting tension between the U.S. Securities and Exchange Commission and the cryptocurrency industry has led companies dealing in digital assets to toss the long-held practice of keeping notices of potential enforcement quiet and wear them as a badge of honor in the hopes of currying public favor.
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May 17, 2024
Two Guilty Of Wire Fraud And Conspiracy In Forex Case
A Colorado federal jury on Friday found two men guilty of wire fraud and conspiracy related to their work soliciting tens of millions of dollars from investors for their foreign exchange investment business.
Expert Analysis
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How Firms Can Ensure Associate Gender Parity Lasts
Among associates, women now outnumber men for the first time, but progress toward gender equality at the top of the legal profession remains glacially slow, and firms must implement time-tested solutions to ensure associates’ gender parity lasts throughout their careers, say Kelly Culhane and Nicole Joseph at Culhane Meadows.
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7 Common Myths About Lateral Partner Moves
As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.
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Following The Road Map Toward Quantum Security
With the Financial Conduct Authority’s recent publication of a white paper on a quantum-secure financial sector, firms should begin to consider the quantum transition early — before the process is driven by regulatory obligations — with the goal of developing a cybersecurity architecture that is agile while also allowing for quantum security, say lawyers at Cleary.
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Basics Of Bank Regulators' Push For Discount Window Use
As the Federal Reserve and Office of the Comptroller of the Currency emphasize short-term liquidity risk management as central to preventing spring 2023-style bank collapses, banks should carefully tune into regulators’ remarks encouraging use of the Fed’s discount window, which some policymakers identify as a key component in the evolution of liquidity regulation and backstop lending, say attorneys at Arnold & Porter.
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Series
Cheering In The NFL Makes Me A Better Lawyer
Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.
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Communication Is Key As CFPB Updates Appeals Process
Though a recently updated Consumer Financial Protection Bureau rule expands financial institutions' abilities to appeal supervisory decisions, creating strong relationships and open communication channels with CFPB examiners may help resolve disputes faster than the more cumbersome formal process, says Jason McElroy at Saul Ewing.
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Considerations For Disclosing AI Use In SEC Filings
Recent remarks from U.S. Securities and Exchange Commission Chair Gary Gensler should be heard as a clarion call for public companies to disclose artificial intelligence use, with four takeaways on what companies should disclose, says Richard Hong at Morrison Cohen.
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Unpacking The New Russia Sanctions And Export Controls
Although geographically broad new prohibitions the U.S., U.K. and EU issued last week are somewhat underwhelming in their efforts to target third-country facilitators of Russia sanctions evasion, companies with exposure to noncompliant jurisdictions should pay close attention to their potential impacts, say attorneys at Shearman.
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Args In APA Case Amplify Justices' Focus On Agency Power
In arguments last week in Corner Post v. Federal Reserve, the U.S. Supreme Court justices paid particular importance to the possible ripple effects of their decision, which will address when a facial challenge to long-standing federal rules under the Administrative Procedure Act first accrues and could thus unleash a flood of new lawsuits, say attorneys at Snell & Wilmer.
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Series
ESG Around The World: Gulf Cooperation Council
The Gulf Cooperation Council is in the early stages of ESG policy implementation, but recent commitments by both states and corporations — including increases in sustainable finance transactions, environmental commitments, female representation on boards and human rights enforcement — show continuing progress toward broader ESG goals, say attorneys at Cleary.
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Steps For Companies New To Sanctions Compliance
Businesses newly required to implement compliance programs due to the increased breadth of mandatory sanctions and export controls, including 500 additional Russia sanctions announced last Friday, should closely follow the guidance issued by the Office of Foreign Assets Control and other regulators, say Jennifer Schubert and Megan Church at MoloLamken.
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Bank Secrecy Act Lessons For Casinos After DOJ Settlements
The U.S. Department of Justice's recent settlements with the MGM Grand and Cosmopolitan casinos, resolving an investigation into alleged violations of the Bank Secrecy Act, signal a shift in the DOJ's enforcement focus and provide insight into potential pitfalls in anti-money laundering compliance programs, say attorneys at Jenner & Block.
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What To Know About OCC Proposals For Bank Merger Review
The Office of the Comptroller of the Currency's proposed changes to the agency's bank merger review process could exacerbate industry concerns with long and unpredictable processing periods because the proposal is ambiguous with respect to how the OCC will view certain transactions, say attorneys at Simpson Thacher.
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6 Pointers For Attys To Build Trust, Credibility On Social Media
In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.
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Del. Ruling Stands Out In Thorny Noncompete Landscape
In Cantor Fitzgerald v. Ainslie, the Delaware Supreme Court last month upheld the enforceability of forfeiture-for-competition provisions in limited partnership agreements, providing a noteworthy opinion amid a time of increasing disfavor toward noncompetes and following a string of Chancery Court rulings deeming them unreasonable, say Margaret Butler and Steven Goldberg at BakerHostetler.