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June 11, 2024
Martin Shkreli Told To Hand Over Wu-Tang Album
A New York federal judge ordered Martin Shkreli on Tuesday to hand over any copies he might have of the Wu-Tang Clan's album he once bought before it was sold off by the federal government to settle a $7.3 million tab from Shkreli's criminal judgment on securities fraud.
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June 11, 2024
Fed's New Internal Trading Policy Full Of Loopholes, Sens. Say
Sens. Elizabeth Warren, D-Mass., and Rick Scott, R-Fla., have called on Federal Reserve Board Chair Jerome Powell to repeal what they say is a "failed approach" to addressing allegedly illicit trading by Fed officials, saying the long-awaited policy is riddled with loopholes, contains weak penalties and requires no transparency for officials who violate the trading rules.
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June 11, 2024
AI No Scarier Than Nail Guns Or Microscopes, Kappos Says
Former U.S. Patent and Trademark Office Director David Kappos cautioned attorneys Tuesday to "keep ourselves grounded" about the use of artificial intelligence in intellectual property, saying it's just a tool like a microscope or nail gun, rather than something justifying "panic."
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June 11, 2024
4 More States Join DOJ's Antitrust Suit Against Apple
The attorneys general of Washington, Massachusetts, Nevada and Indiana on Tuesday became the latest to join the U.S. Department of Justice's antitrust lawsuit in New Jersey federal court claiming Apple is monopolizing the smartphone market.
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June 11, 2024
Slow IPO Recovery Expected To Accelerate In 2025
More companies are preparing initial public offerings even as the pace of new listings has been slower than anticipated, experts said Tuesday, signaling that an IPO recovery is likely to accelerate next year after investors sort out November election results.
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June 11, 2024
AI Hiring Platform's Ex-CEO Charged With $27M Fraud
The founder of hiring startup Joonko Diversity Inc. has been charged with fraud, with prosecutors saying Tuesday that she deceived investors into dumping $27 million into a platform that supposedly used artificial intelligence to help companies recruit diverse job candidates.
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June 11, 2024
FINRA Fines Brokerage TradeZero Over 'Finfluencer' Promos
The Financial Industry Regulatory Authority has fined broker-dealer TradeZero America Inc. $250,000 for allegedly failing to properly supervise its influencer partners, who promoted the firm on their social media accounts.
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June 11, 2024
Ga. Justices Disbar Atty For Unlawful Disbursement Of $2M
The Georgia Supreme Court on Tuesday disbarred an attorney who disbursed approximately $2 million of a digital asset trading company's funds, which had been intended for a bitcoin sale that never went through, into personal accounts controlled by her and her sister.
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June 11, 2024
Uniswap Taps Coinbase Atty To Be CLO As SEC Fight Looms
The firm behind decentralized marketplace Uniswap has brought on a senior Coinbase attorney and seasoned litigator to helm its legal operations as it stares down a potential enforcement action from the U.S. Securities and Exchange Commission.
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June 11, 2024
CFPB Floats Rule To Take Medical Debt Off Credit Reports
The Consumer Financial Protection Bureau on Tuesday proposed a rule that would restrict how lenders and credit reporting companies can use consumers' medical debt information, a measure that the agency said could remove up to $49 billion in outstanding medical bills from millions of credit reports.
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June 11, 2024
Swedish Software Co. IFS Buying Copperleaf In CA$1B Deal
Linköping, Sweden-based IFS AB has agreed to purchase Canada's Copperleaf Technologies Inc. for about CA$1 billion ($725.6 million), the companies said Tuesday.
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June 10, 2024
Voyager Crypto Investors Get Initial OK For $2.4M Deal
A Florida federal judge gave the first green light on Monday to a $2.4 million settlement reached between retired football star Rob Gronkowski, NBA player Victor Oladipo and NASCAR driver Landon Cassill and a class of Voyager Digital Holdings Inc. investors over claims that the men helped promote the failed cryptocurrency exchange.
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June 10, 2024
Gemini Says Jury Must Weigh Alleged 'Omissions,' Not Judge
Gemini Trust Co. has told a Manhattan federal judge that the U.S. Commodity Futures Trading Commission's claims that the crypto exchange omitted key information related to a proposed bitcoin futures contract isn't ripe for a pretrial decision because the claims involve "hotly disputed factual questions."
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June 10, 2024
Apple IPhone Antitrust MDL Heads To NJ, Where DOJ Is Suing
Apple customers accusing the company of locking in iPhone users through anticompetitive agreements will have their cases consolidated in New Jersey, the U.S. Judicial Panel on Multidistrict Litigation ruled Friday, finding the parties can coordinate with the U.S. Department of Justice's enforcement action there to avoid duplicative discovery and inconsistent rulings.
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June 10, 2024
US Treasury Targets Houthi Maritime Smuggling Network
The U.S. Department of the Treasury added 10 entries to its sanctions blacklist Monday, including designations for crew members and purported document forgers linked to an Iran-based financier the agency views as a leading enabler of Yemen's Houthi rebels.
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June 10, 2024
Chinese Dissident's Banker Lied About Accounts, Jury Hears
The former head of banking for Miles Guo, the prominent Chinese dissident also known as Ho Wan Kwok, testified in Manhattan federal court Monday that he lied to financial institutions about a number of investment entities that are now the subject of $1 billion fraud charges.
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June 10, 2024
Justices Call For Do-Over In 9th Circ. Bank Preemption Case
The U.S. Supreme Court on Monday tossed a Ninth Circuit decision rejecting federal preemption of a California state interest-on-escrow law for Flagstar Bank, ordering a do-over in the case following the high court's recent ruling on preemption standards in a similar case involving Bank of America.
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June 10, 2024
Catching Up With Delaware's Chancery Court
Big players and big moves dominated much of the past week in Delaware's Court of Chancery, as Tesla in particular and big corporations in general showed their pique over rulings that went toward stockholders or against conventional expectations.
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June 07, 2024
Ex-Prosecutors Join Effort To Free Imprisoned Binance Exec
More than 100 former federal prosecutors and law enforcement agents have called on the U.S. State Department to ramp up efforts to free Tigran Gambaryan, a Binance compliance executive and former IRS agent, from Nigerian custody over what they call false charges tied to money laundering and tax evasion.
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June 07, 2024
CFPB Urges 5th Circ. To Holster 'Weapon' In Late Fee Fight
The Consumer Financial Protection Bureau has urged the Fifth Circuit to refrain from using one of its "most potent weapons" to shoot down a Texas federal judge's order sending an industry challenge to the agency's credit card late fee rule to Washington, D.C.
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June 07, 2024
Feds Charge UK Trio Over $2M 'Evolved Apes' NFT Scheme
Three United Kingdom residents face criminal wire fraud and money laundering charges brought by federal prosecutors in Manhattan alleging they misappropriated cryptocurrency worth roughly $2 million as part of a "rug pull scheme" involving the digital assets known as non-fungible tokens.
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June 07, 2024
Terraform Funder Must Face Class Claims In Illinois
Terraform Labs' financial backer Jump Trading LLC cannot consolidate a pair of proposed class actions accusing it of propping up the failing crypto platform, with a federal judge ruling that purchasers of a massively devalued crypto token can keep their lawsuit against the high-speed trading firm in Illinois.
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June 07, 2024
Sports Co. Scoffs At SEC's 'Unreasonable' Damages Bid
The sports business Crystal World and a related investing group told a Washington, D.C., district court Friday they should not be saddled with millions of dollars in civil penalties because their former executive, not the companies, committed the alleged securities fraud.
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June 07, 2024
Connecticut Man Ran Illegal $1M Crypto Exchange, Feds Say
A 55-year-old Connecticut man is accused of ignoring warnings and operating an unlicensed exchange that charged fees for converting more than $1 million in cash, checks and money orders into cryptocurrency without a required license from the state banking commissioner, federal prosecutors announced Friday.
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June 07, 2024
Coinbase, Kraken Profit Off Crypto Scams, Suit Says
Cryptocurrency exchanges Coinbase Inc. and Kraken face a pair of lawsuits filed by a former customer who accused them of using their platforms to attract scammers and victims to make a profit by taking operating fees.
Expert Analysis
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4 Ways To Motivate Junior Attorneys To Bring Their Best
As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.
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Series
Illinois Banking Brief: All The Notable Legal Updates In Q1
In the first quarter of 2024, Illinois lawmakers proposed a stack of bills aimed at modernizing money transmission, digital assets and banking laws, with a particular focus on improving consumer protections and better defining the state’s authority to regulate digital services, say James Morrissey and Mark Svalina at Vedder Price.
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Defense Attys Must Prep For Imminent AI Crime Enforcement
Given recent statements by U.S. Department of Justice officials, white collar practitioners should expect to encounter artificial intelligence in federal criminal enforcement in the near term, even in pending cases, say Jarrod Schaeffer and Scott Glicksman at Abell Eskew.
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Series
Serving As A Sheriff's Deputy Made Me A Better Lawyer
Skills developed during my work as a reserve deputy — where there was a need to always be prepared, decisive and articulate — transferred to my practice as an intellectual property litigator, and my experience taught me that clients often appreciate and relate to the desire to participate in extracurricular activities, says Michael Friedland at Friedland Cianfrani.
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Opinion
The SEC Is Engaging In Regulation By Destruction
The U.S. Securities and Exchange Commission's recent use of regulation by enforcement against digital assets indicates it's more interested in causing harm to crypto companies than providing guidance to the markets or protecting investors, says J.W. Verret at George Mason University.
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Series
NJ Banking Brief: All The Notable Legal Updates In Q1
Early 2024 developments in New Jersey financial regulations include new bills that propose regulating some cryptocurrency as securities and protecting banks that serve the cannabis industry, as well as the signing of a data privacy law that could change banks’ responsibility to vet vendors and borrowers, say attorneys at Chiesa Shahinian.
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Former Minn. Chief Justice Instructs On Writing Better Briefs
Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.
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ShapeShift Fine Epitomizes SEC's Crypto Policy, And Its Flaws
A recent U.S. Securities and Exchange Commission order imposing a fine on former cryptocurrency exchange ShapeShift for failing to register as a securities dealer showcases the SEC's regulation-by-enforcement approach, but the dissent by two commissioners raises valid concerns that the agency's embrace of ambiguity over clarity risks hampering the growth of the crypto economy, says Keith Blackman at Bracewell.
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Stay Interviews Are Key To Retaining Legal Talent
Even as the economy shifts and layoffs continue, law firms still want to retain their top attorneys, and so-called stay interviews — informal conversations with employees to identify potential issues before they lead to turnover — can be a crucial tool for improving retention and morale, say Tina Cohen Nicol and Kate Reder Sheikh at Major Lindsey.
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Overdraft Opt-In Practices Hold Risks For Banks
A recent Consumer Financial Protection Bureau action against Atlantic Union Bank regarding overdraft opt-in sales practices highlights compliance risks that financial institutions must be aware of, especially when enrolling customers by phone, says Kristen Larson at Ballard Spahr.
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How Experian, Apple Aid CFPB's 'Buy Now, Pay Later' Goals
Experian’s recent voluntary addition of Apple's “buy now, pay later” loans to consumer credit reports makes now a useful occasion to reflect on past Consumer Financial Protection Bureau calls for wider transparency around these products, and to analyze how its stated priorities for regulating them may shape coming bureau guidance and rules, says Tom Witherspoon at Stinson.
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Ready Or Not, Big Tech Should Expect CFPB Surveillance
In light of the Consumer Financial Protection Bureau's proposed plan to supervise large companies providing the vast majority of digital money transfers, not only will Big Tech have to prepare for regulation previously reserved for traditional banks, but the CFPB will also likely face some difficult decisions and obstacles, says Meredith Osborn at Arnold & Porter.
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Series
Spray Painting Makes Me A Better Lawyer
My experiences as an abstract spray paint artist have made me a better litigator, demonstrating — in more ways than one — how fluidity and flexibility are necessary parts of a successful legal practice, says Erick Sandlin at Bracewell.
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How New SEC Rule May Turn DeFi Participants Into 'Dealers'
The U.S. Securities and Exchange Commission recently announced a new rule to amend its definition of a securities "dealer," but the change could have concerning implications for decentralized finance and blockchain, as the SEC has suggested it may subject DeFi participants to registration requirements and other regulations, say attorneys at DLA Piper.
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Opinion
Judicial Independence Is Imperative This Election Year
As the next election nears, the judges involved in the upcoming trials against former President Donald Trump increasingly face political pressures and threats of violence — revealing the urgent need to safeguard judicial independence and uphold the rule of law, says Benes Aldana at the National Judicial College.