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Fintech
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July 02, 2024
Judge Expedites Briefing For Consensys SEC Challenge
Crypto firm Consensys' preemptive case against the U.S. Securities and Exchange Commission is set to move forward on an expedited basis after a Texas federal judge allowed the parties to brief any potential bids from the regulator to toss the case at the same time as Consensys' motion for a judgment in its favor.
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July 02, 2024
Apple Says It's Too Early For Discovery In DOJ Antitrust Case
There's no need to get the ball rolling on discovery in the U.S. Department of Justice's case accusing Apple of monopolizing the smartphone market until the New Jersey federal court overseeing the case decides if it's going to dismiss it entirely, the tech giant argued.
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July 02, 2024
Sens. Urge Synapse Partners To Free Up Customer Funds
A group of Democratic senators led by banking committee chair Sherrod Brown, D-Ohio, called on the owners and banking partners of bankrupt fintech intermediary Synapse Financial Technologies to restore customers' access to their deposits.
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July 02, 2024
Prosecutors Rest In Chinese Exile's $1B Fraud Trial
Manhattan federal prosecutors on Tuesday concluded their case-in-chief in the $1 billion fraud trial of Chinese dissident Miles Guo, and the defense team began putting on its own witnesses to rebut the charges that the businessman convinced his followers to invest in sham companies.
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July 02, 2024
CFPB's Founding Fair Lending Chief Heads For Exit
Patrice Ficklin, the longtime top fair lending official at the Consumer Financial Protection Bureau, is leaving the agency later this month after more than a decade leading its efforts to oversee the financial industry's compliance with federal laws banning credit discrimination.
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July 02, 2024
Bond-Rigging Suit Revived Over Judge's Wife's Stock Conflict
The Second Circuit on Tuesday revived a proposed class action accusing big banks of rigging corporate bonds, ruling that the New York federal judge who previously dismissed the suit should have recused himself due to his wife's ownership of Bank of America stock.
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July 01, 2024
High Court's 1-2 Punch Sets Up Long-Standing Regs For KO
By ending its term with a stinging combination against federal agencies, the U.S. Supreme Court's conservative bloc left behind a bruised bureaucracy and a regulatory system that's now vulnerable to a barrage of incoming attacks.
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July 01, 2024
SEC's High Court Loss May Sting For Banking Enforcement
The U.S. Supreme Court's latest rebuke to the U.S. Securities and Exchange Commission is poised to complicate enforcement for the federal banking agencies, providing new ammunition for challenges to the validity of their administrative proceedings, attorneys say.
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July 01, 2024
Visa, Mastercard Judge Says Apple Fee Case Should Exit MDL
The Brooklyn federal judge handling multidistrict litigation over Visa and Mastercard merchant fees on Monday suggested that a case alleging the credit card companies had agreements with Apple that violated antitrust law should be sent back to Illinois federal court, saying the facts in the case are not similar enough.
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July 01, 2024
Silvergate To Pay $63M Over Internal Monitoring 'Deficiencies'
The business behind now-defunct crypto-focused bank Silvergate has agreed to pay $63 million in combined penalties from regulators to settle claims its internal transaction monitoring and risk assessment of its customers, including of collapsed crypto exchange FTX, weren't up to par, regulators announced Monday.
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July 01, 2024
Binance, Ex-CEO Must Face 'Bulk' Of SEC Case
A Washington, D.C., federal judge has ruled that Binance, its former CEO and its U.S. arm will have to face the "bulk" of a lawsuit from the U.S. Securities and Exchange Commission, but claims surrounding the crypto exchange's stablecoin and certain secondary sales of its proprietary token won't move forward.
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July 01, 2024
Manatt Managing Partner Begins Second 5-Year Term
After five years of revenue growth and new offices, hybrid legal and consulting firm Manatt Phelps & Phillips LLP announced that CEO and managing partner Donna L. Wilson has begun leading the firm for a second five-year term.
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July 01, 2024
Supreme Court Widens Window To Challenge Federal Regs
Legal challenges to federal regulations can be brought outside the normal statute of limitations if someone isn't adversely affected until after the six-year window of time to file suit, the U.S. Supreme Court ruled Monday.
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June 28, 2024
Cahill Hires SDNY Vet Who Prosecuted 'Real Housewives' Star
Cahill Gordon & Reindel LLP has hired an eight-year veteran of the U.S. Attorney's Office for Southern District of New York who was a senior member of the office's Securities and Commodities Fraud Task Force and prosecuted a former U.S. congressional representative and a star of one of "The Real Housewives" TV series.
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June 28, 2024
Chevron's End Is Just The Start For Energized Agency Foes
By knocking down a powerful precedent that has towered over administrative law for 40 years, the U.S. Supreme Court's right wing Friday gave a crowning achievement to anti-agency attorneys. But for those attorneys, the achievement is merely a means to an end, and experts expect a litigation blitzkrieg to materialize quickly in the aftermath.
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June 28, 2024
Visa, Mastercard Can Manage 'Greater' Fee Deal, Judge Says
Visa and Mastercard could likely tolerate a "substantially greater judgment" than the proposed settlement valued at about $30 billion in multidistrict litigation over the credit card companies' merchant fees, a New York federal judge ruled in an order unsealed Friday evening, rejecting the parties deal.
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June 28, 2024
Custodia Bank Asks 10th Circ. For Fed Master Account Win
Crypto-focused Custodia Bank has argued in an opening brief before the Tenth Circuit that it is entitled to a Federal Reserve master account and should be given approval to open one, kicking off its appeal of a Wyoming federal judge's decision that said otherwise.
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June 28, 2024
In Chevron Case, Justices Trade One Unknown For Another
The U.S. Supreme Court's decision to overrule a decades-old judicial deference doctrine may cause the "eternal fog of uncertainty" surrounding federal agency actions to dissipate and level the playing field in challenges of government policies, but lawyers warn it raises new questions over what rules courts must follow and how judges will implement them.
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June 28, 2024
Logan Paul Says YouTuber's 'Scam' Series Defamed Him
Social media entertainer Logan Paul has sued YouTuber "Coffeezilla" for defamation after the investigative content creator allegedly omitted evidence to brand Paul as a scammer in a series of videos about his "troubled blockchain project."
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June 28, 2024
Texas Bank Wants Ramey Sanctioned For 'Incoherent' IP Suit
A Texas-based bank has asked a federal judge to sanction Ramey LLP in a patent infringement case the firm's client filed against it, saying the litigation is frivolous and should be tossed.
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June 28, 2024
Bitcoin Device Seller Sues Ex-CEO, Alleging $5.3M Fraud
A California-based crypto mining-farm builder and equipment seller has sued its former CEO in California federal court, alleging that he embezzled roughly $5.3 million, leading to the company's failure to pay multiple vendors in a timely manner.
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June 28, 2024
IRS Finalizes Broker Rules For Digital Asset Sales
Brokers of digital assets such as cryptocurrency and non-fungible tokens will face tax reporting requirements for the first time similar to those for brokers of securities and other financial instruments under final regulations issued Friday by the Internal Revenue Service.
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June 28, 2024
SEC Sues Crypto Software Firm Consensys
The U.S. Securities and Exchange Commission sued blockchain firm Consensys Software Inc. on Friday for allegedly acting as an unregistered broker and facilitating unregistered securities sales through software products that allow users to buy and sell digital assets tied to so-called staking programs.
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June 28, 2024
4 Things To Know As New SPAC Rules Take Effect
The U.S. Securities and Exchange Commission's new rules governing special-purpose acquisition companies take effect on Monday, marking an expansive attempt to strengthen oversight of SPAC deals. Here, Law360 examines what to expect as the agency's 581-page rule package goes live.
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June 28, 2024
High Court Enters July With 3 Rulings To Go
In a rare move, the U.S. Supreme Court will issue opinions into the beginning of July as the court tries to clear its merits docket of three remaining cases dealing with presidential immunity, whether governments can control social media platforms' content moderation policies and the appropriate deadline to challenge agency action.
Expert Analysis
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Opinion
The FTC And DOJ Should Backtrack On RealPage
The antitrust agencies ought to reverse course on their enforcement actions against RealPage, which are based on a faulty legal premise, risk further property shortages and threaten the use of algorithms that are central to the U.S. economy, says Thomas Stratmann at George Mason University.
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Series
Fishing Makes Me A Better Lawyer
Atop the list of ways fishing makes me a better lawyer is the relief it offers from the chronic stress of a demanding caseload, but it has also improved my listening skills and patience, and has served as an exceptional setting for building earnest relationships, says Steven DeGeorge at Robinson Bradshaw.
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A Look At US-EU Consumer Finance Talks' Slow First Steps
The unhurried and informal nature of planned discussions between the U.S. Consumer Financial Protection Bureau and the European commissioner for justice and consumer protection suggests any coordinated regulatory action on issues like AI and "buy now, pay later" services is still a ways off, say attorneys at DLA Piper.
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5th Circ. Venue-Transfer Cases Highlight Mandamus Limits
Three ongoing cases filed within the Fifth Circuit highlight an odd procedural wrinkle that may let district courts defy an appellate writ: orders granting transfer to out-of-circuit districts, but parties opposing intercircuit transfer can work around this hurdle to effective appellate review, says Charles Fowler at McKool Smith.
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A Healthier Legal Industry Starts With Emotional Intelligence
The legal profession has long been plagued by high rates of mental health issues, in part due to attorneys’ early training and broader societal stereotypes — but developing one’s emotional intelligence is one way to foster positive change, collectively and individually, says attorney Esperanza Franco.
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Navigating Self-Disclosures As A Regulated Financial Entity
As enforcement risks heat up for regulated financial institutions, such entities may be forced to weigh the potential advantages and disadvantages of self-disclosing potential compliance gaps, say attorneys at Jenner & Block.
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To Make Your Legal Writing Clear, Emulate A Master Chef
To deliver clear and effective written advocacy, lawyers should follow the model of a fine dining chef — seasoning a foundation of pure facts with punchy descriptors, spicing it up with analogies, refining the recipe and trimming the fat — thus catering to a sophisticated audience of decision-makers, says Reuben Guttman at Guttman Buschner.
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What Junk Fee Law Means For Biz In California And Beyond
Come July 1, companies doing business in California must ensure that the price of any good or service as offered, displayed or advertised is inclusive of all mandatory fees and other charges in compliance with S.B. 478, which may have a far-reaching impact across the country due to wide applicability, say Alexandria Ruiz and Amy Lally at Sidley Austin.
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Circuit Judge Writes An Opinion, AI Helps: What Now?
Last week's Eleventh Circuit opinion in Snell v. United Specialty Insurance, notable for a concurrence outlining the use of artificial intelligence to evaluate a term's common meaning, is hopefully the first step toward developing a coherent basis for the judiciary's generative AI use, says David Zaslowsky at Baker McKenzie.
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Series
In The CFPB Playbook: Regulatory Aims Get High Court Assist
Newly emboldened after the U.S. Supreme Court last month found that the Consumer Financial Protection Bureau's funding is constitutional, the bureau has likely experienced a psychic boost, allowing its already robust enforcement agenda to continue expanding, say attorneys at Husch Blackwell.
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Novel Web Privacy Suits Under Calif. Credit Card Law From '71
A new surge in web-tracker litigation could make application of the California Song-Beverly Credit Card Act far more complex, despite the law far predating the rise of e-commerce, as plaintiffs continue to push the bounds of privacy litigation in the Golden State, say Matthew Pearson and Desirée Hunter-Reay at BakerHostetler.
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Perspectives
Trauma-Informed Legal Approaches For Pro Bono Attorneys
As National Trauma Awareness Month ends, pro bono attorneys should nevertheless continue to acknowledge the mental and physical effects of trauma, allowing them to better represent clients, and protect themselves from compassion fatigue and burnout, say Katherine Cronin at Stinson and Katharine Manning at Blackbird.
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The Fed. Circ. In May: The Printed Matter Doctrine's Scope
The Federal Circuit’s recent ruling in Ioengine v. Ingenico, which addressed the scope of the printed matter doctrine as applied to transmitted data or program code, restores the doctrine’s status as a relatively narrow part of patent law, say Jeremiah Helm and Sean Murray at Knobbe Martens.
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CFPB's Expanding Scope Evident In Coding Bootcamp Fine
The Consumer Financial Protection Bureau's recent penalty against a for-profit coding bootcamp that misrepresented its tuition financing plans is a sign that the bureau is seeking to wield its supervisory and enforcement powers in more industries that offer consumer financing, say Jason McElroy and Brandon Sherman at Saul Ewing.
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Fintech Compliance Amid Regulatory Focus On Sensitive Data
The Consumer Financial Protection Bureau's recent, expansive pursuit of financial services companies using sensitive personal information signals a move into the Federal Trade Commission's territory, and the path forward for fintech and financial service providers involves a balance between innovation and compliance, say attorneys at Wilson Sonsini.