Fintech

  • October 21, 2024

    Cannabis Financing Co. Sues Over Dubious $3M Merger Demand

    A Colorado-based company that provides banking services to cannabis companies is suing three shareholders of a company it acquired in a $30 million merger, saying in the last few days they've attempted to change the way the merger payments are distributed.

  • October 18, 2024

    Law360 MVP Awards Go To Top Attys From 74 Firms

    The attorneys chosen as Law360's 2024 MVPs have distinguished themselves from their peers by securing hard-earned successes in high-stakes litigation, complex global matters and record-breaking deals.

  • October 18, 2024

    Fintech Group Challenges CFPB's Buy Now, Pay Later Policy

    The Financial Technology Association on Friday asked a D.C. federal court to strike down the Consumer Financial Protection Bureau's first-ever rule directed at the fintech-dominated market for buy now, pay later loans, claiming that it violates procedural requirements and "misunderstands" relevant law. 

  • October 18, 2024

    How Dickinson Wright Attys Won A Victory Before The SEC

    It took more than four years and possibly an alleged slip-up by the U.S. Securities and Exchange Commission's enforcement staff for Dickinson Wright PLLC attorneys to secure what they said is a first-of-its-kind ruling by the agency when it reversed a trading suspension against a firm client over the objections of the SEC's own staff.

  • October 18, 2024

    Walmart Scores Quick Appeal In FTC's Money Transfer Suit

    An Illinois federal judge refused Friday to reconsider a prior decision trimming the Federal Trade Commission's suit alleging Walmart facilitated fraud through its money transfer services, while allowing Walmart to seek interlocutory review regarding the FTC's litigating authority. 

  • October 18, 2024

    Consultant Ducks Prison For Helping OneCoin Launder $35M

    A New York federal judge declined on Friday to sentence a co-founder of business consultancy and investment firm InterAmerican Group to any time in prison for his role in a scheme to launder about $35 million in proceeds from the multibillion-dollar OneCoin cryptocurrency scam.

  • October 18, 2024

    Consumer Capital One-Discover Suit Paused For Gov't Review

    A Virginia federal judge hit pause Friday on a private cardholder proposed class action challenging Capital One's planned $35 billion acquisition of Discover Financial Services, agreeing with the companies that it's best to let still-pending review by banking regulators play out first.

  • October 18, 2024

    Fed. Circ. Sinks BofA's Fight Over Image Recognition Patents

    Bank of America had no luck Friday in an appeal seeking to revive a handful of challenges targeting patents owned by companies run by billionaire Patrick Soon-Shiong that are suing the bank in California federal court.

  • October 18, 2024

    SEC Updates Binance Complaint As Judge Limits Discovery

    The U.S. Securities and Exchange Commission has updated its case against Binance with new allegations attempting to draw similarities between the crypto exchange and traditional securities platforms, but a Washington, D.C., federal judge made clear that discovery on those points and others won't move forward for the time being.

  • October 18, 2024

    Hong Kong Regulators Unveil Plans To Quicken IPOs

    Hong Kong regulators and stock exchange officials announced a plan on Friday to accelerate their time frames for reviewing initial public offerings, a bid to improve the region's attractiveness for new listings amid intense global competition.

  • October 18, 2024

    Fake 'Hollywood Reporter' Scams Job Seekers, Mass. AG Says

    Scammers posing as the publishers of entertainment industry trade publication The Hollywood Reporter created an impostor website to lure job seekers into a cryptocurrency fraud scheme, the Massachusetts attorney general alleged in a complaint Friday.

  • October 18, 2024

    Crypto Coder Asks 2nd Circ. To Delay Expert Witness Reveal

    The founder of cryptocurrency service provider Tornado Cash urged the Second Circuit on Friday to pause a district court judge's order for him to disclose who he might call as an expert witness at an upcoming money laundering and sanctions trial.

  • October 18, 2024

    Man Gets 5 Years For $20M Coinbase Spoofing Scheme

    An Indian national was sentenced to five years in prison after pleading guilty to using imitation websites of the cryptocurrency exchange Coinbase to steal over $20 million from customers.

  • October 18, 2024

    6 Firms Guide $1.1B Turkish-Kazakh E-Commerce Deal

    Six law firms across three countries have guided a transaction announced Friday that will see Kaspi.kz, which runs a popular payments app in Kazakhstan, purchase a majority stake in Turkish e-commerce platform Hepsiburada for more than $1.1 billion in cash.

  • October 18, 2024

    Taxation With Representation: Baker, Simpson, Ropes

    In this week's Taxation With Representation, Lundbeck inks a $2.6 billion cash deal for Longboard, Silver Lake agrees to buy Zuora for $1.7 billion, and PPG and American Industrial Partners reach a $550 million deal.

  • October 17, 2024

    CFPB Sues Vocational School Lender Climb Credit, VC Backer

    The Consumer Financial Protection Bureau on Thursday sued an online private student lender and its venture capital backer in New York federal court, alleging borrowers have been duped into taking out loans for coding school and other vocational programs with false claims about their educational "return-on-investment."

  • October 17, 2024

    CFTC Says Court 'Erred At Every Turn' In Election Betting Suit

    The U.S. Commodity Futures Trading Commission told the D.C. Circuit that the district court "erred at every turn" when it allowed trading platform KalshiEx LLC to offer event contracts based on the outcome of U.S. elections.

  • October 17, 2024

    Feds Arrest Man In SEC X Account Hack Touting Bitcoin ETF

    An Alabama man was arrested Thursday on federal charges tied to the January hack of the U.S. Securities and Exchange Commission's X account, which caused bitcoin prices to spike after a phony post falsely touted that the agency had approved bitcoin exchange-traded products, federal authorities said.

  • October 17, 2024

    $20B Verizon-Frontier Deal Faces Scrutiny, And Other Rumors

    A growing list of Frontier Communications' largest shareholders are concerned about its planned $20 billion takeover by Verizon Communications, and a group of former professional athletes are in talks to buy a stake in the NFL's Buffalo Bills. Here, Law360 breaks down these and other notable rumors from the past week.

  • October 17, 2024

    Restaurant Says Toast Refusing To Update Bank Info

    A Boston restaurant says it's struggling to stay afloat because point-of-sale provider Toast Inc. won't update its banking information and is sitting on more than $200,000 in revenue, according to a lawsuit filed Thursday in Massachusetts state court.

  • October 17, 2024

    FTX Insider Cites 'Limited' Fraud Role In Bid To Avoid Prison

    The former head of engineering at FTX asked a Manhattan federal judge to spare him prison time in light of his cooperation with prosecutors and what he said was a relatively "limited" role in the crypto exchange's billion-dollar fraud.

  • October 17, 2024

    Simpson-Led Silver Lake Inks $1.7B Deal For Zuora

    Simpson Thacher & Bartlett LLP is guiding California-based tech investor Silver Lake on an agreement to buy Zuora Inc., a monetization software platform for businesses, at a $1.7 billion value, Zuora said Thursday. 

  • October 16, 2024

    NY's Financial Regulator Releases AI Cybersecurity Guidance

    New York's Department of Financial Services issued new guidance Wednesday intended to give state-regulated financial institutions an outline for protecting against cybersecurity risks posed by artificial intelligence.

  • October 16, 2024

    Banks Ditch Exchange's Boycott Conspiracy Suit At 2nd Circ.

    The Second Circuit on Wednesday rejected a small trading exchange's effort to revive its claims that several major banks conspired to shut it out of the credit default swap market, saying the exchange failed to plausibly allege that the banks' conduct was the result of an unlawful agreement or conspiracy.

  • October 16, 2024

    Sudanese Men Charged With Hacking Cedars-Sinai, Microsoft

    California federal prosecutors announced Wednesday that two Sudanese brothers have been charged with operating a prolific hacking group that orchestrated tens of thousands of politically motivated cyberattacks against worldwide government agencies, Los Angeles' Cedars-Sinai Medical Center and companies including Microsoft, PayPal, Google and Netflix.

Expert Analysis

  • Crypto Gatekeepers May Be The Next Front Of Enforcement

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    Lawyers and other professionals who advise cryptocurrency companies should beware regulators' increasing focus on gatekeeper accountability, and should take several measures to fulfill their ethical and legal obligations, including implementing a robust vetting mechanism when representing crypto clients, say Temidayo Aganga-Williams and Xinchen Li at Selendy Gay.

  • Series

    Playing Golf Makes Me A Better Lawyer

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    Golf can positively affect your personal and professional life well beyond the final putt, and it’s helped enrich my legal practice by improving my ability to build lasting relationships, study and apply the rules, face adversity with grace, and maintain my mental and physical well-being, says Adam Kelly at Venable.

  • What To Expect From CFPB And DOT Card Rewards Inquiry

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    Following the Consumer Financial Protection Bureau's announcement of joint efforts with the U.S. Department of Transportation to investigate credit card rewards points, credit card issuers and airlines should keep a close eye on potential regulatory and class action litigation risks stemming from the inquiry, say attorneys at DLA Piper.

  • Law Firms Should Move From Reactive To Proactive Marketing

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    Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.

  • 3 Ways To Limit Risks Of Black-Box AI In Financial Services

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    As regulators increasingly highlight the potential for artificial intelligence to make unfair consumer credit decisions, and require financial institutions to explain how these so-called black-box algorithms arrive at conclusions, companies should consider three key questions to reduce their regulatory risks from these tools, say Jeffrey Naimon and Caroline Stapleton at Orrick.

  • Opinion

    The Big Issues A BigLaw Associates' Union Could Address

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    A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.

  • Opinion

    It's Time For A BigLaw Associates' Union

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    As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.

  • Takeaways From Virginia's $2B Trade Secrets Verdict Reversal

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    The Virginia Court of Appeals' recent reversal of the $2 billion damages award in Pegasystems v. Appian underscores the claimant's burden to show damages causation and highlights how an evidentiary ruling could lead to reversible error, say John Lanham and Kamran Jamil at Morrison Foerster.

  • How Justices Upended The Administrative Procedure Act

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    In its recent Loper Bright, Corner Post and Jarkesy decisions, the U.S. Supreme Court fundamentally changed the Administrative Procedure Act in ways that undermine Congress and the executive branch, shift power to the judiciary, curtail public and business input, and create great uncertainty, say Alene Taber and Beth Hummer at Hanson Bridgett.

  • How Corner Post Affects Enviro Laws' Statutes Of Limitations

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    The U.S. Supreme Court's recent ruling in Corner Post v. Federal Reserve Board has helped to alter the fundamental underpinnings of administrative law — and its plaintiff-centric approach may have implications for some specific environmental laws' statutes of limitations, say Chris Leason and Liam Martin at Gallagher and Kennedy.

  • Lessons From Recent SEC Cyber Enforcement Actions

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    The recent guidance by the SEC's Division of Corporation Finance is helpful to any company facing a cybersecurity threat, but just as instructive are the warnings raised by the SEC's recent enforcement actions against SolarWinds, R.R. Donnelley and Intercontinental Exchange, say attorneys at O'Melveny.

  • Inside OCC's Retail Nondeposit Investment Products Refresh

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    In addition to clarifying safe and sound risk management practices generally, the Office of the Comptroller of the Currency's revised booklet on retail nondeposit investment products updates its guidance around certain sales practices in light of the U.S. Securities and Exchange Commission's adoption of Regulation Best Interest, say attorneys at Debevoise.

  • Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?

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    A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.

  • Loper Fuels Debate Over Merchant Cash Advances As Credit

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    The U.S. Supreme Court's recent rejection of the Chevron doctrine in Loper Bright may escalate a Florida federal court dispute between the Revenue Based Finance Coalition and the Consumer Financial Protection Bureau over whether merchant cash advances should be considered credit under the Dodd-Frank Act, say attorneys at Sheppard Mullin.

  • Bank M&A Continues To Lag Amid Regulatory Ambiguity

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    Bank M&A activity in the first half of 2024 continued to be lower than in prior years, as the industry is recovering from the 2023 bank failures, and regulatory and macroeconomic conditions have not otherwise been prime for deals, say Robert Azarow and Amber Hay at Arnold & Porter.

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