Try our Advanced Search for more refined results
Fintech
-
June 27, 2024
11th Circ. Won't Revive Robinhood Investors' Meme Stock Suit
The Eleventh Circuit has affirmed a lower court's dismissal of an investor antitrust suit against Robinhood Markets and Citadel Securities, holding that the investors failed to allege any plausible anti-competitive effects that occurred as a result of the platforms allegedly conspiring to restrict trades of "meme" stocks like GameStop in 2021.
-
June 27, 2024
TurboTax Maker Wipes Out 2 Of 3 Software Patents At PTAB
The Patent Trial and Appeal Board delivered a mixed bag of decisions in patent challenges brought by Intuit against a small software outfit that claims to have invented the idea of "co-browsing."
-
June 27, 2024
Coinbase Says SEC, FDIC 'Stonewalled' Crypto Info Requests
Crypto exchange Coinbase filed suits against both the U.S. Securities and Exchange Commission and the Federal Deposit Insurance Corporation on Thursday after it said the agencies "stonewalled" information requests for documents that could shed light on agencies' internal views on digital assets.
-
June 27, 2024
CFTC Extends Comment Period For Election Betting Proposal
The U.S. Commodity Futures Trading Commission announced Thursday that it is extending the deadline for comment on its proposal to ban the trading of event contracts tied to things like election outcomes, sporting events and the Academy Awards.
-
June 27, 2024
CFPB Urged To Set Standards On Rooting Out AI Lending Bias
The Consumer Financial Protection Bureau should give the financial industry more explicit instructions to minimize discrimination risk when harnessing artificial intelligence and other algorithmic technology for lending, a pair of prominent consumer advocacy groups told the agency.
-
June 27, 2024
SEC Sues Fla. Loan Website, CEO Over 'Fictitious' Revenue
A purported online lender and its CEO face U.S. Securities and Exchange Commission allegations that the company's reported revenue for certain periods was "a figment" of the CEO's imagination.
-
June 27, 2024
Justices Limit SEC's Use Of In-House Courts
The U.S. Supreme Court on Thursday curtailed the U.S. Securities and Exchange Commission's use of its in-house court system, saying the accused have a right to a jury trial when financial penalties are on the table.
-
June 26, 2024
5th Circ. Says SEC Must Reconsider Axing Proxy Regulations
The Fifth Circuit on Wednesday vacated the U.S. Securities and Exchange Commission's decision to rescind a portion of Trump-era rules requiring proxy advisory firms to notify companies about their advice to investors, ruling that the agency didn't adequately explain the abrupt change.
-
June 26, 2024
SEC Crypto Stance May Shift With Election, Rulemaking Suits
The U.S. Securities and Exchange Commission is likely to shift its cryptocurrency posture to some degree if a new chair is installed after the coming presidential election, but firms not content to wait for a change in the guard can consider challenging the agency's rulemaking process, experts said Wednesday.
-
June 26, 2024
Judge Trims 2nd Attempt At Crypto Lender Loan Suit
A California federal judge has again dismissed crypto lender Nexo Capital's affiliates from an amended suit over claims they fraudulently induced customers to take out risky loans, but found the new suit plausibly alleges Nexo distributed a nonexempt, unregistered security.
-
June 26, 2024
Crypto App Pledges More Refunds In Multistate Settlement
Cryptocurrency platform Abra has agreed to return millions of dollars in digital assets to U.S. customers after getting busted for running a mobile application for crypto transactions without the required money transmitting licenses, a coalition of state financial regulators announced on Wednesday, with Washington state taking the lead.
-
June 26, 2024
Fed. Circ. Says No Fees For HID Global In Patent Suit
The Federal Circuit has backed a U.S. Court of Federal Claims finding that HID Global Corp. can't have attorney fees after being let out of patent litigation brought by Giesecke & Devrient, but it affirmed on different grounds.
-
June 26, 2024
Crypto ATM Co. Coinme Taps MoneyGram Atty As Legal Head
Crypto exchange and kiosk operator Coinme has brought on the former general counsel at payments firm MoneyGram to head its legal and compliance departments, the firm said on Wednesday.
-
June 25, 2024
Bank Groups Rip CFPB Stance On Wire Rules In NY's Citi Suit
Banking trade groups have slammed the Consumer Financial Protection Bureau for backing the New York attorney general's office in a lawsuit over Citibank's handling of online wire fraud claims, arguing the agency's support for a key legal position in the case marks a "complete reversal" from its past views.
-
June 25, 2024
Adviser, Firm Owe SEC $425K For Mishandling Crypto Assets
A Florida federal judge on Tuesday approved approximately $425,000 in settlements in a suit by the U.S. Securities and Exchange Commission against an investment adviser and its owner, alleging they hid investment strategies and lost control of the firm's recordkeeping, preventing them from accessing crypto assets possibly worth $10 million.
-
June 25, 2024
CFPB Delays Start Of Small-Biz Loan Rule Deadlines Until '25
The Consumer Financial Protection Bureau on Tuesday formally pushed back the compliance deadlines for its contested rule that establishes reporting requirements for the small-business lending market, putting nearly 10 more months on the clock for banks and other lenders after a court-ordered stay.
-
June 25, 2024
FTX Gets OK To Seek Creditor Votes On Ch. 11 Plan
Bankrupt cryptocurrency exchange FTX Trading Ltd. can seek creditor votes for its Chapter 11 plan after a Delaware bankruptcy judge said he would approve the debtor's disclosures after overruling several objections.
-
June 25, 2024
Broker's Lax ACH Monitoring Led To $330K Theft, FINRA Says
A broker-dealer that was once a unit of Oregon-headquartered Umpqua Bank has agreed to pay $225,000 to the Financial Industry Regulatory Authority after self-reporting supervisory oversights that enabled unauthorized parties to siphon over $330,000 out of a customer's account.
-
June 25, 2024
NY Judge Rejects Visa, Mastercard Fee Deal
A New York federal judge handling multidistrict litigation over Visa and Mastercard merchant fees rejected a proposed settlement for equitable relief and recommended a case from Grubhub be sent back to Illinois, making good on a suggestion she shared at a previous hearing.
-
June 25, 2024
FTC Suit Merely 'Publicity Stunt,' Seattle Bill Pay Biz Says
A Seattle-based online bill pay platform has accused the Federal Trade Commission of filing a baseless consumer protection suit against it, telling a Washington federal court the company has already gone above and beyond its legal obligations to satisfy regulators' concerns about misleading ads and hidden fees.
-
June 25, 2024
Man Convicted Of Crypto-Motivated Break-Ins, Kidnappings
A Florida man was convicted Tuesday in North Carolina federal court of leading a robbery crew that broke into people's homes, kidnapped them and stole Bitcoin and other cryptocurrency.
-
June 25, 2024
Firm Accused Of Raising $12M On Fake Investment Claims
The U.S. Securities and Exchange Commission has sued an investment firm and its adviser over allegations they fraudulently raised $12.5 million from investors while claiming it had ties to an art investing platform and had a major accounting firm as its auditor.
-
June 25, 2024
Fintech Exec Gets 3 Yrs In Crypto Market Manipulation Plot
The former head of financial engineering at fintech company Hydrogen Technology Corp. was sentenced Tuesday to nearly three years in prison for conspiring to manipulate the market for Hydrogen's digital assets.
-
June 24, 2024
Bill Pay Co. Tricks Consumers With 'Dark Patterns,' Suit Says
Third-party bill payment company Doxo Inc. and two of its co-founders have been hit with a proposed class action alleging the company uses so-called dark patterns to trick consumers into using its website to pay other companies' bills online.
-
June 24, 2024
More Law Schools Boosting AI In Curricula
Law schools are increasingly incorporating artificial intelligence into their curricula, including dedicated AI courses and opportunities for students to use AI tools, signaling a trend that the technology is becoming essential for future lawyers, according to results from an American Bar Association survey released Monday.
Expert Analysis
-
A Post-Mortem Analysis Of Stroock's Demise
After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.
-
Predicting DeFi Regulations At Home And Abroad In 2024
Though decentralized finance has advocates on both sides of the Atlantic in figures like U.S. SEC Commissioner Hester Peirce and U.K. Prime Minister Rishi Sunak, DeFi in 2024 seems likely to be folded into existing regulatory frameworks in the U.K. and EU, while anti-crypto scrutiny may discourage DeFi’s growth in the U.S., say Daniel Csefalvay and Eric Martin at BCLP.
-
Understanding SEC's Focus Amid Lack Of Final AI Rules
Although the U.S. Securities and Exchange Commission's proposed rules to govern artificial intelligence are likely far from being finalized, understanding existing regulatory provisions that could address AI risks with respect to development, disclosure, compliance and data protection could help firms anticipate and avoid pitfalls, say attorneys at Skadden.
-
How High Court SEC Case Could Affect The ITC
While the U.S. Supreme Court’s upcoming ruling in U.S. Securities and Exchange Commission v. Jarkesy will likely spare the U.S. International Trade Commission from major operative changes, the ITC’s ability to issue penalties for violations of its orders may change, say Gwendolyn Tawresey and Ryan Deck at Troutman Pepper.
-
CFPB Overdraft Rule Could Mean Big Shift In Banking Biz
The Consumer Financial Protection Bureau has proposed "to close a longstanding loophole" in the Truth in Lending Act by changing how it regulates overdraft fees, but underneath the headline-grabbing proposal is a foundational shift in how the bureau views overdraft services, say attorneys at Katten.
-
Open Questions After Elastos Crypto Class Action Settlement
The recent settlement in Owen v. Elastos Foundation resolving a class action fight over whether Elastos was required to register an initial coin offering with U.S. regulators has raised several questions that may be of interest to lawyers litigating cryptocurrency-related cases, including whether a crypto token constitutes a security under U.S. law, says Bradley Simon at Schlam Stone.
-
Series
Coaching High School Wrestling Makes Me A Better Lawyer
Coaching my son’s high school wrestling team has been great fun, but it’s also demonstrated how a legal career can benefit from certain experiences, such as embracing the unknown, studying the rules and engaging with new people, says Richard Davis at Maynard Nexsen.
-
Implications For Digital Assets After SEC Settlement With DAO
The U.S. Securities and Exchange Commission's December settlement with BarnBridge — finding that the decentralized autonomous organization's products were securities under federal law — foreshadows increased enforcement attention on digital assets, and reveals arguments the SEC may use in similar disputes with decentralized finance protocols, say attorneys at K&L Gates.
-
SG's Office Is Case Study To Help Close Legal Gender Gap
As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.
-
Bitcoin ETF Approval Doesn't Mean SEC Approves Of Crypto
While the U.S. Securities and Exchange Commission's approval last month of 11 applications for spot exchange-traded funds tracking bitcoin is a landmark moment for the crypto-asset industry, investors who are hopeful that the SEC will approve similar crypto-based ETFs may be disappointed, says attorneys at Mintz.
-
How Proposed Bipartisan Bill Would Reform Bank Exams
If the Fair Audits and Inspections for Regulators’ Exams Act, which was recently introduced by a bipartisan group of senators, were to be enacted, it would particularly benefit small lenders and bank-fintech partnerships by promoting transparency, appellate rights and examiner accountability, say attorneys at Latham.
-
Crypto Issues To Watch Amid Evolving Legal Landscape
This year will likely be a momentous one for crypto in the U.S., but whether it is successful or disastrous will depend on the outcome of high-profile court decisions and key regulatory actions, say attorneys at Venable.
-
FTC AI Inquiry Signals Intensified Focus On Emerging Tech
The Federal Trade Commission's recent inquiry into investments and partnerships between Big Tech companies and artificial intelligence startups appears to be directed at guiding future enforcement decisions in competition, privacy and consumer protection — and three principles discussed at a related tech summit give insight on the agency's approach, say attorneys at Skadden.
-
Reimagining Law Firm Culture To Break The Cycle Of Burnout
While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.
-
Series
ESG Around The World: Brazil
Environmental, social and governance issues have increasingly translated into new legislation in Brazil since 2020, and in the wake of these recently enacted regulations, we are likely to see a growing number of legal disputes in the largest South American country related to ESG issues such as greenwashing if companies are not prepared to adequately adapt and comply, say attorneys at Mattos Filho.