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July 17, 2024
Robinhood's $9M Promo Text Suit Settlement Gets Final Nod
A Washington federal judge has awarded $2.2 million in attorney fees and granted final approval to a $9 million settlement resolving claims that stock-trading app Robinhood's referral program caused nonusers to receive unsolicited promotional texts, in violation of Evergreen State law.
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July 16, 2024
Green Dot Brass Hid Declining Biz And Fed Action, Suit Says
The top brass at prepaid debit card company Green Dot Corp. has been hit with a derivative shareholder suit, alleging they concealed the company's faltering core business and a proposed consent order from the Federal Reserve Board over internal controls while board members sold millions of dollars worth of shares at inflated prices.
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July 16, 2024
Banks Say 'Ambiguity' Hampers FDIC's Digital Signage Rules
Major banking trade groups have urged the Federal Deposit Insurance Corp. to clarify its new rule on how banks should display digital branding about deposit insurance to online customers, saying their compliance efforts have been hampered by "significant ambiguity" in the rule.
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July 16, 2024
6th Circ. Says Credit Union Can't Sue T-Mobile Over Cell Scam
The Sixth Circuit on Tuesday ruled that a lower court was correct in tossing a lawsuit in which Michigan First Credit Union sued T-Mobile to recover the reimbursement fees the credit union paid to customers after they suffered unauthorized electronic transfers of money from their accounts due to cellphone scams.
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July 16, 2024
Coinbase Scales Back Its SEC Request For Gensler Docs
Crypto exchange Coinbase said it will narrow its request for the communications of U.S. Securities and Exchange Commission Chair Gary Gensler after the New York federal judge overseeing its enforcement suit warned that seeking private emails would be a "tough road to hoe."
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July 16, 2024
Chinese Exile Guo Guilty On Most Counts In $1B Fraud Case
A Manhattan federal jury on Tuesday convicted prominent Chinese Communist Party critic Miles Guo on most charges alleging he operated a vast fraud that solicited more than $1 billion worth of sham investments from his supporters.
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July 16, 2024
Stradley Ronon Hires 2 Corporate Attorneys In DC
Stradley Ronon Stevens & Young LLP has hired two corporate partners in Washington, D.C., and one of those new additions will co-lead the firm's private investment funds practice, according to a Monday announcement.
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July 16, 2024
The 2024 Diversity Snapshot: What You Need To Know
Law firms' ongoing initiatives to address diversity challenges have driven another year of progress, with the representation of minority attorneys continuing to improve across the board, albeit at a slower pace than in previous years. Here's our data dive into minority representation at law firms in 2023.
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July 16, 2024
These Firms Have The Most Diverse Equity Partnerships
Law360’s law firm survey shows that firms' efforts to diversify their equity partner ranks are lagging. But some have embraced a broader talent pool at the equity partner level. Here are the ones that stood out.
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July 15, 2024
Gemini Says CFTC Can't Have It Both Ways On Materiality
Crypto exchange Gemini Trust Co. told a New York federal judge late Monday that the U.S. Commodity Futures Trading Commission's arguments that Gemini misled it on aspects of a proposed bitcoin futures contract "directly contradict" the agency's defense of sanctions for its own alleged misstatements in another enforcement action.
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July 15, 2024
SEC Urged To Investigate OpenAI For Anti-Whistleblower NDAs
The U.S. Securities and Exchange Commission has been contacted by at least one whistleblower urging it to investigate artificial intelligence pioneer OpenAI for allegedly requiring employees to sign agreements discouraging them from reporting potential wrongdoing to federal regulators, according to a letter shared with Law360 on Monday.
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July 15, 2024
Crypto Promoter Says SEC's Ripple Appeal Helps His Request
A crypto influencer fighting a U.S. Securities and Exchange Commission lawsuit has told a Texas federal judge that his bid for an immediate appeal of a ruling against him is supported by the SEC's own attempt to appeal an adverse ruling in its case against blockchain firm Ripple Labs.
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July 15, 2024
SEC Pans Database Privacy Challenge As Too Little, Too Late
The U.S. Securities and Exchange Commission is looking to rid itself of a proposed class action targeting a market surveillance tool known as the consolidated audit trail, telling a Texas federal judge that shutting down a critical market stability tool 12 years after its creation would harm the public without providing any benefit to suing investors.
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July 15, 2024
Logan Paul 'Willfully Ignored' Partners' Fraud, Investor Says
A Texas buyer of influencer Logan Paul's never-launched CryptoZoo project told a Texas federal judge the YouTuber shouldn't win default judgments against the business partners he says duped him as he continues to face a proposed class's claims that he defrauded investors alongside them.
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July 15, 2024
Binance 'Knowingly' Assisted Hamas, Oct. 7 Survivors Say
Survivors of Hamas' Oct. 7 attack in Israel have told a New York federal judge that Binance should be held accountable for allegedly funding terrorist activity since they say the cryptocurrency exchange was created as an "illicit financial tool" that operated without adequate compliance controls to knowingly provide criminal customers with access to funds.
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July 15, 2024
Fed's Powell Says He's Not Going Anywhere As Chairman
Federal Reserve Chair Jerome Powell said Monday that he will serve out the remaining two years of his appointment leading the central bank, signaling his intent to stick around despite questions about his future in a second potential Trump administration.
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July 15, 2024
Judge Keeps Most Of TM Suit Against Musk's X Corp. Intact
Elon Musk's Twitter rebrand X Corp. suffered a setback Monday when a Florida federal judge kept intact most of a trademark infringement complaint by X Social Media LLC, an advertising agency for attorneys, with only one claim dismissed from the suit.
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July 15, 2024
FTX Proposes $4B Settlement Of CFTC's Massive $52B Claim
FTX Trading Ltd. asked a Delaware bankruptcy judge to sign off on a settlement with the U.S. Commodity Futures Trading Commission, saying the agreement to allow the agency a $4 billion claim in its bankruptcy would end a fraud civil enforcement action and address the "most significant single creditor" in the crypto currency exchange's Chapter 11 case.
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July 15, 2024
Catching Up With Delaware's Chancery Court
Chancery Court news was full of fees and settlements last week, with three multimillion-dollar deals getting a court OK, and a daylong discussion over a potentially multibillion-dollar fee award for attorneys who got Tesla CEO Elon Musk's astronomical pay package thrown out. The court also banged the gavel in cases involving e-payment venture SwervePay and managed care company Centene Corp., and heard arguments from software company SAP SE and biotech Renmatix Inc.
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July 15, 2024
LendingTree Urges FCC To Narrow Lead Consent Rule
Loan marketplace LendingTree is asking the Federal Communications Commission to add an exception to its new "lead generator" consent rule, saying that as it's currently constructed, the rule disadvantages small businesses competing with larger brand names.
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July 15, 2024
No Sanctions For Milberg In Visa, Mastercard MDL
A New York federal judge on Friday declined to order sanctions against Milberg Coleman Bryson Phillips Grossman LLC after the firm admitted to mistakenly registering fraudulent clients in long-running multidistrict litigation that accused Visa and Mastercard of charging improper merchant fees.
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July 15, 2024
Health Services Spinoff Leads 3 IPO Launches Totaling $1.1B
Occupational health services provider Concentra Group Holdings Parent Inc. unveiled a price range Monday for an estimated $551 million initial public offering, leading a trio of companies that launched plans for new listings that would exceed $1.1 billion combined.
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July 12, 2024
Law360 Names 2024's Top Attorneys Under 40
Law360 is pleased to announce the Rising Stars of 2024, our list of 158 attorneys under 40 whose legal accomplishments belie their age.
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July 12, 2024
Red State AGs Slam SEC 'Overreach' In Crypto Co. Challenge
Seven Republican state attorneys general have told a Texas federal judge that the U.S. Securities and Exchange Commission's alleged crypto policy of "rulemaking by district court enforcement action" threatens their ability to protect consumers as the court weighs a yet-to-launch crypto exchange's preemptive challenge to the securities regulator.
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July 12, 2024
CFPB Takes Its 5th Circ. Lumps To Advance Late Fee Rule Suit
The Consumer Financial Protection Bureau has told the Fifth Circuit that it won't appeal a three-judge panel's decision forcing it defend its $8 credit card late fee rule in Texas rather than Washington, D.C., a move that could expedite the agency's efforts to free the rule from a lower-court injunction.
Expert Analysis
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How CFPB Credit Card Rules Slot Into Broader Considerations
Swirling legal challenges against the Consumer Financial Protection Bureau's recent rulemaking concerning credit card late fees raise questions about how regulated entities should respond to the bureau's rules — and how quickly they should act, say Caitlin Mandel and Elizabeth Ireland at Winston & Strawn.
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4 Takeaways From Biden's Crypto Mining Divestment Order
A May 13 executive order prohibiting the acquisition of real estate by a foreign investor on national security grounds — an enforcement first — shows the importance of understanding how the Committee on Foreign Investment in the United States might profile cross-border transactions, even those that are non-notified, say attorneys at Kirkland.
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Novel Applications May Fizzle After Fed Master Account Wins
Two recent federal court rulings that upheld decisions denying master account applications from two fintech-focused banks are noteworthy for depository institutions with novel charters that wish to have direct access to the Federal Reserve's payment channels and settle transactions in central bank money, say attorneys at Davis Polk.
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Exploring An Alternative Model Of Litigation Finance
A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, say Bob Koneck, Christopher Le Neve Foster and Richard Butters at Atlantic Global Risk LLC.
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Series
Teaching Yoga Makes Me A Better Lawyer
Being a yoga instructor has helped me develop my confidence and authenticity, as well as stress management and people skills — all of which have crossed over into my career as an attorney, says Laura Gongaware at Clyde & Co.
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A Vision For Economic Clerkships In The Legal System
As courts handle increasingly complex damages analyses involving vast amounts of data, an economic clerkship program — integrating early-career economists into the judicial system — could improve legal outcomes and provide essential training to clerks, say Mona Birjandi at Data for Decisions and Matt Farber at Secretariat.
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4 Sectors Will Likely Bear Initial Brunt Of FTC 'Junk Fees' Rule
If the Federal Trade Commission adopts its comprehensive proposed rule to ban unfair or deceptive fees across the U.S. economy, many businesses — including those in the lodging, event ticketing, dining and transportation sectors — will need to reexamine the way they market and price their products and services, say attorneys at Skadden.
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Key Antitrust Class Certification Questions Remain Unclear
The U.S. Supreme Court, by recently rejecting certiorari in Visa v. National ATM, turned down the opportunity to clarify how to analyze disputed evidence bearing on the certification of antitrust class actions, leaving the applicable standards unclear instead of resolving this split of authority, says Jonathan Berman at Jones Day.
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E-Discovery Quarterly: Recent Rulings On Text Message Data
Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.
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CFPB Reality Check: Video Game Cash Is Still Money
The Consumer Financial Protection Bureau's recent report examining payments within online video games indicates that financial services offered within the game marketplace are quickly evolving to the point where they are indistinguishable from traditional financial services subject to regulation, say attorneys at Sheppard Mullin.
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The Legal Issues Raised In Minn. Rate Exportation Opt-Out Bill
A recent Minnesota House bill would amend state law by opting out of the federal interest rate preemption and introduce several legal gray areas if passed, including issues regarding loan location, rates on credit card loans and values of state charters, says Karen Grandstrand at Fredrikson & Byron.
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8 Questions To Ask Before Final CISA Breach Reporting Rule
The Cybersecurity and Infrastructure Security Agency’s recently proposed cyber incident reporting requirements for critical infrastructure entities represent the overall approach CISA will take in its final rule, so companies should be asking key compliance questions now and preparing for a more complicated reporting regime, say Arianna Evers and Shannon Mercer at WilmerHale.
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Series
Swimming Makes Me A Better Lawyer
Years of participation in swimming events, especially in the open water, have proven to be ideal preparation for appellate arguments in court — just as you must put your trust in the ocean when competing in a swim event, you must do the same with the judicial process, says John Kulewicz at Vorys.
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What Makes Unionization In Financial Services Unique
Only around 1% of financial services employees are part of a union, but that number is on the rise, presenting both unique opportunities and challenges for the employers and employees that make up a sector typically devoid of union activity, say Amanda Fugazy and Steven Nevolis at Ellenoff Grossman.
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Opinion
CFPB Could, And Should, Revise Open Banking Rulemaking
In light of continued global developments in open banking, the Consumer Financial Protection Bureau should evaluate whether it actually should use its proposed rule on Section 1033 of the Dodd-Frank Act to amplify personal financial data rights in the U.S., says Brian Fritzsche at the Consumer Bankers Association.