Try our Advanced Search for more refined results
Fintech
-
June 04, 2024
SEC Shutters Salt Lake City Office, Shifts Cases To Denver
The U.S. Securities and Exchange Commission said on Tuesday that it will close its Salt Lake City office for budgetary and organizational purposes, saying that the caseload of the office, which among other things handled the troubled Debt Box case, will now be handled by staff in Denver.
-
June 03, 2024
FTX, IRS Propose Settling $8B Tax Fight For Just $885M
FTX and the Internal Revenue Service have reached a proposed settlement worth roughly $885 million that would resolve the agency's contention that the bankrupt cryptocurrency exchange operator owes $8 billion in taxes, according to a motion filed Monday in Delaware federal bankruptcy court.
-
June 03, 2024
TikTok Profits Off Of Child Sex Trafficking, Utah Alleges
Utah's Division of Consumer Protection hit TikTok Inc. with a lawsuit in state court Monday, accusing the social media giant of intentionally profiting off of child sex trafficking by implementing an unregulated virtual currency system in its live-streaming feature that allows children to be sexually exploited by adult viewers.
-
June 03, 2024
Congress' Crypto Votes Lay Groundwork For Next Session
Congress' sudden and surprisingly bipartisan momentum on crypto policy is unlikely to result in a signed law this year, but the agreements set the stage for proposals that could go the distance next session.
-
June 03, 2024
Epoch Times CFO Charged With $67M Laundering Scheme
The chief financial officer of the Epoch Times was charged with orchestrating a scheme to launder about $67 million of illicit proceeds to benefit himself and the newspaper, according to an indictment unsealed in New York federal court Monday.
-
June 03, 2024
Equifax Judge OKs $1.1M Atty Fees In Debt Reporting Deal
Attorneys will recover $1.1 million in fees for securing $500 payments for class members in litigation alleging Equifax reported unenforceable debts, a decision that comes several months after a California federal judge warned he would likely hold a portion of the fees until he learned the ultimate settlement payout.
-
June 03, 2024
Ex-SoftBank GC Joins Foley & Lardner As Partner In SF
Foley & Lardner LLP has hired SoftBank Investment Advisers' former general counsel, who has over a decade of experience in private practice and serving as in-house counsel overseeing SoftBank's legal team, which structured and monitored more than 300 portfolio companies worth more than $130 billion.
-
June 03, 2024
DC Settles Tax Fraud Suit Against Tech Co. Founder For $40M
The District of Columbia will collect $40 million from the founder of a technology and bitcoin holding company to settle a whistleblower complaint that alleged tax fraud, the district's attorney general said Monday.
-
June 03, 2024
CFPB Unveils Registry To Track Nonbank 'Repeat Offenders'
The Consumer Financial Protection Bureau on Monday finalized plans to begin centrally tracking court and regulatory enforcement orders against nonbank financial firms, issuing a rule that will create a public registry intended to help shine a light on companies that have recurring run-ins with authorities.
-
June 03, 2024
Cloud Tech Co. CalAmp Hits Ch. 11 For Debt Equity Swap
California-based cloud technology developer CalAmp Corp. filed for Chapter 11 bankruptcy on Monday in Delaware bankruptcy court, saying it entered a restructuring deal with lender Lynrock Lake Master Fund LP that would swap approximately $229 million of secured notes into equity interests in the reorganized business.
-
June 01, 2024
Blockbuster Summer: 10 Big Issues Justices Still Must Decide
As the calendar flips over to June, the U.S. Supreme Court still has heaps of cases to decide on issues ranging from trademark registration rules to judicial deference and presidential immunity. Here, Law360 looks at 10 of the most important topics the court has yet to decide.
-
May 31, 2024
Colo. AI Bias Law Lays 'Foundation' For New State Patchwork
Colorado's trailblazing legislation for regulating high-risk uses of artificial intelligence is likely to inspire other states to act, although a host of "reservations" about the measure from advocates and even Colorado's governor are likely to result in a fragmented national landscape as other states' legislatures use the measure as a launching point rather than a model they'd want to fully replicate.
-
May 31, 2024
Nigerian Fintech's Execs Sued Over Alleged Company Fraud
The current and former top brass of Nigerian fintech company Tingo Group Inc. have been hit with a derivative suit in New Jersey federal court over revelations of fraud at the company, which has led to other litigation, including actions launched by the U.S. Securities and Exchange Commission and the U.S. Department of Justice.
-
May 31, 2024
Biden Vetoes Bid To Nix SEC Crypto Accounting Guidance
President Joe Biden on Friday blocked a Congressional resolution to overturn the U.S. Securities and Exchange Commission's controversial crypto accounting guidance, saying the measure would "inappropriately constrain" the agency's ability to address future issues.
-
May 31, 2024
Frank Execs Must Keep Fighting JPMorgan Fraud Indictment
A New York federal judge has refused to throw out an indictment accusing two former executives of a student financial aid startup of tricking JPMorgan Chase & Co. into a buyout, according to an order filed Friday.
-
May 31, 2024
Coinbase Says 'Unworkable' Crypto Enforcement Needs Rules
Crypto exchange Coinbase told the Third Circuit on Friday that anything less than ordering the U.S. Securities and Exchange Commission to write rules for digital assets will "abet the dithering and delay" tactics that the regulator is using to "bludgeon" and "cripple" the industry with enforcement cases.
-
May 31, 2024
Jilted FTX Claim Buyer Sues Crypto Trader In Chancery
An affiliate of Connecticut hedge fund Silver Point Capital has sued a crypto trading firm and a buyer of FTX bankruptcy claims in Delaware Chancery Court, alleging that they breached a sale agreement for "a highly unique and lucrative customer claim" with a face value of $10 million in the FTX bankruptcy case.
-
May 31, 2024
DOJ Slams Apple's Planned Bid To Dismiss Antitrust Suit
The U.S. Justice Department has hit back against Apple's proposed bid to exit the department's antitrust suit claiming that the company is monopolizing the smartphone market, arguing that the technology giant ignores "well-pleaded facts" and misinterprets the law.
-
May 31, 2024
2 Estonians Charged In $575M Crypto, Laundering Schemes
Two Estonian nationals have been extradited to Seattle to face charges that they operated a pair of schemes that brought in $575 million, including a fraud on investors that touted fake cryptocurrency mining capacity.
-
May 31, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen financier Crispin Odey file a defamation claim against the Financial Times, Ford hit with the latest "Dieselgate" claim and a human rights activist bring a privacy claim against Saudi Arabia. Here, Law360 looks at these and other new claims in the U.K.
-
May 31, 2024
Tether Investment In Crypto Miner Bitdeer Worth Up To $150M
Singapore-based cryptocurrency miner Bitdeer Technologies Group said in a statement Friday it has completed a private placement deal with Tether International Ltd. that could bring proceeds of $150 million.
-
May 30, 2024
Regulator Says Attys Hit For AI Use Have Themselves To Blame
An attorney for Colorado's ethics watchdog said Thursday that recent disciplinary action against lawyers for filing briefs with fake case citations generated by ChatGPT indicates a "lawyer problem" rather than issues with the technology.
-
May 30, 2024
Ex-FTX Auditor Must Face SEC's Independence Rules Suit
The former auditor of Sam Bankman-Fried's defunct cryptocurrency exchange FTX must face the U.S. Securities and Exchange Commission's claims it violated auditor independence rules while collecting $3 million in fees from clients, a Florida federal judge has ruled, finding the agency's allegations establish severe recklessness.
-
May 30, 2024
Albright Urged To Up Flypsi's $12M Trial Win Against Google
A Texas jury verdict requiring Google to pay $12 million in damages to software developer Flypsi Inc. for patent infringement is insufficient, Flypsi has told U.S. District Judge Alan Albright, asking the court to order a damages retrial or award it ongoing royalties and require Google to pay attorney fees.
-
May 30, 2024
Ex-Deutsche Bank Trader Gets 3½ Years For Crypto Scheme
A former Deutsche Bank associate has been sentenced to three years and five months in prison after pleading guilty in September to wire fraud and access device fraud in connection with a $1.5 million cryptocurrency investment scheme, Brooklyn federal prosecutors announced Thursday.
Expert Analysis
-
Charting The Course For Digital Assets In 2024
Although 2023 was a tough year for the digital asset industry, upcoming court decisions, legislation and regulatory action will bring clarity, allowing the industry to expand and evolve, and the government will decide what innovation it will allow without challenge, says Joshua Smeltzer at Gray Reed.
-
What To Expect From The CFPB This Year
The potential for upheaval at the Consumer Financial Protection Bureau will be greater during an election year, and there are several opportunities and challenges ahead for the bureau in 2024, say Eric Mogilnicki and David Stein at Covington.
-
Law Firm Strategies For Successfully Navigating 2024 Trends
Though law firms face the dual challenge of external and internal pressures as they enter 2024, firms willing to pivot will be able to stand out by adapting to stakeholder needs and reimagining their infrastructure, says Shireen Hilal at Maior Consultants.
-
The Most-Read Legal Industry Law360 Guest Articles Of 2023
A range of legal industry topics drew readers' attention in Law360's Expert Analysis section this year, from associate retention strategies to ethical billing practices.
-
What The 2023 Bank Failures Taught Us, And What's To Come
As 2023 draws to a close, it's apparent that the bank failures this past spring sparked a seismic shift in the regulatory and supervisory landscape for banking organizations, and the consequences are still continuing to be felt throughout the financial sector as we head into 2024, say attorneys at Morgan Lewis.
-
How SEC And NY Cyber Reporting Rules Affect Key Industries
The new U.S. Securities and Exchange Commission and New York State Department of Financial Services cybersecurity disclosure requirements, and their competing obligations, reveal the increasing complexity for organizations evaluating and reacting to cybersecurity incidents — particularly those in the healthcare and financial services industries, say attorneys at Manatt.
-
Attorneys' Busiest Times Can Be Business Opportunities
Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.
-
In The World Of Legal Ethics, 10 Trends To Note From 2023
Lucian Pera at Adams and Reese and Trisha Rich at Holland & Knight identify the top legal ethics trends from 2023 — including issues related to hot documents, artificial intelligence and cybersecurity — that lawyers should be aware of to put their best foot forward.
-
Strategies For Wire Fraud Prevention As Risk Is On The Rise
Wire transfer fraud is increasingly affecting investment managers, nonbank fintech companies and their clients, but there are steps financial institutions can take to mitigate this increasing risk, like testing cybersecurity effectiveness and sending fake phishing emails, says Casey Jennings at Seward & Kissel.
-
Fed's New Swipe At Debit Fees Stirs Up Dilemma For Banks
The Federal Reserve's proposal to reduce the cap on debit card interchange fees charged or received by card issuers and payment networks comes as other bank account fees are taking regulatory hits, which could all culminate in an overall decline in access to banking products and services, says Kristen Larson at Ballard Spahr.
-
SEC, NY Cybersecurity Rules Create Complexity For Insurers
Two separate cybersecurity rules recently adopted by the New York Department of Financial Services and the U.S. Securities and Exchange Commission pose distinct challenges for insurance industry participants, with important interactions, and potential tensions, for those required to comply with both frameworks, say attorneys at Debevoise.
-
The Ethics Of Accepting Advanced Legal Fees In Crypto
State and local bar associations have been weighing in on whether attorneys may accept cryptocurrency as a form of payment in advance of providing legal services, but the answer is frequently a fact-specific inquiry that demands close reading of the rules of professional conduct, say Matthew Feinberg and Jeffrey Cunningham at Goldberg Segalla.
-
How Attorneys Can Be More Efficient This Holiday Season
Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.
-
A Look At FedNow Liability Allocation And A 4th Circ. Toss-Up
Dsu-Wei Yuen and Andrew Lorentz at Davis Wright break down the current legal requirements that are directly applicable to common electronic payment systems like FedNow and Automated Clearing House and how they could be affected by a decision in Studco v. 1st Advantage Credit Union, currently on appeal in the Fourth Circuit.
-
3 Defense Takeaways From The Bankman-Fried Trial
FTX founder and former CEO Sam Bankman-Fried’s recent fraud conviction offers several key lessons for future white collar defendants, from the changing nature of cross-examination to the continued risks of taking the stand, say Jonathan Porter and Gregg Sofer at Husch Blackwell.