Fintech

  • September 11, 2024

    Star Witness In Bankman-Fried Trial Seeks No Prison Time

    Former FTX insider Caroline Ellison urged a Manhattan federal judge not to sentence her to prison for her part in the crypto exchange's massive fraud scheme, citing her remorse and the "devastating" trial testimony she gave against onetime romantic partner and company founder Sam Bankman-Fried.

  • September 11, 2024

    Trustpilot Kicks Off £20M Share Buyback, Returns To Profit

    Trustpilot Group PLC launched a new share buyback program worth up to £20 million ($26 million) on Wednesday as the consumer reviews platform bids to reduce its outstanding share capital after it swung back to profit.

  • September 11, 2024

    UK Gov't To Classify Cryptocurrency As Personal Property

    The U.K. government introduced a bill on Wednesday that classifies bitcoin and other cryptocurrencies as personal property, a move that will give owners of digital assets certainty and protection under the law if it passes.

  • September 11, 2024

    Solaris Sues Binance For €144M After Debit Card Deal Axed

    Online banking group Solaris has sued Binance in London for €144 million ($159 million) it claims to be owed in guaranteed fees after the cryptocurrency exchange operator terminated an agreement for the provision of debit cards to customers of Binance companies. 

  • September 11, 2024

    Missouri Man Gets 3 Years In Prison For Fraud, Tax Crimes

    A Missouri man was sentenced to three years in prison for attempting to raid bank accounts and fetching roughly $3 million in corporate tax refunds for a bogus company, Connecticut's top federal prosecutor announced.

  • September 10, 2024

    House Panel To Consider Axing $600 Payment Reporting Law

    The House Ways and Means Committee is set to consider legislation Wednesday that would repeal a law requiring peer-to-peer payment platforms such as Venmo and PayPal to report aggregate payments of $600 or more, among other bills.

  • September 10, 2024

    McGuireWoods Adds Ex-Prosecutor, Former Fintech GC In SF

    McGuireWoods LLP continues to bolster its West Coast presence, announcing Tuesday that it has added a former federal prosecutor and the former general counsel for a fintech company as partners at its San Francisco office.

  • September 10, 2024

    Crypto-Biz Loses 'Mara' TM Over Virtual Coin Services

    British officials have partially pulled the plug on an African technology company's trademark for "Mara," ruling that a rival business had already cornered the virtual coin market with a similar-looking name.

  • September 10, 2024

    FCA Charges 1st Individual With Running Illegal Crypto-ATMs

    The Financial Conduct Authority said Tuesday that it has launched its first criminal prosecution of an individual suspected of running a network of illegal cryptocurrency ATMs.

  • September 10, 2024

    Investors Sue Broker For Assisting $129M Forex Fraud

    A group of investors who lost tens of millions of dollars in a fraudulent foreign exchange scheme have sued a London broker for approximately $43 million for allegedly providing credit for the company to trade through brokerage accounts which perpetuated the fraud.

  • September 09, 2024

    Bancor Protocol Operators Beat Investor Class Action

    A Texas federal judge has dismissed a securities class action against the operators of a cryptocurrency protocol known as the Bancor, agreeing with a magistrate judge's report and recommendation that the plaintiff's challenged transactions don't meet the requirements of a domestic transaction under the so-called Morrison standard set by the U.S. Supreme Court.

  • September 09, 2024

    Yodlee Privacy Class Cert. Bid Faces Uphill Climb

    A California federal judge on Monday said she is "inclined" to find that three consumers claiming Yodlee Inc. unlawfully collected their banking data did not have standing to pursue claims or represent proposed classes alleging their transaction information was sold, even though the idea of the stored data is "creepy."

  • September 09, 2024

    Ex-Lender Says FDIC Can't 'Ignore' Key High Court Precedents

    A former small-business financier battling a multimillion-dollar Federal Deposit Insurance Corp. enforcement action has doubled down on his Washington, D.C., federal court challenge to the agency's use of administrative proceedings, saying the regulator must be held to U.S. Supreme Court precedents.

  • September 09, 2024

    Coinbase Notches Some Wins In SEC Discovery Battle

    A New York federal judge has granted, and tailored, the "substantial part" of the crypto exchange Coinbase's remaining discovery requests from the U.S. Securities and Exchange Commission after the firm abandoned its bid to review personal communications from the agency chair, Gary Gensler.

  • September 09, 2024

    CFTC, Kalshi Duel Over Stay Of Election Betting Order

    The Commodity Futures Trading Commission told a Washington, D.C., federal judge on Monday its request to stay a decision allowing KalshiEx LLC to list election contracts until the commission can weigh an appeal "is not a mere delay tactic," despite the online trading platform's protests that any further holdup to its listings would be "devastating" for business.

  • September 09, 2024

    FTX To Pay $14M To Access $600M Robinhood Share Cashout

    Defunct cryptocurrency exchange FTX Trading Ltd. has struck a $14 million deal that will let it access more than $600 million of cash and liquidated shares in Robinhood Markets Inc., in a settlement agreement with Sam Bankman-Fried-founded Emergent Fidelity Technologies Ltd.

  • September 09, 2024

    Catching Up With Delaware's Chancery Court

    Delaware's Court of Chancery made some expensive decisions last week, ranging from a $130 million stockholder award and a freeze on $450 million in equity financing to a whopping $1 billion bill for fraud and breach of contract damages. New cases aimed at Virgin Galactic, settlements pulled in Hemisphere Media Group Inc. and court hearings involving Apollo Global Management heated up. In case you missed it, here's the roundup of news from Delaware's Court of Chancery.

  • September 09, 2024

    Squarespace Gets 'Best And Final' $7.2B Offer From Permira

    Squarespace Inc. said Monday that it has agreed to amend a previous take-private buyout agreement with Permira, bumping up the aggregate transaction value by $300 million to approximately $7.2 billion.

  • September 06, 2024

    Covington Owes $100M For Malpractice, Ex-Client Claims

    A blockchain entrepreneur and attorney is seeking at least $100 million from Covington, claiming in a legal malpractice suit filed Friday in New York state court that he could have avoided years of fighting a federal extortion case if firm partners hadn't advised against handing prosecutors "clearly exculpatory evidence."

  • September 06, 2024

    Calif. Takes AI Reins With Looming Safety, Transparency Laws

    A pair of groundbreaking legislative proposals aimed at ensuring the safe and transparent deployment of artificial intelligence systems are headed to the California governor's desk, raising questions about whether lawmakers are taking the right approach to regulating the emerging technology and how the state's privacy regulator will respond. 

  • September 06, 2024

    Crypto Project Finds Shkreli's Wu-Tang Claims 'Dubious'

    The crypto project suing Martin Shkreli for allegedly harming the value of a one-of-a-kind Wu-Tang Clan album on Friday urged a federal judge to ensure Shkreli "fully" complies with an order directing him to surrender all copies of the album after the project found his recent submission lacking.

  • September 06, 2024

    Investment Co. Appeals Sanction In Highland Ch. 11

    An alternative investment company has asked a Texas federal court to overturn a sanctions order it received in defunct hedge fund Highland Capital's Chapter 11 case after the bankruptcy court concluded that it filed a claim in bad faith.

  • September 06, 2024

    CFPB's Zelle Scrutiny Leaves Banks Guessing On Next Moves

    As federal regulators turn up the heat on major banks over long-simmering complaints about fraud and scams on Zelle, the largest U.S. peer-to-peer payments platform, it remains unclear whether more banks could face scrutiny and what they can do to get ahead of it.

  • September 06, 2024

    CFTC Loses Court Battle Over Election Betting Contracts

    A Washington, D.C., federal judge ruled against the U.S. Commodity Futures Trading Commission on Friday in a case that challenged an agency ban on the use of the derivatives markets to place bets on the outcome of U.S. elections, granting victory to trading platform KalshiEx LLC. 

  • September 06, 2024

    YouTuber Says Logan Paul Filed Defamation Claims Too Soon

    YouTuber Coffeezilla has told a Texas federal judge that social media entertainer Logan Paul's defamation suit shouldn't move forward since Paul never asked the video creator to correct or rework the investigative series that Paul claims defamed him as a scammer.

Expert Analysis

  • Perspectives

    Trauma-Informed Legal Approaches For Pro Bono Attorneys

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    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.

  • The Fed. Circ. In May: The Printed Matter Doctrine's Scope

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    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.

  • CFPB's Expanding Scope Evident In Coding Bootcamp Fine

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    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.

  • Fintech Compliance Amid Regulatory Focus On Sensitive Data

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    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.

  • 4 Arbitration Takeaways From High Court Coinbase Ruling

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    The U.S. Supreme Court's May 23 decision in Coinbase v. Suski, which provides clarity to parties faced with successive contracts containing conflicting dispute resolution provisions, has four practical impacts for contracting parties to consider, say Charles Schoenwetter and Eric Olson at Bowman and Brooke.

  • Series

    Playing Music Makes Me A Better Lawyer

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    My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.

  • How Attys Can Avoid Pitfalls When Withdrawing From A Case

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    The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.

  • Using A Children's Book Approach In Firm Marketing Content

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    From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.

  • The State Of Play In DEI And ESG 1 Year After Harvard Ruling

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    Almost a year after the U.S. Supreme Court decided Students for Fair Admissions v. Harvard, attorney general scrutiny of environmental, social and governance-related efforts indicates a potential path for corporate diversity, equity and inclusion initiatives to be targeted, say attorneys at Crowell & Moring.

  • CFPB Poised To Up The Ante After Supreme Court Victory

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    When the U.S. Supreme Court emphatically ruled last week that the Consumer Financial Protection Bureau's funding structure did not violate the Constitution, the agency boasted that it was "here to stay," signaling that it is moving full steam ahead with its regulatory, enforcement and supervisory agenda, says Jim Sandy at McGlinchey Stafford.

  • Diving Deep Into Sweeping NY Financing Bill — And Its Pitfalls

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    A New York bill seeking to impose state usury limits onto a broader variety of financing arrangements and apply lender licensing requirements to more diverse entities would present near-insurmountable compliance challenges for lenders and retailers, say Kate Fisher and Tom Quinn at Hudson Cook.

  • Influencer Considerations As FINRA Initiates Crackdown

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    To avert risks when evaluating influencer and referral programs, firms should assess the Financial Industry Regulatory Authority's recent settlements involving the supervision of social media tastemakers, as well as recent FINRA guidance in this area, say attorneys at Troutman Pepper.

  • New Crypto Reporting Will Require Rigorous Recordkeeping

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    The release of a form for reporting digital asset transactions is a pivotal moment in the Internal Revenue Service's efforts to track cryptocurrency activities that increases oversight by requiring brokers to report investor sales and exchanges, say Shaina Kamen and Max Angel at Holland & Knight.

  • A Comparison Of FDIC, OCC Proposed Merger Approaches

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    Max Bonici and Connor Webb at Venable take a closer look at the Federal Deposit Insurance Corp.'s and Office of the Comptroller of the Currency's respective bank merger proposals and highlight certain common themes and important differences, in light of regulators continually rethinking their approaches to bank mergers.

  • Crypto Mixer Laundering Case Provides Evidentiary Road Map

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    A Washington, D.C., federal court’s recent decision to allow expert testimony on blockchain analysis software in a bitcoin mixer money laundering case — which ultimately ended in conviction — establishes a precedent for the admissibility of similar software-derived evidence, say Peter Hardy and Kelly Lenahan-Pfahlert at Ballard Spahr.

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