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March 05, 2025
Ex-Girlfriend Of $36M Crypto Schemer Admits Hiding Profits
The ex-girlfriend of a cryptocurrency founder who evaded taxes on a $36 million hacking scheme admitted to hiding profits from the IRS and participating in the ploy by heading shell companies and paying Los Angeles sheriff's deputies to target his enemies, according to the U.S. Department of Justice.
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March 04, 2025
Avalara Investor Asks 9th Circ. To Revive $8B PE Buyout Suit
An Avalara shareholder urged the Ninth Circuit on Tuesday to revive a proposed securities class action alleging the tax software company duped investors into approving a "deficient" $8.4 billion private equity buyout, arguing the trial court erred in finding Avalara's statements tied to "numerically specific metrics" weren't false or misleading.
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March 04, 2025
Banks To Face New Defenders Of CFPB Overdraft Rule
A Mississippi federal judge said Tuesday that he will allow two outside nonprofits to step into litigation over the Consumer Financial Protection Bureau's $5 overdraft fee rule and defend the Biden-era regulation against a banking industry-backed legal challenge.
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March 04, 2025
Agencies Have 'Ultimate' Authority Over Firings, OPM Says
The Office of Personnel Management on Tuesday issued a revised version of its January memo directing agency heads to identify all probationary employees, adding a disclaimer that OPM "is not directing agencies to take any specific performance-based actions" and that agencies "have ultimate decision-making authority."
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March 04, 2025
Semiconductor Co. Faces Suit Over Apple Biz Loss, AI Hype
Semiconductor maker Skyworks Solutions Inc. was hit Tuesday with a proposed investor class action alleging it hurt investors by downplaying the risks posed by the loss of business from iPhone maker Apple, a major customer, and overplaying the strength of artificial intelligence to its business.
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March 04, 2025
Blockchain Org. Wins $3.5M Fees From Trader's Seized Assets
Crypto project the ICON Foundation is set to receive $3.5 million in attorney fees and costs after it successfully turned the tables on a user who sued the project after it took action to freeze millions of tokens he created by exploiting a bug in the project's software.
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March 04, 2025
CFPB Says Ga. Enforcement Atty 'No Longer Employed' There
Another Consumer Financial Protection Bureau attorney, based out of the agency's Atlanta regional office, has left the bureau as it faces uncertainty under President Donald Trump's administration.
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March 04, 2025
Bored Ape NFT Maker, Crypto Co. Say SEC Threats Are Over
The crypto arm of trading firm DRW Holdings LLC and the company behind the celebrity-endorsed non-fungible token project known as the Bored Ape Yacht Club say that they are the latest in a string of digital asset firms to see the back of the U.S. Securities and Exchange Commission.
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March 04, 2025
IRS Crypto Summons Broke Privacy Law, 5th Circ. Told
The IRS failed to comply with privacy law in seeking a cryptocurrency executive's third-party bank records, the executive told the Fifth Circuit, saying the agency never notified his attorney even though it was aware he was represented by counsel.
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March 04, 2025
CFPB Drops Zelle Fraud Prevention Suit Against Big Banks
The Consumer Financial Protection Bureau on Tuesday abandoned its lawsuit against JPMorgan Chase and other major banks over digital payment fraud on Zelle, the latest Biden-era enforcement action to be dropped by the agency's Trump-appointed interim leadership.
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March 03, 2025
DC Judge Calls For CFPB Official To Testify In Shutdown Suit
A Washington, D.C., federal judge on Monday signaled skepticism of Trump administration claims that the Consumer Financial Protection Bureau isn't going away, summoning a senior agency official to testify next week as she weighs a possible preliminary injunction.
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March 03, 2025
Aspiration Founder Arrested For Alleged $145M Fraud Scheme
Joseph Sanberg, co-founder of the celebrity-backed and sustainability-focused financial services company Aspiration Partners Inc., was arrested Monday over federal criminal allegations he schemed to defraud investor funds out of at least $145 million, federal prosecutors in California announced.
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March 03, 2025
Ramey Dodges Fees After Losing Virtual Payment Patent Suit
A Texas federal judge has thrown out a patent infringement lawsuit against a San Antonio bank after finding "no plausible allegation of infringement of any type," while rejecting a request to make William Ramey III of Ramey LLP, the prolific plaintiffs patent lawyer, pay the bank's legal fees.
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March 03, 2025
Judge Tosses SEC Crypto Case For Lack Of US Ties
Crypto founder Richard Heart has beaten a U.S. Securities and Exchange Commission suit over his Hex, PulseChain and PulseX crypto projects after the Brooklyn federal judge overseeing the case found the regulator failed to show enough stateside ties.
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March 03, 2025
FDIC Beats Bank's Constitutional Fight Over In-House Judges
A Kansas federal judge tossed on Monday a local bank's constitutional challenge to administrative law judges presiding over the Federal Deposit Insurance Corp.'s $20.5 million anti-money laundering enforcement proceeding against the bank, ruling that the district court does not have the jurisdictional authority to hear the bank's Seventh Amendment claims.
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March 03, 2025
Fed. Circ. Tosses Appeal In Card Payment Patent Dispute
The Federal Circuit on Monday threw out a patent holder's challenge of an order clarifying that motions for sanctions by gift card company Blackhawk Networks and shopping mall owner Simon Property Group remained live after a Texas federal court's non-infringement judgment.
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March 03, 2025
SEC's Peirce Taps Ex-Willkie Partner For Crypto Task Force
The U.S. Securities and Exchange Commission has hired a former Willkie Farr & Gallagher LLP partner into a leadership role in its new task force created to transform the agency's approach toward the cryptocurrency industry.
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March 03, 2025
Kraken Joins Crypto Cos. Announcing SEC Case Dismissals
Crypto exchange Kraken said Monday that the U.S. Securities and Exchange Commission is also walking away from its registration suit amid a bevy of crypto case dismissals and investigation closures that have come as part of a new approach to digital asset policy.
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March 03, 2025
Former SDNY Top Prosecutor Kim Returns To Private Sector
Veteran white-collar defense lawyer Edward Kim, who most recently served as acting U.S. attorney for the Southern District of New York, said Monday he is returning to the firm he founded, Krieger Lewin LLP, which will be known as KKL.
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March 03, 2025
Coinbase Wants To Know SEC Spend On Crypto Enforcement
Crypto exchange Coinbase wants to know how much the U.S. Securities and Exchange Commission spent on its "regulation-by-enforcement campaign" against crypto firms under previous Chair Gary Gensler, according to a Freedom of Information Act request submitted on Monday.
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February 28, 2025
CFPB Endgame Is Just 'Five Men And A Phone,' Filings Allege
Current and former Consumer Financial Protection Bureau employees alleged in D.C. federal court filings that the Trump administration is much more aggressively trying to gut the agency than it has let on, warning it has already damaged vital functions.
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February 28, 2025
CFPB Won't Drop MoneyLion Suit Despite Agency Shake-Up
The Consumer Financial Protection Bureau told a New York federal judge Friday that the agency plans to continue pursuing its lawsuit against MoneyLion Technologies Inc. under Trump-appointed leadership despite uncertainty about the agency's future and the CFPB's recent decisions to drop other actions due to the Trump administration's policy shake-up.
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February 28, 2025
SEC, Ex-Silvergate CFO Trade Shots Over Enforcement Case
The U.S. Securities and Exchange Commission on Friday urged a New York federal court not to throw out its claims that the former chief financial officer of defunct crypto-focused bank Silvergate Capital concealed the bank's rocky financial position, saying that the executive is mischaracterizing its claims.
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February 28, 2025
Trump Admin Cuts Raise Trade Secret Security Concerns
As the Trump administration reduces the size of the federal government, intellectual property attorneys are expressing concerns about the continued safeguarding of trade secrets that companies are required to disclose to certain agencies.
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February 28, 2025
BofA Customer Gets Class Cert. In Revived ATM Fee Dispute
A class of account holders who allege Bank of America breached a contract by charging out-of-network fees for balance inquiries at certain ATMs can now proceed with claims as a class after their initial attempt at certification was denied.
Expert Analysis
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Think Like A Lawyer: Note 3 Simple Types Of Legal Complexity
Cases can appear complex for several reasons — due to the number of issues, the volume of factual and evidentiary sources, and the sophistication of those sources — but the same basic technique can help lawyers tame their arguments into a simple and persuasive message, says Luke Andrews at Poole Huffman.
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Series
Gardening Makes Me A Better Lawyer
Beyond its practical and therapeutic benefits, gardening has bolstered important attributes that also apply to my litigation practice, including persistence, patience, grit and authenticity, says Christopher Viceconte at Gibbons.
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Federal Embrace Of Crypto Regs Won't Lower State Hurdles
Even if the incoming presidential administration and next Congress focus on creating clearer federal regulatory frameworks for the cryptocurrency sector, companies bringing digital asset products and services to the market will still face significant state-level barriers, say attorneys at Mayer Brown.
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SEC Prioritized Enforcement Sweeps As Cases Slowed In '24
Following three consecutive years of increasing activity, fiscal year 2024 marked the lowest number of cases the U.S. Securities and Exchange Commission has brought since Gary Gensler assumed office in April 2021, buttressed by some familiar enforcement sweeps, say attorneys at Covington.
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Litigation Inspiration: Reframing Document Review
For attorneys — new ones especially — there is much fulfillment to find in document review by reflecting on how important, interesting and pleasant it can be, says Bennett Rawicki at Hilgers Graben.
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2 Cases Show DAOs May Face Increasing Legal Scrutiny
Two ongoing cases that recently survived motions to dismiss in California federal courts concerning Compound DAO and Lido DAO threaten to expand the potential liability for activity attributed to decentralized autonomous organizations — and to indirectly create liability for their participants, say attorneys at Cahill Gordon.
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3 Changes Community Banks Should Expect Under Trump
A second Trump administration promises a sea change for regional and community banks, including shifts in the regulatory environment, Community Reinvestment Act rules and the M&A landscape, say attorneys at Manatt.
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5 Ways SEC's Crypto Approach Could Change Under Trump
Given the Trump campaign's procrypto stance, the U.S. Securities and Exchange Commission could take a number of different approaches to crypto policy in the next administration, including pausing registration-only enforcement actions and proposing tailored rules that take into account the differences between crypto-assets and traditional securities, say attorneys at WilmerHale.
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Series
Flying Makes Me A Better Lawyer
Achieving my childhood dream of flying airplanes made me a better lawyer — and a better person — because it taught me I can conquer difficult goals when I leave my comfort zone, focus on the demands of the moment and commit to honing my skills, says Ivy Cadle at Baker Donelson.
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With Precautions, AI Can Help With Suspicious Activity Filings
While artificial intelligence can enhance suspicious activity report processes, financial services firms should review applicable expectations and areas of deficiencies that can lead to enforcement actions before using AI to help write SARs, say attorneys at Jenner.
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How Crypto Cos. Can Take Advantage Of 'Mini-IPOs'
Against the backdrop of U.S. Securities and Exchange Commission enforcement in the crypto space, mini-initial public offerings, with less burdensome requirements than full registration, can serve as an alternative way for token issuers to raise funds, say attorneys at O'Melveny.
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Takeaways From Final Regulations For China Investment Ban
The U.S. Department of the Treasury’s final rule banning U.S. investment in emerging Chinese technology clarifies some key requirements, includes additional exceptions for covered transactions and attempts to address concerns that the rule will put U.S. businesses at a competitive disadvantage, say attorneys at Simpson Thacher.
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Nvidia Supreme Court Case May Not Make Big Splash
The skeptical tenor of the justices' questioning at oral argument in Nvidia v. Ohman Fonder suggests that the case is unlikely to alter the motion to dismiss pleading standard in securities class actions, as some had feared, say attorneys at WilmerHale.
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AI Monitoring And FCRA: Employer Compliance Essentials
As the Consumer Financial Protection Bureau and the Federal Trade Commission signal determination to treat AI-based workplace surveillance as a potential Fair Credit Reporting Act issue, employers must commit to educating HR and compliance staff on these quickly evolving regulatory expectations, say attorneys at Sheppard Mullin.
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Series
Circus Arts Make Me A Better Lawyer
Performing circus arts has strengthened my ability to be more thoughtful, confident and grounded, all of which has enhanced my legal practice and allowed me to serve clients in a more meaningful way, says Bailey McGowan at Stinson.