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Fintech
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June 05, 2024
Tokenizing Real Assets Touches Crypto Concerns, Reps Say
Putting stocks and other real-world assets on the blockchain is markedly different from issuing cryptocurrencies, but federal lawmakers on Wednesday showed that the debate about how to regulate so-called tokenization is decidedly similar when it comes to weighing its potential efficiencies against threats to privacy and consumer protection.
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June 05, 2024
Bank Group Takes Fight Over FDIC Fee Letter To 8th Circ.
A Minnesota bank industry group is appealing its federal district court loss in litigation over Federal Deposit Insurance Corporation guidance proscribing non-sufficient funds fees, or NSF fees, the organization said Wednesday.
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June 05, 2024
Nigeria Holding US Binance Exec Hostage, Lawmakers Say
The White House's hostage negotiator should begin seeking the release of a top executive at cryptocurrency exchange Binance whom the Nigerian government is holding personally liable for tax evasion charges against the company, the House Foreign Affairs Committee's chairman has said.
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June 05, 2024
NY Judge Says Block, Intuit Are Part Of Visa Antitrust Deal
Intuit and the company behind Square payment technology may be blocked from most swipe-fee antitrust claims against Visa and Mastercard under a newly unsealed New York federal court decision holding that the companies can't have opted out of a merchant settlement because they were never part of that class.
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June 05, 2024
Feds Sue To Recover $5.3M Stolen From Union In Email Scam
Boston federal prosecutors said Wednesday they are helping a union recover about $5.3 million stolen through a complex business email compromise scheme.
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June 05, 2024
Attys Get Third Of $1.4M Webster Bank Breach Deal
A New Jersey federal judge on Wednesday granted final approval to a $1.4 million settlement, including $476,000 in fees for class counsel, in a suit from a class of account holders that sought to hold Webster Bank and its fraud detection services provider liable for a ransomware attack.
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June 05, 2024
CFPB Opens Door To Open Banking 'Standard Setters'
The Consumer Financial Protection Bureau made more progress Wednesday in its efforts to lay the groundwork for open banking in the U.S., adopting a mechanism that will allow "open" and "balanced" organizations to begin setting official, industry-wide technical standards for financial data sharing.
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June 04, 2024
Fintech Execs Face Another Suit Over CEO's Stock Ownership
Insiders at blockchain-based financial services company Future FinTech Group Inc. were hit with a shareholder derivative suit on Tuesday alleging they concealed that the company's CEO had inflated stock prices, which was revealed to the public when the U.S. Securities and Exchange Commission filed a lawsuit against him.
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June 04, 2024
CFPB Seeks Traffic Cop For Parallel Small-Biz Data Rule Suits
The Consumer Financial Protection Bureau on Tuesday asked a Kentucky federal judge to stay an industry lawsuit challenging the agency's small-business lender reporting requirements, saying a largely identical challenge filed earlier in Texas should take precedence.
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June 04, 2024
NBA-Tied NFT Co. To Pay $4M Over Buyers' Securities Claim
A New York federal judge on Tuesday gave initial approval to a proposed $4 million settlement between the firm behind NBA-focused non-fungible tokens and a class of purchasers who accused the digital assets company of selling the digital assets as unregistered securities.
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June 04, 2024
FTX Seeks Ch. 11 Stay On Competing Asset Claims
Defunct cryptocurrency exchange FTX has urged a Delaware bankruptcy judge to put the brakes on multidistrict litigation targeting former company insiders, arguing that those claims rightfully belong to the bankruptcy estate and that any property recovered should instead go to creditors.
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June 04, 2024
'Miles Guo Stole My Money': NY Jury Hears Of Alleged Fraud
A former supporter of exiled Chinese billionaire Miles Guo testified in Manhattan federal court Tuesday that the purported billionaire conned her into investing more than $100,000 in the media company he founded alongside former Donald Trump adviser Steve Bannon, describing Guo's interrelated business ventures as a "mafia."
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June 04, 2024
CFPB Cautions Firms Against Contractual 'Fine Print Tactic'
The Consumer Financial Protection Bureau on Tuesday warned banks and other financial services firms against trying to "trick" consumers with unenforceable waivers in their customer contracts, saying their use of certain contractual terms and conditions can open them up to supervisory or enforcement action.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
Expert Analysis
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Cannabis Banking Bill Uncertainty May Actually Be A Blessing
The passage of a cannabis banking law is alluring, but little will be lost if the Secure and Fair Enforcement Regulation Banking Act — facing stiff competition from other congressional priorities — gets tabled because the bill ultimately does little to meaningfully propel the industry toward full legalization, says Michael Rosenblum at Thompson Coburn.
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Series
ESG Around The World: South Africa
While South Africa has yet to mandate the reporting of nonfinancial and environmental, social, and corporate governance issues, policy documents and recent legislative developments are likely to have a material impact in the country's transition to a low-carbon economy and in meeting its international obligations, say Glynn Kent at Eversheds Sutherland.
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Series
Calif. Banking Brief: All The Notable Legal Updates In Q4
As 2023 came to an end, we continued to see developments in California that are certain to have an impact on the financial services industry in 2024, including the California Department of Financial Protection and Innovation's request for comments on the state's new digital asset law and the state's continued enforcement actions against debt collectors, say Jennifer Olivestone and Juan Azel at Winston & Strawn.
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4 Legal Ethics Considerations For The New Year
As attorneys and clients reset for a new year, now is a good time to take a step back and review some core ethical issues that attorneys should keep front of mind in 2024, including approaching generative artificial intelligence with caution and care, and avoiding pitfalls in outside counsel guidelines, say attorneys at HWG.
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Series
In The CFPB Playbook: Rulemaking Rush Before Election Year
In this quarterly Consumer Financial Protection Bureau activity recap by former bureau personnel, attorneys at McGuireWoods explain the regulator's recent push to finalize new rules about data aggregators, digital payment apps and more before the election-year Congressional Review Act window opens.
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Securities Question Stands After Contradicting Crypto Rulings
The debate about the regulation of crypto-assets came to a head in 2023 when two New York federal judges came to opposite conclusions about whether crypto-assets were securities by using the Howey test, highlighting the uncertainty facing the crypto industry as it seeks to resolve definitional questions, say attorneys at Ballard Spahr.
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What The Law Firm Of The Future Will Look Like
As the legal landscape shifts, it’s become increasingly clear that the BigLaw business model must adapt in four key ways to remain viable, from fostering workplace flexibility to embracing technology, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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4 PR Pointers When Your Case Is In The News
Media coverage of new lawsuits exploded last year, demonstrating why defense attorneys should devise a public relations plan that complements their legal strategy, incorporating several objectives to balance ethical obligations and advocacy, say Nathan Burchfiel at Pinkston and Ryan June at Castañeda + Heidelman.
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Compliance Risk After SEC Warning Against 'AI Washing'
The U.S. Securities and Exchange Commission has begun looking into the way public companies disclose how they use artificial intelligence to investors and it is likely to become an enforcement priority, meaning companies and their compliance programs should take steps now to avoid regulatory sanctions and shareholder lawsuits, say attorneys at Bracewell.
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Series
Texas Banking Brief: All The Notable Legal Updates In Q4
Among the most noteworthy developments in the Texas banking sphere in the last quarter of 2023 were the Texas Department of Banking's extension of the state banking commissioner's authority, a recommendation to implement an updated ransomware self-assessment tool, and ongoing litigation in the state involving the Consumer Financial Protection Bureau, says Patrick Hanchey at Alston & Bird.
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SDNY Ruling Highlights Fed's Broad Master Account Power
In denying a Puerto Rican bank’s recent motion for injunction against the New York Fed, a New York federal court went beyond the specifics of the case in holding that financial institutions have no statutory right to a master account with a Federal Reserve bank, emphasizing the Fed’s unilateral discretion in these matters, say attorneys at Ballard Spahr.
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Cybersecurity Issues For Financial Industry To Track In 2024
In 2024 financial institutions will confront new federal, state and industry regulations around cybersecurity that require additional procedures, enhanced proactive security measures, and timely disclosure of security incidents, say Alex Koskey and Matt White at Baker Donelson.
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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.
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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.
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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.