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Fintech
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May 17, 2024
Day After High Court Win, 'Full Strength' CFPB Sues Fintech
Fresh off its landmark victory at the U.S. Supreme Court, the Consumer Financial Protection Bureau on Friday filed its first contested enforcement action in months while its director separately pledged to push full-speed ahead with the agency "firing on all cylinders."
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May 16, 2024
Buckle Up: CFPB's High Court Win Will Thaw Frozen Docket
The Consumer Financial Protection Bureau is walking away from the U.S. Supreme Court with its funding and rulebook intact, a victory that caps off years of constitutional wrangling over how the agency was set up and will usher in a wave of activity that has financial services attorneys bracing for impact.
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May 16, 2024
Convicted Insurance Mogul Says He'll Trim Empire
Convicted insurance mogul Greg Lindberg told the North Carolina Supreme Court he's relinquishing control of portions of his enterprise to fulfill a deal to restructure them with independent oversight, according to court filings.
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May 16, 2024
Thomas, Alito: Two Originalists, Two Takes On CFPB Case
U.S. Supreme Court Justices Clarence Thomas and Samuel Alito — often birds of a feather — butted heads Thursday over the original meaning and purpose of the U.S. Constitution's appropriations clause in a decision upholding the Consumer Financial Protection Bureau's unique funding scheme, highlighting what experts describe as the pair's different approaches to originalism.
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May 16, 2024
Bitcoin ATM Operator Ran Illegal Money Transmitter, Jury Says
A New York state jury has convicted the operator of a network of bitcoin kiosks that allegedly catered to criminal activity of operating an unlicensed money transmitter and tax fraud, the Manhattan District Attorney's Office said Thursday.
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May 16, 2024
BofA Customers Get Final OK For $8M Deal In ACH Fee Suit
A North Carolina federal judge has granted final approval to an $8 million settlement for Bank of America customers who claim they were unfairly charged fees for Automated Clearing House transfers.
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May 16, 2024
Judge Questions Colo.'s Power Over Out-Of-State Banks
A Colorado federal judge on Thursday asked U.S. banking regulators why the state should be able to cap interest rates for loans made to residents by out-of-state financial institutions, questioning why it was "consistent with federalism" to let an individual state have that far of a reach.
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May 16, 2024
Deals Rumor Mill: Shein IPO, Kraft Heinz, Cinven-Jaggaer
Online fashion giant Shein is shifting IPO plans from the U.S. to London amid resistance from U.S. lawmakers and Chinese regulators, Kraft Heinz wants to sell its Oscar Mayer business, and private equity firm Cinven hopes to divest software firm Jaggaer for $3 billion. Here, Law360 breaks down these and other notable deal rumors from the past week.
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May 16, 2024
MoneyLion Beats Investor Suit Over Reverse Stock Split
A New York federal judge has dismissed a lawsuit by shareholders of digital finance platform MoneyLion, who allege the company and its directors approved a reverse stock split that stripped preferred shareholders of their rights, saying the investors should have known the consequences of the vote.
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May 16, 2024
Senate Passes Bill To Block SEC Crypto Accounting Guidance
The U.S. Senate voted Thursday to send a bill overturning the U.S. Securities and Exchange Commission's controversial crypto accounting guidance to the president's desk, though without the necessary votes to override the White House's planned veto.
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May 16, 2024
FDIC's Gruenberg Scolded By Senators Over Agency Culture
Federal Deposit Insurance Corp. Chairman Martin Gruenberg on Thursday faced a second round of congressional reprimand from both sides of the political aisle over his agency's workplace misconduct scandal, but Senate Democrats seemed ready to let Gruenberg clean up the mess himself and continue his tenure.
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May 16, 2024
2nd Circ. Backs Win For Big Banks In Forex-Rigging Suit
The Second Circuit on Thursday backed a ruling in favor of a group of large banks accused of conspiring to manipulate the foreign currency exchange market in euros and dollars, agreeing with a lower court that the plaintiffs hadn't made qualifying transactions or shown how prices were distorted.
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May 16, 2024
Justices Say CFPB Is Constitutionally Funded
The U.S. Supreme Court ruled Thursday that the Consumer Financial Protection Bureau is constitutionally funded, rejecting a payday lender-backed challenge that threatened to incapacitate the agency and throw a wrench in the Biden administration's financial regulatory agenda.
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May 15, 2024
3 Things To Know About CFTC's Election Betting Proposal
The U.S. Commodity Futures Trading Commission has proposed to ban the trading of event contracts tied to things like election outcomes, sporting events and the Academy Awards. Here are three things to know about a proposal that is likely to be closely watched by industry insiders, some of whom are already wrapped up in litigation with the agency over this very issue.
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May 15, 2024
'Pissed Off,' 'You Need To Go': Reps Rip FDIC's Gruenberg
Federal Deposit Insurance Corp. Chairman Martin Gruenberg took withering, bipartisan criticism over his agency's workplace misconduct scandal at a House hearing on Wednesday, although no new Democrats joined their Republican colleagues in directly calling for his resignation.
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May 15, 2024
Bolt Financial Cancels $37M In Shares To End CEO Loan Suit
Bolt Financial Inc. will cancel over $37 million in shares to settle a derivative suit against the company's board of directors that accuses its former CEO of purposely defaulting on a $30 million loan, according to a filing in Delaware's Court of Chancery.
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May 15, 2024
UnitedHealth Concealed DOJ Merger Investigation, Suit Says
UnitedHealth Group has been hit with a proposed shareholder class action alleging that it failed to disclose that the U.S. Department of Justice had reopened an antitrust investigation into the health insurance giant following its acquisition of a healthcare data company, and that top executives had sold more than $120 million of shares knowing about the investigation before a news report revealed it to the public.
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May 15, 2024
Colo. Says Lending Law Challenge Aims To Strip Federal Right
The state of Colorado has urged a federal judge to dismiss a suit seeking to block a new state law to rein in high-cost online lending by out-of-state banks, saying federal law "expressly permits" states to opt out of the relevant statute, so their interest rate laws will not be preempted by state-chartered banks.
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May 15, 2024
Brothers Stole $25M Of Crypto In 12 Seconds, Feds Say
Two Massachusetts Institute of Technology-educated brothers were charged with orchestrating a first-of-its-kind cryptocurrency heist that allowed them to siphon virtual tokens worth around $25 million from Ethereum blockchain users within just 12 seconds, an indictment unsealed Wednesday said.
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May 15, 2024
Buchalter Starts Fintech And AI Practice With New Seattle Hire
Buchalter PC announced that it hired the former chief legal officer at mortgage-focused fintech company Sagent as a Seattle-based shareholder and chair of its newly launched fintech and artificial intelligence practice group.
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May 15, 2024
Cahill Gordon Adds Crypto Attys, Launches Delaware Office
Cahill Gordon & Reindel LLP announced Wednesday that it has added three attorneys to its rebranded digital assets and emerging technology practice, including a former Delaware deputy attorney general who will lead its newly launched office in the state.
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May 15, 2024
Ex-FTX Exec Seeks Leniency, Saying He Was Kept In The Dark
A former top FTX official has asked a Manhattan federal judge for a lenient 18-month sentence, saying he was not part of company co-founder Sam Bankman-Fried's inner circle and was as shocked as everyone else to learn that the crypto exchange was operating a fraud that siphoned billions in customer funds.
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May 15, 2024
AI Job Recruiter Joonko Blames CEO Fraud For Ch. 11 Filing
AI-powered employee recruitment venture Joonko Diversity Inc. has filed for Chapter 11 protection in a Delaware bankruptcy court, saying its business had rested almost entirely on fraudulent claims made by its ex-CEO.
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May 15, 2024
Senators Release 'Road Map' For Crafting Federal AI Policy
A bipartisan group of senators on Wednesday laid out a "road map" for artificial intelligence policy that calls for increased AI innovation funding, testing of potential harms posed by AI and consideration of the technology's workforce implications.
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May 15, 2024
Swiss Seek Feedback On Crypto Information Exchange
Switzerland's executive body, the Federal Council, is seeking feedback from the public on its plan to adopt two Organization for Economic Cooperation and Development standards that will update the country's automatic exchanges of information to account for crypto-assets, it said Wednesday.
Expert Analysis
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Considerations For Lawyer Witnesses After FTX Trial
Sam Bankman-Fried's recent trial testimony about his lawyers' involvement in FTX's business highlights the need for attorney-witnesses to understand privilege issues in order to avoid costly discovery disputes and, potentially, uncover critical evidence an adversary might seek to conceal, says Lawrence Bluestone at Genova Burns.
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Employee Experience Strategy Can Boost Law Firm Success
Amid continuing business uncertainty, law firms should consider adopting a holistic employee experience strategy — prioritizing consistency, targeting signature moments and leveraging measurement tools — to maximize productivity and profitability, says Haley Revel at Calibrate Consulting.
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Series
Competing In Triathlons Makes Me A Better Lawyer
While practicing law and competing in long-distance triathlons can make work and life feel unbalanced at times, participating in the sport has revealed important lessons about versatility, self-care and perseverance that apply to the office as much as they do the racecourse, says Laura Heusel at Butler Snow.
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OCC Guidance May Lead Off 'Buy Now, Pay Later' Regulations
The Office of the Comptroller of the Currency's bulletin released last month to assist national and federal savings banks with managing the risks posed by "buy now, pay later" lending may be the start of increased state legislation or guidance specifically aimed at regulating such loans, say Susan Seaman and Jacob Huston at Husch Blackwell.
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Where Justices Stand On Chevron Doctrine Post-Argument
Following recent oral argument at the U.S. Supreme Court, at least four justices appear to be in favor of overturning the long-standing Chevron deference, and three justices seem ready to uphold it, which means the ultimate decision may rest on Chief Justice John Roberts' vote, say Wayne D'Angelo and Zachary Lee at Kelley Drye.
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Perspectives
6 Practice Pointers For Pro Bono Immigration Practice
An attorney taking on their first pro bono immigration matter may find the law and procedures beguiling, but understanding key deadlines, the significance of individual immigration judges' rules and specialized aspects of the practice can help avoid common missteps, says Steven Malm at Haynes Boone.
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Series
ESG Around The World: Canada
In Canada, multiple statutes, regulations, common law and industry guidance address environmental, social and governance considerations, with debate over ESG in the business realm potentially growing on the horizon, say attorneys at Blakes.
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Lessons From Country Singer's Personal Service Saga
Recent reports that country singer Luke Combs won a judgment against a Florida woman who didn’t receive notice of the counterfeit suit against her should serve as a reminder for attorneys on best practices for effectuating service by electronic means, say attorneys at Jenner & Block.
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New Tech, Old Tricks: How GCs Can Fight White Collar Crime
As emerging technologies like artificial intelligence and cryptocurrency provide bad actors with new avenues to commit classic crimes, general counsel should develop a strategy to future-proof their organizations against such threats and prepare for regulatory scrutiny, say directors at FTI Consulting.
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Series
Baking Bread Makes Me A Better Lawyer
After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.
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Federal Courts And AI Standing Orders: Safety Or Overkill?
Several district court judges have issued standing orders regulating the use of artificial intelligence in their courts, but courts should consider following ordinary notice and comment procedures before implementing sweeping mandates that could be unnecessarily burdensome and counterproductive, say attorneys at Curtis.
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Series
NY Banking Brief: All The Notable Legal Updates In Q4
New York's banking and financial sector saw a number of notable regulatory and legislative changes in the final quarter of 2023, including guidance on climate risks and heightened cybersecurity protocols issued by the New York State Department of Financial Services, as well as final revisions to virtual currency listings in the state, say attorneys at WilmerHale.
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Why CFTC Whistleblowers Are Crucial To Crypto Regulation
The U.S. Commodity Futures Trading Commission's whistleblower program has proven to be a key tool in the U.S.' efforts to police cryptocurrency, but a funding issue shows that it has become a victim of its own success, says Stephen Kohn at Kohn Kohn.
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7 E-Discovery Predictions For 2024 And Beyond
The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.
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Securities Class Actions Show No Signs of Slowing In 2024
Plaintiffs asserted securities class actions at elevated levels in 2023 — a sign that filings will remain high in the year ahead — as they switched gears to target companies that allegedly have failed to anticipate supply chain disruptions, persistent inflation, rising interest rates and other macroeconomic headwinds, say attorneys at Skadden.