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Fintech
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June 17, 2024
Justices To Hear Nvidia Case On Securities Pleading Standard
The U.S. Supreme Court on Monday agreed to hear an appeal of a Ninth Circuit ruling that revived investors' claims over chipmaker Nvidia's crypto mining sales, giving the high court a chance to weigh in on the pleading requirements needed to sustain a shareholder class action.
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June 14, 2024
Novel Ill. Swipe Fee Law Sparks New Banks V. Retailers Battle
Illinois lawmakers have passed first-of-their-kind restrictions on swipe fees that represent a major, multimillion-dollar victory for retailers, but they could also set up a legal clash with bankers, who warn that the state risks turning into a national payments pariah.
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June 14, 2024
Fed Limits Bank's Fintech Dealings Over Risk Concerns
The Federal Reserve filed a cease-and-desist order against an Arkansas bank Friday requiring it to obtain federal and state approval before partnering with any fintech companies going forward after the agency identified risk management deficiencies in recent safety and compliance exams.
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June 14, 2024
CFPB Says 5th Circ. Should Leave Payday Rule Case For Dead
The Consumer Financial Protection Bureau urged the Fifth Circuit on Friday to deny efforts to revive industry litigation over the agency's 2017 payday loan rule, a case that went all the way to the U.S. Supreme Court based on a constitutional challenge that the agency ended up beating last month.
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June 14, 2024
Judge Declines To Decide Whether Gemini Misled CFTC
A Manhattan federal judge declined to decide whether crypto exchange Gemini is responsible for alleged misstatements made to the U.S. Commodity Futures Trading Commission through the listing exchange of a proposed bitcoin futures contract.
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June 14, 2024
Gemini, NYAG Settle Crypto Lending Fraud Case
The Winklevoss-led crypto exchange Gemini on Friday resolved the New York attorney general's claims it had a hand in defrauding users of its lending program with a settlement that the attorney general's office said would recover $50 million for the platform's users and require the firm's cooperation as it takes on the remaining defendants.
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June 14, 2024
Ripple Cites Terraform Fine In Call To Limit SEC Penalty
Ripple Labs Inc. says the U.S. Securities and Exchange Commission's recent settlement with fellow crypto firm Terraform Labs, with the company agreeing to pay a $420 million civil penalty, is further proof of the "unreasonableness" of the agency's request that it be made to pay a much larger fine for activities that did not amount to fraud.
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June 14, 2024
Feds Lob New Charges Over $430M Dark Web Market
Two owners of an online marketplace known as Empire Market were hit Thursday with additional charges alleging that over a period of years they allowed users worldwide to buy and sell $430 million worth of illegal goods and services.
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June 14, 2024
Guo's Crypto Venture Raised 'Red Flags,' Investigator Says
A compliance investigator at cryptocurrency wallet provider BitGo testified in Manhattan federal court Friday that he identified multiple "financial crime red flags" in the digital asset exchange promoted by Chinese dissident Miles Guo.
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June 13, 2024
Visa, Mastercard Fee Deal Not 'Likely' To Get Court Approval
A New York federal judge said at a hearing Thursday that she will "likely not approve" Mastercard and Visa's proposed settlement in long-running litigation over merchant transaction fees, according to the case docket.
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June 13, 2024
CFPB's Chopra Sees 'Pressing Need' For Data Protections
Consumer Financial Protection Bureau Director Rohit Chopra zeroed in on data usage and privacy during a Thursday hearing with House lawmakers, calling for sharper limits on what financial firms can do with customer data while also seeking to assuage concerns about his agency's plans for data sharing and data broker rules.
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June 13, 2024
SEC's Gensler Rethinking AI Advising, Crypto Custody Regs
U.S. Securities and Exchange Commission Chair Gary Gensler told senators Thursday that the agency could rewrite a pair of proposals governing broker-dealers' use of artificial intelligence and the handling of customers' cryptocurrency assets in the wake of "robust" feedback from both supporters and naysayers.
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June 13, 2024
Fintech Remitly Hires Ex-Google Compliance Chief
Remitly has hired Google's former chief compliance officer to run global compliance and enterprise risk programs at the remittance service, bringing his experience that includes risk leadership positions at TD Ameritrade, Vanguard and Goldman Sachs.
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June 13, 2024
Manatt Picks Up Crypto Co. DCG's Legal Head As New Partner
The former top lawyer for Digital Currency Group has departed the cryptocurrency company to join professional services firm Manatt as a financial services partner based in New York, focusing on blockchain, emerging companies and venture capital, the firm announced Thursday.
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June 13, 2024
Deals Rumor Mill: Paramount, Cineworld, Kraken IPO
Media executive Edgar Bronfman Jr. has expressed interest in buying the company that controls Paramount Global, British cinema giant Cineworld may sell certain U.K. operations, and cryptocurrency exchange Kraken is considering a funding round of about $100 million before a potential initial public offering. Here, Law360 breaks down these and other notable deal rumors from the past week.
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June 13, 2024
Biden Picks CFTC's Goldsmith Romero For FDIC Chair
The White House said Thursday that President Joe Biden will nominate Christy Goldsmith Romero, a Democratic member of the U.S. Commodity Futures Trading Commission, for the top job at the Federal Deposit Insurance Corp.
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June 12, 2024
Axos Bank Can't Arbitrate 'Bait & Switch' Suit, Customers Say
Customers suing Axos urged a federal judge not to let the bank arbitrate their claims in a consolidated dispute over how it handled interest rates on savings deposit accounts offered through online banking division UFB Direct, arguing that the court, not an arbitrator, must decide arbitrability.
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June 12, 2024
FDIC Head Must Go To Change Status Quo, GOP Reps. Say
House Republicans on Wednesday criticized Federal Deposit Insurance Corp. Chair Martin Gruenberg for not immediately resigning in the wake of a probe of the agency's workplace culture, but some Democrats took issue with the scope of a report on the investigation's findings while applauding his rumored successor.
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June 12, 2024
Chopra Rejects Fresh 'Earnings' Attack On CFPB Funding
Consumer Financial Protection Bureau Director Rohit Chopra told U.S. senators on Wednesday that an emerging line of attack on his agency's funding doesn't hold water, brushing aside a legal theory that has bubbled up in the aftermath of a recent U.S. Supreme Court defeat for critics of the agency.
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June 12, 2024
4 Charged In $50M Email, Romance Fraud Schemes
Four people were charged by Brooklyn federal prosecutors with participating in a series of fraudulent email and romance fraud schemes that resulted in $50 million in losses to the alleged victims.
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June 12, 2024
SPAC Dealmakers Expect Modest Pickup After Market Bottom
Market professionals expect a slow pickup in deals involving special-purpose acquisition companies starting in the second half of 2024, predicting on Wednesday that a leaner market will emerge following the recent crash and imposition of tighter regulations.
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June 12, 2024
SEC Says Texas Crypto Cases Aren't Related To Fraud Suit
The U.S. Securities and Exchange Commission asked a Texas federal judge not to stay its case accusing a crypto asset mining and hosting company of securities fraud, saying in a Wednesday brief that the judge's concerns about other pending cases creating "moving-target precedents" were unfounded.
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June 12, 2024
Terraform To Settle With SEC For $4.5B After Fraud Trial
Crypto firm Terraform Labs has agreed to a $4.47 billion settlement with the U.S. Securities and Exchange Commission after a Manhattan jury found the firm and its founder Do Kwon liable for fraud in April.
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June 12, 2024
Norton Rose Adds 12 BCLP Attys In Denver, St. Louis
Norton Rose Fulbright has added a dozen attorneys from Bryan Cave Leighton Paisner LLP to its regulatory, investigations, securities and compliance practice in the firm's Denver and St. Louis offices.
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June 11, 2024
Martin Shkreli Told To Defend Use Of Wu-Tang Album
A New York federal judge ordered Martin Shkreli on Tuesday to appear at a hearing to explain why he should not hand over any copies he might have of the Wu-Tang Clan's album he once bought before it was sold off by the federal government to settle a $7.3 million tab from Shkreli's criminal judgment on securities fraud.
Expert Analysis
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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.
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How Corp. Transparency Act Can Unmask Crypto Owners
With the federal Corporate Transparency Act in effect as of Jan. 1, litigants may now have a less burdensome path toward determining the identities of owners behind convoluted corporate entities, and, by extension, any digital assets they own that could be subject to a potential judgment, says Brett Sager at Ehrenstein Sager.
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Major EU AI Banking Ruling Will Reverberate Across Sectors
Following the European Court of Justice's recent OQ v. Land Hessen decision that banks' use of AI-driven credit scores to make consumer decisions did not comply with the General Data Protection Regulation, regulators indicated that the ruling would apply broadly, leaving numerous industries that employ AI-powered decisions open to scrutiny, say lawyers at Alston & Bird.
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CFPB As Pay App Watchdog May Invite More Fintech Regs
While the Consumer Financial Protection Bureau's recent proposal to enhance federal oversight of the biggest consumer payment applications would impose no new regulatory obligations, the rulemaking could provoke heightened scrutiny for all participants in the digital payments market, say attorneys at Steptoe.
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5 Litigation Funding Trends To Note In 2024
Over the next year and beyond, litigation funding will continue to evolve in ways that affect attorneys and the larger litigation landscape, from the growth of a secondary market for funded claims, to rising interest rates restricting the availability of capital, says Jeffery Lula at GLS Capital.
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Bank-Fintech Partnerships Can Thrive Despite A Tough 2023
Many banking-as-a-service players experienced regulatory enforcement activities in 2023, including consent orders and more targeted, detailed guidance aimed at bank-fintech partnerships, and while it seems this trend will continue in 2024, savvy banks can use the turmoil of last year as a guide for how to better manage the risks inherent in partnerships, says Justin Steffen at Barack Ferrazzano.
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A Look At Consumer Reporting In 2023, And What's To Come
The legal landscape of consumer reporting is evolving as courts, federal regulators and state legislatures continue to weigh in — and while last year may have seen a slight downtick in the overall volume of Fair Credit Reporting Act litigation, 2024 is set to be a watershed year for this area of the law, say attorneys at Troutman Pepper.
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Anti-Money Laundering Compliance Must Put Officers On Alert
Recent government actions against FTX and other crypto companies have put a laser focus on corporate compliance failures, with added pressure on compliance officers — making the need for personal risk assessment particularly acute given today's novel anti-money laundering issues, say Poppy Alexander at Constantine Cannon and Caleb Hayes-Deats at MoloLamken.
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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.