Fintech

  • October 01, 2024

    CFTC Fines Barclays, 3 Others Over Swap Rule Violations

    Barclays Bank PLC on Tuesday agreed to pay the Commodity Futures Trading Commission $4 million for swap reporting violations, and three other swaps market participants copped to reporting and safeguards violations and agreed to pay more than $2 million combined in settlements that drew criticism from one commissioner.

  • October 01, 2024

    From AI To Enviro: The Top Biz Bills Calif. Gov. Inked Into Law

    California Gov. Gavin Newsom signed hundreds of bills into law ahead of an Oct. 1 deadline, meaning major changes are on the horizon for employers, tech companies, healthcare providers and others doing business in the Golden State.

  • October 01, 2024

    Binance GC Is Building The Firm's Future, One Atty At A Time

    Binance general counsel Eleanor Hughes says she inherited "probably one of the most stressful situations a lawyer can face" when she entered her role as the company negotiated a $4.3 billion settlement with U.S. authorities, but since then her focus has been on building the right team to guide the firm's compliance forward.

  • October 01, 2024

    Bybit Adds Ex-Binance Atty As Legal And Compliance Chief

    Crypto exchange Bybit has added a Binance and ByteDance alum to head its legal and compliance operations, the firm announced Tuesday.

  • October 01, 2024

    Crypto Developers Take Aim At 'Patent Trolls' In New Deal

    A cryptocurrency collective said Tuesday it has inked a deal with Unified Patents to help stop "patent trolls" from registering intellectual property that risks hampering blockchain innovation.

  • October 01, 2024

    Jenner & Block Welcomes Davis Wright's Chicago Head

    Jenner & Block LLP announced the addition of the former Chicago office leader at Davis Wright Tremaine LLP on Tuesday, touting the longtime financial litigator's skills in litigation and regulatory counseling.

  • September 30, 2024

    AI Safety Bill Veto Shows Calif. Taking Regulatory 'Baby Steps'

    The California governor's rejection of sweeping legislation to ensure the safe deployment of large-scale artificial intelligence models — and his simultaneous embrace of more targeted proposals to regulate the technology — is likely to result in the wider creation of regimes that favor "baby steps" over broad strokes, experts say. 

  • September 30, 2024

    9th Circ. Partly Revives Crypto Investor's Suit Against AT&T

    The Ninth Circuit on Monday partially revived a cryptocurrency investor's suit accusing AT&T of failing to protect his information amid a fraudulent SIM swap that cost him $24 million, finding there to be a triable question whether AT&T gave hackers access to his proprietary information through the scheme.

  • September 30, 2024

    Zelle Fraud Victims Fight Uphill To Save Contract Breach Suit

    Zelle users urged a California federal judge Monday to rethink his tentative decision to dismiss their proposed class action alleging breach of express contract and implied covenant of good faith over Bank of America's refusal to reimburse them for fraudulent transactions, arguing the bank conducted insufficient investigations before denying their claims outright.

  • September 30, 2024

    MoneyGram Beats Investor Suit Over Anti-Fraud Compliance

    An Illinois federal judge on Monday tossed a proposed securities class action accusing MoneyGram International of lying about its anti-fraud compliance, finding that the suing investors did not adequately plead any misleading statements or that MoneyGram's executives acted with an intent to deceive.

  • September 30, 2024

    2 Crypto Think Tank Execs To Step Down At End Of Year

    Crypto policy think tank Coin Center said Monday that its executive director and one of its senior lawyers plan to step down at the end of the year. 

  • September 30, 2024

    Private Trading Platform Scraps SPAC Merger In Favor Of IPO

    Special-purpose acquisition company Blockchain Coinvestors Acquisition Corp. I said Monday that its merger agreement with private investment platform Linqto Inc. has been terminated, while Linqto separately announced it will go public through an initial public offering instead.

  • September 30, 2024

    SEC Says Accountant Aided Tingo Group's Fintech Fraud

    The U.S. Securities and Exchange Commission on Monday sued a Nigerian accounting firm for allegedly helping the operator of the Tingo fintech businesses conceal fake audit reports that inflated the value of the firms to further the "massive" fintech fraud.

  • September 30, 2024

    Chancery Sidelines Squarespace Merger Doc Suit For Now

    A Delaware Court of Chancery action to compel stockholder access to website builder Squarespace Inc.'s corporate records remained under a stay Monday, after a court finding that the suit aimed to preserve future review rights focused on a proposed $7.2 billion company take-private deal.

  • September 30, 2024

    CoinShares Group General Counsel Steps Down

    CoinShares International's general counsel stepped down Monday "to pursue other opportunities" beyond the European cryptocurrency asset manager, the firm said in a statement.

  • September 30, 2024

    SEC Scores Win In $18M Crypto Registration Suit

    The U.S. Securities and Exchange Commission was granted an early win Monday in a case alleging that a startup founder illegally sold $18 million in cryptocurrency tokens, after a federal judge said it was "undisputed" that the founder knew that he hadn't registered the tokens.

  • September 27, 2024

    Binance Founder Zhao Released From Federal Custody

    Binance founder Changpeng Zhao was released from a California correctional facility Friday after he was sentenced to four months in prison for his failure to implement an effective anti-money laundering program at the global cryptocurrency exchange, the Federal Bureau of Prisons confirmed to Law360.

  • September 27, 2024

    Bread's Banks Fork Over $2M To FDIC Over Rewards Issue

    The Federal Deposit Insurance Corp. has fined Bread Financial's Comenity bank units a total of $2 million as part of a pair of consent orders made public Friday that resolve unfair practices claims tied to their rewards programs and automatic payments processing.

  • September 27, 2024

    IBM Owes $19.5M In EDTX Trial Over 'Blockchain' Software

    A Texas federal jury told IBM on Friday that its blockchain software infringes two patents by a small tech developer and that it owes $19.5 million, far less than the $167 million the developer asked for.

  • September 27, 2024

    Banks Beat Credit Line Disclosure Suit After CFPB Weighs In

    An Illinois federal judge has thrown out a proposed class action accusing two Midwestern banks of failing to provide required repayment disclosures to borrowers, agreeing with the Consumer Financial Protection Bureau that these disclosures aren't actually required for the type of account at issue.

  • September 27, 2024

    FTX Users Say Binance Manipulated Market To Spark Collapse

    Users of the now-defunct cryptocurrency exchange FTX told a Florida federal judge that social media posts by competing exchange Binance still manipulated markets to cause the collapse of FTX and harm users even if the statements themselves weren't false.

  • September 27, 2024

    Apple, Visa And Mastercard Want Out Of 'Tap Pay' Fee Suit

    Apple, Visa and Mastercard on Thursday urged an Illinois federal court to toss several retailers' proposed antitrust class action accusing the three of conspiring to restrain competition in point-of-sale transaction payment networks, saying in separate motions that allegedly unlawful agreements they entered "expressly preserve" Apple's right to compete.

  • September 27, 2024

    Mango Markets Crypto Cos. Ink $700K Deal Over SEC Claims

    The U.S. Securities and Exchange Commission announced Friday that the business entities behind decentralized cryptocurrency exchange Mango Markets agreed to a nearly $700,000 settlement to resolve alleged registration violations, which the regulator brought after the marketplace was bilked of more than $100 million.

  • September 27, 2024

    Feds Say Crypto 'Godfather' Bribed Cops, Dodged Taxes

    California federal prosecutors have accused a cryptocurrency startup founder nicknamed "The Godfather" of extortion, robbery and failing to pay taxes on fraudulent income that he allegedly used for personal luxuries including a Bel Air mansion rental and cosmetic surgery to make his legs longer.

  • September 27, 2024

    NY Man Convicted In Father-Son Crypto Caper

    A Long Island man was convicted by a Manhattan federal jury of conspiring with his son to scam investors out of millions by claiming to invest their cryptocurrency and instead pocketing the funds.

Expert Analysis

  • Opinion

    Industry Self-Regulation Will Shine Post-Chevron

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    The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.

  • 3 Ways Agencies Will Keep Making Law After Chevron

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    The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.

  • Roundup

    After Chevron

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    Since the U.S. Supreme Court overturned the Chevron deference standard in June, this Expert Analysis series has featured attorneys discussing the potential impact across 36 different rulemaking and litigation areas.

  • Opinion

    Atty Well-Being Efforts Ignore Root Causes Of The Problem

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    The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.

  • What Passage Of House Crypto Bill Could Mean For Industry

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    While the prospects of the Financial Innovation and Technology for the 21st Century Act, which recently passed the House in a bipartisan fashion, becoming law remain murky, the manner of its passage may give crypto markets a real cause for hope, say Neel Maitra and Dale Beggs at Dechert.

  • Series

    NY Banking Brief: All The Notable Legal Updates In Q2

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    The second quarter of 2024 saw less enforcement activity in the realm of New York financial services, but brought substantial regulatory and legislative developments, including state regulators' guidance on cybersecurity compliance and customer service processes for virtual currency entities, say James Vivenzio and Andrew Lucas at Perkins Coie.

  • Series

    Skiing And Surfing Make Me A Better Lawyer

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    The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.

  • Unpacking The Circuit Split Over A Federal Atty Fee Rule

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    Federal circuit courts that have addressed Rule 41(d) of the Federal Rules of Civil Procedure are split as to whether attorney fees are included as part of the costs of a previously dismissed action, so practitioners aiming to recover or avoid fees should tailor arguments to the appropriate court, says Joseph Myles and Lionel Lavenue at Finnegan.

  • In Biz Account Breaches, Look Beyond The Payment Platform

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    A business's legal path to recovering funds after bad actors access a payment platform account and engage in unauthorized transactions can lead into murky legal territory where liability is unclear, and pursuing the payment platform itself will be an uphill, if not insurmountable, struggle, say Edward Marshall and Morgan Harrison at Arnall Golden.

  • Arbitration Implications Of High Court Coinbase Ruling

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    The U.S. Supreme Court's recent Coinbase v. Suski ruling not only reaffirmed the long-standing principle that arbitration is a matter of contract, but also established new and more general principles concerning the courts' jurisdiction to decide challenges to delegation clauses and the severability rule, say Tamar Meshel at the University of Alberta.

  • Making Plans For BNPL Consumer Protection Compliance

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    With an interpretive rule from the Consumer Financial Protection Bureau set to require buy-now, pay-later providers to implement credit card-like consumer safeguards by the end of July, loan providers must solidify their federally compliant customer dispute resolution and disclosure procedures before the newly emboldened bureau's deadline, say attorneys at Steptoe.

  • Banks As Crypto Custodians May Rest On SEC Bulletin's Fate

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    Banks' willingness to accept custody of cryptocurrency assets, like the exchange-traded funds approved by the U.S. Securities and Exchange Commission this spring, may hinge on whether a 2022 SEC accounting bulletin directing banks to track customers' digital assets on their balance sheets can survive Congress' attempts to strike it down, says Roger Chari at Duane Morris.

  • Opinion

    Why The Patent Eligibility Restoration Act Can Spur Progress

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    Patent practitioners have long wrestled with the effects of U.S. Supreme Court decisions that have muddied the waters of what can be patented, but the Patent Eligibility Restoration Act can change that, and those not involved with patents on a day-to-day basis can help get this act passed, says John White at Harness IP.

  • After A Brief Hiccup, The 'Rocket Docket' Soars Back To No. 1

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    The Eastern District of Virginia’s precipitous 2022 fall from its storied rocket docket status appears to have been a temporary aberration, as recent statistics reveal that the court is once again back on top as the fastest federal civil trial court in the nation, says Robert Tata at Hunton.

  • Takeaways From Regulators' £61.6M Citigroup Trading Fine

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    Following the Financial Conduct Authority and Prudential Regulation Authority’s recent significant fining of Citigroup for its catastrophic trading error, and with more enforcement likely, institutions should update their controls and ensure system warnings do not become routine and therefore disregarded, says Abdulali Jiwaji at Signature Litigation.

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