Fintech

  • February 28, 2024

    SEC Taps Agency Vet To Lead Adviser, Fund Rulemaking Unit

    The U.S. Securities and Exchange Commission announced Wednesday that an agency veteran currently serving as deputy director of the examinations division will be the new head of its investment management division, which oversees the regulation of investment advisers, mutual funds and certain private fund operators.

  • February 28, 2024

    'You Gave Away Your Case': Crypto Win Wilts At High Court

    The U.S. Supreme Court on Wednesday leaned toward letting a technical tug-of-war continue in litigation accusing the cryptocurrency platform Coinbase Inc. of running a sketchy sweepstakes, as multiple justices suggested the Ninth Circuit overlooked key issues when it sided with aggrieved consumers.

  • February 28, 2024

    Wells Fargo Fired Teller For AML Whistleblowing, Suit Says

    Wells Fargo faces an ex-employee's suit alleging the bank fired her in retaliation after she raised concerns that the bank's "streamlined" online account opening process allowed customers to open accounts even if they'd previously failed screening aimed at preventing money laundering.

  • February 28, 2024

    Gemini To Pay $37M Fine, Vows To Make Customers Whole

    Crypto exchange Gemini Trust Co. has committed to making users of its now-shuttered Earn product whole through the bankruptcy of its former partner Genesis Global under a new settlement with a New York regulator that included a $37 million fine for additional alleged compliance failures.

  • February 28, 2024

    SEC Republicans Warn Against Changing 'Accredited' Definition

    Limiting who counts as an accredited investor could "devastate" local angel investor networks, a Republican member of the U.S. Securities and Exchange Commission has warned, as the agency weighs enacting additional rules on private markets.

  • February 28, 2024

    Binance Founder Against More Travel Limits, Floats UAE Trip

    Binance founder Changpeng Zhao has told a Washington federal judge he opposes prosecutors' motion for further travel restrictions and suggested, without explicitly asking, that he be allowed to see his family in the United Arab Emirates. 

  • February 28, 2024

    Objectors Want $1M Atty Fees In $5.6B Swipe Fees Settlement

    Class members who initially objected to a $5.6 billion settlement with Visa and Mastercard have told a New York federal judge they are seeking nearly $1 million in legal fees for "enhancing the adversary process, sharpening the debate, and pursuing meritorious appeals in this litigation over the past eleven years."

  • February 28, 2024

    Ousted Roche Freedman Atty Wants Ex-Partners Sanctioned

    The ousted partner of the law firm formerly known as Roche Freedman LLP asked a New York federal judge to impose sanctions on his former colleagues, claiming the partners destroyed evidence when they communicated through an application that auto-deleted their messages in the lead-up to voting him out of the firm.

  • February 28, 2024

    US Trustee Taps Ex-Prosecutor To Be FTX Examiner

    The U.S. Trustee's Office has urged a Delaware bankruptcy judge to allow Robert Cleary, a former U.S. attorney who is now with Patterson Belknap Webb & Tyler LLP, to investigate FTX's finances as an examiner in the defunct cryptocurrency company's Chapter 11 case.

  • February 27, 2024

    Bankman-Fried Urges No More Than 6.5 Years For FTX Fraud

    FTX founder Sam Bankman-Fried asked a Manhattan federal judge late Tuesday for a sentence that releases him "promptly" after his conviction for stealing billions from customers of the now-collapsed crypto exchange, arguing that federal sentencing guidelines recommend no more than six-and-a-half years in prison.

  • February 27, 2024

    Justices Skeptical Of Workability In BofA Preemption Fight

    The U.S. Supreme Court appeared hesitant Tuesday to side with consumers who say that Bank of America and other national banks can't claim exemption from state laws in court without first proving "significant" interference from them, signaling practical concerns about what reversing a contrary Second Circuit decision could entail.

  • February 27, 2024

    Fintech Co. Chime Fined $2.5M Over Customer Service Gripes

    Fintech company Chime will pay $2.5 million to resolve claims that it handled customer complaints in an untimely and unfair manner over three months in 2021 and will ensure customer service support 24 hours a day, seven days a week, the California Department of Financial Protection and Innovation announced Tuesday.

  • February 27, 2024

    Ex-Anchorage Digital GC Speaks Out On Leaving Crypto Bank

    The former general counsel for cryptocurrency custodian Anchorage Digital said Tuesday that a continued lack of regulatory clarity for the industry as a whole and the scale of bad actors in the space led her to step down from her role with the digital asset bank late last year.

  • February 27, 2024

    Ex-CFPB Senior Counsel Joins White & Case

    White & Case LLP announced Tuesday that a former counsel with the Consumer Financial Protection Bureau joined the firm's white collar team as a partner in Washington, D.C.

  • February 27, 2024

    Deal-Makers Expect Further Uptick In M&A-Related Disputes

    Global deal-makers expected increases in mergers and acquisitions-related disputes moving into 2024 after high interest rates and financing constraints created challenges to sealing deals, according to Berkeley Research Group's M&A Disputes Report 2024, which was reviewed by Law360 on Tuesday and is expected to be released in the coming days.

  • February 26, 2024

    BofA Battle Will Test Preemption's Reach At High Court

    The U.S. Supreme Court is set Tuesday to consider whether federal law exempts national banks from state-level escrow interest requirements, a case whose technical-sounding focus belies its hefty implications for the balance of federal and state regulatory power over many of the nation's big banks.

  • February 26, 2024

    NIST Widens Cybersecurity Framework To Cover All Industries

    The U.S. Department of Commerce agency that developed a landmark cybersecurity framework for critical infrastructure operators announced Monday that it had finalized a long-anticipated update, aimed at helping all industry sectors and organizations, to a voluntary tool to better manage cyber risks.

  • February 26, 2024

    Genesis Creditors, Owners Allege Cash Grab At Plan Hearing

    Customers and the equity owners of cryptocurrency lender Genesis on Monday accused each other of trying to rob them of assets they deserve, as the debtor began a confirmation hearing for its Chapter 11 plan in New York bankruptcy court.

  • February 26, 2024

    FDIC Faces Staffing Crunch Amid Rising Turnover, IG Warns

    The Federal Deposit Insurance Corp. is struggling to hire enough new employees to keep up with retirements and departures, especially in its examinations department, according to a report from the independent agency's inspector general.

  • February 26, 2024

    CFTC Insists Agency Has Authority To Ban Election Gambling

    The U.S. Commodity Futures Trading Commission told a D.C. federal judge on Monday that barring an online trading platform from offering election betting was within its power as a federal agency, and is also in the public interest.

  • February 26, 2024

    MetaBirkins NFT Maker Tells 2nd Circ. 'Artwork' Is Protected

    The creator of the MetaBirkins non-fungible token collection has told the Second Circuit that his use of the iconic Hermès bag's name and likeness was relevant to his artwork but said the New York court misapplied the test of whether it was protected speech when it found that the digital assets infringed on the fashion house's trademarks.

  • February 26, 2024

    Albright Pauses DOE's Crypto Mining Survey, For Now

    A Texas federal judge has temporarily barred the U.S. Department of Energy from requiring crypto mining firms to provide data on their electricity usage after a lawsuit from a Texas industry group and a bitcoin mining firm accused the government of skirting the process to approve the survey.

  • February 26, 2024

    'Pig Butchering' Victim Slaps Binance, Ex-CEO With RICO Suit

    Binance and the cryptocurrency exchange's former CEO let criminal syndicates run fraud schemes through its platform by flouting laws against money laundering and money transmitting, according to an $8.1 million civil racketeering suit filed in Boston federal court.

  • February 26, 2024

    1st Circ. Rejects Crypto Founder's Hollow Fraud Appeal

    A cryptocurrency founder convicted of fraud hitched his appeal to "inapplicable precedent" and failed to muster an argument why a judge's blocking of testimony from government witnesses deprived his defense of material and favorable evidence, the First Circuit said in upholding the guilty verdict.

  • February 24, 2024

    Up Next At High Court: Social Media Laws & Bump Stocks

    The U.S. Supreme Court will hear oral arguments related to three big-ticket cases this week in a pair of First Amendment challenges to Florida and Texas laws prohibiting social media platforms from removing content or users based on their viewpoints and a dispute over the federal government's authority to ban bump stocks.

Expert Analysis

  • Series

    Cheering In The NFL Makes Me A Better Lawyer

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    Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.

  • Communication Is Key As CFPB Updates Appeals Process

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    Though a recently updated Consumer Financial Protection Bureau rule expands financial institutions' abilities to appeal supervisory decisions, creating strong relationships and open communication channels with CFPB examiners may help resolve disputes faster than the more cumbersome formal process, says Jason McElroy at Saul Ewing.

  • Considerations For Disclosing AI Use In SEC Filings

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    Recent remarks from U.S. Securities and Exchange Commission Chair Gary Gensler should be heard as a clarion call for public companies to disclose artificial intelligence use, with four takeaways on what companies should disclose, says Richard Hong at Morrison Cohen.

  • Unpacking The New Russia Sanctions And Export Controls

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    Although geographically broad new prohibitions the U.S., U.K. and EU issued last week are somewhat underwhelming in their efforts to target third-country facilitators of Russia sanctions evasion, companies with exposure to noncompliant jurisdictions should pay close attention to their potential impacts, say attorneys at Shearman.

  • Args In APA Case Amplify Justices' Focus On Agency Power

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    In arguments last week in Corner Post v. Federal Reserve, the U.S. Supreme Court justices paid particular importance to the possible ripple effects of their decision, which will address when a facial challenge to long-standing federal rules under the Administrative Procedure Act first accrues and could thus unleash a flood of new lawsuits, say attorneys at Snell & Wilmer.

  • Series

    ESG Around The World: Gulf Cooperation Council

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    The Gulf Cooperation Council is in the early stages of ESG policy implementation, but recent commitments by both states and corporations — including increases in sustainable finance transactions, environmental commitments, female representation on boards and human rights enforcement — show continuing progress toward broader ESG goals, say attorneys at Cleary.

  • Steps For Companies New To Sanctions Compliance

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    Businesses newly required to implement compliance programs due to the increased breadth of mandatory sanctions and export controls, including 500 additional Russia sanctions announced last Friday, should closely follow the guidance issued by the Office of Foreign Assets Control and other regulators, say Jennifer Schubert and Megan Church at MoloLamken.

  • Bank Secrecy Act Lessons For Casinos After DOJ Settlements

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    The U.S. Department of Justice's recent settlements with the MGM Grand and Cosmopolitan casinos, resolving an investigation into alleged violations of the Bank Secrecy Act, signal a shift in the DOJ's enforcement focus and provide insight into potential pitfalls in anti-money laundering compliance programs, say attorneys at Jenner & Block.

  • What To Know About OCC Proposals For Bank Merger Review

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    The Office of the Comptroller of the Currency's proposed changes to the agency's bank merger review process could exacerbate industry concerns with long and unpredictable processing periods because the proposal is ambiguous with respect to how the OCC will view certain transactions, say attorneys at Simpson Thacher.

  • 6 Pointers For Attys To Build Trust, Credibility On Social Media

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    In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.

  • Del. Ruling Stands Out In Thorny Noncompete Landscape

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    In Cantor Fitzgerald v. Ainslie, the Delaware Supreme Court last month upheld the enforceability of forfeiture-for-competition provisions in limited partnership agreements, providing a noteworthy opinion amid a time of increasing disfavor toward noncompetes and following a string of Chancery Court rulings deeming them unreasonable, say Margaret Butler and Steven Goldberg at BakerHostetler.

  • SEC Regs Give Banks Chance To Step Up Cyber Safety Game

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    Just as the Sarbanes-Oxley Act forced financial institutions to undertake best practices in recordkeeping, the U.S. Securities and Exchange Commission’s recently effective cybersecurity regulations stand to similarly drive those same enterprises to seek out and implement best practices in cybersecurity, to everyone's benefit, says James Gerber at SimSpace.

  • A Post-Mortem Analysis Of Stroock's Demise

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    After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.

  • Predicting DeFi Regulations At Home And Abroad In 2024

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    Though decentralized finance has advocates on both sides of the Atlantic in figures like U.S. SEC Commissioner Hester Peirce and U.K. Prime Minister Rishi Sunak, DeFi in 2024 seems likely to be folded into existing regulatory frameworks in the U.K. and EU, while anti-crypto scrutiny may discourage DeFi’s growth in the U.S., say Daniel Csefalvay and Eric Martin at BCLP.

  • Understanding SEC's Focus Amid Lack Of Final AI Rules

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    Although the U.S. Securities and Exchange Commission's proposed rules to govern artificial intelligence are likely far from being finalized, understanding existing regulatory provisions that could address AI risks with respect to development, disclosure, compliance and data protection could help firms anticipate and avoid pitfalls, say attorneys at Skadden.

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