Fintech

  • March 27, 2024

    Amazon Can't Block DSA Ad Repository Requirements

    A European court reversed a ruling temporarily exempting Amazon from a set of regulations for large digital platforms, ruling Wednesday that — like Apple's App Store, Facebook and Instagram — Amazon will have to maintain a publicly available repository of advertising information, as mandated by the European Union's 2022 Digital Services Act.

  • March 27, 2024

    Video Streamer Escapes Crypto Token Holder's Fraud Suit

    A New York federal judge has permanently tossed a suit accusing video streaming service Open Props Inc. and its executives of misrepresenting to investors that it would become a decentralized blockchain network following the sale of its native cryptocurrency tokens.

  • March 27, 2024

    Texas Appeals Court Nixes Injunction In Bitcoin Mining Dispute

    A Texas state appeals court chucked a temporary injunction Wednesday that would have forced a property owner to keep providing electricity and access to a bitcoin mining company, ruling Thursday that the injunction was lacking in specifics and insufficient under Texas law.

  • March 27, 2024

    CFPB Flags False Advertising Risk For Money Transfer Firms

    The Consumer Financial Protection Bureau on Wednesday cautioned international money transfer providers about how they market themselves, saying advertising services as "free" when customers are still required to pay additional fees for converting or delivering funds may violate federal law.

  • March 27, 2024

    Binance Says Fla. Suspension Order Violates Due Process

    Binance on Wednesday told a Florida appeals court that state regulators wrongly suspended its license to operate as a money transmitter, saying an emergency order issued earlier this year telling the cryptocurrency exchange to cease operations wasn't sufficiently justified and violates due process.

  • March 27, 2024

    NC Commissioner Says Insurance Mogul's Argument 'Mistaken'

    The North Carolina insurance commissioner asked the state's Supreme Court on Tuesday to allow him to give his take on a group of insurers' lawsuit against embattled mogul Greg Lindberg that alleges he pilfered the insurance companies as owner, saying if the court lets him submit an amicus brief he'll explain how Lindberg's main argument is "mistaken."

  • March 27, 2024

    BlockFi Wins Approval Of 'Tremendous' Deal With FTX

    A New Jersey bankruptcy judge gave his blessing on Wednesday to a global settlement that ends disputes between fallen cryptocurrency giants BlockFi Inc. and FTX, saying the results were "tremendous."

  • March 27, 2024

    Fed. Circ. Caps $7M Verdict While Clarifying Foreign Damages

    The Federal Circuit on Wednesday rejected Trading Technologies' attempt to increase its $6.6 million patent infringement win against IBG LLC, in an opinion focusing on how to apply a 2018 U.S. Supreme Court ruling on foreign damages.

  • March 27, 2024

    Imprisoned Bitcoin Fraudster Fights Loss Amount At 7th Circ.

    A Nigerian man serving eight years in prison for carrying out an $8 million bitcoin fraud scheme told the Seventh Circuit on Wednesday that he should be resentenced because a lower court incorrectly considered $46 million in intended losses while determining his sentencing range.

  • March 27, 2024

    Ex-NJ Corrections Officer Admits To Scamming $600K

    A former New Jersey corrections officer has admitted to orchestrating two fraud schemes, including an alleged cryptocurrency scam that resulted in losses of more than $600,000, the U.S. attorney for New Jersey has announced.

  • March 27, 2024

    Coinbase Denied Early Victory Over SEC Enforcement Action

    A Manhattan federal judge on Wednesday rejected crypto exchange Coinbase's bid to defeat the U.S. Securities and Exchange Commission's claims that it operated as an unregistered securities exchange, broker and clearing agency.

  • March 27, 2024

    SEC Cyber Enforcement Top Concern For Compliance Pros

    More than 40% of compliance personnel from asset management, investment adviser and private markets firms are concerned about how the U.S. Securities and Exchange Commission will enforce its new cybersecurity rules, according to findings from a recent survey.

  • March 27, 2024

    Terraform Loses Mistrial Bid After Rakoff Query About 'Lying'

    Manhattan U.S. District Judge Jed S. Rakoff on Wednesday rejected a mistrial bid by counsel for Terraform Labs and creator Do Kwon centering on the judge's move to ask an investor if the bankrupt crypto startup had disclosed potential risks about "lying" to the public.

  • March 26, 2024

    Banks Bristle At CFPB's 'Preventive' Ban On Some NSF Fees

    Banking trade groups are lobbying the Consumer Financial Protection Bureau to scrap a proposed rule that would ban fees on instantly declined transactions, arguing the measure is at best a solution in search of a problem and at worst a Trojan horse for expanding the agency's anti-abusiveness authority.

  • March 26, 2024

    Jackson Paints Abortion Clash As Microcosm Of Bigger Brawl

    A war of words Tuesday at the U.S. Supreme Court over access to abortion medication marked a climactic moment after a lengthy legal slugfest. But probing questions from Justice Ketanji Brown Jackson illustrated that the main event for reproductive rights was also simply a single round in a much larger fight over the government's regulatory powers.

  • March 26, 2024

    Walmart Wins Bid To Ax Capital One Credit Card Agreement

    Walmart can terminate its agreement with Capital One, a New York federal judge ruled Tuesday, agreeing with Walmart that the plain meaning of the contract allows the retail behemoth to ax the agreement if its credit card partner doesn't meet certain customer service standards.

  • March 26, 2024

    PTAB Tosses 'Smart Card' Patent Used Against Banks

    The Patent Trial and Appeal Board has found that all the claims of a Kioba Processing LLC patent on using a "smart card" to increase the security of wireless transactions are invalid as anticipated or obvious.

  • March 26, 2024

    Apple Escapes Antitrust Suit Over Crypto On Payment Apps

    A California federal judge on Tuesday tossed with leave to amend a proposed antitrust class action claiming Apple's agreements with Apple Cash competitors illegally limit competition by blocking decentralized cryptocurrency technology, saying the consumers failed to adequately allege standing, among other "problematic" reasons.

  • March 26, 2024

    Pennsylvania, Crypto Miner Sued Over Enviro Contamination

    A Pennsylvania environmental group sued the Keystone State and a crypto-mining company Tuesday in Philadelphia County Court accusing the state of failing to protect its residents from the company's purported six million tons of carbon dioxide emissions per year.

  • March 26, 2024

    Ally Bank Beats Class Action Over Data Leak For Good

    A New York federal judge has permanently thrown out a proposed class action against Ally Bank that sought to hold it liable for a data leak of customer login information, after finding that the suit still fails to show that the leaked data caused any harm to customers.

  • March 26, 2024

    Google Urges Texas Court To Undo $12M Voice Patent Verdict

    Google has asked a Texas federal court to undo a jury's finding that it owes $12 million to an app developer for infringing patents on a method for calling from multiple phone numbers using a single phone, reasserting that the technology was used commercially well before it was patented.

  • March 26, 2024

    FTX Says Millions In Ch. 11 Token Claims Should Be Zeroed

    Cryptocurrency exchange FTX Trading Ltd. argued in court Tuesday that a Delaware bankruptcy judge should estimate the claims of customers holding some digital tokens at a heavy discount for Chapter 11 purposes, including zeroing out hundreds of millions of dollars in token value.

  • March 26, 2024

    Terraform Backer Tells Jury His Firm Lost Big On $36M Stake

    A Boston venture capitalist told the Manhattan federal jury hearing fraud claims against Terraform Labs and its creator Do Kwon on Tuesday that his former company confidently invested $35.9 million in the crypto startup based on representations that regulators say were false.

  • March 26, 2024

    GOP Lawmakers Push Gensler To Clarify SEC Stance On Ether

    Nearly 50 House Republicans called on U.S. Securities and Exchange Commission Chair Gary Gensler to explain his agency's views on the ethereum network's token after a firm apparently only cleared to safeguard digital asset securities announced its intention to support ETH.

  • March 26, 2024

    SEC Says Ripple's 'Egregiousness' Warrants $2B Sanction

    The U.S. Securities and Exchange Commission has told a New York federal court that blockchain firm Ripple Labs Inc. ramped up sales of its XRP token after the agency launched its enforcement action and engaged in a "public relations campaign to deflect blame from its conduct," warranting nearly $2 billion in sanctions.

Expert Analysis

  • 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.

  • How High Court SEC Case Could Affect The ITC

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    While the U.S. Supreme Court’s upcoming ruling in U.S. Securities and Exchange Commission v. Jarkesy will likely spare the U.S. International Trade Commission from major operative changes, the ITC’s ability to issue penalties for violations of its orders may change, say Gwendolyn Tawresey and Ryan Deck at Troutman Pepper.

  • CFPB Overdraft Rule Could Mean Big Shift In Banking Biz

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    The Consumer Financial Protection Bureau has proposed "to close a longstanding loophole" in the Truth in Lending Act by changing how it regulates overdraft fees, but underneath the headline-grabbing proposal is a foundational shift in how the bureau views overdraft services, say attorneys at Katten.

  • Open Questions After Elastos Crypto Class Action Settlement

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    The recent settlement in Owen v. Elastos Foundation resolving a class action fight over whether Elastos was required to register an initial coin offering with U.S. regulators has raised several questions that may be of interest to lawyers litigating cryptocurrency-related cases, including whether a crypto token constitutes a security under U.S. law, says Bradley Simon at Schlam Stone.

  • Series

    Coaching High School Wrestling Makes Me A Better Lawyer

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    Coaching my son’s high school wrestling team has been great fun, but it’s also demonstrated how a legal career can benefit from certain experiences, such as embracing the unknown, studying the rules and engaging with new people, says Richard Davis at Maynard Nexsen.

  • Implications For Digital Assets After SEC Settlement With DAO

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    The U.S. Securities and Exchange Commission's December settlement with BarnBridge — finding that the decentralized autonomous organization's products were securities under federal law — foreshadows increased enforcement attention on digital assets, and reveals arguments the SEC may use in similar disputes with decentralized finance protocols, say attorneys at K&L Gates.

  • SG's Office Is Case Study To Help Close Legal Gender Gap

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    As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.

  • Bitcoin ETF Approval Doesn't Mean SEC Approves Of Crypto

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    While the U.S. Securities and Exchange Commission's approval last month of 11 applications for spot exchange-traded funds tracking bitcoin is a landmark moment for the crypto-asset industry, investors who are hopeful that the SEC will approve similar crypto-based ETFs may be disappointed, says attorneys at Mintz.

  • How Proposed Bipartisan Bill Would Reform Bank Exams

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    If the Fair Audits and Inspections for Regulators’ Exams Act, which was recently introduced by a bipartisan group of senators, were to be enacted, it would particularly benefit small lenders and bank-fintech partnerships by promoting transparency, appellate rights and examiner accountability, say attorneys at Latham.

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