Fintech

  • 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.

  • March 26, 2024

    Visa, Mastercard Cut Deal In Long-Running Swipe Fee Dispute

    Visa and Mastercard reached a settlement Tuesday that merchants in a long-running antitrust case say will reduce fees by $30 billion over the next several years, while eliminating restrictions on steering customers to cheaper payment options.

  • March 26, 2024

    Crypto Co. KuCoin, Execs Charged With Enabling Laundering

    Manhattan federal prosecutors unveiled an indictment Tuesday charging foreign cryptocurrency exchange KuCoin and its two China-based founders with failing to implement anti-money laundering protocols and allowing more than $5 billion worth of criminal funds to flow through its trading platform.

  • March 25, 2024

    Lender Groups Sue Over Colorado's Rate 'Opt-Out' Law

    A coalition of lender trade groups filed suit Monday to block Colorado officials from enforcing a new, impending law to rein in high-cost online lending by out-of-state banks, alleging it violates federal law and risks harming Colorado borrowers instead of helping them.

  • March 25, 2024

    Crypto Group, Apparel Co. Sue Over SEC Crypto Policy

    A Texas-based apparel company on Monday teamed up with a crypto industry group to sue the U.S. Securities and Exchange Commission over an alleged pattern of enforcement against crypto firms, which the brand said threatens its business since it distributed its own digital token.

Expert Analysis

  • Following Banking Regulators' Breadcrumbs To 2024 Priorities

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    Through blog posts, speeches, and formal guidance and regulations, prudential and other federal and state financial regulators laid out a road map last year pointing to compliance priorities that should be reflected in financial institutions' planning this year, say Laurel Loomis Rimon and Gina Shabana at Jenner & Block.

  • Series

    Playing Competitive Tennis Makes Me A Better Lawyer

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    My experience playing competitive tennis has highlighted why prioritizing exercise and stress relief, maintaining perspective under pressure, and supporting colleagues in pursuit of a common goal are all key aspects of championing a successful legal career, says Madhumita Datta at Lowenstein Sandler.

  • The Questions Around Prometheum's SEC-Compliant Strategy

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    While the rest of the crypto industry has been engaged in a long-running battle to escape the U.S. Securities and Exchange Commission's jurisdiction, a once-obscure startup called Prometheum has instead embraced the SEC's view to become the first crypto special-purpose broker-dealer, but it's unclear whether it can turn its favored status into a workable business, says Keith Blackman at Bracewell.

  • Series

    The Pop Culture Docket: Judge Djerassi On Super Bowl 52

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    Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.

  • Ex-OpenSea Staffer Case May Clarify When Info Is Property

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    In considering the appeal of a former OpenSea manager’s wire fraud conviction in U.S. v. Chastain, the Second Circuit may soon provide guidance about whether economic information is traditional property in certain insider trading prosecutions — a theory of fraud that the U.S. Supreme Court has repeatedly narrowed, say attorneys at Debevoise.

  • Money Transmitter Licensing: An Issue Too Costly To Ignore

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    Money transmitter licensing has become particularly relevant in recent years as digital currencies and payment technologies have piqued regulator interest, and companies should consider whether they need to be licensed to avoid disruption of operations, as well as significant fines and penalties, says Clayton Swears at Hudson Cook.

  • CFPB's Proposed Overdraft Rule Evokes A Dickensian Tale

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    The Consumer Financial Protection Bureau's new proposed rule, declaring overdraft credit to be under Truth In Lending Act protection, creates tension between vigorous agency action and judicial concerns about administrative overreach that calls to mind Charles Dickens' "A Tale of Two Cities," say Eric Mogilnicki and David Stein at Covington.

  • Considerations For Lawyer Witnesses After FTX Trial

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    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.

  • Employee Experience Strategy Can Boost Law Firm Success

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    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.

  • Series

    Competing In Triathlons Makes Me A Better Lawyer

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    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.

  • OCC Guidance May Lead Off 'Buy Now, Pay Later' Regulations

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    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.

  • Where Justices Stand On Chevron Doctrine Post-Argument

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    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.

  • Perspectives

    6 Practice Pointers For Pro Bono Immigration Practice

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    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.

  • Series

    ESG Around The World: Canada

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    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.

  • Lessons From Country Singer's Personal Service Saga

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    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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