Fintech

  • April 16, 2024

    Terraform Creditors Say All Clear To Hire Crypto Tracing Firm

    The creditors committee for bankrupt cryptocurrency startup Terraform Labs Pte. Ltd. said on Tuesday it had resolved the only issues the U.S. Trustee's Office had with the committee's request to hire an investment bank to advise it on tracing cryptocurrency in Terraform's Chapter 11 case.

  • April 16, 2024

    Binance.US Adds Ex-NY Fed Compliance Chief To Board

    Binance.US announced Tuesday that it had brought aboard a seasoned compliance and regulation expert to join its board of directors, three months after the cryptocurrency platform hired a new top compliance officer amid federal regulators' ongoing scrutiny of the platform.

  • April 16, 2024

    Chancery Tosses Zelle Fraud Suit Against JPMorgan Directors

    A JPMorgan Chase & Co. shareholder that sued the bank's board for allegedly ignoring fraud on the payment platform Zelle has not shown the bank failed to respond to the problem, a Delaware Chancery Court judge ruled Tuesday, dismissing the shareholder's case.

  • April 15, 2024

    Dems Grill Chamber Over 'Outrageous' CFPB Card Fee Suit

    Two top Democratic senators are calling on the U.S. Chamber of Commerce to explain why it sued to block the Consumer Financial Protection Bureau's $8 credit card late fee rule, a case they say is "outrageous" and puts the interests of big banks over the group's rank and file.

  • April 15, 2024

    FTX Liquidators Describe Operating Blindly In Initial Days

    The U.S. liquidator for collapsed cryptocurrency exchange FTX told attendees at the OffshoreAlert Conference in Miami Beach, Florida, the case was unlike any other he'd handled as the company had "no set of books," forcing both onshore and offshore liquidators to scramble to track down assets.

  • April 15, 2024

    'Pig Butchering' Scams' Human Toll Has Experts Alarmed

    Financial institutions, cryptocurrency exchanges and social media companies need to do more to stem a growing tide of so-called pig butchering scams, which experts at the OffshoreAlert Conference in Miami said Monday are wreaking havoc on victims while funding a large human trafficking operation.

  • April 15, 2024

    Coinbase Wants 2nd Circ. To Weigh Crypto's Howey Question

    Crypto exchange Coinbase has asked a Manhattan federal judge to send the question of whether digital assets meet the definition of investment contracts to the Second Circuit, challenging a March order that found the U.S. Securities and Exchange Commission had adequately pled that the platform offered securities.

  • April 15, 2024

    CFPB Hits Back At Bank Challenge To Small-Biz Lending Rule

    The Consumer Financial Protection Bureau has urged a Texas federal judge to dispense with an industry-backed challenge to its now-stayed reporting requirements for lenders in the nearly $2 trillion small-business loan market, arguing much of the case boils down to a beef with Congress for mandating the requirements in the first place. 

  • April 15, 2024

    Worldpay Sues Shuttered Retailer Over Refund Refusals

    Payment processor Worldpay LLC is requesting injunctive relief in Ohio federal court to alleviate the millions of dollars in losses it says it has incurred since home appliance retailer Pirch Inc. began refusing to honor its customers' credit card refund requests after halting operations abruptly in March.

  • April 15, 2024

    Feds Say $3.5M 'Cryptojacking' Scam Targeted Cloud Services

    A Nebraska man defrauded two cloud computing services of $3.5 million and used the proceeds to mine an additional $1 million in cryptocurrency, Brooklyn federal prosecutors said Monday.

  • April 15, 2024

    Senators Demand Info On CFTC Chats With Bankman-Fried

    Two U.S. senators have asked the U.S. Commodity Futures Trading Commission's chair to detail all of his communications and meetings with convicted FTX fraudster Sam Bankman-Fried.

  • April 15, 2024

    Justices Allow Class Action Over ATM Fees To Proceed

    The U.S. Supreme Court on Monday declined to review a D.C. Circuit decision affirming class certifications in a long-running ATM fee dispute, which Visa and Mastercard claimed created a circuit split over the correct standard of review courts should use when considering certification motions.

  • April 12, 2024

    Jane Street Says Millennium, Ex-Workers Stole Trade Secrets

    Trading firm Jane Street Group LLC sued rival Millennium Management LLC and two former employees in New York federal court Friday, alleging they stole a confidential trading strategy and have reaped "massive profits from this theft."

  • April 12, 2024

    Feds Rest In $110M Mango Markets Trial Of Crypto Trader

    Manhattan federal prosecutors on Friday rested their case against a crypto trader accused of stealing $110 million from Mango Markets investors by pumping the price of the exchange's native token, while the defense argued that the government had failed to show that the crypto derivatives at issue were swaps as alleged in the indictment.

  • April 12, 2024

    Crypto-Friendly Atty Reveals Backers In Bid To Unseat Warren

    The cryptocurrency-boosting attorney running in Massachusetts to unseat crypto critic Sen. Elizabeth Warren has garnered the support of notable digital asset industry leaders, according to his quarterly report to the Federal Election Commission.

  • April 12, 2024

    'Much More Is Coming': Experts See Wave Of AI-Related Suits

    Legal experts speaking Friday at the University of California, Berkeley School of Law's symposium on artificial intelligence and evidence in civil litigation warned that broadening usage and increased regulation will lead to a wave of litigation over the technology, leaving courts to analyze the "black box" of corporate AI algorithms to determine liability.

  • April 12, 2024

    Republicans Warn CFPB Against Pursuing Arbitration Rule 2.0

    Two Republican lawmakers are cautioning the Consumer Financial Protection Bureau against heeding calls for another rulemaking to restrict arbitration provisions in consumer financial contracts, warning that such an effort would be a "significant abuse" of the agency's authority.

  • April 12, 2024

    Capital Recruiter Awarded $7.8M In Back Fees In Breach Suit

    An Atlanta-area capital recruiting firm is owed more than $7.8 million in lost commissions from a former financial technology client that violated its agreement to pay the recruiter to connect it with investors, according to a verdict from a Georgia federal jury.

  • April 12, 2024

    Ex-Amazon Engineer Gets 3 Years For $12M Crypto Hacks

    The former technical lead of Amazon's "bug bounty" program was sentenced in Manhattan federal court Friday to three years in prison for using his specialized computer engineering skills to steal more than $12 million from two decentralized cryptocurrency exchanges.

  • April 11, 2024

    CFPB Says Credit Card Shares Disqualifying In 5th Circ. Case

    The Consumer Financial Protection Bureau sparred Thursday with a coalition of trade groups over recusal standards in their Fifth Circuit lawsuit challenging the agency's new $8 credit card late fee rule, arguing that a judge's ownership of stock in a major card-issuing bank ought to be disqualifying in itself.

  • April 11, 2024

    Crypto Trader Hit With Judgment In SEC's $4.3M Fraud Case

    A cryptocurrency trader has consented to a judgment to end a U.S. Securities and Exchange Commission suit accusing him of duping investors out of $4.3 million by falsely claiming the money would be invested in digital assets that could be obtained at a discount.

  • April 11, 2024

    Visa Beats Some Merchant Claims In Antitrust MDL

    A New York federal judge has trimmed claims lodged by Home Depot and other merchants against Visa and several banks in sprawling multidistrict antitrust litigation dating back to 2005 over network rules forcing merchants to accept the companies' cards.

  • April 11, 2024

    CFPB, EU Say Teamwork 'Critical' As Fintech Bridges Atlantic

    The consumer protection watchdogs in Europe and the U.S. said Thursday that their ongoing dialogue has yielded three shared focuses — the expansion of technology firms' payment services, the use of artificial intelligence in consumer markets and buy now, pay later products.

  • April 11, 2024

    Investors Get OK For $111M Ponzi Case Receiver Passed On

    A Colorado federal judge has given the green light for a group of investors to seek over $111 million from a forex-focused financial technology firm in the U.K. and its affiliate, in a lawsuit alleging they played an instrumental role in a scheme that duped investors and drew the attention of U.S. securities regulators and prosecutors.

  • April 11, 2024

    FTX Brass, Investors Can't Move Bankruptcy Suit To MDL

    The Judicial Panel on Multidistrict Litigation on Thursday denied a bid to move a Delaware bankruptcy proceeding regarding the collapse of cryptocurrency exchange FTX Trading Ltd. to an ongoing multidistrict litigation brought by the company's investors seeking to recoup their losses.

Expert Analysis

  • Series

    Illinois Banking Brief: All The Notable Legal Updates In Q1

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    In the first quarter of 2024, Illinois lawmakers proposed a stack of bills aimed at modernizing money transmission, digital assets and banking laws, with a particular focus on improving consumer protections and better defining the state’s authority to regulate digital services, say James Morrissey and Mark Svalina at Vedder Price.

  • Defense Attys Must Prep For Imminent AI Crime Enforcement

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    Given recent statements by U.S. Department of Justice officials, white collar practitioners should expect to encounter artificial intelligence in federal criminal enforcement in the near term, even in pending cases, say Jarrod Schaeffer and Scott Glicksman at Abell Eskew.

  • Series

    Serving As A Sheriff's Deputy Made Me A Better Lawyer

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    Skills developed during my work as a reserve deputy — where there was a need to always be prepared, decisive and articulate — transferred to my practice as an intellectual property litigator, and my experience taught me that clients often appreciate and relate to the desire to participate in extracurricular activities, says Michael Friedland at Friedland Cianfrani.

  • Opinion

    The SEC Is Engaging In Regulation By Destruction

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    The U.S. Securities and Exchange Commission's recent use of regulation by enforcement against digital assets indicates it's more interested in causing harm to crypto companies than providing guidance to the markets or protecting investors, says J.W. Verret at George Mason University.

  • Series

    NJ Banking Brief: All The Notable Legal Updates In Q1

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    Early 2024 developments in New Jersey financial regulations include new bills that propose regulating some cryptocurrency as securities and protecting banks that serve the cannabis industry, as well as the signing of a data privacy law that could change banks’ responsibility to vet vendors and borrowers, say attorneys at Chiesa Shahinian.

  • Former Minn. Chief Justice Instructs On Writing Better Briefs

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    Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.

  • ShapeShift Fine Epitomizes SEC's Crypto Policy, And Its Flaws

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    A recent U.S. Securities and Exchange Commission order imposing a fine on former cryptocurrency exchange ShapeShift for failing to register as a securities dealer showcases the SEC's regulation-by-enforcement approach, but the dissent by two commissioners raises valid concerns that the agency's embrace of ambiguity over clarity risks hampering the growth of the crypto economy, says Keith Blackman at Bracewell.

  • Stay Interviews Are Key To Retaining Legal Talent

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    Even as the economy shifts and layoffs continue, law firms still want to retain their top attorneys, and so-called stay interviews — informal conversations with employees to identify potential issues before they lead to turnover — can be a crucial tool for improving retention and morale, say Tina Cohen Nicol and Kate Reder Sheikh at Major Lindsey.

  • Overdraft Opt-In Practices Hold Risks For Banks

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    A recent Consumer Financial Protection Bureau action against Atlantic Union Bank regarding overdraft opt-in sales practices highlights compliance risks that financial institutions must be aware of, especially when enrolling customers by phone, says Kristen Larson at Ballard Spahr.

  • How Experian, Apple Aid CFPB's 'Buy Now, Pay Later' Goals

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    Experian’s recent voluntary addition of Apple's “buy now, pay later” loans to consumer credit reports makes now a useful occasion to reflect on past Consumer Financial Protection Bureau calls for wider transparency around these products, and to analyze how its stated priorities for regulating them may shape coming bureau guidance and rules, says Tom Witherspoon at Stinson.

  • Ready Or Not, Big Tech Should Expect CFPB Surveillance

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    In light of the Consumer Financial Protection Bureau's proposed plan to supervise large companies providing the vast majority of digital money transfers, not only will Big Tech have to prepare for regulation previously reserved for traditional banks, but the CFPB will also likely face some difficult decisions and obstacles, says Meredith Osborn at Arnold & Porter.

  • Series

    Spray Painting Makes Me A Better Lawyer

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    My experiences as an abstract spray paint artist have made me a better litigator, demonstrating — in more ways than one — how fluidity and flexibility are necessary parts of a successful legal practice, says Erick Sandlin at Bracewell.

  • How New SEC Rule May Turn DeFi Participants Into 'Dealers'

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    The U.S. Securities and Exchange Commission recently announced a new rule to amend its definition of a securities "dealer," but the change could have concerning implications for decentralized finance and blockchain, as the SEC has suggested it may subject DeFi participants to registration requirements and other regulations, say attorneys at DLA Piper.

  • Opinion

    Judicial Independence Is Imperative This Election Year

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    As the next election nears, the judges involved in the upcoming trials against former President Donald Trump increasingly face political pressures and threats of violence — revealing the urgent need to safeguard judicial independence and uphold the rule of law, says Benes Aldana at the National Judicial College.

  • How Harsher Penalties For AI Crimes May Work In Practice

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    With recent pronouncements from the U.S. Department of Justice that prosecutors may seek sentencing enhancements for crimes committed using artificial intelligence, defense counsel should understand how the sentencing guidelines and statutory factors will come into play, says Jennie VonCannon at Crowell & Moring.

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