Fintech

  • September 28, 2023

    Gemini Confirms $282M Withdrawal, Denies Winklevoss Link

    Gemini Trust Co. LLC, the crypto exchange led by the Winklevoss brothers, confirmed on Thursday that it withdrew $282 million from bankrupt lender Genesis before its collapse, but fired back at a news report that raised questions about whether the withdrawal was for purposes beyond protecting customers.

  • September 28, 2023

    OCC Has Eye On Bank Risk Management In 2024 Exam Plan

    The Office of the Comptroller of the Currency said Thursday that its supervisory priorities in the coming year will include scrutiny of how banks are modeling their exposure to deposit runs, responding to cybersecurity threats and navigating distributed-ledger technology, among other areas.

  • September 28, 2023

    Crypto Users Take Landmark 'Scam Token' Loss To 2nd Circ.

    A group of crypto investors renewed its bid to hold the decentralized exchange Uniswap and its venture capital backers accountable for the sale of so-called scam tokens on the platform Thursday, saying it plans to appeal its groundbreaking loss to the Second Circuit.

  • September 28, 2023

    AIG Brings On Stripe GC As New Legal And Compliance Chief

    American International Group Inc. announced Thursday it has named Patricia Walsh as its new executive vice president and general counsel, effective in December, after its former legal counsel was promoted to a new vice chair position earlier this month.

  • September 28, 2023

    Celsius Judge Questions Value Of Token Offer In Ch. 11 Plan

    A New York bankruptcy judge told counsel for cryptocurrency lender Celsius Network on Thursday that it will need to make its case that the returns it's offering to holders of its in-house crypto token are a good deal when it seeks approval of its Chapter 11 plan next week.

  • September 28, 2023

    Apple Must Face Antitrust Suit Over Mobile Wallet Market

    A California federal judge trimmed some claims Wednesday from a proposed class action alleging Apple unlawfully monopolizes the "tap and pay" mobile wallet market for its own devices by blocking competition, cutting allegations the tech giant illegally ties its products, but allowing other antitrust claims to proceed.

  • September 28, 2023

    CFPB Urges 9th Circ. To Uphold $134M CashCall Restitution

    The Consumer Financial Protection Bureau asked the Ninth Circuit to uphold a $134.1 million restitution judgment meant to reimburse borrowers duped by a tribe-linked lending company's deceptive loan scheme, asserting the lender was not entitled to a jury trial before it was found liable for the hefty amount.

  • September 28, 2023

    Real Estate Rumors: Microsoft, PPG Development, Acadia

    Microsoft has reportedly subleased out 66,000 square feet of office space in Manhattan, PPG Development is said to have paid $14 million for 1.4 acres in Florida and Acadia Realty Trust has reportedly landed $33 million in financing for a Manhattan residential building.

  • September 28, 2023

    NJ Broker-Dealer Accused Of Failing To Stop Impostor's Fraud

    A Swedish woman wants a New Jersey broker-dealer to compensate her after it allegedly failed to shut down an impostor website, allowing fraudsters to steal more than $180,000 from her, a New Jersey federal lawsuit says.

  • September 28, 2023

    SBF Faces 'Long Sentence,' Could Be Flight Risk, Judge Says

    A Manhattan federal judge on Thursday declined to release Sam Bankman-Fried from jail during his upcoming trial, saying the FTX founder faces "a very long sentence" if convicted of pilfering billions of dollars from the fallen crypto exchange and may be a flight risk.

  • September 27, 2023

    Lawmakers Target SEC Crypto Policy Amid Gensler Testimony

    The U.S. Securities and Exchange Commission's actions on cryptocurrencies came under fresh congressional fire when lawmakers urged the agency to approve a bitcoin exchange-traded product and drop a crypto-related accounting guidance, and also chastised it on its oversight of a broker-dealer they claimed has ties to the Chinese Communist Party.

  • September 27, 2023

    Full DC Circ. Won't Review Mastercard, Visa ATM Class Cert.

    Mastercard and Visa lost their bid to have the D.C. Circuit rehear en banc its order upholding certification of three classes of consumers and ATM operators who accused the companies of imposing ATM fees in violation of antitrust laws, after the full court denied their petition Wednesday.

  • September 27, 2023

    SEC Pursues Crypto Case In-House Despite High Court Battle

    The U.S. Securities and Exchange Commission has filed a rare litigated administrative proceeding against a pair of Chicago-area crypto promoters whom it accused of illegally raising $1.5 million in an unregistered offering, even as it fights for the future of its administrative courts before the U.S. Supreme Court.

  • September 27, 2023

    SEC Prevails Over Prolific Trader In Unregistered Dealer Suit

    A Minnesota federal judge ruled in favor of the U.S. Securities and Exchange Commission Wednesday in an enforcement action accusing a company of making over $14 million from selling securities as an unregistered dealer, finding there is no factual argument about whether the company acted as a dealer or was required to register with the commission.

  • September 27, 2023

    Splunk Investors' $30M Deal Over Growth Strategies OK'd

    Splunk Inc. investors scored preliminary approval of a $30 million settlement in California federal court to resolve a securities class action accusing executives of lying about the software company's strategies to reach over $1 billion in positive operational cash flow by 2023, while suspending marketing investments and adopting a hiring freeze.

  • September 27, 2023

    IcomTech Ex-CEO Pleads Guilty To Crypto Ponzi Scheme

    The former CEO of purported cryptocurrency mining and trading company IcomTech copped to one count of wire fraud conspiracy in Manhattan federal court Wednesday for his role in a Ponzi scheme, prosecutors announced.

  • September 27, 2023

    Blockchain Firm Ripple Hires Obama Alum To Head Up Policy

    Blockchain firm Ripple Labs has hired an Obama-era White House staffer who went on to lead policy efforts for tech-sector heavyweights to head its engagement with lawmakers amid a high-profile securities enforcement case.

  • September 27, 2023

    Alfa Financial Engages New PE Firm After EQT's £615M Bid

    Alfa Financial Software, which in June received a £614.6 million ($746.1 million based on the current currency conversion) cash takeover offer from EQT, said Wednesday that it is in talks with a different private equity suitor, Thomas H. Lee Partners, for a potential takeover offer.

  • September 27, 2023

    Cannabis Banking Bill Advanced Out Of Senate Committee

    A key U.S. Senate committee on Wednesday moved forward a piece of legislation designed to normalize the cannabis industry's relationship with banks and other financial institutions.

  • September 27, 2023

    Gov't Shutdown Would Block New IPOs, SEC's Gensler Says

    If the U.S. Securities and Exchange Commission is forced to operate on a "skeletal" staff due to a looming government shutdown, companies would be prevented from going public and whistleblower complaints could go uninvestigated, agency chair Gary Gensler told Congress on Wednesday.

  • September 26, 2023

    FTC Says Celsius Founders Can't 'Jettison' Its Crypto Suit

    The U.S. Federal Trade Commission has told a New York federal judge that the co-founders of bankrupt crypto lender Celsius shouldn't be allowed to escape the agency's claims that they misused customer information, saying its complaint shows they had control of the business and directly participated in its downfall.

  • September 26, 2023

    NY Judge Trims Investor Suit Against Tenet Fintech, Execs

    A New York federal judge has trimmed a proposed securities class action against software developer Tenet Fintech Group Inc., alleging that the company artificially inflated its market value and misled investors about its business dealings with lenders, ruling that the suit fails to plead scienter and reliance for several of the alleged misstatements.

  • September 26, 2023

    BlockFi's Ch. 11 Plan Confirmed With Opt-Out Releases Intact

    A New Jersey bankruptcy judge approved the Chapter 11 plan of cryptocurrency platform BlockFi Inc. on Tuesday, overruling opposition from the Office of the United States Trustee to the releases being granted by third parties because they had the opportunity to opt out of the release provisions.

  • September 26, 2023

    Crypto Law Firm Wants 9th Circ. To Push SEC On Ether Rules

    A crypto-focused law firm plans to ask the Ninth Circuit to compel the U.S. Securities and Exchange Commission to clarify how securities laws apply to activity on the Ethereum network after a California federal judge said the challenge was premature.

  • September 26, 2023

    Sports NFTs Not Securities, DraftKings Argues In Exit Bid

    The non-fungible tokens on DraftKings' marketplace don't qualify as securities because buyers do not share in the profits and risks of the company by purchasing them, the sports betting giant argued in a motion to dismiss in Massachusetts federal court.

Expert Analysis

  • Opinion

    US Crypto Needs Regulatory Clarity In Order To Thrive

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    As the crypto industry continues to mature, now is the time for the U.S. government to implement a clear and consistent regulatory framework in order to weed out bad actors and support industry growth, fairer access, stability, innovation and consumer protection, says Gavin Michael at Bakkt.

  • As AI Pricing Tools Evolve, So Does Antitrust Risk

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    As the use of pricing algorithms has given rise to regulatory scrutiny and civil actions, such as RealPage Rental Software Antitrust Litigation in the Middle District of Tennessee and Gibson v. MGM in the District of Nevada, independent pricing decisions and other best practices can help limit antitrust risk, say attorneys at Axinn.

  • What SEC Actions Against NFTs May Mean For Issuers

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    The U.S. Securities and Exchange Commission’s recent charges against two non-fungible token issuers, Impact Theory and Stoner Cats, suggests that there could be additional SEC scrutiny of NFTs down the line, and that issuers should consider whether their assets might create an investment contract regulated under federal securities laws, say attorneys at Wilson Sonsini.

  • What Large Language Models Mean For Document Review

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    Courts often subject parties using technology assisted review to greater scrutiny than parties conducting linear, manual document review, so parties using large language models for document review should expect even more attention, along with a corresponding need for quality control and validation, say attorneys at Sidley.

  • Participating In Living History Makes Me A Better Lawyer

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    My role as a baron in a living history group, and my work as volunteer corporate counsel for a book series fan association, has provided me several opportunities to practice in unexpected areas of law — opening doors to experiences that have nurtured invaluable personal and professional skills, says Matthew Parker at the Nebraska Department of Health and Human Services.

  • Opinion

    Private Equity Owners Can Remedy Law Firms' Agency Issues

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    Nonlawyer, private-equity ownership of law firms can benefit shareholders and others vulnerable to governance issues such as disparate interests, and can in turn help resolve agency problems, says Michael Di Gennaro at The Law Practice Exchange.

  • Don't Wait To Prepare For CFPB's Small Biz Lender Data Rule

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    Though federal courts in Kentucky and Texas have paused the rollout of the Consumer Financial Protection Bureau's small business loan reporting requirement, with more delays perhaps on the way, financial institutions should nonetheless turn to new agency guidance to prepare for the rule's eventual implementation, say Christopher Friedman and Shelby Lomax at Husch Blackwell.

  • Understanding EU's AI Act And Its Enforcement Mechanisms

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    Companies wishing to use or market AI technology in the EU will need to become familiar with the risk-based regulatory framework and strict enforcement mechanisms of the draft EU Artificial Intelligence Act, which may be effective as early as next year, say Matthew Justus at AT&T and Wade Barron at Kilpatrick Townsend.

  • Tech Company Trade Compliance Programs Need A Check-Up

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    As sanctions and export controls continue to evolve, companies in the tech sector are often affected in ways that can be difficult to spot, say Carrie Schroll and Matthew Luzadder at Kelley Drye.

  • Suit Alleging FDIC Overdraft Overreach May Not Make Waves

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    Regardless of its outcome, a lawsuit filed by a Minnesota community bank and state bankers trade group arguing against recent overdraft-related fee enforcement from the Federal Deposit Insurance Corp. is unlikely to ease pressure from other banking regulators for corrective action on nonsufficient fund fees, say John Stoker and Kate Wellman at Moore & Van Allen.

  • Mass. Robinhood Ruling Will Affect Broker-Dealers Nationwide

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    Following the Massachusetts Supreme Judicial Court's recent ruling in Robinhood v. Galvin, which upheld the state's rule imposing a fiduciary duty standard on broker-dealers, the Massachusetts Securities Division will likely target in-state and out-of-state firms under the rule, say attorneys at Mintz.

  • How To Protect Atty-Client Privilege While Using Generative AI

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    When using generative artificial intelligence tools, attorneys should consider several safeguards to avoid breaches or complications in attorney-client privilege, say Antonious Sadek and Christopher Campbell at DLA Piper.

  • How New Lawyers Can Leverage Feedback For Growth

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    Embracing constructive criticism as a tool for success can help new lawyers accelerate their professional growth and law firms build a culture of continuous improvement, says Katie Aldrich at Fringe Professional Development.

  • Takeaways From Recent Developments In Bank-Fintech Space

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    Several recent consumer protection advancements affecting banks, technology and fintech companies, including the issuance of final regulatory guidance relating to third-party risk management, reemphasize the importance of closely assessing true lender issues in bank-fintech partnership arrangements, says Eamonn Moran at Norton Rose.

  • Series

    ESG Around The World: Australia

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    Clive Cachia and Cathy Ma at K&L Gates detail ESG-reporting policies in Australia and explain how the country is starting to introduce mandatory requirements as ESG performance is increasingly seen as a key investment and corporate differentiator in the fight for global capital.

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