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Fintech
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May 29, 2024
5th Circ. Stays Transfer Of Suit Over CFPB's Late Fee Rule
The Fifth Circuit on Wednesday halted the transfer of a banking industry lawsuit against the Consumer Financial Protection Bureau's $8 credit card late fee rule, again intervening in the case less than a day after a Texas federal judge ordered it sent to Washington, D.C., for a second time.
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May 29, 2024
Gemini Returns $2.2B Of Crypto From Genesis Ch. 11
Crypto Exchange Gemini and bankrupt former crypto lender Genesis Global Holdco LLC returned $2.18 billion worth of digital assets Wednesday to 232,000 users of an interest-accruing lending program, Gemini Earn, that have been locked up since Genesis had filed for Chapter 11 protection in early 2023.
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May 28, 2024
SEC Ordered To Pay $1.8M Over Crypto Case Sanctions
The U.S. Securities and Exchange Commission is on the hook for more than $1.8 million in attorney and receiver fees arising from its allegedly ill-gotten temporary restraining order against crypto project Debt Box, though a Utah federal judge allowed the agency the opportunity to refile the enforcement case despite protests from the defendants.
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May 28, 2024
Block.one Investors Renew Push For $22M Deal Approval
A class of investors has again asked the court to approve a $22 million settlement with Block.one over the cryptocurrency company's $4 billion initial coin offering, following several instances in which the court denied approval of the deal.
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May 28, 2024
Treasury To Allow Online Banking, Cloud Services For Cuba
The U.S. Department of the Treasury on Tuesday eased restrictions on Cuba by modifying financial regulations to allow cloud-based services, bank accounts for entrepreneurs and remittance processing, saying the effort is to "increase support for the Cuban people."
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May 28, 2024
Texas Judge Sends Suit Over CFPB Late Fee Rule Back To DC
A Texas federal judge Tuesday ordered another cross-country trip for a banking industry lawsuit that challenges the Consumer Financial Protection Bureau's $8 credit card late fee rule, sending the case back to Washington, D.C., shortly after regaining control over it.
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May 28, 2024
Fed. Circ. Won't Revive 'Checking Financial History' Patents
The Federal Circuit ruled Tuesday that a judge in Georgia made the right call in deciding that a prolific patent lawyer should have never been issued a handful of patents covering "the idea of checking financial history before completing a transaction."
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May 28, 2024
Catching Up With Delaware's Chancery Court
Delaware Court of Chancery watchers shifted their focus last week from the courtroom to Dover's legislative hall, as proposed amendments to Delaware's corporate code were finally introduced to state lawmakers. Hearings, decisions and reversals involved Kraft-Heinz, AMC Entertainment and the merger of cryptocurrency companies BitGo and Galaxy. In case you missed it, here's the latest from Delaware's Chancery Court.
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May 28, 2024
High Court Passes On Collection Firm's CFPB Funding Fight
The U.S. Supreme Court said Tuesday that it won't take up a now-shuttered debt collection law firm's fight against an investigative demand by the Consumer Financial Protection Bureau, turning down a case that covered the same constitutional ground as one that the justices recently decided in the agency's favor.
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May 28, 2024
OCC's Hsu Says More Banks May Need Crisis Playbook Rules
The Office of the Comptroller of the Currency's acting chief Michael Hsu called for potentially subjecting more banks to recovery planning standards that currently kick in at the $250 billion asset size threshold, floating it as another possible regulatory response to last year's regional bank failures.
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May 28, 2024
Texas Crypto Mining CEO Hits Back At SEC's $5.6M Fraud Suit
The CEO of a crypto-asset mining and hosting company wants out of the U.S. Securities and Exchange Commission's suit accusing him and the company of defrauding investors through a $5.6 million unregistered securities offering, arguing that its agreements with clients were not securities.
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May 28, 2024
FTX Exec Who Acted As Bankman-Fried 'Tool' Gets 7½ Years
A Manhattan federal judge hit cryptocurrency finance expert and former FTX executive Ryan Salame with a 7½-year sentence Tuesday for duping a bank to authorize $1.5 billion of illegal transfers and making fraudulent campaign contributions for the exchange's convicted founder, Sam Bankman-Fried.
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May 24, 2024
Apple Can't Wipe Out 2 Fintiv Mobile Wallet Patents At PTAB
Apple wasn't able to persuade a panel of administrative patent judges to invalidate any language in a pair of patents issued to the founder of a failed cloud-based mobile financial services startup.
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May 24, 2024
Top Senate Banking Dem Presses DoorDash On Biz Advances
Food ordering and delivery platform DoorDash has come under fire from the chair of the U.S. Senate's banking committee over merchant cash advance products offered on its platform, with the lawmaker saying the typically high costs of such offerings bear "a troubling similarity to payday lending practices."
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May 24, 2024
SEC Says Crypto Firm's Challenge Is 'Fatally Premature'
The U.S. Securities and Exchange Commission told a Texas federal judge on Friday that a yet-to-launch crypto exchange's bid to bar any future enforcement action is "fatally premature" since the firm hasn't identified a final action to challenge.
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May 24, 2024
House Lawmakers Want New Hearing With FDIC's Gruenberg
Federal Deposit Insurance Corp. Chair Martin Gruenberg is scheduled to appear before the U.S. House Financial Services Committee to answer questions about the damning findings of a probe of the FDIC's workplace culture.
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May 24, 2024
CFTC's Johnson Is Under Consideration For FDIC Top Job
The Biden administration is considering Kristin Johnson, a Democratic member of the U.S. Commodity Futures Trading Commission, as a possible candidate to replace Martin Gruenberg at the helm of the Federal Deposit Insurance Corp., Law360 has learned.
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May 24, 2024
Biden's Judicial Impact And What's Left On The Wish List
President Joe Biden secured confirmation of his 200th federal judge Wednesday and has transformed the judiciary by picking more women and people of color than any other president. But the upcoming election season could derail his hopes of confirming many more judges.
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May 24, 2024
NYSE Companies Could Face Heat If Business Focus Changes
A New York Stock Exchange proposal seeking additional authority to delist companies that enact wholesale business changes after going public could subject certain companies to more scrutiny, attorneys say, though such drastic actions are expected to be rare.
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May 24, 2024
Exiled Chinese Businessman Is No $1B Fraudster, Jury Told
Exiled Chinese businessman and purported billionaire Guo Wengui ran legitimate companies in support of a broad movement that opposed the Chinese Communist Party, his attorney told a Manhattan federal jury Friday, rather than what prosecutors say was a multifaceted $1 billion fraud.
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May 24, 2024
Coinbase Says Crypto Securities Question Is Ripe For Review
Crypto exchange Coinbase again urged a Manhattan federal judge to send to the Second Circuit the question of whether digital assets meet the definition of investment contracts, saying the question could "shape or distort a multitrillion-dollar industry."
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May 24, 2024
CFPB Will Ask DC Circ. To Rescue Rule Challenged By PayPal
The Consumer Financial Protection Bureau said Friday it will appeal a Washington, D.C., federal judge's recent decision that sided with payments giant PayPal in its lawsuit challenging the agency's extension of certain prepaid card regulations to digital wallets.
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May 24, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen an IT engineer seek permission to search a landfill hiding a hard drive supposedly storing millions of pounds in bitcoin, Glencore take on legal action by American Century Investments, gold payment app Glint bring a breach of duty claim against FRP Advisory, and an ongoing dispute between a solicitor and the Solicitors Regulation Authority. Here, Law360 looks at these and other new claims in the U.K.
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May 23, 2024
CFPB's 1st Try At BNPL Regulation Could Set Stage For More
The Consumer Financial Protection Bureau's new guidance that treats buy-now, pay-later firms more like credit card companies is drawing industry grumbles about "apples to oranges" comparisons, but consumer advocates say that applying additional credit card-esque rules would be the cherry on top.
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May 23, 2024
Ex-Bank CEO Cops To Embezzling $47M To Pay Crypto Scam
Heartland Tri-State Bank's former chief executive pled guilty Thursday in Kansas federal court to embezzling $47 million that he wired to cryptocurrency accounts controlled by fraudsters after falling victim to a "pig butchering" scam, which led to the bank's collapse and subsequent shutdown last summer.
Expert Analysis
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Exploring An Alternative Model Of Litigation Finance
A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, say Bob Koneck, Christopher Le Neve Foster and Richard Butters at Atlantic Global Risk LLC.
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Series
Teaching Yoga Makes Me A Better Lawyer
Being a yoga instructor has helped me develop my confidence and authenticity, as well as stress management and people skills — all of which have crossed over into my career as an attorney, says Laura Gongaware at Clyde & Co.
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A Vision For Economic Clerkships In The Legal System
As courts handle increasingly complex damages analyses involving vast amounts of data, an economic clerkship program — integrating early-career economists into the judicial system — could improve legal outcomes and provide essential training to clerks, say Mona Birjandi at Data for Decisions and Matt Farber at Secretariat.
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4 Sectors Will Likely Bear Initial Brunt Of FTC 'Junk Fees' Rule
If the Federal Trade Commission adopts its comprehensive proposed rule to ban unfair or deceptive fees across the U.S. economy, many businesses — including those in the lodging, event ticketing, dining and transportation sectors — will need to reexamine the way they market and price their products and services, say attorneys at Skadden.
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Key Antitrust Class Certification Questions Remain Unclear
The U.S. Supreme Court, by recently rejecting certiorari in Visa v. National ATM, turned down the opportunity to clarify how to analyze disputed evidence bearing on the certification of antitrust class actions, leaving the applicable standards unclear instead of resolving this split of authority, says Jonathan Berman at Jones Day.
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E-Discovery Quarterly: Recent Rulings On Text Message Data
Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.
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CFPB Reality Check: Video Game Cash Is Still Money
The Consumer Financial Protection Bureau's recent report examining payments within online video games indicates that financial services offered within the game marketplace are quickly evolving to the point where they are indistinguishable from traditional financial services subject to regulation, say attorneys at Sheppard Mullin.
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The Legal Issues Raised In Minn. Rate Exportation Opt-Out Bill
A recent Minnesota House bill would amend state law by opting out of the federal interest rate preemption and introduce several legal gray areas if passed, including issues regarding loan location, rates on credit card loans and values of state charters, says Karen Grandstrand at Fredrikson & Byron.
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8 Questions To Ask Before Final CISA Breach Reporting Rule
The Cybersecurity and Infrastructure Security Agency’s recently proposed cyber incident reporting requirements for critical infrastructure entities represent the overall approach CISA will take in its final rule, so companies should be asking key compliance questions now and preparing for a more complicated reporting regime, say Arianna Evers and Shannon Mercer at WilmerHale.
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Series
Swimming Makes Me A Better Lawyer
Years of participation in swimming events, especially in the open water, have proven to be ideal preparation for appellate arguments in court — just as you must put your trust in the ocean when competing in a swim event, you must do the same with the judicial process, says John Kulewicz at Vorys.
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What Makes Unionization In Financial Services Unique
Only around 1% of financial services employees are part of a union, but that number is on the rise, presenting both unique opportunities and challenges for the employers and employees that make up a sector typically devoid of union activity, say Amanda Fugazy and Steven Nevolis at Ellenoff Grossman.
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Opinion
CFPB Could, And Should, Revise Open Banking Rulemaking
In light of continued global developments in open banking, the Consumer Financial Protection Bureau should evaluate whether it actually should use its proposed rule on Section 1033 of the Dodd-Frank Act to amplify personal financial data rights in the U.S., says Brian Fritzsche at the Consumer Bankers Association.
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FDIC Bank Disclosure Rules Raise Important Questions
The Federal Deposit Insurance Corp.'s new rules mandating disclosures for nonbanks offering deposit products leave traditional financial institutions in a no-man's land between fintech-oriented requirements and the reality of personal service demanded by customers, say Paul Clark and Casey Jennings at Seward & Kissel.
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Don't Use The Same Template For Every Client Alert
As the old marketing adage goes, consistency is key, but law firm style guides need consistency that contemplates variety when it comes to client alert formats, allowing attorneys to tailor alerts to best fit the audience and subject matter, says Jessica Kaplan at Legally Penned.
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Don't Fall On That Hill: Keys To Testifying Before Congress
Because congressional testimony often comes with political, reputational and financial risks in addition to legal pitfalls, witnesses and their attorneys should take a multifaceted approach to preparation, walking a fine line between legal and business considerations, say attorneys at Crowell & Moring.