Fintech

  • June 04, 2024

    Fintech Execs Face Another Suit Over CEO's Stock Ownership

    Insiders at blockchain-based financial services company Future FinTech Group Inc. were hit with a shareholder derivative suit on Tuesday alleging they concealed that the company's CEO had inflated stock prices, which was revealed to the public when the U.S. Securities and Exchange Commission filed a lawsuit against him.

  • June 04, 2024

    CFPB Seeks Traffic Cop For Parallel Small-Biz Data Rule Suits

    The Consumer Financial Protection Bureau on Tuesday asked a Kentucky federal judge to stay an industry lawsuit challenging the agency's small-business lender reporting requirements, saying a largely identical challenge filed earlier in Texas should take precedence.

  • June 04, 2024

    NBA-Tied NFT Co. To Pay $4M Over Buyers' Securities Claim

    A New York federal judge on Tuesday gave initial approval to a proposed $4 million settlement between the firm behind NBA-focused non-fungible tokens and a class of purchasers who accused the digital assets company of selling the digital assets as unregistered securities.

  • June 04, 2024

    FTX Seeks Ch. 11 Stay On Competing Asset Claims

    Defunct cryptocurrency exchange FTX has urged a Delaware bankruptcy judge to put the brakes on multidistrict litigation targeting former company insiders, arguing that those claims rightfully belong to the bankruptcy estate and that any property recovered should instead go to creditors. 

  • June 04, 2024

    'Miles Guo Stole My Money': NY Jury Hears Of Alleged Fraud

    A former supporter of exiled Chinese billionaire Miles Guo testified in Manhattan federal court Tuesday that the purported billionaire conned her into investing more than $100,000 in the media company he founded alongside former Donald Trump adviser Steve Bannon, describing Guo's interrelated business ventures as a "mafia."

  • June 04, 2024

    CFPB Cautions Firms Against Contractual 'Fine Print Tactic'

    The Consumer Financial Protection Bureau on Tuesday warned banks and other financial services firms against trying to "trick" consumers with unenforceable waivers in their customer contracts, saying their use of certain contractual terms and conditions can open them up to supervisory or enforcement action.

  • June 04, 2024

    SEC Shutters Salt Lake City Office, Shifts Cases To Denver

    The U.S. Securities and Exchange Commission said on Tuesday that it will close its Salt Lake City office for budgetary and organizational purposes, saying that the caseload of the office, which among other things handled the troubled Debt Box case, will now be handled by staff in Denver.

  • June 03, 2024

    FTX, IRS Propose Settling $8B Tax Fight For Just $885M

    FTX and the Internal Revenue Service have reached a proposed settlement worth roughly $885 million that would resolve the agency's contention that the bankrupt cryptocurrency exchange operator owes $8 billion in taxes, according to a motion filed Monday in Delaware federal bankruptcy court.

  • June 03, 2024

    TikTok Profits Off Of Child Sex Trafficking, Utah Alleges

    Utah's Division of Consumer Protection hit TikTok Inc. with a lawsuit in state court Monday, accusing the social media giant of intentionally profiting off of child sex trafficking by implementing an unregulated virtual currency system in its live-streaming feature that allows children to be sexually exploited by adult viewers.

  • June 03, 2024

    Congress' Crypto Votes Lay Groundwork For Next Session

    Congress' sudden and surprisingly bipartisan momentum on crypto policy is unlikely to result in a signed law this year, but the agreements set the stage for proposals that could go the distance next session.

  • June 03, 2024

    Epoch Times CFO Charged With $67M Laundering Scheme

    The chief financial officer of the Epoch Times was charged with orchestrating a scheme to launder about $67 million of illicit proceeds to benefit himself and the newspaper, according to an indictment unsealed in New York federal court Monday.

  • June 03, 2024

    Equifax Judge OKs $1.1M Atty Fees In Debt Reporting Deal

    Attorneys will recover $1.1 million in fees for securing $500 payments for class members in litigation alleging Equifax reported unenforceable debts, a decision that comes several months after a California federal judge warned he would likely hold a portion of the fees until he learned the ultimate settlement payout.

  • June 03, 2024

    Ex-SoftBank GC Joins Foley & Lardner As Partner In SF

    Foley & Lardner LLP has hired SoftBank Investment Advisers' former general counsel, who has over a decade of experience in private practice and serving as in-house counsel overseeing SoftBank's legal team, which structured and monitored more than 300 portfolio companies worth more than $130 billion.

  • June 03, 2024

    DC Settles Tax Fraud Suit Against Tech Co. Founder For $40M

    The District of Columbia will collect $40 million from the founder of a technology and bitcoin holding company to settle a whistleblower complaint that alleged tax fraud, the district's attorney general said Monday.

  • June 03, 2024

    CFPB Unveils Registry To Track Nonbank 'Repeat Offenders'

    The Consumer Financial Protection Bureau on Monday finalized plans to begin centrally tracking court and regulatory enforcement orders against nonbank financial firms, issuing a rule that will create a public registry intended to help shine a light on companies that have recurring run-ins with authorities.

  • June 03, 2024

    Cloud Tech Co. CalAmp Hits Ch. 11 For Debt Equity Swap

    California-based cloud technology developer CalAmp Corp. filed for Chapter 11 bankruptcy on Monday in Delaware bankruptcy court, saying it entered a restructuring deal with lender Lynrock Lake Master Fund LP that would swap approximately $229 million of secured notes into equity interests in the reorganized business.

  • June 01, 2024

    Blockbuster Summer: 10 Big Issues Justices Still Must Decide

    As the calendar flips over to June, the U.S. Supreme Court still has heaps of cases to decide on issues ranging from trademark registration rules to judicial deference and presidential immunity. Here, Law360 looks at 10 of the most important topics the court has yet to decide.

  • May 31, 2024

    Colo. AI Bias Law Lays 'Foundation' For New State Patchwork

    Colorado's trailblazing legislation for regulating high-risk uses of artificial intelligence is likely to inspire other states to act, although a host of "reservations" about the measure from advocates and even Colorado's governor are likely to result in a fragmented national landscape as other states' legislatures use the measure as a launching point rather than a model they'd want to fully replicate. 

  • May 31, 2024

    Nigerian Fintech's Execs Sued Over Alleged Company Fraud

    The current and former top brass of Nigerian fintech company Tingo Group Inc. have been hit with a derivative suit in New Jersey federal court over revelations of fraud at the company, which has led to other litigation, including actions launched by the U.S. Securities and Exchange Commission and the U.S. Department of Justice.

  • May 31, 2024

    Biden Vetoes Bid To Nix SEC Crypto Accounting Guidance

    President Joe Biden on Friday blocked a Congressional resolution to overturn the U.S. Securities and Exchange Commission's controversial crypto accounting guidance, saying the measure would "inappropriately constrain" the agency's ability to address future issues.

  • May 31, 2024

    Frank Execs Must Keep Fighting JPMorgan Fraud Indictment

    A New York federal judge has refused to throw out an indictment accusing two former executives of a student financial aid startup of tricking JPMorgan Chase & Co. into a buyout, according to an order filed Friday.

  • May 31, 2024

    Coinbase Says 'Unworkable' Crypto Enforcement Needs Rules

    Crypto exchange Coinbase told the Third Circuit on Friday that anything less than ordering the U.S. Securities and Exchange Commission to write rules for digital assets will "abet the dithering and delay" tactics that the regulator is using to "bludgeon" and "cripple" the industry with enforcement cases.

  • May 31, 2024

    Jilted FTX Claim Buyer Sues Crypto Trader In Chancery

    An affiliate of Connecticut hedge fund Silver Point Capital has sued a crypto trading firm and a buyer of FTX bankruptcy claims in Delaware Chancery Court, alleging that they breached a sale agreement for "a highly unique and lucrative customer claim" with a face value of $10 million in the FTX bankruptcy case.

  • May 31, 2024

    DOJ Slams Apple's Planned Bid To Dismiss Antitrust Suit

    The U.S. Justice Department has hit back against Apple's proposed bid to exit the department's antitrust suit claiming that the company is monopolizing the smartphone market, arguing that the technology giant ignores "well-pleaded facts" and misinterprets the law.

  • May 31, 2024

    2 Estonians Charged In $575M Crypto, Laundering Schemes

    Two Estonian nationals have been extradited to Seattle to face charges that they operated a pair of schemes that brought in $575 million, including a fraud on investors that touted fake cryptocurrency mining capacity.

Expert Analysis

  • Navigating Self-Disclosures As A Regulated Financial Entity

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    As enforcement risks heat up for regulated financial institutions, such entities may be forced to weigh the potential advantages and disadvantages of self-disclosing potential compliance gaps, say attorneys at Jenner & Block.

  • To Make Your Legal Writing Clear, Emulate A Master Chef

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    To deliver clear and effective written advocacy, lawyers should follow the model of a fine dining chef — seasoning a foundation of pure facts with punchy descriptors, spicing it up with analogies, refining the recipe and trimming the fat — thus catering to a sophisticated audience of decision-makers, says Reuben Guttman at Guttman Buschner.

  • What Junk Fee Law Means For Biz In California And Beyond

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    Come July 1, companies doing business in California must ensure that the price of any good or service as offered, displayed or advertised is inclusive of all mandatory fees and other charges in compliance with S.B. 478, which may have a far-reaching impact across the country due to wide applicability, say Alexandria Ruiz and Amy Lally at Sidley Austin.

  • Circuit Judge Writes An Opinion, AI Helps: What Now?

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    Last week's Eleventh Circuit opinion in Snell v. United Specialty Insurance, notable for a concurrence outlining the use of artificial intelligence to evaluate a term's common meaning, is hopefully the first step toward developing a coherent basis for the judiciary's generative AI use, says David Zaslowsky at Baker McKenzie.

  • Series

    In The CFPB Playbook: Regulatory Aims Get High Court Assist

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    Newly emboldened after the U.S. Supreme Court last month found that the Consumer Financial Protection Bureau's funding is constitutional, the bureau has likely experienced a psychic boost, allowing its already robust enforcement agenda to continue expanding, say attorneys at Husch Blackwell.

  • Novel Web Privacy Suits Under Calif. Credit Card Law From '71

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    A new surge in web-tracker litigation could make application of the California Song-Beverly Credit Card Act far more complex, despite the law far predating the rise of e-commerce, as plaintiffs continue to push the bounds of privacy litigation in the Golden State, say Matthew Pearson and Desirée Hunter-Reay at BakerHostetler.

  • Perspectives

    Trauma-Informed Legal Approaches For Pro Bono Attorneys

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    As National Trauma Awareness Month ends, pro bono attorneys should nevertheless continue to acknowledge the mental and physical effects of trauma, allowing them to better represent clients, and protect themselves from compassion fatigue and burnout, say Katherine Cronin at Stinson and Katharine Manning at Blackbird.

  • The Fed. Circ. In May: The Printed Matter Doctrine's Scope

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    The Federal Circuit’s recent ruling in Ioengine v. Ingenico, which addressed the scope of the printed matter doctrine as applied to transmitted data or program code, restores the doctrine’s status as a relatively narrow part of patent law, say Jeremiah Helm and Sean Murray at Knobbe Martens.

  • CFPB's Expanding Scope Evident In Coding Bootcamp Fine

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    The Consumer Financial Protection Bureau's recent penalty against a for-profit coding bootcamp that misrepresented its tuition financing plans is a sign that the bureau is seeking to wield its supervisory and enforcement powers in more industries that offer consumer financing, say Jason McElroy and Brandon Sherman at Saul Ewing.

  • Fintech Compliance Amid Regulatory Focus On Sensitive Data

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    The Consumer Financial Protection Bureau's recent, expansive pursuit of financial services companies using sensitive personal information signals a move into the Federal Trade Commission's territory, and the path forward for fintech and financial service providers involves a balance between innovation and compliance, say attorneys at Wilson Sonsini.

  • 4 Arbitration Takeaways From High Court Coinbase Ruling

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    The U.S. Supreme Court's May 23 decision in Coinbase v. Suski, which provides clarity to parties faced with successive contracts containing conflicting dispute resolution provisions, has four practical impacts for contracting parties to consider, say Charles Schoenwetter and Eric Olson at Bowman and Brooke.

  • Series

    Playing Music Makes Me A Better Lawyer

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    My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.

  • How Attys Can Avoid Pitfalls When Withdrawing From A Case

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    The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.

  • Using A Children's Book Approach In Firm Marketing Content

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    From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.

  • The State Of Play In DEI And ESG 1 Year After Harvard Ruling

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    Almost a year after the U.S. Supreme Court decided Students for Fair Admissions v. Harvard, attorney general scrutiny of environmental, social and governance-related efforts indicates a potential path for corporate diversity, equity and inclusion initiatives to be targeted, say attorneys at Crowell & Moring.

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