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Fintech
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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.
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April 10, 2024
SEC Says Crypto Firm Kraken Can't 'Subvert' Securities Test
The U.S. Securities and Exchange Commission has told a California federal judge that crypto exchange Kraken is asking the court to adopt a "perversion" of the long-standing U.S. Supreme Court precedent for what constitutes an investment contract.
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April 10, 2024
DOJ's Apple Antitrust Suit Gets New Judge After Recusal
The New Jersey federal judge overseeing the U.S. Department of Justice's recent iPhone antitrust case against Apple recused himself from the litigation Wednesday, according to a text order posted to the docket reassigning the case.
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April 10, 2024
FTX Strikes Deal With Voyager Over $445M Claim
FTX Trading Ltd. has asked a Delaware bankruptcy court to approve a deal between it and crypto brokerage Voyager Digital Holdings to resolve its $445 million claim against Voyager and Voyager's $130 million claim against FTX.
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April 10, 2024
CFTC Names New Watchdog After Whistleblower Allegations
The Commodity Futures Trading Commission announced Wednesday that it has appointed the Federal Election Commission's inspector general to head its own independent watchdog office, following allegations his CFTC predecessor failed to protect whistleblowers within the agency.
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April 10, 2024
DeFi Platform Uniswap Discloses SEC Enforcement Notice
The firm behind decentralized crypto exchange Uniswap said on Wednesday that the U.S. Securities and Exchange Commission had notified the firm that it may soon face an enforcement case.
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April 10, 2024
Chase, Zelle Can Arbitrate Stolen-Funds Reimbursement Case
A Pennsylvania federal judge on Tuesday granted Chase Bank and Zelle's request to arbitrate customer claims they acted negligently and violated consumer protection laws by refusing to refund stolen funds, with the judge saying that relevant virtual terms of service required by Chase are valid, and that Zelle may enforce the agreement as a third-party beneficiary.
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April 10, 2024
Ex-BigLaw Atty In OneCoin Scam A Flight Risk, Feds Say
A former Locke Lord LLP partner who was convicted of laundering proceeds from the OneCoin cryptocurrency scam has "every incentive" to flee the country, prosecutors told a New York federal judge, arguing he shouldn't be allowed to stay out on bail while his appeal is pending.
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April 09, 2024
5th Circ. Asks For Briefing Amid Scrutiny Of Judge's Citi Stock
The Fifth Circuit has ordered additional briefing in a banking industry-backed legal challenge to the Consumer Financial Protection Bureau's $8 credit card late-fee rule amid questions that have been raised about a potential conflict of interest involving a circuit court judge on the case.
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April 09, 2024
Crypto Booster Says $1B SEC Fraud Suit Offends Free Speech
The crypto founder known as Richard Heart told a federal judge in Brooklyn on Tuesday that the U.S. Securities and Exchange Commission violated his and others' free speech rights when it brought a case accusing him of selling $1 billion worth of unregistered digital asset securities across his projects and misappropriating customer assets.
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April 09, 2024
Crypto Trader Says $110M Mango Markets Trades Were Legit
An attorney for a crypto trader accused of stealing $110 million from investors on the Mango Markets exchange through a market manipulation scheme told a Manhattan federal jury on Tuesday that his client was executing a legitimate trading strategy and had no intent to defraud anyone.
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April 09, 2024
Why IP Attys Are Watching This $2B Trade Secrets Battle
A case of alleged corporate espionage involving two software companies that resulted in a $2 billion verdict has all the hallmarks of a legal thriller, and attorneys are watching the appeal closely to see how it could impact trade secrets litigation.
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April 09, 2024
FDIC Beats Industry Group's Challenge To NSF Fee Guidance
The Federal Deposit Insurance Corporation no longer faces a bank industry group's suit alleging its guidance on nonsufficient funds fees violated federal law after a Minnesota federal judge found the group put "the cart before the horse" in presuming certain FDIC guidance would be binding.
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April 09, 2024
Fintech Investment Biz To Go Public Via $700M SPAC Merger
Financial technology investment platform Linqto Inc., advised by Lowenstein Sandler LLP, on Tuesday unveiled plans to go public through a merger with blank-check company Blockchain Coinvestors Acquisition Corp. I, advised by Seward & Kissel LLP, in a deal valued at $700 million.
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April 09, 2024
Crypto Mining CEO's Asset Freeze Fight Axed At 11th Circ.
An Eleventh Circuit panel has rejected a bid to lift an asset freeze by a man accused of running a crypto mining scheme, ruling U.S. financial industry regulators did not have to formally serve him before asking a court to block activity in his financial accounts.
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April 09, 2024
House GOP To Air Measure Rejecting SEC Climate Rule
The U.S. House of Representatives' Financial Services Committee will hold a hearing Wednesday morning addressing the U.S. Securities and Exchange Commission's climate disclosure rules, where a leading Republican member of the committee is expected to put forth a resolution that would nullify the rules.
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April 09, 2024
Treasury Renews Call For Tools To Combat Crypto Crime
Deputy Treasury Secretary Wally Adeyemo on Tuesday renewed his call to Congress for additional tools to combat cryptocurrency's use by bad actors as lawmakers floated their own priorities for a cryptocurrency regulatory regime.
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April 09, 2024
Former Blockchain Stock Exchange CEO Sues For $1.4M Pay
The former CEO of a defunct blockchain securities exchange claims she was denied her final year's salary, bonus and other compensation valued at nearly $1.4 million, according to a complaint filed in Massachusetts state court.
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April 08, 2024
BitMEX Co-Founder Can't Escape Investors' Manipulation Suit
A case against a co-founder of cryptocurrency trading platform BitMEX will move forward after a Manhattan federal judge found investors showed the executive was "central" to an alleged manipulation scheme that benefited the firm at the expense of its customers.
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April 08, 2024
Republicans Mobilize Against CFPB's Card Late-Fee Rule
The top Republican on the U.S. Senate Banking Committee introduced a legislative measure Monday to repeal the Consumer Financial Protection Bureau's $8 late-fee standard for credit cards, the latest in a heated campaign to take down the industry-opposed rule.
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April 08, 2024
Nvidia Copied 'Modulus' Mark, Financial Software Co. Says
Nvidia has been hit with a trademark infringement action in Texas federal court by competitor Modulus Financial Engineering accusing Nvidia of illegally using an identical "Modulus" mark in connection with Nvidia's open-source framework and artificial intelligence software, without Modulus Financial's permission.
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April 08, 2024
Credit Reporters Falling Short On Trafficking Rule, CFPB Says
The Consumer Financial Protection Bureau said Monday that its examiners have been seeing problems in the credit reporting industry with the accuracy and integrity of information that companies are relaying about consumers, including violations of certain recent protections for human trafficking survivors.
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April 08, 2024
FTC's Slaughter Defends International Cooperation
Several federal agency leaders said Monday they are working across the government to help boost competition, as Federal Trade Commissioner Rebecca Kelly Slaughter touted the importance of cooperation on competition issues at home and abroad.
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April 08, 2024
Catching Up With Delaware's Chancery Court
Last week, a much-watched Chancery Court Match.com decision got reversed, a Philip Morris motion got stubbed out, and a long-frozen Blue Bell Creameries suit started churning again. Delaware's Court of Chancery also saw new suits filed for legal fees, arguments over multibillion-dollar pay packages, and a judge flummoxed over Truth Social.
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April 08, 2024
Ex-IRS Criminal Investigations Head Joins Crypto Data Firm
A newly retired chief of the Internal Revenue Service's law enforcement arm is taking his skills to blockchain analytics firm Chainalysis, where he'll help federal agencies and crypto firms leverage Chainalysis' data and solutions to combat financial crime.
Expert Analysis
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Series
ESG Around The World: Brazil
Environmental, social and governance issues have increasingly translated into new legislation in Brazil since 2020, and in the wake of these recently enacted regulations, we are likely to see a growing number of legal disputes in the largest South American country related to ESG issues such as greenwashing if companies are not prepared to adequately adapt and comply, say attorneys at Mattos Filho.
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Series
Competing In Dressage Makes Me A Better Lawyer
My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.
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What Financial Cos. Must Know For Handling T+1 Settlements
The U.S. Securities and Exchange Commission has adopted a groundbreaking new T+1 settlement rule for securities transactions in order to improve market efficiency — but it presents significant challenges for the financial services industry, especially private equity firms, hedge funds and institutional asset managers, says Adam Weiss at Petra Funds Group.
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Breaking Down FDIC's New Advertising And Signage Rule
The Federal Deposit Insurance Corp.’s final rule on signage and advertising, coming on the heels of a campaign against nonbank businesses purporting to offer FDIC-insured deposit products, introduces important new requirements and clarifies existing regulations for both traditional depository institutions and novel digital platforms, say attorneys at Venable.
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The Double-Edged Sword Of Biometrics In Financial Services
Financial institutions are increasingly turning to biometrics for identity verification and fraud prevention, and while there are many benefits to such features, banks must remain vigilant against growing AI technologies that could make users' information vulnerable to biometrics hackers, say Elizabeth Roper at Baker McKenzie and Chris Allgrove at Ingenium Biometric Laboratories.
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The Legal Industry Needs A Cybersecurity Paradigm Shift
As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.
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As Promised, IRS Is Coming For Crypto Tax Evaders
The IRS is fulfilling its promise to crack down on those who have neglected to pay taxes on cryptocurrency earnings, as demonstrated by recently imposed prison sentences, enforcement initiatives and meetings with international counterparts — suggesting a few key takeaways for taxpayer compliance, say attorneys at BakerHostetler.
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5 Reasons Associates Shouldn't Take A Job Just For Money
As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.
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Following Banking Regulators' Breadcrumbs To 2024 Priorities
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.
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Series
Playing Competitive Tennis Makes Me A Better Lawyer
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.
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The Questions Around Prometheum's SEC-Compliant Strategy
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.
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Series
The Pop Culture Docket: Judge Djerassi On Super Bowl 52
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.
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Ex-OpenSea Staffer Case May Clarify When Info Is Property
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.
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Money Transmitter Licensing: An Issue Too Costly To Ignore
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.
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CFPB's Proposed Overdraft Rule Evokes A Dickensian Tale
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.