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April 18, 2025
CFTC Details Violation Materiality After Cooperation Guidance
Divisions of the U.S. Commodity Futures Trading Commission have offered details on their materiality standards for assessing supervision and noncompliance issues, following February guidance on how much money regulated entities can expect to save for cooperating with agency investigations.
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April 18, 2025
How Manatt Beat A Crypto Trader's 'Code As Law' Defense
After a crypto user exploited a software bug to create millions of dollars' worth of new tokens from a blockchain network, a Manatt Phelps & Phillips LLP team defeated his claim to the tokens — and won an award worth millions — by showing that faulty code can't stand in for rule of law.
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April 18, 2025
Block Execs Failed To Prevent 'Illicit Activities,' Suit Says
A Block Inc. shareholder claims in a new suit that the fintech company's top brass, which includes former Twitter chief Jack Dorsey, failed to prevent illicit activities like money laundering, child sexual abuse and terrorism financing on its platform, causing damage to the company's reputation and investors as a result.
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April 18, 2025
Attys Score Bitcoin-Based Fee Award In Crypto Mining Suit
The attorneys who won $4.6 million and 25 bitcoins in a class action accusing crypto mining company Stronghold Digital Mining Inc. of failing to fully disclose its supply chain risks will, along with the class, be partially paid in the cash equivalent of bitcoin, according to an order.
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April 18, 2025
Miles & Stockbridge Hires Career Troutman Atty In Richmond
Miles & Stockbridge has hired an attorney who represents commercial lenders and banks in a range of financial matters, and who joins the firm after nearly 30 years at Troutman Pepper Locke LLP.
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April 18, 2025
Taxation With Representation: Davis Polk, Simpson Thacher
In this week's Taxation With Representation, Global Payments Inc. buys Worldpay from GTCR and FIS, Intel Corp. sells a stake in its Altera business to Silver Lake, KKR acquires OSTTRA from S&P Global and CME Group, and Canada's Capital Power Corp. nabs two U.S. natural gas power plants.
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April 18, 2025
5 Takeaways From Texas Stock Exchange's SEC Filing
The newly formed Texas Stock Exchange LLC is proposing rules that largely resemble those of the New York heavyweights it seeks to challenge, along with some notable differences, leaving questions on how the exchange will distinguish itself. Here are five takeaways from TXSE's securities filing.
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April 18, 2025
CFPB Mass Layoffs Blocked Again In DC Court
A D.C. federal judge once again halted the layoffs of more than 1,000 employees of the Consumer Financial Protection Bureau, saying at an emergency hearing Friday morning that she needed a full record to determine whether the firings complied with a D.C. Circuit order from last week.
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April 18, 2025
Capital One's Discover Deal Gets Bank Regulators' Approval
Capital One on Friday received the last regulatory sign-offs needed for its $35 billion purchase of Discover, putting the megadeal on track to close for the former while also clearing the decks of a more than $1 billion enforcement matter for the latter.
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April 18, 2025
DOJ To Move Ahead In SafeMoon Case Despite Crypto Memo
Prosecutors told a federal judge in Brooklyn on Friday that they plan to proceed with an investor fraud case against the CEO of crypto firm SafeMoon, having reviewed a Justice Department directive not to pursue certain charges related to digital assets.
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April 17, 2025
David Geffen Hits Back At Crypto Exec In 'Stolen' Art Suit
Media giant David Geffen has called a suit brought against him by crypto entrepreneur Justin Sun over a valuable Alberto Giacometti sculpture a "sham" and has shot back at the Tron founder with claims of "unethical and/or illegal business activities" in a response filed in New York federal court.
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April 17, 2025
Bill-Pay Co. Customers Can Continue With Most Of Class Action
Customers of online bill-pay service Doxo Inc. can proceed with most of their claims in a Consumer Protection Act proposed class action alleging the company deceived them by not disclosing fees upfront, a Washington federal judge ruled Thursday.
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April 17, 2025
Polymarket Operator To Pay Fine Over Binary Options Claims
The Ontario Securities Commission said Thursday that the operators of prediction market platform Polymarket have agreed to a 200,000 Canadian dollar ($144,456) penalty over allegations it served Ontario customers despite the jurisdiction's ban on binary options.
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April 17, 2025
Feds Say Estonians Won't Be Deported Before Fraud Sentence
Prosecutors told a Washington federal judge Thursday that they had secured approval for "deferred action" from the Department of Homeland Security on potential immigration proceedings against two Estonian men awaiting sentencing for a cryptocurrency fraud scheme.
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April 17, 2025
K&L Gates Bungled Crypto Co.'s Bankruptcy Claim, Suit Says
Gryphon Digital Mining has sued its former counsel K&L Gates LLP, claiming it dropped the ball on a bankruptcy filing that cost the company millions of dollars and complicated another legal case, all while allegedly overbilling the crypto mining firm by $1 million for related matters.
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April 17, 2025
Crypto Casino Owner Gambled With Investor Funds, Feds Say
The founder of a purported cryptocurrency casino was criminally charged with stealing millions of dollars from investors and gambling the funds away at a different online gambling platform and in the stock market.
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April 17, 2025
CFPB Mass Layoffs Resume, Hitting All Corners Of Agency
The Consumer Financial Protection Bureau's acting Director Russell Vought moved Thursday to resume mass firings at the agency, prompting a scramble from its employee union to head off a torrent of pink slips terminating the vast majority of the agency's workforce.
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April 17, 2025
Hidden Road Nabs Broker-Dealer Approval After Ripple Deal
Prime brokerage platform Hidden Road announced Thursday that it's received a broker-dealer license from the Financial Industry Regulatory Authority, hot on the heels of a deal that will see Ripple Labs acquire the firm for $1.25 billion.
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April 17, 2025
CFPB Will Cut Examinations By Half In Broad Retreat: Memo
The Consumer Financial Protection Bureau plans to cut back sharply on its policing of nonbank financial firms, slash examinations and pull back on its use of fines as part of a dramatic shift in supervisory and enforcement priorities outlined in a new internal memo.
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April 17, 2025
Global Payments To Acquire Worldpay In $24.3B Deal
Global Payments Inc. unveiled plans Thursday to acquire payments giant Worldpay from GTCR and FIS for $24.25 billion, while divesting its issuer solutions business to FIS for $13.5 billion, in transactions that could reshape the global payments landscape.
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April 16, 2025
OCC To Merge Bank Supervision Units In Reorganization
The Office of the Comptroller of the Currency said Wednesday it is consolidating its bank supervision units as part of a wider series of organizational changes that will include the departure of two longtime senior agency officials.
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April 16, 2025
Red State AGs' SEC Suit Paused Amid Crypto Policy Shift
A Kentucky federal judge on Wednesday paused a suit from a coalition of Republican attorneys general challenging the U.S. Securities and Exchange Commission's crypto enforcement strategy as the regulator retools its approach to digital asset policy.
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April 16, 2025
AI Infrastructure Biz Auradine Wraps $153M Funding Round
Blockchain and artificial intelligence infrastructure company Auradine Inc. on Wednesday announced that it closed its oversubscribed Series C funding round with $153 million of investor commitments.
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April 16, 2025
CFPB Defends Bid To Undo Redlining Deal
The Consumer Financial Protection Bureau reiterated Tuesday its bid in Illinois federal court to refund a Chicago-area mortgage lender's redlining settlement, arguing that consumer advocates fighting to keep the deal in place "attack a strawman" and posit "a parade of horribles that have nothing to do with this case."
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April 16, 2025
Schumer Looks To Block Trump NY US Attorney Nominations
Senate Minority Leader Chuck Schumer, D-N.Y., announced on Wednesday he is exercising his power to block two of President Donald Trump's nominations for U.S. attorneys, which could set up an early test for preserving the long-standing Senate blue slip tradition.
Expert Analysis
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The Blueprint For A National Bitcoin Reserve
The new administration has the opportunity to pave the way for a U.S.-backed crypto reserve, which could conceptually function as a strategic asset akin to traditional reserves like gold markets, hedge against economic instability, and influence global crypto adoption, say attorneys at Duane Morris.
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Student Loan Entities In Hot Seat After CFPB Goes To College
While the direction of student loan servicer oversight in the new presidential administration is unclear, recent Consumer Financial Protection Bureau actions still signal heightened regulatory scrutiny at both the federal and state levels of college institutional loan programs, along with their service providers, says attorney Jonathan Joshua.
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Rethinking Litigation Risk And What It Really Means To Win
Attorneys have a tendency to overestimate litigation risk before summary judgment and underestimate risk after it, but an eight-stage litigation framework can clarify risk at different points and help litigators reassess what true success looks like in any particular case, says Joshua Libling at Arcadia Finance.
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Patent Ruling Sheds Light On Printed Matter Doctrine
Patent attorneys should pay attention to the claim language highlighted in Ioengine v. Ingenico, where the Federal Circuit held that program code was not printed matter, but essentially instructions or content, and therefore not subject to the printed matter doctrine for patent challenges, says Irah Donner at Manatt.
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How DOGE's Bite Can Live Up To Its Bark
All signs suggest that the Department of Government Efficiency will be an important part of the new Trump administration, with ample tools at its disposal to effectuate change, particularly with an attentive Republican-controlled Congress, say attorneys at K&L Gates.
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Small Biz Caught In Corporate Transparency Act Crossfire
Despite compliance being put on hold due to a nationwide preliminary injunction, small businesses have been caught in the middle of the legal battle over the Corporate Transparency Act — and confusion over the law's requirements could result in major penalties, say attorneys at Snell & Wilmer.
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5 Notable Information Security Events In 2024
B. Stephanie Siegmann at Hinckley Allen discusses 2024's largest and most destructive data breaches seen yet, ranging from ransomware disrupting U.S. healthcare systems on a massive scale, to tensions increasing between the U.S. and China over cyberespionage and the control of U.S. data.
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Series
Playing Rugby Makes Me A Better Lawyer
My experience playing rugby, including a near-fatal accident, has influenced my legal practice on a professional, organizational and personal level by showing me the importance of maintaining empathy, fostering team empowerment and embracing the art of preparation, says James Gillenwater at Greenberg Traurig.
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What Broker-Dealers Must Know Before Selling Bitcoin ETPs
Interest in bitcoin exchange-traded products is already high, and only expected to grow in light of the incoming Trump administration's pro-crypto stance, but broker-dealers must still consider numerous regulatory requirements before recommending a bitcoin ETP to a client, say Frank Weigand and Justine Woods at Cahill Gordon.
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Series
Texas Banking Brief: All The Notable Legal Updates In Q4
The fourth quarter of 2024 brought noteworthy developments to the Texas financial services sector, particularly a new state artificial intelligence bill and a Consumer Financial Protection Bureau rule that will affect an outsize number of Texas community banks, says Tyler George at Naman Howell.
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Cyber Disclosure Is A Mainstay In 2025 SEC Exam Priorities
Despite a new administration and a new U.S. Securities and Exchange Commission chair incoming, the SEC's 2025 examination priorities signal that cybersecurity disclosures and risk management practices will remain important due to the growing threat of cyberattacks, says Anjali Das at Wilson Elser.
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Opinion
No, Litigation Funders Are Not 'Fleeing' The District Of Del.
A recent study claimed that litigation funders have “fled” Delaware federal court due to a standing order requiring disclosure of third-party financing, but responsible funders have no problem litigating in this jurisdiction, and many other factors could explain the decline in filings, say Will Freeman and Sarah Tsou at Omni Bridgeway.
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5 E-Discovery Predictions For 2025 And Beyond
In the year to come, e-discovery will be shaped by new and emerging trends, from the adoption of artificial intelligence provisions in protective orders, to the proliferation of emojis as a source of evidence in contemporary litigation, say attorneys at Littler.
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Best Practices To Find Del. Earnout Provisions That Hold Up
Recent Delaware earnout litigation illustrates the need for careful drafting and proactive planning to avoid later divergent interpretations of the signed contract, and a series of drafting tips can help, say attorneys at Cozen O'Connor.
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What's Ahead As Transparency Act Comes To A Crossroads
Synthesizing the contrasting federal district and appellate court rulings on the Corporate Transparency Act’s validity reveals several main areas of debate that will likely remain at issue as challenges to the law continue winding through the courts, say attorneys at Farella Braun.