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Fintech
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June 13, 2025
Quinn Emanuel Drops Binance Founder Amid $8M Fraud Suit
Quinn Emanuel Urquhart & Sullivan LLP has withdrawn as counsel for the founder of Binance amid an $8.1 million lawsuit against him, telling a Massachusetts federal judge that the former cryptocurrency exchange executive has breached an agreement with the law firm and moved for arbitration against it.
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June 13, 2025
SEC, Ripple Again Ask NY Judge To Approve Settlement
The U.S. Securities and Exchange Commission and Ripple Labs Inc. have again urged a New York federal judge to approve lower penalties against the blockchain company citing "exceptional circumstances," following the judge's previous rejection of the joint request on procedural grounds.
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June 13, 2025
MoneyGram Will Pay $250K To Finish Off CFPB, NY Suit
MoneyGram has agreed to pay $250,000 to end a Biden-era remittance practice suit that was on its last legs after the Consumer Financial Protection Bureau pulled out of the enforcement action earlier this year, leaving the New York attorney general as the sole plaintiff.
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June 13, 2025
Celsius Founder To Drop Ch. 11 Claims After Prison Sentence
Claims asserted by Alexander Mashinsky, the founder of bankrupt cryptocurrency lender Celsius Networks, and his affiliated entities in the company's Chapter 11 case are being withdrawn and disallowed now that Mashinsky has been sentenced to prison.
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June 13, 2025
Cisco Unit Beats Infringement Suit Over Authentication Patent
A federal jury in Delaware on Friday cleared Cisco-owned security software company Duo Security Inc. of allegations it infringed a patent covering verification technology while also finding that the claims at issue were invalid.
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June 13, 2025
SEC's Atkins Selects New Leaders Across Several Divisions
The U.S. Securities and Exchange Commission on Friday named leaders to key divisions overseeing investment funds, stock exchanges and corporate accounting practices, marking the latest wave of fresh personnel brought in by new SEC Chair Paul Atkins.
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June 13, 2025
SharpLink Gaming Buys Ether Cryptocurrency Sum For $463M
Online performance marketing company SharpLink Gaming, advised by Thompson Hine LLP, announced on Friday that it has bought 176,270.69 of ether cryptocurrency for $463 million, a transaction that the company says cements it as the largest publicly traded holder of ether in the world.
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June 12, 2025
Trump Admin Parries Fed Talk As Judge Weighs NCUA Firings
A Trump administration attorney studiously deflected questions about the Federal Reserve at a Thursday court hearing on President Donald Trump's firing of two Democratic credit union regulators, leaving the central bank's independence as the elephant in the room.
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June 12, 2025
Judge Pans 'Breathtaking' CFPB Disavowal Of Redlining Deal
An Illinois federal judge Thursday refused to allow the Trump administration to abandon a recently settled Consumer Financial Protection Bureau redlining case, calling the CFPB's bid to refund a Chicago-area mortgage lender accused of discriminatory lending practices "breathtaking."
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June 12, 2025
Mitek's Bid To Be Cleared On USAA Patents Fails At Fed. Circ.
The Federal Circuit on Thursday barred banking software company Mitek Systems from seeking a declaration that it doesn't infringe United Services Automobile Association's mobile check-deposit patents, saying Mitek has not shown that it is likely to be sued.
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June 12, 2025
PNC Gets Fed. Circ. To Undo Its $223M Patent Loss To USAA
The Federal Circuit on Thursday wiped out two jury verdicts totaling nearly $223 million that United Services Automobile Association won against PNC Bank on mobile check deposit patents, finding the patents cover only abstract ideas.
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June 12, 2025
'My Big Coin' Operators To Pay $26M To End CFTC Claims
The Commodity Futures Trading Commission announced that the alleged orchestrators of the My Big Coin digital asset fraud scheme that swindled over $6 million from 28 investors will hand over $25.7 million to end claims against them.
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June 12, 2025
Crypto Investor Says Trading Education Firm Was A Fraud
A Denver business set up to provide investment training services was hit with a lawsuit from a Florida resident accusing it and an affiliated crypto exchange of bilking him out of hundreds of thousands of dollars while purportedly teaching him how to trade digital assets.
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June 12, 2025
Meta Eyes $14B AI Bet, Bullish Seeks IPO, And More Rumors
Facebook owner Meta is eying a $14 billion investment in Scale AI, while Bullish plans to join the recent surge in cryptocurrency-related initial public offerings and investors want to take pizza chain Papa John's private at more than $60 per share. Here, Law360 breaks down the notable deal rumors from the past week.
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June 12, 2025
Brokers Provide FINRA With Regulatory Wish List
The brokerage industry is calling for the Financial Industry Regulatory Authority to change the way it conducts arbitration, to loosen rules on customer communication and to limit which firm employees must register with the financial regulator as it considers modernizing its rules and regulations.
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June 12, 2025
Deloitte Consulting Hit With TM Suit Over AI Platform
A blockchain-focused web platform that offers artificial intelligence tools has launched a lawsuit in New York federal court accusing Deloitte Consulting of infringing its trademark rights with its generative AI services product.
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June 12, 2025
Judiciary Committee Clears Squires For Full Senate Vote
The U.S. Senate Judiciary Committee approved former Goldman Sachs intellectual property attorney John Squires to serve as U.S. Patent and Trademark Office director on Thursday, putting his nomination in the hands of the full Senate.
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June 12, 2025
Protego Ends $200M Suit Alleging Failed Crypto Bank Promise
Protego Holdings Corp. has agreed to drop a lawsuit accusing a Texas-based firm of failing to deliver on a $200 million investment pledge in its launch of a cryptocurrency bank, which never materialized because rare conditional approval from the U.S. government lapsed over financing concerns.
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June 12, 2025
Redfin Investor Seeks $450K In Fees In Merger Disclosure Suit
A Redfin investor asked a Washington federal judge to award $450,000 in legal fees to Monteverde & Associates PC and Wohl & Fruchter LLP, claiming his lawsuit was beneficial to shareholders despite the court's decision to deny his preliminary injunction request to postpone an investor vote.
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June 11, 2025
Senate Dems Probe Meta, Trump Stablecoin Plans And Deals
U.S. Sens. Elizabeth Warren and Richard Blumenthal sent a pair of letters this week asking for more information on Meta's renewed plans to launch its own stablecoin as well as details on MGX's decision to use Donald Trump's World Liberty stablecoin to make a $2 billion investment in the cryptocurrency exchange Binance.
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June 11, 2025
Del. Justices Press Atty On Earnout Damage Bid Despite Miss
Delaware Supreme Court justices focused on the basics Wednesday during data management venture STX Business Solutions LLC's bid to revive a suit that was tossed by the Court of Chancery in October and accused a buyer of skipping a profitable deal to avoid paying an "earnout" bonus of up to $5.5 million.
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June 11, 2025
Fintech Startup Chimes In With $864M IPO Above Price Range
Venture-backed fintech startup Chime Financial Inc. priced an $864 million initial public offering above its marketed range on Wednesday, represented by Wilson Sonsini Goodrich & Rosati PC and underwriters counsel Davis Polk & Wardwell LLP, furthering the IPO market's recent momentum.
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June 11, 2025
Senate Advances Stablecoin Bill As Dems Decry Swift Pace
The Senate's proposal to regulate stablecoins cleared another procedural hurdle on Wednesday with bipartisan support despite some Democratic outcry over an allegedly limited opportunity to amend the bill.
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June 11, 2025
Stripe Buying Crypto Wallet Co. Privy Amid Expansion
Privy, a startup offering crypto wallet technology for developers, said Wednesday that it will be acquired by payments company Stripe and expects to close the transaction "in the coming weeks."
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June 11, 2025
Bain Capital Drops Nearly $1.3B Bid For Craneware
Less than a month after Bain Capital disclosed it was considering a potential buyout of Scottish healthcare software company Craneware, both parties confirmed Wednesday that a nearly $1.3 billion offer is off the table.
Expert Analysis
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Series
Playing Guitar Makes Me A Better Lawyer
Being a lawyer not only requires logic and hard work, but also belief, emotion, situational awareness and lots of natural energy — playing guitar enhances all of these qualities, increasing my capacity to do my best work, says Kosta Stojilkovic at Wilkinson Stekloff.
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Crisis Management Lessons From The Parenting Playbook
The parenting skills we use to help our kids through challenges — like rehearsing for stressful situations, modeling confidence and taking time to reset our emotions — can also teach us the fundamentals of leading clients through a corporate crisis, say Deborah Solmor at the Wisconsin Alumni Research Foundation and Cara Peterman at Alston & Bird.
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CFPB Vacatur Bid Sheds Light On Agency Decision-Making
While the CFPB's joint motion to vacate the settlement it reached with Townstone Financial last year won't affect precedent on the Equal Credit Opportunity Act's scope, it serves as a road map to CFPB decisional processes and provides insight into how other regulators make similar decisions, says Jason McElroy at Saul Ewing.
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The Potential Efficiencies, Risks Of Folding PCAOB Into SEC
Integrating the Public Company Accounting Oversight Board into the U.S. Securities and Exchange Commission offers the potential for regulatory efficiencies, as well as a more streamlined and consistent enforcement approach, but it also presents constitutional and operational uncertainties, say attorneys at Hilgers Graben.
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Series
Adapting To Private Practice: From NY Fed To BigLaw
While the move to private practice brings a learning curve, it also brings chances to learn new skills and grow your network, requiring a clear understanding of how your skills can complement and contribute to a firm's existing practice, and where you can add new value, says Meghann Donahue at Covington.
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Reviewing Trump Admin's Rapid Pro-Crypto Regulatory Pivot
The digital asset industry has received a boost from the explicitly pro-crypto Trump administration, which in its first few months reversed Biden-era rules and installed industry proponents at regulatory agencies, marking one of the biggest regulatory about-faces by a government in recent memory, says Robert Appleton at Olshan Frome.
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Top 3 Litigation Finance Deal-Killers, And How To Avoid Them
Like all transactions, litigation finance deals can sometimes collapse, but understanding the most common reasons for failure, including a lack of trust or a misunderstanding of deal terms, can help both parties avoid problems, say Rebecca Berrebi at Avenue 33 and Boris Ziser at Schulte Roth.
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A 2-Step System For Choosing A Digital Asset Reporting Path
Under the Internal Revenue Service's new digital asset reporting regulation, each type of asset may have three potential reporting destinations, so a detailed testing framework can help to determine the appropriate path, says Keval Sonecha at Sonecha & Amlani.
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How Attys Can Use A Therapy Model To Help Triggered Clients
Attorneys can lean on key principles from a psychotherapeutic paradigm known as the "Internal Family Systems" model to help manage triggered clients and get settlement negotiations back on track, says Jennifer Gibbs at Zelle.
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A Tale Of Two Admins: Parsing 1st Half Of SEC's FY 2025
The first half of the U.S. Securities and Exchange Commission's fiscal year 2025, which ended March 31, was unusually eventful, marked by a flurry of enforcement actions in the last three months of former Chair Gary Gensler's tenure and a prompt pivot after Inauguration Day, say attorneys at Jones Day.
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How Banks Can Manage Risk As AI Adoption Expands
Following new, supportive comments from financial regulatory leaders about the use of artificial intelligence in the industry, banks may move toward wider, less-tentative adoption of the technology, but will also need to deploy important risk management measures, say attorneys at WilmerHale.
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What Banks Must Do To Attract Gen Z Customers
The young adults of Generation Z bank differently, so financial institutions must engage appropriately if they wish to attract this key population, including by leveraging savvy marketing, well-designed online interfaces and top-notch customer service, says Madeline Thieschafer at Fredrikson & Byron.
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What Bank Regulator Consolidation Would Mean For Industry
Speculation over the Trump administration’s potential plans to consolidate financial service regulators is intensifying uncertainty, but no matter the outcome for the Consumer Financial Protection Bureau, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency, the industry should expect continued policy changes, say attorneys at Foley & Lardner.
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Getting Ahead Of The SEC's Continued Focus On Cyber, AI
The U.S. Securities and Exchange Commission is showing it will continue to scrutinize actions involving cybersecurity and artificial intelligence, but there are proactive measures that companies and financial institutions can take to avoid regulatory scrutiny going forward, say attorneys at Morgan Lewis.
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3 Steps For In-House Counsel To Assess Litigation Claims
Before a potential economic downturn, in-house attorneys should investigate whether their company is sitting on hidden litigation claims that could unlock large recoveries to help the business withstand tough times, says Will Burgess at Hilgers Graben.