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Fintech
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March 08, 2024
CFIUS Rules May Need Review Amid 'Exponential' Growth
Foreign direct investment-related enforcement and penalty processes in the U.S. could use a review amid "exponential" growth in FDI regimes across the globe, greater awareness of national security risks, and increased U.S. outreach to foreign partners, a U.S. Treasury Department official said Friday.
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March 08, 2024
New Headache For Binance As 2nd Circ. Revives Investor Suit
The Second Circuit on Friday revived a proposed investor class action against the embattled crypto exchange Binance Holdings Ltd. and its founder, disagreeing with a lower court that ruled the customers had not alleged their transactions were conducted in the U.S.
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March 07, 2024
Judges Say Facing Threats And Vitriol Now Part Of The Job
Federal judges spoke Thursday about the challenges of the profession in the 21st century, describing how they've either received threats or know of warnings against colleagues, with one jurist saying she received 11 death threats during her first three months on the bench.
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March 07, 2024
Deputy AG Unveils DOJ Whistleblower Rewards Pilot Program
Deputy Attorney General Lisa Monaco on Thursday said the U.S. Department of Justice will soon begin a pilot program to financially reward whistleblowers who alert prosecutors to significant corporate misconduct.
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March 07, 2024
New Big Tech 'Gatekeeper' Rules Go Live In Europe
Apple, Google, Microsoft and other digital "gatekeepers" faced a deadline Thursday to implement changes required by Europe's expansive new regulations aiming to rein in the power of Big Tech through rules intended to promote competition and give consumers more choice.
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March 07, 2024
Crypto Founder's Extortion Suit Fails Yet Again
The founder of a cryptocurrency token company cannot bring racketeering and trade secret claims against former consultants he alleges extorted him for millions of dollars and tried to ruin his company's reputation, an Illinois federal judge has ruled.
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March 07, 2024
Ex-SVB Counsel Farella Braun Seeks $49K In Unpaid Fees
Farella Braun & Martel LLP, which previously represented Silicon Valley Bank's parent in a dispute over fraud coverage, has sued the Federal Deposit Insurance Corp. in a California federal court to extract nearly $49,000 in unpaid legal fees it says the agency must pay on behalf of the defunct lender.
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March 07, 2024
Robinhood Teams With Rich Paul, Klutch To Expand To Sports
Robinhood is partnering with Klutch Sports Group to help it extend its reach into sports, entertainment and media, with Klutch founder and CEO Rich Paul as its strategic brand adviser, the financial investment app announced Thursday.
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March 07, 2024
Banking Groups Sue CFPB Over Credit Card Late Fee Rule
The U.S. Chamber of Commerce and bank trade groups sued the Consumer Financial Protection Bureau in Texas federal court on Thursday over its new rule to limit credit card late fees to $8, following through on a widely expected challenge to the potentially multibillion-dollar cut to industry revenues.
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March 06, 2024
Top Calif. Antitrust Atty Says Criminal Cases On The Horizon
California is poised to start prosecuting criminal antitrust cases under a Golden State law that is "broader" than federal law, a senior assistant attorney general for the California Department of Justice said Wednesday at a San Francisco conference.
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March 06, 2024
Nvidia Wants High Court Review Of $1B Crypto Sales Suit
Nvidia has asked the U.S. Supreme Court to weigh in on a Ninth Circuit decision partially resurrecting a suit accusing the technology company of understating more than $1 billion in sales to cryptocurrency miners, arguing that the justices are needed to clarify the Private Securities Litigation Reform Act's pleading requirements.
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March 06, 2024
Garland On AI Crime, And A Taylor Swift Tune For DOJ
U.S. Attorney General Merrick Garland on Wednesday told a group of lawyers gathered in San Francisco that the U.S. Department of Justice is ramping up its hiring of computer scientists to fight artificial intelligence-driven crime and also revealed which Taylor Swift song he thought should be the department's anthem.
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March 06, 2024
Latham Passes Skadden As Busiest Securities Defense Firm
Despite a downward trend in securities case filings over the past three years, Latham & Watkins LLP has remained one of the most active law firms on the defense side, taking over the top spot from Skadden Arps Slate Meagher & Flom LLP, according to reports released by Lex Machina.
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March 06, 2024
BlockFi, FTX Strike Global Deal To Settle Bankruptcy Disputes
Fallen cryptocurrency giants BlockFi Inc. and FTX have settled their wide-ranging feud, with BlockFi allowed claims for $874.5 million and FTX to lay claim to roughly $600 million worth of liquidated Robinhood shares, formally ending all disputes and litigation between the two companies.
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March 06, 2024
SEC Dissenters Say Crypto Order Highlights 'Untenable' Rules
The U.S. Securities and Exchange Commission levied a $275,000 fine against crypto exchange ShapeShift for failing to register as a dealer before it left the stateside market in 2021, though dissenting commissioners said the case underscores the "untenable" environment the SEC has created for crypto participants.
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March 06, 2024
CFPB Faces Call To Close Deposit Rate Disclosure 'Loophole'
A rulemaking petition filed with the Consumer Financial Protection Bureau said the agency should close a regulatory "loophole" allowing banks to quietly lower the savings rate they pay on certain deposit accounts.
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March 06, 2024
Feb. 2025 Trial Set In $1B Ronaldo Binance Promo Suit
A Florida federal judge has set a February 2025 trial date and other pre-trial details for the proposed class action against soccer star Cristiano Ronaldo related to his role in promoting embattled crypto platform Binance.com, following the failure of the parties to file their joint scheduling reports.
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March 06, 2024
SEC Beefs Up Disclosure Rules For Stock Order Executions
The U.S. Securities and Exchange Commission unanimously agreed Wednesday to require market venues and brokers to increase disclosures showing that they are obtaining the best prices for their customers' stock market orders on a timely basis, marking the first update to such rules in a quarter-century.
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March 06, 2024
Genesis Parent Co. Says NY Fraud Suit Is 'Baseless Innuendo'
Crypto conglomerate Digital Currency Group Inc. and its CEO told a New York trial court on Wednesday that the state attorney general's claims that it defrauded customers out of more than $3 billion are "a thin web of baseless innuendo, blatant mischaracterizations and unsupported conclusory statements" that should be permanently tossed.
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March 06, 2024
Financial Tech Co. Wants Escape From 401(k) Fee Suit
Jack Henry & Associates Inc. has urged a Missouri federal court to toss a worker's proposed class action alleging the financial technology company saddled its employee 401(k) plan with excessive recordkeeping and administrative service fees, arguing his claims weren't backed up with enough comparisons to better-managed, similar plans.
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March 06, 2024
Gemini Scores Arbitration Bid In 'Earn' Crypto Investment Suit
Gemini Trust Co. LLC investors must arbitrate their claims that the cryptocurrency exchange misled them about the firm's interest-bearing accounts and were hurt after the program for the accounts was halted, with a New York federal judge finding that Gemini and its founders have shown that a valid arbitration agreement exists.
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March 06, 2024
Fed's Powell Expects 'Material Changes' For Capital Hike Plan
Federal regulators' so-called Basel III endgame proposal to raise large bank capital requirements will likely undergo "broad and material changes," Federal Reserve Chair Jerome Powell told House lawmakers Wednesday.
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March 05, 2024
NY Targets Yellowstone Capital In $1.4B Suit Over Lending
New York Attorney General Letitia James on Tuesday slapped Yellowstone Capital and dozens of other lenders with a suit seeking at least $1.4 billion for allegedly predatory lending practices that James said exploit small businesses through fraudulent loans at "sky-high interest rates."
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March 05, 2024
5 Things To Know About CFPB's Cut To Credit Card Late Fees
The Consumer Financial Protection Bureau's new rule to cut credit card late fees has ignited a banking industry firestorm, with at least one trade group warning it will "imminently" sue. Here are five things to know as the fallout from the rule begins to take shape.
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March 05, 2024
Coinbase Asks Judge To Ignore SEC Win Over 'Empty Chair'
Coinbase on Tuesday told the New York federal judge who's refereeing a U.S. Securities and Exchange Commission enforcement action brought against the cryptocurrency exchange to disregard a default judgment in another SEC case that found certain crypto trades on public exchanges to be securities transactions.
Expert Analysis
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Series
Competing In Triathlons Makes Me A Better Lawyer
While practicing law and competing in long-distance triathlons can make work and life feel unbalanced at times, participating in the sport has revealed important lessons about versatility, self-care and perseverance that apply to the office as much as they do the racecourse, says Laura Heusel at Butler Snow.
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OCC Guidance May Lead Off 'Buy Now, Pay Later' Regulations
The Office of the Comptroller of the Currency's bulletin released last month to assist national and federal savings banks with managing the risks posed by "buy now, pay later" lending may be the start of increased state legislation or guidance specifically aimed at regulating such loans, say Susan Seaman and Jacob Huston at Husch Blackwell.
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Where Justices Stand On Chevron Doctrine Post-Argument
Following recent oral argument at the U.S. Supreme Court, at least four justices appear to be in favor of overturning the long-standing Chevron deference, and three justices seem ready to uphold it, which means the ultimate decision may rest on Chief Justice John Roberts' vote, say Wayne D'Angelo and Zachary Lee at Kelley Drye.
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Perspectives
6 Practice Pointers For Pro Bono Immigration Practice
An attorney taking on their first pro bono immigration matter may find the law and procedures beguiling, but understanding key deadlines, the significance of individual immigration judges' rules and specialized aspects of the practice can help avoid common missteps, says Steven Malm at Haynes Boone.
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Series
ESG Around The World: Canada
In Canada, multiple statutes, regulations, common law and industry guidance address environmental, social and governance considerations, with debate over ESG in the business realm potentially growing on the horizon, say attorneys at Blakes.
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Lessons From Country Singer's Personal Service Saga
Recent reports that country singer Luke Combs won a judgment against a Florida woman who didn’t receive notice of the counterfeit suit against her should serve as a reminder for attorneys on best practices for effectuating service by electronic means, say attorneys at Jenner & Block.
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New Tech, Old Tricks: How GCs Can Fight White Collar Crime
As emerging technologies like artificial intelligence and cryptocurrency provide bad actors with new avenues to commit classic crimes, general counsel should develop a strategy to future-proof their organizations against such threats and prepare for regulatory scrutiny, say directors at FTI Consulting.
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Series
Baking Bread Makes Me A Better Lawyer
After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.
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Federal Courts And AI Standing Orders: Safety Or Overkill?
Several district court judges have issued standing orders regulating the use of artificial intelligence in their courts, but courts should consider following ordinary notice and comment procedures before implementing sweeping mandates that could be unnecessarily burdensome and counterproductive, say attorneys at Curtis.
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Series
NY Banking Brief: All The Notable Legal Updates In Q4
New York's banking and financial sector saw a number of notable regulatory and legislative changes in the final quarter of 2023, including guidance on climate risks and heightened cybersecurity protocols issued by the New York State Department of Financial Services, as well as final revisions to virtual currency listings in the state, say attorneys at WilmerHale.
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Why CFTC Whistleblowers Are Crucial To Crypto Regulation
The U.S. Commodity Futures Trading Commission's whistleblower program has proven to be a key tool in the U.S.' efforts to police cryptocurrency, but a funding issue shows that it has become a victim of its own success, says Stephen Kohn at Kohn Kohn.
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7 E-Discovery Predictions For 2024 And Beyond
The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.
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Securities Class Actions Show No Signs of Slowing In 2024
Plaintiffs asserted securities class actions at elevated levels in 2023 — a sign that filings will remain high in the year ahead — as they switched gears to target companies that allegedly have failed to anticipate supply chain disruptions, persistent inflation, rising interest rates and other macroeconomic headwinds, say attorneys at Skadden.
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How Corp. Transparency Act Can Unmask Crypto Owners
With the federal Corporate Transparency Act in effect as of Jan. 1, litigants may now have a less burdensome path toward determining the identities of owners behind convoluted corporate entities, and, by extension, any digital assets they own that could be subject to a potential judgment, says Brett Sager at Ehrenstein Sager.
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Major EU AI Banking Ruling Will Reverberate Across Sectors
Following the European Court of Justice's recent OQ v. Land Hessen decision that banks' use of AI-driven credit scores to make consumer decisions did not comply with the General Data Protection Regulation, regulators indicated that the ruling would apply broadly, leaving numerous industries that employ AI-powered decisions open to scrutiny, say lawyers at Alston & Bird.