Fintech

  • May 10, 2024

    Ex-Pillsbury Communications Leader Joins Dickinson Wright

    Dickinson Wright PLLC announced that a longtime Pillsbury Winthrop Shaw Pittman LLP attorney who previously served as chair of the firm's communications practice has joined its Washington, D.C., office as a member.

  • May 10, 2024

    CFTC Floats Ban On Election Betting Contracts

    A divided U.S. Commodity Futures Trading Commission approved a proposed rule Friday that would ban trading on the outcome of elections, further solidifying its contested position that such activities constitute illegal "gaming" and threaten to thrust the agency into the role of an "election cop."

  • May 09, 2024

    AI-Created Database Isn't Copyrightable, Job Search Co. Says

    Job searching platform Tarta.ai has urged a California federal judge to toss a suit accusing it of stealing rival Jobiak LLC's automated database and using it for its own job postings, arguing that Jobiak's website is not subject to copyright protection because it's powered by artificial intelligence.

  • May 09, 2024

    Amazon, Walmart Face Dem Questions Over 'Dynamic Pricing'

    Senate Banking Committee Chair Sherrod Brown on Thursday raised concerns to Amazon and Walmart about corporations hiking prices by exploiting customer data and pricing algorithms, saying it undermines consumers' ability to comparison shop and save money.

  • May 09, 2024

    Fed. Circ. Wary Of Undoing Gilstrap's Toss Of Banking IP Suit

    The Federal Circuit didn't seem convinced Thursday morning that a patent case against online stockbroker TD Ameritrade had been wrongly tossed out of court, with a judge at one point telling banking patent owner Island Intellectual Property that "this is all abstract."

  • May 09, 2024

    Attys Want $102M In Fees In Stock Loan Antitrust Deal

    Quinn Emanuel Urquhart & Sullivan LLP and Cohen Milstein Sellers & Toll PLLC attorneys asked for $102 million in fees for settling claims from investors that major banks colluded to avoid modernizing the stock loan market, saying the long and complex nature of the case warrants the payout.

  • May 09, 2024

    CFPB's Chopra Trains Sights On Credit Card Rewards

    Consumer Financial Protection Bureau Director Rohit Chopra said Thursday that his agency will be taking aim at what it is describing as "concerning patterns" in the credit card industry's rewards program practices, including stealthy changes to program benefits and manipulation of rewards point values.

  • May 09, 2024

    CFTC Moves For Win Over Gemini's 'Misleading' Statements

    The U.S. Commodity Futures Trading Commission has told a New York federal judge there's no need to try claims that Gemini Trust Co. LLC misled the regulator on a bitcoin futures contract since discovery "confirmed" that the cryptocurrency exchange made "scores of materially false or misleading statements and omissions."

  • May 09, 2024

    Binance Fined $4.4M By Canadian Regulator

    Canada's anti-money laundering watchdog levied a 6 million Canadian dollars ($4.38 million) fine against crypto exchange Binance after the firm allegedly failed to register as a money services business and didn't report thousands of large transactions on its platform.

  • May 08, 2024

    High Court Ruling May Shake Up CFPB's Litigation Docket

    A U.S. Supreme Court ruling that may come as soon as Thursday could decide the fate of not only the Consumer Financial Protection Bureau's funding structure but also numerous pending enforcement actions the agency has brought around the country. Here, Law360 surveys what's at stake and where.

  • May 08, 2024

    New Treasury Rule Amps Up Reporting Burden For Banks

    The U.S. Department of the Treasury introduced an interim final rule Wednesday that refines and further expands recent increases in reporting requirements, including a new obligation for financial institutions to notify the federal government any time they unblock frozen assets.

  • May 08, 2024

    Digitex Founder Pleads Guilty To Bank Secrecy Act Violation

    The founder of Digitex Futures Exchange has pled guilty to violating the Bank Secrecy Act by refusing to implement policies designed to prevent money laundering on his cryptocurrency futures platform.

  • May 08, 2024

    FTX Says Full Recovery Coming Based On 2022 Crypto Price

    Bankrupt cryptocurrency exchange FTX Trading Ltd. has claimed its proposed Chapter 11 plan would be able to pay creditors in full with a $13 billion distribution that exceeds the estimated allowable $11.2 billion in claims, but the payout is based on the value of cryptocurrency in November 2022, when the exchange filed for bankruptcy protection. 

  • May 08, 2024

    Bill To Undo SEC Crypto Accounting Bulletin Passes House

    Lawmakers in the U.S. House of Representatives on Wednesday voted to overturn the U.S. Securities and Exchange Commission's controversial cryptocurrency accounting guidance despite protests from Democrats to take a more targeted approach to amend the directive and a White House pledge to veto the bill.

  • May 08, 2024

    SEC Doubles Down On $2B Ripple Labs Sanction Bid

    The U.S. Securities and Exchange Commission is standing by its call for crypto platform Ripple Labs to pay $2 billion as punishment for selling unregistered securities, telling a New York federal judge that a lower penalty would send the wrong message to the industry at large.

  • May 08, 2024

    Japanese Crypto Exchange Coincheck Eyes US Listing In '24

    Simpson Thacher-led Japanese cryptocurrency exchange Coincheck Group BV plans to complete a long-awaited merger with a special-purpose acquisition company by the year's second or third quarter, a combination that would make it the second U.S.-listed crypto venue.

  • May 08, 2024

    Skadden Taps SoFi Bank, Shearman Attys For Co-Lead Roles

    Skadden Arps Slate Meagher & Flom LLP has hired two new co-leaders of its financial institutions regulatory group to advise banks, financial institutions and other market participants on regulatory and legislative developments, the firm announced Wednesday.

  • May 07, 2024

    DOJ's 'Dr. Doom' Sees AI's Crime-Fighting Abilities, And Risks

    The U.S. Department of Justice is using artificial intelligence to bolster its investigations, including into the Jan. 6 attack on the U.S. Capitol, said U.S. Deputy Attorney General Lisa Monaco on Tuesday at a cybersecurity conference at which she dove into the beneficial uses of AI alongside its threats to security and democracy.

  • May 07, 2024

    SEC Says Morrison Can't Save Terraform From Disgorgement

    The U.S. Securities and Exchange Commission said bankrupt crypto firm Terraform Labs should remain on the hook for potentially $3.6 billion in disgorgement over its fraud trial loss, saying any claims that its unregistered transactions took place beyond the court's reach are undermined by the agency's congressional authority.

  • May 07, 2024

    FINRA Fines Broker M1 Over Short Sale Identification Errors

    Financial services provider M1 Finance has agreed to pay $400,000 to the Financial Industry Regulatory Authority to settle claims that it failed to correctly identify 12 million short sales, inaccurately marking those orders as "long."

  • May 07, 2024

    Gronk, Others To Pay $2.4M In Voyager Crypto Promoter Suit

    Retired football star Rob Gronkowski, NBA player Victor Oladipo and NASCAR driver Landon Cassill have agreed to collectively pay $2.4 million to settle allegations they helped promote failed cryptocurrency exchange Voyager Digital Holdings Inc.

  • May 07, 2024

    Tax Software Co. Still Can't Trim Rival's Trade Secrets Suit

    A corporate-focused tax preparation software company still can't pare back a suit alleging that it poached workers from its rival's recently acquired company, a Pennsylvania federal judge ruled Tuesday.

  • May 07, 2024

    CFPB Fines Chime Financial Over Delayed Consumer Refunds

    The Consumer Financial Protection Bureau on Tuesday ordered fintech company Chime Financial to pay more than $4.5 million for allegedly leaving thousands of its users waiting weeks and sometimes months for their balance refunds after their accounts were closed.

  • May 07, 2024

    6th Circ. Considers Rebooting Crypto Reporting Challenge

    Sixth Circuit judges seemed unsure of whether a group of cryptocurrency users can challenge a pending mandate to report large crypto transactions, as the judges grappled Tuesday with whether the plaintiffs have shown they are harmed by the forthcoming rule and whether the challenge is premature.   

  • May 07, 2024

    Paycom Brass Face Investor Suit Over Future Revenue Woes

    The top brass of human resources technology company Paycom Software Inc. have been hit with a shareholder derivative suit alleging that executives failed to disclose that a new product to streamline payroll processes was threatening its future revenue by helping companies avoid errors they would otherwise pay to fix.

Expert Analysis

  • Considerations For Lawyer Witnesses After FTX Trial

    Author Photo

    Sam Bankman-Fried's recent trial testimony about his lawyers' involvement in FTX's business highlights the need for attorney-witnesses to understand privilege issues in order to avoid costly discovery disputes and, potentially, uncover critical evidence an adversary might seek to conceal, says Lawrence Bluestone at Genova Burns.

  • Employee Experience Strategy Can Boost Law Firm Success

    Author Photo

    Amid continuing business uncertainty, law firms should consider adopting a holistic employee experience strategy — prioritizing consistency, targeting signature moments and leveraging measurement tools — to maximize productivity and profitability, says Haley Revel at Calibrate Consulting.

  • Series

    Competing In Triathlons Makes Me A Better Lawyer

    Author Photo

    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.

  • OCC Guidance May Lead Off 'Buy Now, Pay Later' Regulations

    Author Photo

    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.

  • Where Justices Stand On Chevron Doctrine Post-Argument

    Author Photo

    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.

  • Perspectives

    6 Practice Pointers For Pro Bono Immigration Practice

    Author Photo

    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.

  • Series

    ESG Around The World: Canada

    Author Photo

    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.

  • Lessons From Country Singer's Personal Service Saga

    Author Photo

    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.

  • New Tech, Old Tricks: How GCs Can Fight White Collar Crime

    Author Photo

    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.

  • Series

    Baking Bread Makes Me A Better Lawyer

    Author Photo

    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.

  • Federal Courts And AI Standing Orders: Safety Or Overkill?

    Author Photo

    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.

  • Series

    NY Banking Brief: All The Notable Legal Updates In Q4

    Author Photo

    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.

  • Why CFTC Whistleblowers Are Crucial To Crypto Regulation

    Author Photo

    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.

  • 7 E-Discovery Predictions For 2024 And Beyond

    Author Photo

    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.

  • Securities Class Actions Show No Signs of Slowing In 2024

    Author Photo

    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.

Want to publish in Law360?


Submit an idea

Have a news tip?


Contact us here
Can't find the article you're looking for? Click here to search the Fintech archive.
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!