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Fintech
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May 16, 2024
Buckle Up: CFPB's High Court Win Will Thaw Frozen Docket
The Consumer Financial Protection Bureau is walking away from the U.S. Supreme Court with its funding and rulebook intact, a victory that caps off years of constitutional wrangling over how the agency was set up and will usher in a wave of activity that has financial services attorneys bracing for impact.
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May 16, 2024
Convicted Insurance Mogul Says He'll Trim Empire
Convicted insurance mogul Greg Lindberg told the North Carolina Supreme Court he's relinquishing control of portions of his enterprise to fulfill a deal to restructure them with independent oversight, according to court filings.
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May 16, 2024
Thomas, Alito: Two Originalists, Two Takes On CFPB Case
U.S. Supreme Court Justices Clarence Thomas and Samuel Alito — often birds of a feather — butted heads Thursday over the original meaning and purpose of the U.S. Constitution's appropriations clause in a decision upholding the Consumer Financial Protection Bureau's unique funding scheme, highlighting what experts describe as the pair's different approaches to originalism.
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May 16, 2024
Bitcoin ATM Operator Ran Illegal Money Transmitter, Jury Says
A New York state jury has convicted the operator of a network of bitcoin kiosks that allegedly catered to criminal activity of operating an unlicensed money transmitter and tax fraud, the Manhattan District Attorney's Office said Thursday.
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May 16, 2024
BofA Customers Get Final OK For $8M Deal In ACH Fee Suit
A North Carolina federal judge has granted final approval to an $8 million settlement for Bank of America customers who claim they were unfairly charged fees for Automated Clearing House transfers.
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May 16, 2024
Judge Questions Colo.'s Power Over Out-Of-State Banks
A Colorado federal judge on Thursday asked U.S. banking regulators why the state should be able to cap interest rates for loans made to residents by out-of-state financial institutions, questioning why it was "consistent with federalism" to let an individual state have that far of a reach.
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May 16, 2024
Deals Rumor Mill: Shein IPO, Kraft Heinz, Cinven-Jaggaer
Online fashion giant Shein is shifting IPO plans from the U.S. to London amid resistance from U.S. lawmakers and Chinese regulators, Kraft Heinz wants to sell its Oscar Mayer business, and private equity firm Cinven hopes to divest software firm Jaggaer for $3 billion. Here, Law360 breaks down these and other notable deal rumors from the past week.
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May 16, 2024
MoneyLion Beats Investor Suit Over Reverse Stock Split
A New York federal judge has dismissed a lawsuit by shareholders of digital finance platform MoneyLion, who allege the company and its directors approved a reverse stock split that stripped preferred shareholders of their rights, saying the investors should have known the consequences of the vote.
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May 16, 2024
Senate Passes Bill To Block SEC Crypto Accounting Guidance
The U.S. Senate voted Thursday to send a bill overturning the U.S. Securities and Exchange Commission's controversial crypto accounting guidance to the president's desk, though without the necessary votes to override the White House's planned veto.
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May 16, 2024
FDIC's Gruenberg Scolded By Senators Over Agency Culture
Federal Deposit Insurance Corp. Chairman Martin Gruenberg on Thursday faced a second round of congressional reprimand from both sides of the political aisle over his agency's workplace misconduct scandal, but Senate Democrats seemed ready to let Gruenberg clean up the mess himself and continue his tenure.
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May 16, 2024
2nd Circ. Backs Win For Big Banks In Forex-Rigging Suit
The Second Circuit on Thursday backed a ruling in favor of a group of large banks accused of conspiring to manipulate the foreign currency exchange market in euros and dollars, agreeing with a lower court that the plaintiffs hadn't made qualifying transactions or shown how prices were distorted.
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May 16, 2024
Justices Say CFPB Is Constitutionally Funded
The U.S. Supreme Court ruled Thursday that the Consumer Financial Protection Bureau is constitutionally funded, rejecting a payday lender-backed challenge that threatened to incapacitate the agency and throw a wrench in the Biden administration's financial regulatory agenda.
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May 15, 2024
3 Things To Know About CFTC's Election Betting Proposal
The U.S. Commodity Futures Trading Commission has proposed to ban the trading of event contracts tied to things like election outcomes, sporting events and the Academy Awards. Here are three things to know about a proposal that is likely to be closely watched by industry insiders, some of whom are already wrapped up in litigation with the agency over this very issue.
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May 15, 2024
'Pissed Off,' 'You Need To Go': Reps Rip FDIC's Gruenberg
Federal Deposit Insurance Corp. Chairman Martin Gruenberg took withering, bipartisan criticism over his agency's workplace misconduct scandal at a House hearing on Wednesday, although no new Democrats joined their Republican colleagues in directly calling for his resignation.
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May 15, 2024
Bolt Financial Cancels $37M In Shares To End CEO Loan Suit
Bolt Financial Inc. will cancel over $37 million in shares to settle a derivative suit against the company's board of directors that accuses its former CEO of purposely defaulting on a $30 million loan, according to a filing in Delaware's Court of Chancery.
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May 15, 2024
UnitedHealth Concealed DOJ Merger Investigation, Suit Says
UnitedHealth Group has been hit with a proposed shareholder class action alleging that it failed to disclose that the U.S. Department of Justice had reopened an antitrust investigation into the health insurance giant following its acquisition of a healthcare data company, and that top executives had sold more than $120 million of shares knowing about the investigation before a news report revealed it to the public.
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May 15, 2024
Colo. Says Lending Law Challenge Aims To Strip Federal Right
The state of Colorado has urged a federal judge to dismiss a suit seeking to block a new state law to rein in high-cost online lending by out-of-state banks, saying federal law "expressly permits" states to opt out of the relevant statute, so their interest rate laws will not be preempted by state-chartered banks.
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May 15, 2024
Brothers Stole $25M Of Crypto In 12 Seconds, Feds Say
Two Massachusetts Institute of Technology-educated brothers were charged with orchestrating a first-of-its-kind cryptocurrency heist that allowed them to siphon virtual tokens worth around $25 million from Ethereum blockchain users within just 12 seconds, an indictment unsealed Wednesday said.
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May 15, 2024
Buchalter Starts Fintech And AI Practice With New Seattle Hire
Buchalter PC announced that it hired the former chief legal officer at mortgage-focused fintech company Sagent as a Seattle-based shareholder and chair of its newly launched fintech and artificial intelligence practice group.
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May 15, 2024
Cahill Gordon Adds Crypto Attys, Launches Delaware Office
Cahill Gordon & Reindel LLP announced Wednesday that it has added three attorneys to its rebranded digital assets and emerging technology practice, including a former Delaware deputy attorney general who will lead its newly launched office in the state.
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May 15, 2024
Ex-FTX Exec Seeks Leniency, Saying He Was Kept In The Dark
A former top FTX official has asked a Manhattan federal judge for a lenient 18-month sentence, saying he was not part of company co-founder Sam Bankman-Fried's inner circle and was as shocked as everyone else to learn that the crypto exchange was operating a fraud that siphoned billions in customer funds.
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May 15, 2024
AI Job Recruiter Joonko Blames CEO Fraud For Ch. 11 Filing
AI-powered employee recruitment venture Joonko Diversity Inc. has filed for Chapter 11 protection in a Delaware bankruptcy court, saying its business had rested almost entirely on fraudulent claims made by its ex-CEO.
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May 15, 2024
Senators Release 'Road Map' For Crafting Federal AI Policy
A bipartisan group of senators on Wednesday laid out a "road map" for artificial intelligence policy that calls for increased AI innovation funding, testing of potential harms posed by AI and consideration of the technology's workforce implications.
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May 15, 2024
Swiss Seek Feedback On Crypto Information Exchange
Switzerland's executive body, the Federal Council, is seeking feedback from the public on its plan to adopt two Organization for Economic Cooperation and Development standards that will update the country's automatic exchanges of information to account for crypto-assets, it said Wednesday.
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May 14, 2024
In Hot Seat, FDIC's Gruenberg Pledges 'Fundamental Change'
Federal Deposit Insurance Corp. Chairman Martin Gruenberg will tell House lawmakers Wednesday that he is taking "full responsibility" for his agency's workplace misconduct scandal and eyeing "fundamental" structural reforms, striking a humbled but determined tone as he faces the first of two hearings that could be make-or-break for his job.
Expert Analysis
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The Ethics Of Accepting Advanced Legal Fees In Crypto
State and local bar associations have been weighing in on whether attorneys may accept cryptocurrency as a form of payment in advance of providing legal services, but the answer is frequently a fact-specific inquiry that demands close reading of the rules of professional conduct, say Matthew Feinberg and Jeffrey Cunningham at Goldberg Segalla.
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How Attorneys Can Be More Efficient This Holiday Season
Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.
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A Look At FedNow Liability Allocation And A 4th Circ. Toss-Up
Dsu-Wei Yuen and Andrew Lorentz at Davis Wright break down the current legal requirements that are directly applicable to common electronic payment systems like FedNow and Automated Clearing House and how they could be affected by a decision in Studco v. 1st Advantage Credit Union, currently on appeal in the Fourth Circuit.
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3 Defense Takeaways From The Bankman-Fried Trial
FTX founder and former CEO Sam Bankman-Fried’s recent fraud conviction offers several key lessons for future white collar defendants, from the changing nature of cross-examination to the continued risks of taking the stand, say Jonathan Porter and Gregg Sofer at Husch Blackwell.
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Series
Children's Book Writing Makes Me A Better Lawyer
Becoming a children's book author has opened doors to incredible new experiences of which I barely dared to dream, but the process has also changed my life by serving as a reminder that strong writing, networking and public speaking skills are hugely beneficial to a legal career, says Shaunna Bailey at Sheppard Mullin.
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3 FinCEN Fraud Alerts To Remember In 2024
With financial fraud now the largest source of illicit proceeds in the U.S., banks should review this year's key Financial Crimes Enforcement Network alerts to ensure their employees know the warning signs of three types of rising scams and understand how to effectively report suspicious activity, says Memrie Fortenberry at Jones Walker.
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How Clients May Use AI To Monitor Attorneys
Excerpt from Practical Guidance
Artificial intelligence tools will increasingly enable clients to monitor and evaluate their counsel’s activities, so attorneys must clearly define the terms of engagement and likewise take advantage of the efficiencies offered by AI, says Ronald Levine at Herrick Feinstein.
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7 Enforcement Predictions For US Export Controls, Sanctions
Federal agencies' assertions of coming increases in export-control and sanctions-violations enforcement are not new, but recent improvements in resources and inter-agency cooperation allow for certain predictions about how the administration’s latest approach to enforcement may be applied going forward, say attorneys at Akin.
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8 Ways To Negotiate Improved Disgorgement Outcomes
The U.S. Securities and Exchange Commission's nearly $3.4 billion collected in disgorgements in 2023 shows that substantial disgorgement claims from regulators and law enforcement are the new norm, but corporations may be able to dramatically reduce what they owe by using eight strategies to argue for reduced net profit calculations, say experts at AlixPartners.
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How The NY AG Leads Investigations In Civil Securities Fraud
Although investigating white collar fraud can put significant strain on state and local resources, the New York Attorney General's Office has continued to use its expansive statutory authority to take a leading role in bringing civil enforcement actions in highly complex financial matters, say Carrie Cohen and Nathan Reilly at MoFo.
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3 Types Of Evidence Excluded Pretrial In 2023 TM Cases
Dylan I. Scher at Quinn Emanuel reviews three areas of rulings on motions in limine from 2023 where parties successfully excluded evidence in a trademark dispute, for legal practitioners to consider for future cases.
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Series
ESG Around The World: Singapore
Singapore is keen to establish itself as a leading international financial center and a key player in the sustainable finance ecosystem, and key initiatives led by its government and other regulatory bodies have helped the Asian nation progress from its initially guarded attitude toward ESG investment and reporting, say attorneys at Morgan Lewis.
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Series
The Pop Culture Docket: Judge D'Emic On Moby Grape
The 1968 Moby Grape song "Murder in My Heart for the Judge" tells the tale of a fictional defendant treated with scorn by the judge, illustrating how much the legal system has evolved in the past 50 years, largely due to problem-solving courts and the principles of procedural justice, says Kings County Supreme Court Administrative Judge Matthew D'Emic.
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What Banks Should Know About FDIC Assessment Rule
Max Bonici at Venable answers questions banking organizations may have about the Federal Deposit Insurance Corp.'s recent approval of a rule implementing a special assessment on banks to recoup costs associated with protecting uninsured depositors after the bank failures earlier this year, and highlights other considerations for uninsured deposits.
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Series
Performing Music Makes Me A Better Lawyer
The discipline of performing live music has directly and positively influenced my effectiveness as a litigator — serving as a reminder that practice, intuition and team building are all important elements of a successful law practice, says Jeff Wakolbinger at Bryan Cave.