Fintech

  • July 30, 2024

    Crypto Groups Say Loper Bright Defeats SEC Dealer Rule

    The crypto industry groups fighting U.S. Securities and Exchange Commission regulations that could force some of their members to register with the agency as securities dealers are arguing that the U.S. Supreme Court's recent abandonment of Chevron deference bolsters their argument that the SEC lacked the authority to expand its definition of dealer. 

  • July 30, 2024

    SF Fed Tells 9th Circ. Banks Not Entitled To Master Accounts

    The San Francisco Federal Reserve Bank told the Ninth Circuit that it was not obligated to give a master account to an Idaho trade finance fintech, arguing federal law does not make these payment system gateways available to everyone regardless of risk.

  • July 30, 2024

    SEC Asks To Amend Token Claims In Binance Complaint

    The U.S. Securities and Exchange Commission told a D.C. federal court that it plans on amending its claims concerning third-party tokens that traded on crypto exchange Binance's platform, according to a Tuesday status update in the enforcement suit.

  • July 30, 2024

    AI Dominance In Startup Funding Has Small Biz Concerned

    Except for funding for artificial-intelligence startups, early-stage companies are struggling to raise capital amid higher interest rates and lean markets for initial public offerings and mergers and acquisitions, members of a small business-focused panel advising the U.S. Securities and Exchange Commission said Tuesday.

  • July 30, 2024

    Virginia Appeals Court Tosses Record $2B Trade Secrets Verdict

    The Court of Appeals of Virginia on Tuesday reversed Appian Corp.'s $2 billion trade secrets judgment against competitor Pegasystems Inc., saying that the trial court made a series of errors on its way to the biggest jury award in state history and that a new trial was warranted.

  • July 29, 2024

    CFPB Cites Thomas In New Bid To Transfer Late Fee Rule Suit

    The Consumer Financial Protection Bureau on Monday took another whack at getting an industry-backed legal challenge to its $8 credit card late fee rule transferred from Texas federal court to Washington, D.C., this time drawing on U.S. Supreme Court Justice Clarence Thomas for a little rhetorical help.

  • July 29, 2024

    8th Circ. Urged To Ax FDIC's Multiple NSF Fee Guidance

    Minnesota state bankers have urged the Eighth Circuit to uphold their challenge to Federal Deposit Insurance Corp. guidance conscribing the use of non-sufficient funds fees, arguing a Minnesota federal judge was wrong to reject their case as premature.

  • July 29, 2024

    NFT Artists Bring Preemptive SEC Suit To Protect Artwork

    Two NFT artists sued the U.S. Securities and Exchange Commission in Louisiana federal court on Monday to protect their forthcoming nonfungible token projects from a potential enforcement action, with the artwork itself seeking to highlight a perceived regulatory overreach into NFTs.

  • July 29, 2024

    CFPB Says Lease-To-Own Co. Acima Misled Vulnerable Users

    Lease-to-own fintech company Acima had customers paying more than twice the retail price of home goods by deceptively locking them into high-cost "virtual rent-to-own" financing plans, the Consumer Financial Protection Bureau alleged in a new lawsuit filed Friday in Utah federal court.

  • July 29, 2024

    2nd Circ. Won't Revive Crypto Org.'s NYT Defamation Suit

    The Second Circuit refused to revive a Zurich-based cryptocurrency nonprofit's claims that The New York Times conspired with an analytics firm to defame the nonprofit, ruling Monday that the nonprofit had failed to show it was knowingly and recklessly misrepresented.

  • July 29, 2024

    MoneyGram Opposes CFPB, NY's 'Futile' Bid To Bolster Case

    MoneyGram told a New York federal judge that the state and federal regulators' bid to update their complaint against the remittance service is a "bad faith attempt" to "salvage" a case that should either be transferred to MoneyGram's home district of Texas or tossed entirely.

  • July 29, 2024

    TikTok Loses Bid To Have Chinese Co. Identify Trade Secrets

    A California federal court has denied TikTok's bid to force Beijing Meishe Network Technology Co. Ltd. to further identify trade secrets in a complaint that accuses the social media platform of stealing them, with the judge saying that the suit includes enough information for now and that discovery should proceed quickly.

  • July 29, 2024

    White Collar Update: 4 Developments To Watch

    White-collar lawyers are on the lookout for U.S. Department of Justice actions targeting artificial intelligence "snake oil," aggressive pandemic-relief fraud prosecutions, and carrots for corporations and whistleblowers who expose misconduct. Here's a look at some key developments to watch in the second half of 2024.

  • July 29, 2024

    Teller Pens Deal With Wells Fargo In AML Whistleblower Case

    Wells Fargo has reached a settlement in principle with a former teller who claimed she was fired after raising concerns about the bank's "streamlined" account opening process that allowed customers to open accounts if they'd failed anti-money laundering screenings previously.

  • July 26, 2024

    FTX's Ryan Salame Asks To Delay Prison After Dog Attack

    Former FTX executive Ryan Salame on Friday asked a New York federal judge to delay his prison surrender date because he was recently mauled by a German shepherd and must undergo "urgent and necessary medical treatment and surgery."

  • July 26, 2024

    Copyright Cases To Watch In The Second Half Of 2024

    The first copyright trial arising from an artificial intelligence platform could provide intellectual property attorneys with insight into dozens of pending suits against AI companies, while the Tenth Circuit is reconsidering whether Netflix made fair use of a funeral clip in its "Tiger King" docuseries.

  • July 26, 2024

    Banco Popular Inks $1.5M Deal In Overdraft Fee Fight

    The bank formerly known as Banco Popular North America has agreed to pay $1.5 million to customers who claim the bank hit them with unfair overdraft fees and suspend the challenged fees for five years as part of a proposed settlement to resolve their class action.

  • July 26, 2024

    One Prosecutor's Quest To Carve Up Crypto's 'Pig Butchers'

    A Silicon Valley-based prosecutor who's made it her mission to fight what are known as pig butchering cryptocurrency scams says it is time to start taking a closer look at the role financial institutions and social platforms should play in identifying and blocking bad actors.

  • July 26, 2024

    Fed Closes Loop On Now-Shuttered Crypto Bank Silvergate

    The Federal Reserve said Friday that it has concluded an enforcement action requiring Silvergate Bank to close out its operations safely and smoothly, tying up a loose thread from the California-based crypto bank's move to shut itself down after tanking last year.

  • July 26, 2024

    Colorado Cases To Watch 2024: A Midyear Report

    Colorado is at the forefront of state challenges to Kroger's $24 billion proposed merger with Albertsons, regulators are defending a high-cost lending crackdown, and state justices could change how insurers navigate bad faith suits. Here are some of the Colorado cases to watch in the second half of 2024.

  • July 25, 2024

    Bank-Fintech Risks Put In Spotlight As Agencies Urge Caution

    Federal regulators urged banks on Thursday to be mindful of a host of potential risks when partnering with outside firms to provide deposit products and services, guidance that comes in the wake of a high-profile fintech bankruptcy that has cast a pall over the banking-as-a-service business model.

  • July 25, 2024

    Coinbase Taps Paul Clement For Board After Chevron Win

    Cryptocurrency exchange Coinbase Inc. has added to its board of directors Paul D. Clement, a member of the legal team that recently convinced the U.S. Supreme Court to do away with so-called Chevron deference, according to a recent announcement.

  • July 25, 2024

    SEC Seeks To Narrow Attack On Nasdaq Board Diversity Rule

    The U.S. Securities and Exchange Commission told the Fifth Circuit Thursday that conservative groups objecting to a Nasdaq rule mandating the disclosure of board diversity data can no longer complain about the exchange's offer to help companies recruit applicable candidates because that offer has expired, mooting at least one aspect of a broader attack against the rule.

  • July 25, 2024

    Shkreli Says He Has Right To Use Wu-Tang Clan Album Copies

    Martin Shkreli pushed back on a crypto project's bid to force him to hand over copies of the one-of-a-kind Wu-Tang Clan album he once owned, saying his original purchase agreement of the album entitled him to make the copies and the album's current crypto owner hasn't shown how Shkreli's duplicates irreparably harm the value of the original.

  • July 25, 2024

    SEC Says Consensys 'Rushed To Court' Over Probe Notice

    The U.S. Securities and Exchange Commission has argued cryptocurrency firm Consensys improperly "rushed to court" to head off an enforcement action alleging certain products require brokerage registration.

Expert Analysis

  • Navigating Self-Disclosures As A Regulated Financial Entity

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    As enforcement risks heat up for regulated financial institutions, such entities may be forced to weigh the potential advantages and disadvantages of self-disclosing potential compliance gaps, say attorneys at Jenner & Block.

  • To Make Your Legal Writing Clear, Emulate A Master Chef

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    To deliver clear and effective written advocacy, lawyers should follow the model of a fine dining chef — seasoning a foundation of pure facts with punchy descriptors, spicing it up with analogies, refining the recipe and trimming the fat — thus catering to a sophisticated audience of decision-makers, says Reuben Guttman at Guttman Buschner.

  • What Junk Fee Law Means For Biz In California And Beyond

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    Come July 1, companies doing business in California must ensure that the price of any good or service as offered, displayed or advertised is inclusive of all mandatory fees and other charges in compliance with S.B. 478, which may have a far-reaching impact across the country due to wide applicability, say Alexandria Ruiz and Amy Lally at Sidley Austin.

  • Circuit Judge Writes An Opinion, AI Helps: What Now?

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    Last week's Eleventh Circuit opinion in Snell v. United Specialty Insurance, notable for a concurrence outlining the use of artificial intelligence to evaluate a term's common meaning, is hopefully the first step toward developing a coherent basis for the judiciary's generative AI use, says David Zaslowsky at Baker McKenzie.

  • Series

    In The CFPB Playbook: Regulatory Aims Get High Court Assist

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    Newly emboldened after the U.S. Supreme Court last month found that the Consumer Financial Protection Bureau's funding is constitutional, the bureau has likely experienced a psychic boost, allowing its already robust enforcement agenda to continue expanding, say attorneys at Husch Blackwell.

  • Novel Web Privacy Suits Under Calif. Credit Card Law From '71

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    A new surge in web-tracker litigation could make application of the California Song-Beverly Credit Card Act far more complex, despite the law far predating the rise of e-commerce, as plaintiffs continue to push the bounds of privacy litigation in the Golden State, say Matthew Pearson and Desirée Hunter-Reay at BakerHostetler.

  • Perspectives

    Trauma-Informed Legal Approaches For Pro Bono Attorneys

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    As National Trauma Awareness Month ends, pro bono attorneys should nevertheless continue to acknowledge the mental and physical effects of trauma, allowing them to better represent clients, and protect themselves from compassion fatigue and burnout, say Katherine Cronin at Stinson and Katharine Manning at Blackbird.

  • The Fed. Circ. In May: The Printed Matter Doctrine's Scope

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    The Federal Circuit’s recent ruling in Ioengine v. Ingenico, which addressed the scope of the printed matter doctrine as applied to transmitted data or program code, restores the doctrine’s status as a relatively narrow part of patent law, say Jeremiah Helm and Sean Murray at Knobbe Martens.

  • CFPB's Expanding Scope Evident In Coding Bootcamp Fine

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    The Consumer Financial Protection Bureau's recent penalty against a for-profit coding bootcamp that misrepresented its tuition financing plans is a sign that the bureau is seeking to wield its supervisory and enforcement powers in more industries that offer consumer financing, say Jason McElroy and Brandon Sherman at Saul Ewing.

  • Fintech Compliance Amid Regulatory Focus On Sensitive Data

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    The Consumer Financial Protection Bureau's recent, expansive pursuit of financial services companies using sensitive personal information signals a move into the Federal Trade Commission's territory, and the path forward for fintech and financial service providers involves a balance between innovation and compliance, say attorneys at Wilson Sonsini.

  • 4 Arbitration Takeaways From High Court Coinbase Ruling

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    The U.S. Supreme Court's May 23 decision in Coinbase v. Suski, which provides clarity to parties faced with successive contracts containing conflicting dispute resolution provisions, has four practical impacts for contracting parties to consider, say Charles Schoenwetter and Eric Olson at Bowman and Brooke.

  • Series

    Playing Music Makes Me A Better Lawyer

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    My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.

  • How Attys Can Avoid Pitfalls When Withdrawing From A Case

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    The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.

  • Using A Children's Book Approach In Firm Marketing Content

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    From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.

  • The State Of Play In DEI And ESG 1 Year After Harvard Ruling

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    Almost a year after the U.S. Supreme Court decided Students for Fair Admissions v. Harvard, attorney general scrutiny of environmental, social and governance-related efforts indicates a potential path for corporate diversity, equity and inclusion initiatives to be targeted, say attorneys at Crowell & Moring.

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