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Fintech
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February 04, 2025
Robinhood Halts Super Bowl Offerings After Request By CFTC
Robinhood Markets' derivatives subsidiary pulled back its planned offering of Super Bowl online trading markets on Tuesday, one day after announcing the offering, saying the U.S. Commodity Futures Trading Commission requested that it stop.
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February 04, 2025
Coinbase Taps BigLaw Firms In Bid To End Crypto 'Debanking'
Crypto exchange Coinbase urged regulators Tuesday to clarify that banks can offer crypto custody and execution services, submitting a letter featuring a report from three BigLaw firms asserting that federal laws and regulations already allow banks to wade further into digital asset activities.
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February 04, 2025
Trump Taps GOP Senate Staffer For Treasury Bank Policy Role
President Donald Trump on Monday nominated Luke Pettit, a senior adviser to Sen. Bill Hagerty, R-Tenn., and former Federal Reserve policy analyst, to become the U.S. Department of the Treasury's top bank policy official.
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February 04, 2025
Javice's Texts About Elizabeth Holmes Not Fair Game For Trial
Frank founder Charlie Javice's sympathetic texts about healthcare-sector fraudster Elizabeth Holmes won't be seen by the jury hearing charges that the education startup executive faked data to dupe JPMorgan into a $175 million acquisition, a Manhattan federal judge said Tuesday.
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February 03, 2025
Texas' Bid To Launch Stock Exchange Moves Forward
As the owner of the new Texas Stock Exchange LLC gears up to begin trading by next year, capital markets attorneys are closely watching how the company plans to penetrate a market long dominated by two New York-based juggernauts.
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February 03, 2025
Fed. Circ. Questions Mitek's Fears Of USAA Check Patent Suit
A Federal Circuit panel appeared skeptical of banking software company Mitek Systems Inc.'s effort to revive a suit seeking a declaration that it is not infringing check deposit patents United Services Automobile Association has won millions from suing over, suggesting Monday it seems like Mitek won't also be sued.
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February 03, 2025
SEC's Former Acting Enforcement Director Joins Weil In NY
A former acting enforcement director of the U.S. Securities and Exchange Commission who led some of the agency's biggest cases over the past two decades has joined Weil Gotshal & Manges LLP as a partner in the firm's New York office.
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February 03, 2025
Trustee Objects To White & Case Pay In Terraform Ch. 11
The U.S. Trustee's Office has asked a Delaware bankruptcy court to reject a roughly $431,000 request by White & Case LLP for work on behalf of the official committee of unsecured creditors in defunct cryptocurrency company Terraform Labs' Chapter 11, saying the firm was never formally retained by the committee and the work was ineligible.
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February 03, 2025
USAA Fails To Flip PTAB Loss In $218M EDTX Case
Federal Circuit judges decided Monday to affirm an administrative board's rulings that wiped out claims in two patents, including one that is tied to a $218.45 million jury verdict leveled against PNC Bank in a patent case in the Eastern District of Texas.
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February 03, 2025
Canadian Man Charged With $65M Crypto Hacking Scheme
A Canadian man was charged Monday in Brooklyn federal court with exploiting vulnerabilities in two cryptocurrency finance systems to steal about $65 million worth of investor funds.
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February 03, 2025
UK Citizen Moves To Be Released From Novel SEC Action
A former cryptocurrency chief executive in the United Kingdom facing civil fraud claims for his promotion of crypto projects has said the U.S. Securities and Exchange Commission tried to "overstep its bounds" by suing him in Massachusetts even though none of his alleged actions connect him to the state.
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February 03, 2025
Treasury's Bessent Takes CFPB Reins, Halts Agency Actions
President Donald Trump has handed the reins of the Consumer Financial Protection Bureau to U.S. Department of the Treasury Secretary Scott Bessent, who moved Monday to halt rulemaking and other activities at the agency after the ouster of its director, Rohit Chopra.
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February 01, 2025
Trump Fires CFPB Director Chopra, Eliciting Praise, Lament
President Donald Trump has fired Rohit Chopra as director of the Consumer Financial Protection Bureau in a widely expected move to purge another holdover of the Biden administration, drawing cheers from Republicans as Democrats warn of danger for the agency's future.
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January 31, 2025
$577M In Virus Fraud Cases At Risk Unless Congress Acts: IG
The federal government's top pandemic relief watchdog has issued an urgent plea for Congress to save his agency from imminent closure, warning that hundreds of millions of dollars in ongoing fraud investigations hang in the balance.
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January 31, 2025
FDIC Fines Fintech Bank Over Fee, Disclosure Issues
Fintech bank Wex Bank has agreed to pay a $650,000 fine to the Federal Deposit Insurance Corp. to settle claims it allegedly failed to disclose certain fees and charged some customers higher fees than they agreed to pay, among other things.
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January 31, 2025
Visa, Mastercard And Banks Oppose Swipe Fee Do-Over Bid
Visa, Mastercard and several major banks have filed a motion opposing cardholders' solicitations for a New York federal judge to reconsider dismissing claims from their interchange fee suit.
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January 31, 2025
Latham Guides $50M Bitcoin Mining Data Center Investment
Cipher Mining Inc., a data center company that focuses on bitcoin mining, announced a $50 million investment from SoftBank Corp. for the development of high-performance computing data centers in a deal guided by Latham & Watkins LLP.
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January 31, 2025
Supreme Court Eyes Its 'Next Frontier' In FCC Delegation Case
A case about broadband subsidies will give the U.S. Supreme Court the chance to revive a long-dormant separation of powers principle that attorneys say could upend regulations in numerous industries and trigger a power shift that would make last term's shake-up of federal agency authority pale in comparison. And a majority of the court already appears to support its resurrection.
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February 14, 2025
Law360 Seeks Members For Its 2025 Editorial Boards
Law360 is looking for avid readers of our publications to serve as members of our 2025 editorial advisory boards.
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January 31, 2025
Ex-BigLaw Atty Can't Escape OneCoin Conviction At 2nd Circ.
The Second Circuit on Friday upheld a former Locke Lord LLP partner's conviction and 10-year sentence for helping launder roughly $400 million in proceeds from the multibillion-dollar OneCoin cryptocurrency scheme, rejecting the attorney's contention that a sole cooperating government witness' perjury and other purported errors warranted reversing his punishment.
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January 31, 2025
DLA Piper Adds Digital Finance Regulatory Partner In NY
DLA Piper has hired a financial regulatory and technology partner who has a range of experience helping found and lead digital platforms and technology businesses to its New York team, the firm announced Thursday.
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January 30, 2025
Wise Reaches $2.5M CFPB Deal Over Disclosure, Fee Issues
In its first new enforcement action since President Donald Trump's return to office, the Consumer Financial Protection Bureau on Thursday ordered Wise, a global money transfer fintech, to pay nearly $2.5 million on allegations it committed misleading fee marketing and disclosure-related violations.
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January 30, 2025
PayPal Beats Investor Suit Over Inflated User Metrics Claims
A New Jersey federal court has dismissed a proposed class action that accused PayPal of misleading investors with user metrics inflated by a scam that took advantage of a PayPal promotion that paid people to set up new accounts, saying the investors did not show PayPal knew of the alleged scam when certain statements were made.
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January 30, 2025
Card Co. Netspend Inks $1.1M NY AG Deal Over Fees, Freezes
The New York Attorney General's Office said Thursday that Netspend, a fintech debit and prepaid card provider, will pay nearly $1.1 million to settle claims that it charged New Yorkers illegal fees and allowed debt collectors to seize protected funds.
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January 30, 2025
Pump.Fun Faces Suit Over Unregistered Memecoin Sales
Memecoin launchpad Pump.Fun and its executives should have registered the tokens spawned on its platform with the U.S. Securities and Exchange Commission, according to a proposed securities class action brought by a purchaser in New York federal court.
Expert Analysis
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Predicting What's Next For SEC By Looking At Past Dissents
While Paul Atkins' nomination to be the next chair of the U.S. Securities and Exchange Commission has taken center stage, an analysis of Republican Commissioners Hester Peirce and Mark Uyeda's past votes and dissents provides a preview of where enforcement may shift in the new administration, say attorneys at Gibson Dunn.
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Exploring Venue Strategy For Trump-Era Regulatory Litigation
Litigation will likely play a prominent role in shaping policy outcomes during the second Trump administration, and stakeholders have several tools at their disposal to steer regulatory litigation toward more favorable venues, say attorneys at Covington.
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What 2024's Noncompete Turmoil Means For Banks In 2025
A look back at the most significant legal challenges to the enforceability of various restrictive covenants like noncompete and nonsolicitation agreements in 2024 can help financial institutions address the use of these critical tools this year, say attorneys at Maynard Nexsen.
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New Year, New Risks: 8 Top Cyber Issues For Finance In 2025
As financial institutions forge ahead in 2025, they must strike a delicate balance between embracing technological innovation and guarding against its darker threats, which this year could include everything from supply chain vulnerabilities to deepfakes, say attorneys at Baker Donelson.
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5th Circ.'s Nasdaq Ruling Another Piece In DEI Policy Puzzle
The Fifth Circuit's recent en banc opinion vacating Nasdaq's board diversity listing rule wades into the hotly debated topic of diversity, equity and inclusion initiatives at a time when many public companies are navigating the attention that DEI commitments are drawing from activists and shareholders, say attorneys at Debevoise.
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Series
Playing Esports Makes Me A Better Lawyer
Competing in a global esports tournament at Wimbledon last year not only fulfilled my childhood dream, but also sharpened skills that are essential to my day job, including strategic thinking, confidence and networking, says AJ Schuyler at Jackson Lewis.
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Lessons From The SEC's 2024 Crackdown On AI Washing
AI washing was the subject of increased scrutiny from the U.S. Securities and Exchange Commission in 2024 following a surge in the commercial adoption of generative artificial intelligence technologies in 2023, highlighting the importance of transparency, accuracy and accountability when communicating about AI, say attorneys at Perkins Coie.
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An Associate's Guide To Career Development In 2025
As the new year begins, associates at all levels should consider establishing career metrics, fostering key relationships and employing other specific strategies to help move through the complexities of the legal profession with confidence and emerge as trailblazers, say EJ Stern and Amanda George at Fractional Law Firm.
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The Securities Litigation Trends That Will Matter Most In 2025
2025 is shaping up to be a significant year for securities litigation, as plaintiffs and defendants alike navigate shifting standards for omission theories of liability, class certification, risk disclosure claims and more, say attorneys at Willkie.
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Predicting The Lasting Changes CFPB May Face In 2025
President-elect Donald Trump and the incoming Republican-controlled Congress' likely attempts to reshape the Consumer Financial Protection Bureau could significantly alter its rulemaking, supervisory and enforcement abilities for years to come, says Jim Sandy at McGlinchey Stafford.
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How White Collar Enforcement May Shift In Trump's 2nd Term
After President-elect Donald Trump returns to the White House next month, the administration’s emphasis on immigration laws, drug offenses and violent crime will likely reduce the focus on white collar crime overall, but certain areas within the white collar world may see increased activity, say attorneys at Keker Van Nest.
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New Trump Admin May Bring Financial Oversight Turbulence
As President-elect Donald Trump prepares to begin his second term, his top financial market regulatory and securities law enforcement appointees, campaign promises, and regulatory preferences foretell a period of muddy regulatory waters, say attorneys at Kroll.
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The Justices' Securities Rulings, Dismissals That Defined '24
The U.S. Supreme Court's 2024 securities rulings led to increased success for defendants' price impact arguments, but the justices' decisions not to weigh in on important issues relating to the Private Securities Litigation Reform Act's pleading requirements may be just as significant, say attorneys at Skadden.
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10 Noteworthy CFPB Developments From 2024
In a banner year for consumer finance regulation, the Consumer Financial Protection Bureau made significant strides in its efforts to rein in Big Tech and nonbank financial firms, including via rules regarding open banking, credit card late fees, and buy now, pay later products, say attorneys at Wiley.
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Series
Fixing Up Cars Makes Me A Better Lawyer
From problem-solving to patience and adaptability to organization, the skills developed working under the hood of a car directly translate to being a more effective lawyer, says Christopher Mdeway at Kaufman Dolowich.