Fintech

  • December 18, 2024

    Acima Says CFPB's 'Baseless' Power-Grab Suit Must Go

    Rent-A-Center affiliate Acima has urged a Utah federal judge to throw out a Consumer Financial Protection Bureau lawsuit accusing the lease-to-own fintech company of predatory lending practices, arguing that the agency has an unconstitutional funding mechanism and lacks the authority to regulate lease-to-own businesses, among other things.

  • December 18, 2024

    NFL Union Rips DraftKings' Dismissal Try In Licensing Suit

    The NFL Players Association this week bashed DraftKings Inc.'s attempt to toss claims in a lawsuit alleging the sports betting giant failed to make good on a licensing agreement related to nonfungible tokens, calling DraftKings' motion an attempt to twist the "plain language" of the agreement.

  • December 18, 2024

    TikTok Told To Provide Source Code In Trade Secrets Case

    TikTok must provide source code as well as financial and data usage information to a Chinese company that says it stole proprietary information to develop a video-editing feature on its platform, according to an order from a special master appointed to the case.

  • December 18, 2024

    Cryptocurrency Firm Exec Gets 4 Years For $4.5M Theft

    A former cryptocurrency research firm executive was sentenced to four years in prison by a Hartford, Connecticut, judge after previously pleading guilty to embezzling nearly $5 million from the firm for his personal use.

  • December 18, 2024

    CFPB Says Credit Card Point Devaluation May Break The Law

    The Consumer Financial Protection Bureau warned Wednesday that credit card companies risk violating federal law when they or their merchant partners devalue rewards points and miles banked by their cardholders, casting it as a potential "bait-and-switch."

  • December 17, 2024

    GOP Hill Leaders Pledge To Prioritize Crypto Bills Next Year

    Lawmakers told crypto industry participants Tuesday that they plan to keep digital assets top of mind in the coming legislative session by prioritizing bills on a regulatory structure for stablecoins and digital asset markets, as well as digging into allegations bank regulators have unfairly targeted crypto businesses.

  • December 17, 2024

    FTC Finalizes New Rule Cracking Down On 'Junk Fees'

    The Federal Trade Commission on Tuesday announced it has finalized a bipartisan rule barring businesses in the event ticketing and lodging industries from using bait-and-switch pricing and other tactics to sneakily foist so-called junk fees on consumers.

  • December 17, 2024

    TelexFree Victims Seek Class Cert. Over Ponzi Losses

    Victims of the multibillion-dollar TelexFree Ponzi scheme have asked a federal judge to certify their class in their suit against the litigation's remaining defendants, including TelexFree insiders and Wells Fargo, arguing that cases arising from Ponzi schemes are the "very archetypes for class treatment."

  • December 17, 2024

    Broker, AML Chief Settle SEC Suspicious Activity Claims

    Broker-dealer SogoTrade Inc. and its former anti-money laundering compliance officer on Tuesday agreed to pay fines, and other terms, to settle U.S. Securities and Exchange Commission charges that they repeatedly failed to investigate suspicious customer activity or file related reports.

  • December 17, 2024

    SEC, CFTC Members Eye Crypto Coordination Under Trump

    Republican commissioners at the federal securities and futures regulators told crypto industry participants on Tuesday that they will urge their agencies to collaborate more closely on providing regulatory relief and clarity in the new year as they wait for lawmakers to get long-awaited crypto legislation across the finish line.

  • December 17, 2024

    Visa Says 'Contradictory' Debit Card Market Dooms DOJ Suit

    Visa Inc. formally asked a New York federal judge Monday to nix the U.S. Department of Justice monopolization lawsuit accusing it of paying off would-be debit network rivals and penalizing the use of alternate payment systems, arguing the government cannot mix-and-match its way into claiming the company holds a dominant market share.

  • December 17, 2024

    CFPB Finalizes Rule For PACE Loans

    The Consumer Financial Protection Bureau on Tuesday finalized a rule that applies standard mortgage protections to so-called Property Assessed Clean Energy loans, where homeowners pay for upgrades through property tax bills.

  • December 17, 2024

    Heartland Payment Settles Florida School Lunch Card Suit

    Parents from Florida and elsewhere have settled a proposed federal class action with a payment processor over alleged unfair surcharges collected after depositing lunch money onto school-sponsored reloadable cards used by their kids.

  • December 16, 2024

    Texas Bitcoin Mining Enterprise's Investors Accuse It Of Fraud

    Founders of a Texas-based bitcoin mining company are being accused of fraud by several investors in a new lawsuit claiming they attempted to conceal the sale of the company's operational facilities to a competitor, which led to the company's filing for bankruptcy earlier this year.

  • December 16, 2024

    Chinese Fintech 9F Partially Beats Investors' IPO Suit

    A New Jersey federal judge has partially dismissed a securities fraud class action against 9F Inc. that accused the Chinese financial technology company of hiding its financial woes and not disclosing an "illegal arrangement" that investors said it had with an insurance carrier.

  • December 16, 2024

    Global Payments' $3.6M Investor Deal Gets Judge's Final OK

    Investors in Atlanta-based Global Payments Inc. have gotten final approval for a $3.6 million deal ending claims the company harmed shareholders by allegedly misleading consumers into signing up for a program with undisclosed fees.

  • December 16, 2024

    Yodlee Judge 'Wrestling' With Invasion Of Privacy Question

    A California federal judge considering financial data aggregator Yodlee's bid to dismiss allegations it unlawfully collected user data said Monday that she is "wrestling" with whether the company's retention of users' bank credentialing information gave those users standing for an invasion of privacy claim.

  • December 16, 2024

    Anchorage Digital Awarded BitLicense From NY Regulator

    Anchorage Digital said Monday it has received a BitLicense from the New York State Department of Financial Services, allowing the cryptocurrency platform to offer regulated crypto trading to New York-based clients and giving it the ability to custody and settle trades through chartered custodian Anchorage Digital Bank.

  • December 16, 2024

    Justices Won't Hear 3rd Circ. CFPB Student Loan Trust Case

    The U.S. Supreme Court said Monday that it would leave in place a lower court decision allowing the Consumer Financial Protection Bureau to sue securitization trusts over their servicers' treatment of borrowers, declining to take up a challenge to the scope of the agency's enforcement authority.

  • December 13, 2024

    Coinbase Faces $1B Antitrust Suit Over Crypto Rival's Delisting

    Coinbase was hit with an antitrust in California federal court on Friday by BiT Global, a company that "wraps" bitcoin so the cryptocurrency can be traded on decentralized exchanges, claiming Coinbase delisted its product after creating a competing knockoff.

  • December 13, 2024

    Advocacy Group Has Change Of Heart On SEC Reg Challenge

    An investor advocacy organization that sued the U.S. Securities and Exchange Commission over its recently adopted "tick size" rule has said it will let others take the reins of the lawsuit because it is worried that the incoming administration will not propose the stronger stock market regulations it wants.

  • December 13, 2024

    Del. Chancellor Positions Musk Pay Fight For Likely Appeal

    Delaware's chancellor positioned for likely appeals late Friday final pieces of a landmark six-year battle over Tesla Inc.'s attempt to award CEO Elon Musk a more than $55 billion, 10-year pay package, in a trio of orders that also directed the company to pay in cash or post sufficient bond for a $345 million stockholder attorney fee.

  • December 13, 2024

    SEC's Corporation Finance Director Gerding To Step Down

    The U.S. Securities and Exchange Commission announced Friday that the head of its Division of Corporation Finance, who oversaw the finalization of controversial new rules covering environmental disclosures and share repurchases, will leave the agency at the end of the year.

  • December 13, 2024

    Silvergate Bank Slams Stockholder's Bid To Take Over Ch. 11

    Bankrupt crypto-bank Silvergate has blasted an activist investor fund's effort to scuttle the debtor's exclusive Chapter 11 control in Delaware, accusing common stockholder Stilwell Activist Investments LP of opposing exclusivity to escape a justifiable plan to liquidate the bank's no-longer viable, cryptocurrency-focused business.

  • December 13, 2024

    Taxation With Representation: Kirkland, Davis Polk, Wachtell

    In this week's Taxation With Representation, Google and TPG Rise Climate partner with Intersect Power, Gen Digital Inc. acquires MoneyLion Inc., Patient Square Capital acquires Patterson Companies Inc., and the Buffalo Bills and Miami Dolphins sell minority ownership shares to private equity firms.

Expert Analysis

  • Opinion

    This Election, We Need To Talk About Court Process

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    In recent decades, the U.S. Supreme Court has markedly transformed judicial processes — from summary judgment standards to notice pleadings — which has, in turn, affected individuals’ substantive rights, and we need to consider how the upcoming presidential election may continue this pattern, says Reuben Guttman at Guttman Buschner.

  • Breaking Down CFTC's Novel Theory Driving Uniswap Action

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    The U.S. Commodity Futures Trading Commission's recent enforcement action against Uniswap concerning digital asset liquidity appears to be a unilateral attempt to expand its regulatory authority in the absence of official congressional approval, putting forth a novel theory of liability that will likely be tested through litigation, say attorneys at Troutman Pepper.

  • Series

    Playing Diplomacy Makes Us Better Lawyers

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    Similar to the practice of law, the rules of Diplomacy — a strategic board game set in pre-World War I Europe — are neither concise nor without ambiguity, and weekly gameplay with our colleagues has revealed the game's practical applications to our work as attorneys, say Jason Osborn and Ben Bevilacqua at Winston & Strawn.

  • Proposed Mortgage Assistance Rule: Tips For Servicers

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    The Consumer Financial Protection Bureau's recent proposal to alter Regulation X mortgage servicing procedures to broadly construe requests for assistance, and stay foreclosure proceedings during loss mitigation review, will, if finalized, require mortgage servicers to make notable procedural changes to comply, says Louis Manetti at Locke Lord.

  • Mental Health First Aid: A Brief Primer For Attorneys

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    Amid a growing body of research finding that attorneys face higher rates of mental illness than the general population, firms should consider setting up mental health first aid training programs to help lawyers assess mental health challenges in their colleagues and intervene with compassion, say psychologists Shawn Healy and Tracey Meyers.

  • Series

    Calif. Banking Brief: All The Notable Legal Updates In Q3

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    In the third quarter of the year, California continued to be at the forefront of banking regulation as it enacted legislation on unfair banking practices and junk fees, and the state Department of Financial Protection and Innovation notably initiated enforcement actions focused on crypto-assets and student loan debt relief, say Stuart Richter and Eric Hail at Katten.

  • 2 High Court Securities Cases Could Clarify Pleading Rules

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    In granting certiorari in a pair of securities fraud cases against Facebook and Nvidia, respectively, the U.S. Supreme Court has signaled its intention to align interpretations of the heightened pleading standard under the Private Securities Litigation Reform Act amid its uneven application among the circuit courts, say attorneys at V&E.

  • Series

    NY Banking Brief: All The Notable Legal Updates In Q3

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    In a relatively light few months for banking legal updates in New York, the state Department of Financial Services previewed its views on banking sector artificial intelligence use via insurer guidance, and an anti-money laundering enforcement action underscored the importance of international monitoring processes, say Eric McLaughlin and Dana Bayersdorfer at Davis Polk.

  • Series

    Collecting Art Makes Me A Better Lawyer

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    The therapeutic aspects of appreciating and collecting art improve my legal practice by enhancing my observation skills, empathy, creativity and cultural awareness, says attorney Michael McCready.

  • Series

    A Day In The In-House Life: Best Egg CLO Talks Power Of Prep

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    On a typical Monday in her life, Best Egg Chief Legal Officer Amy Thoreson Long chronicles a remote workday in which she makes time for everything from getting ahead on regulatory issues and researching recent Supreme Court decisions to dog walks and podcast breaks.

  • Secret Service Failures Offer Lessons For Private Sector GCs

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    The Secret Service’s problematic response to two assassination attempts against former President Donald Trump this summer provides a crash course for general counsel on how not to handle crisis communications, says Keith Nahigian at Nahigian Strategies.

  • Litigation Inspiration: Honoring Your Learned Profession

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    About 30,000 people who took the bar exam in July will learn they passed this fall, marking a fitting time for all attorneys to remember that they are members in a specialty club of learned professionals — and the more they can keep this in mind, the more benefits they will see, says Bennett Rawicki at Hilgers Graben.

  • Series

    In The CFPB Playbook: No Lazy, Hazy Days Of Summer

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    The Consumer Financial Protection Bureau is headed for a brisk fall season, on the heels of a heated summer, which included the U.S. Supreme Court's ruling that the CFPB funding structure is constitutional, and in advance of the November election, says Eamonn Moran at Holland & Knight.

  • Payward And The Secondary Crypto Transaction Confusion

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    Following orders in cases against Coinbase and Binance, the recent California federal court ruling in U.S. Securities and Exchange Commission v. Payward raises even more questions about regulation of secondary transactions involving crypto-assets, as it tries to sidestep fundamental flaws in the SEC's legal theories, say attorneys at Cahill Gordon.

  • Opinion

    AI May Limit Key Learning Opportunities For Young Attorneys

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    The thing that’s so powerful about artificial intelligence is also what’s most scary about it — its ability to detect patterns may curtail young attorneys’ chance to practice the lower-level work of managing cases, preventing them from ever honing the pattern recognition skills that undergird creative lawyering, says Sarah Murray at Trialcraft.

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