Fintech

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • January 30, 2025

    YouTube's 'Nelk Boys' Sued Over 'Snake-Oil' NFTs

    A buyer of an apparently worthless crypto product has filed suit against a pair of influencers behind the YouTube channel "Nelk Boys," calling them "snake-oil salesmen" and claiming they talked up the products online, saying they were valuable when, in reality, the promised perks and returns on investment never materialized.

  • January 29, 2025

    'DO NOT RESPOND': CFPB Union Calls Buyout Email A Trap

    The Consumer Financial Protection Bureau's union has urged staff at the agency to refrain from responding to the Trump administration's buyout offer for federal employees, describing it as a potential trap and suggesting they consider marking it as spam instead.

  • January 29, 2025

    Binary Options Fraudsters Must Pay $451.6M To CFTC

    An Illinois federal judge on Tuesday ordered three Israeli businessmen and the overseas businesses they owned or ran to pay over $451.6 million to the Commodity Futures Trading Commission, holding them liable for lying about the profitability of binary options transactions and misappropriating customer funds.

  • January 29, 2025

    Sports Co., Ex-CEO Must Pay $1.8M In SEC Fraud Suit

    A D.C. federal judge has ordered sports business Crystal World, its ousted CEO and a related investment group to pay approximately $1.8 million in disgorgement and civil penalties for securities violations, lowering the U.S. Securities and Exchange Commission's bid for a $4.1 million total judgment.

  • January 29, 2025

    Dentons Taps SEC Enforcement Vet From Morrison Cohen

    Dentons has brought on a former U.S. Securities and Exchange Commission enforcement attorney from Morrison Cohen LLP, where his work made headlines when he won a rare sanctions order against the regulator over its handling of a case against a client, the crypto project known as Debt Box. 

  • January 29, 2025

    5th Circ. Rejects Outside Bid To Defend CFPB Small-Biz Rule

    The Fifth Circuit on Wednesday stood by its decision to refuse two advocacy groups' request to help defend the Consumer Financial Protection Bureau's small business lending data rule, a day after the bureau and the suing banking trade groups pushed back and said they are fine to litigate themselves, without intervention.

  • January 29, 2025

    AI Art Needs Human Input For Copyrights, Gov't Report Says

    Simply directing artificial intelligence platforms to make art, music, videos and other creative works is not enough for users of AI systems to be considered authors entitled to copyright protection, the U.S. Copyright Office said Wednesday in a report that's part of a broader agency initiative to explore legal issues raised by the revolutionary technology.

  • January 28, 2025

    Sen. Warren Has 'Serious Concern' Over Lutnick's Tether Ties

    Sen. Elizabeth Warren, D.-Mass., has asked U.S. Secretary of Commerce nominee Howard Lutnick to provide more information on his involvement with the crypto firm Tether Ltd. Inc., saying his firm Cantor Fitgerald's stake in the success of a token allegedly favored by "outlaws" is cause for concern.

  • January 28, 2025

    CFPB, Bank Orgs Rebuff Intervention Bid In Data Rule Fight

    In a moment of agreement, the Consumer Financial Protection Bureau and a group of banking trade groups pushed back on Tuesday against a bid to intervene by two advocacy groups in a suit over the CFPB's small business lending data rule. 

  • January 28, 2025

    Ex-SEC Enforcement Chief Says Staff Faced Uptick In Threats

    The U.S. Securities and Exchange Commission's recently departed enforcement chief said Tuesday he wishes he could have done more to insulate his staff from the uptick in threats they received while he headed the program, and he urged his successor to do what they could to protect the agency's attorneys.

  • January 28, 2025

    Wells Fargo Exits 2022 Order But Isn't Out Of CFPB Woods Yet

    Wells Fargo announced Tuesday that it has wrapped up a Consumer Financial Protection Bureau consent order issued two years ago over its handling of auto loans, mortgages and deposit accounts, though the agency is cautioning that "serious issues" remain at the bank.

  • January 28, 2025

    Dolce & Gabbana Wants 'Worthless' NFT Outfit Suit Tossed

    The U.S. division of Italian luxury fashion brand Dolce & Gabbana has urged a New York federal judge to toss a proposed investor class action accusing it of abandoning a nonfungible tokens project while retaining the more than $25 million that was used to fund it, arguing that the U.S. arm of the company was not at all involved in the project.

  • January 28, 2025

    SEC Wells Meetings Likely Back On The Table, Official Says

    The U.S. Securities and Exchange Commission's acting deputy director of enforcement said Tuesday that leadership was open to meeting more frequently with those facing SEC investigations and hinted at the possibility that it would pursue fewer industry bars against those who violate the securities laws. 

  • January 28, 2025

    Silk Road Pardon Sparks Hope For More Crypto Clemency

    President Donald Trump's decision to free the convicted Silk Road operator Ross Ulbricht brought praise from crypto advocates and spurred some to seek the ear of the new administration in hopes that the president will pardon other alleged crypto criminals, too.

  • January 28, 2025

    Chinese Pair Sought To Fuel Fentanyl 'Grand Lab,' Feds Say

    Prosecutors told a Manhattan federal jury Tuesday that two Chinese nationals sought to furnish chemicals for what they thought would be a huge fentanyl hub in New York City, pointing to what they called damning evidence such as recordings, texts and cryptocurrency transfers.

  • January 28, 2025

    TravelPerk Hits $2.7B Valuation, Announces Yokoy Buy

    Spanish business travel platform TravelPerk, advised by Allen Overy Shearman Sterling, Wilson Sonsini Goodrich & Rosati PC and Lenz & Staehelin, on Tuesday announced that it hit a $2.7 billion valuation after closing its Series E funding round with $200 million of commitments, while also announcing its acquisition of European expense, invoice and card payment processing platform Yokoy.

  • January 27, 2025

    CFPB's Chopra Sees Room For Rules To Stem Debanking

    Consumer Financial Protection Bureau Director Rohit Chopra on Monday voiced support for regulatory action to address concerns about banks unfairly closing accounts, saying more transparency and "bright-line" limits may be needed to combat so-called debanking.

  • January 27, 2025

    Lummis Tells 2nd Circ. SEC 'Flouts' Congress In Crypto Cases

    Sen. Cynthia Lummis, R.-Wyo., told the Second Circuit that the U.S. Securities and Exchange Commission's ongoing suit against Coinbase Inc. has complicated congressional efforts to set rules for digital assets, filing her support for the crypto exchange's bid for a quick ruling from the appeals court on how securities laws apply to the transactions on its platform.

  • January 27, 2025

    Crypto Exchange KuCoin Pleads Out, Agrees To Pay $297M

    Cryptocurrency exchange KuCoin on Monday pled guilty and agreed to pay $297 million for failing to implement anti-money laundering protocols and allowing more than $5 billion worth of criminal funds to flow through its trading platform.

Expert Analysis

  • Series

    Exercising On My Peloton Bike Makes Me A Better Lawyer

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    While I originally came to the Peloton bike for exercise, one cycling instructor’s teachings have come to serve as a road map for practicing law thoughtfully and mindfully, which has opened opportunities for growth and change in my career, says Andrea Kirshenbaum at Littler.

  • Takeaways From SEC's Mixed Results In '24 Crypto Litigation

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    Though the U.S. Securities and Exchange Commission's new leadership seems likely to create a more favorable cryptocurrency regulatory environment, it must also confront the consequences of, and lingering questions raised by, the SEC's 2024 policy of investigating and charging cryptocurrency trading platforms for operating unregistered exchanges, say attorneys at Dechert.

  • Series

    In The CFPB Playbook: A Sprint To The Finish Line

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    The fourth quarter of 2024 was an impressive demonstration of the Consumer Financial Protection Bureau's ability to regulate, enforce and supervise, even on borrowed time following the election results, and we should expect the current bureau to run nonstop until Jan. 20, say attorneys at Covington.

  • 7 Pitfalls To Watch In Tech Referral Fee Programs

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    The recent attempt by FluidStack to recover $10 million in referral fees allegedly promised by software vendor Denvr Dataworks should alert potential participants in so-called partnership programs to seven signs that a proposed technology referral agreement may not equally benefit all sides, says Chris Wlach at Huge Inc.

  • Predicting What's Next For SEC By Looking At Past Dissents

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    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.

  • Exploring Venue Strategy For Trump-Era Regulatory Litigation

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    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.

  • What 2024's Noncompete Turmoil Means For Banks In 2025

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    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.

  • New Year, New Risks: 8 Top Cyber Issues For Finance In 2025

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    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.

  • 5th Circ.'s Nasdaq Ruling Another Piece In DEI Policy Puzzle

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    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.

  • Series

    Playing Esports Makes Me A Better Lawyer

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    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.

  • Lessons From The SEC's 2024 Crackdown On AI Washing

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    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.

  • An Associate's Guide To Career Development In 2025

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    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.

  • The Securities Litigation Trends That Will Matter Most In 2025

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    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.

  • Predicting The Lasting Changes CFPB May Face In 2025

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    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.

  • How White Collar Enforcement May Shift In Trump's 2nd Term

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    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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